EXHIBIT 10.168
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT, made this 19th day of
February, 2001 and effective January 1, 2001 (the "Effective Date"), by and
between PPD Development, LLC, a Texas limited liability company and
successor-in-interest to PPD Development, Inc. (hereinafter "PPD Development"),
and Xxxxxxx X. Xxxxxxx (hereinafter "Employee"), amends that certain Employment
Agreement dated December 17, 1999, by and between PPD Development and Employee
(the "Agreement").
For and in consideration of the mutual promises, covenants and
considerations herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby amend the
Agreement as follows:
1. Attached hereto as Appendix I (effective January 1, 2001) is the bonus
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plan agreed upon by Employee and PPD Development for the one-year renewal term
beginning on the Effective Date.
2. Section 3 of the Agreement entitled "Salary" is rewritten as follows:
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"For all services rendered by Employee under this Agreement, PPD
Development shall pay to Employee for the one-year term beginning on
January 1, 2001 (the "First Renewal Term") an annual base salary of
$171,720. Employee shall also be entitled to a Quarterly Bonus if the
Businesses (as hereinafter defined) attain a certain level of
Authorizations for the applicable calendar quarter of the First Renewal
Term, as set forth in Appendix I (effective January 1, 2001) attached.
Each Quarterly Bonus, if any, to which Employee is entitled shall be
paid within thirty (30) days after its determination. Employee shall
also be entitled to a Plan Bonus as provided for in Appendix I
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(effective January 1, 2001) attached, which Plan Bonus, which shall be
paid to Employee at the same time annual bonuses, if any, for the First
Renewal Term are or would have been paid to other senior executives of
PPD Development. In addition, Employee shall be entitled to an award of
non-qualified stock options under the Pharmaceutical Product
Development, Inc. ("PPD") Equity Compensation Plan if Authorizations
for the Businesses attain the Annual Target for the First Renewal Term
hereof as set forth in Appendix I (effective January 1, 2001). Any
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award of stock options for the First Renewal Term shall have an
exercise price equal to the NASDAQ closing price on December 31, 2001,
and shall contain such other terms and conditions, including a
three-year linear vesting schedule, as included in stock option awards
generally for other senior executives of PPD Development. A new bonus
plan shall be agreed upon by Employee and PPD Development for each
one-year renewal term of this Agreement."
3. The Agreement, as herein amended, shall continue in full force and
effect.
IN WITNESS WHEREOF, the parties have caused this First Amendment to
Employment Agreement to be executed effective the Effective Date.
PPD DEVELOPMENT, LLC
By: /s/ Xxxxxxx X. Xxxxxxxx
Name: Xxxxxxx X. Xxxxxxxx
Title: Chief Executive Officer
/s/ Xxxxxxx X. Xxxxxxx (SEAL)
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Xxxxxxx X. Xxxxxxx
