EXHIBIT 10.37
May 17, 2004
Xxxxxxx X. Xxxxxxx
0 Xxxxxx Xxx Xxxx
Xxxxxxxxx, XX 00000
Re: Amendment to Employment Agreement
Dear Xxxxx:
This letter agreement serves to further amend the Employment Agreement dated as
of September 1, 2000, by and between you and PolyMedica Corporation (the
"Company"), as amended by certain letter agreements dated as of April 16, 2001;
September 24, 2001; October 12, 2001; May 31, 2002; July 15, 2002; February 5,
2003; August 29, 2003; November 3, 2003; and January 30, 2004 (together, the
"Employment Agreement").
1. Section 3.1 Salary shall be amended as follows:
The Base Salary as defined in Section 3.1 of the Employment Agreement
shall be increased to $362,160, effective April 1, 2004.
2. Section 3.6 Severance Pay shall be deleted in its entirety and replaced
with the following in lieu thereof:
Section 3.6 Severance Pay: If at any time during the term of this
Agreement (including any Extended Employment Period), the Executive's
employment is terminated by the Company without cause (i.e., other than
pursuant to Section 3.5 or Section 4 hereof) or the Company does not renew
or extend this Agreement without cause (i.e. other than consistent with
Section 3.5 or Section 4 hereof), and subject to the Executive's execution
and non-revocation of a severance agreement and release drafted by and
satisfactory to counsel for the Company, the Company shall continue to pay
Executive at his then current Base Salary for the remainder of the
Employment Period or for EIGHTEEN months, whichever is longer (the
"Severance Period"). Neither party shall be entitled to any compensation
or claim for good will or other loss suffered by reason of termination of
this Agreement. Notwithstanding the foregoing, the Company's obligations
under this Section 3.6 shall cease immediately upon the payment by the
Company to the Executive of the lump sum payment described in Section
4.2(a)(i) of the Executive Retention Agreement, dated as of March 28,
2002, as may be amended from time to time, by and between the Company and
the Executive.
If the foregoing is acceptable to you, please indicate your agreement by signing
a copy of this letter agreement and returning it to the undersigned.
Very truly yours,
/s/ Xxxxxx X. Xxxxxxxx
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Xxxxxx X. Xxxxxxxx
Chairman and Chief
Executive Officer
ACCEPTED AND AGREED TO:
/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
