AMENDMENT
TO
EMPLOYMENT AGREEMENT
This Amendment is made effective the 16th day of April, 1999, between
Hypertension Diagnostics, Inc., a Minnesota corporation (hereinafter called the
"Company"), and Xxxxxxx X. Xxxxxxx, D.V.M., Ph.D., an executive of the Company
(hereinafter called "Employee").
WHEREAS, the Company and Employee entered into an Employment Agreement
dated as of the 30th day of October, 1995 (the "Agreement"); and
WHEREAS, the Company and Employee desire to amend the Agreement as
provided in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the sufficiency of
which are hereby acknowledged, the parties hereby agree as follows:
1. The last sentence of Section II (C) of the Agreement is hereby
deleted and replaced in its entirety with the following:
"In connection with the hiring of Xxxxxx X. Xxxxxx, Employee's
base Annual Salary (exclusive of benefits, bonuses and
incentive payments) shall be increased to $128,000, effective
April 16, 1999. Employee and Company acknowledge and agree
that Employee shall receive further upward adjustments in base
Annual Salary such that Employee's base Annual Salary shall at
all times be equal to, or greater than, eighty percent (80%)
of the base Annual Salary paid to the Company's President
and/or Chief Executive Officer, whichever is greater. Employee
expressly waives the right to any such adjustment or increase
with respect to any other form of compensation, including, but
not limited to, either the President's or Chief Executive
Officer's benefits, stock options, bonuses and incentive
payments for the duration of this Agreement."
2. All other terms of the Agreement shall remain unchanged.
3. Capitalized terms used in this Amendment and not otherwise
defined have the meanings given to them in the Agreement.
4. This Amendment constitutes the entire agreement between the
parties hereto pertaining to the subject matter hereof and
supersedes all prior agreements, understandings, negotiations
and discussions, whether oral or written, of the parties
hereto, pertaining to such subject matter. There are no
warranties, representations or agreements, express or implied,
between the parties in connection with the subject matter
hereof except as may be specifically set forth herein.
IN WITNESS WHEREOF, the Company and the Employee have executed this
Amendment as of the date first written above.
HYPERTENSION DIAGNOSTICS, INC.
By /s/ Xxxxxxxx X. Xxxx
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Xxxxxxxx X. Xxxx
Chairman, Board of Directors
/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx, D.V.M., Ph.D.
