EXHIBIT 10.14
AMENDMENT NO. 9
TO EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 9 TO EMPLOYMENT AGREEMENT (the "Amendment") is made and
entered into at Santa Barbara, California, on the date hereinafter set forth by
and between XXXXX X. XXX (hereinafter referred to as the "Employee") and PDT,
INC., a Delaware Corporation (hereinafter referred to as the "Employer").
WHEREAS:
A. The Employer and the Employee are parties to an Employment Agreement
effective as of FEBRUARY 1, 1991, and Amendments No. 1 through 8 thereto (the
"Employment Agreement").
B. The parties hereto wish to amend the Employment Agreement in certain
respects.
NOW, THEREFORE, in consideration of the premises, promises and
representations hereinafter contained, it is agreed as follows:
1. Section 1.1 of the Employment Agreement is hereby amended to read as
follows:
"1.1 POSITION AND DUTIES
The Corporation does hereby employ the Employee and the
Employee hereby accepts such employment as PRESIDENT OF PDT CARDIOVASCULAR,
INC., EFFECTIVE AS OF SEPTEMBER 1, 1992, PRESIDENT OF PDT, INC. EFFECTIVE AS OF
MAY 17, 1996 AND PRESIDENT OF PDT PHARMACEUTICALS, INC., EFFECTIVE AS OF JULY
17, 1996, upon the terms and provisions set forth in this Agreement. The
Employee shall perform all the duties assigned to him by the Corporation, shall
observe and comply with the Corporation's rules and regulations regarding the
performance of his duties, and shall carry out and perform all orders,
directions, and policies stated to him by the Corporation periodically, either
orally or in writing. The Employee shall carry out the duties assigned to him
in a trustworthy, businesslike, and loyal manner. The Employee agrees that this
Agreement may be terminated as provided in Paragraph 7 hereof."
2 In all other respects, the Employment Agreement is hereby ratified,
confirmed and approved in its entirety.
3 The Effective Date of this Amendment is JULY 17, 1996
SIGNATURES ON NEXT PAGE
AMENDMENT NO. 9 TO EMPLOYMENT AGREEMENT
Page -1-
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective on the date written above.
EMPLOYER:
PDT, INC.
a Delaware Corporation
By: /s/ Xxxx X. Xxxxxxx
----------------------------------
Xxxx X. Xxxxxxx, Ph.D.
C.E.O. and Chairman
EMPLOYEE:
/s/ Xxxxx X. Xxx
---------------------------------------
Xxxxx X. Xxx
Page -2-
