PATHEON]
Exhibit 10.23
| [PATHEON] |
||
| 0000 Xxxxxxxxxxx Xxxx, Xxxxx 000 | ||
| Xxxxxxxxxxx, Xxxxxxx X0X 0X0 | ||
| www.patheon.corn | ||
May 5, 2009
Xx. Xxxxxx X. Xxxxxxx
0000 Xxx Xxx
Xxxxxx Xxx Xxx, Xxxxxxxxxx 00000
Re: First Amendment to Employment Agreement
Dear Xxx:
I am writing to confirm our agreement to amend the language of your December 3, 2007 Employment Agreement in order to clarify the parties’ intent with respect to the Term of your employment as reflected in Article 2.1. Currently, the Term of your employment will expire on December 3, 2010. By execution of this letter, you and Patheon Pharmaceutical Services Inc. (the “Corporation”) agree to amend Article 2.1 to read as follows:
| 2.1 | Term |
The Corporation hereby agrees to employ the Executive, and the Executive hereby agrees to be employed by the Corporation, on the terms and subject to the conditions of this Agreement (including, without limitation, Article 6), for the period commencing on December 3, 2007 (the “Effective Date”) and ending on the second anniversary of the Effective Date (the “Term”). The Term shall be automatically renewed on every annual anniversary of the Effective Date for an additional one year period, unless either the Corporation or the Executive gives the other party written notice (in accordance with Article 7.4 hereof), at least 90 days prior to such annual anniversary date, of its or his intention not to renew this Agreement or the employment of the Executive beyond the then-existing Term. By way of example, unless such notice is given by either party at least 90 days prior to the anniversary of the Effective Date on December 3, 2009, the Term shall be automatically extended by one year to December 3, 2011. Any such renewals shall be on the terms and subject to the conditions of this Agreement (including, without limitation, Article 6). For purposes of this Agreement, any reference to the “Term” of this Agreement shall include the original term and any extension thereof.
Both you and the Corporation specifically acknowledge that the above accurately reflects the parties’ intent when they entered into the December 3, 2007 Employment Agreement. All other terms of the December 3, 2007 Employment Agreement remain in full force and effect notwithstanding this revision to Article 2.1. Please indicate your agreement to this Amendment by signing where indicated below.
| Very truly yours. |
| /s/ Xxxxx X. Xxxxxxxx |
| Patheon Pharmaceutical Services Inc. |
| By: Xxxxx X. Xxxxxxxx |
| Title: Authorized Signatory |
Accepted and agreed to as of this 11th day of June, 2009
| /s/ Xxxxxx X. Xxxxxxx |
| Xxxxxx X. Xxxxxxx |
