SIXTH EMPLOYMENT AGREEMENT AMENDMENT
EXHIBIT
10.1
SIXTH
EMPLOYMENT AGREEMENT AMENDMENT
This
SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT (this "Sixth Amendment"), effective as
of August 23, 2010, by and among Pharma-Bio Serv, Inc. (PBSV), a Delaware
corporation, and Pharma-Bio Serv PR, Inc., a Puerto Rico corporation, having its
principal office at 0 Xxxx. 000, Xxxxxx, Xxxxxx Xxxx 00000 (the
"Company"), and Xxxxxxxxx Plaza-Xxxxxxxxx, with residence in Dorado, Puerto Rico
("Executive").
WHEREAS, the Company and
Executive have entered into that certain Employment Agreement, dated as of
January 2, 2008, as such Employment Agreement may be amended, restated or
otherwise modified from time to time (the "Employment
Agreement"). Capitalized terms used but not defined herein shall have
the meaning ascribed to such terms in the Employment Agreement;
WHEREAS, the Company desires
to extend Executive to serve as its Chief Executive Officer for an indefinite
amount of time to be managed as follows:
NOW THEREFORE, for good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto agree as follows:
Paragraph
1(c) of the Employment Agreement is shall be modified to read as
follows:
(c) The
"Employment Term" shall mean the period commencing on the date of this Agreement
and ending (12) months from the date of this Agreement, and renewed for
successive periods of twelve (12) months thereafter unless renewal is declined
by either party no less than sixty (60) days prior to the end of any renewal
term, unless terminated earlier pursuant to Section 5 of this
Agreement.
IN WITNESS WHEREOF, the
parties hereto have caused this Sixth Amendment to Employment Agreement to be
duly executed as of the day and year first above written.
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EXECUTIVE:
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/s/
Xxxx
Xxxxxx
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/s/
Xxxxxxxxx
Plaza
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Xxxx
Xxxxxx
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Xxxxxxxxx
Plaza-Xxxxxxxxx
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Chairman
of Compensation Committee
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