EXHIBIT 10.3
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Amendment No.1 to Employment Agreement
of Xxxxx Xxxxxxx
AMENDMENT NO. 1 TO AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
Amendment No.1 dated as of May 1, 2001, to the Amended and Restated
Executive Employment Agreement, dated as of May 1, 1999, (the "Agreement"), by
and between Hi-Tech Pharmacal Co., Inc. (the "Corporation") and Xxxxx X. Xxxxxxx
("Executive"). Capitalized terms utilized herein and not defined herein shall
have the respective meanings ascribed to them in the Agreement.
WHEREAS, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto have agreed to clarify the
base guaranteed bonus provision of the Agreement as set forth herein.
NOW THEREFORE, the parties hereto mutually agree as follows:
Section 1. Section 4.2 of the Agreement is hereby amended by deleting it in
its entirety and inserting in lieu thereof the following:
"4.2. Guaranteed Bonus. In addition to his annual Base Salary, during each
year of employment that the Corporation's Pre-Tax Net Income (as defined in
Section 4.4) exceeds Two Million ($2,000,000) Dollars, the Executive shall
receive a guaranteed bonus ("Guaranteed Bonus") equal to three (3%) percent of
the Corporation's Pre-Tax Net Income for such year. The Guaranteed Bonus shall
be payable within thirty (30) days after the Corporation's regularly employed
independent certified public accountants ("Accountants"), in accordance with
generally accepted accounting principles consistently applied, determine the
Pre-Tax Net Income for such year ("Determination Date").
Section 2. In all other respects the Agreement remains unchanged and in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.1 to
the Agreement as of the date set forth above.
HI-TECH PHARMACAL CO., INC.
By: /s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
