AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.8
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT (this “Amendment”), dated and effective as of October 13, 2015, is made by and between UNILIFE CORPORATION (“Unilife”), and XXXXX X. XXXXXXXX (“Xxxxxxxx”).
WHEREAS, Unilife and Hastings have entered into an employment agreement, dated as of January 9, 2015 and effective February 23, 2015 (the “Agreement”), in connection with Hastings’ employment by Unilife;
WHEREAS, Section 14 of the Agreement provides that Unilife and Hastings may amend the Agreement by mutual agreement in writing; and
WHEREAS, Unilife and Hastings desire to amend the Agreement as set forth herein; and
WHEREAS, in consideration for Hastings’ continued employment, Unilife and Hastings desire to continue Hastings’ employment subject to the terms set forth herein.
NOW THEREFORE, in consideration of the premises and the mutual benefits to be derived herefrom and other good valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:
1. Section 3(a) of the Agreement is amended by adding the following sentence at the end thereof:
Notwithstanding the foregoing, effective with Unilife’s payroll ending October 9, 2015 and through December 31, 2015, Hastings’ base salary payable during such period shall be reduced by fifty percent (50%). Effective January 1, 2016, Hastings shall again be entitled to his base salary payable in accordance with Unilife’s standard payroll practices.
2. Section 4(e) of the Agreement is amended by adding the following sentence at the end thereof:
Notwithstanding the foregoing, effective with Unilife’s payroll ending October 9, 2015 and through December 31, 2015, Unilife will not provide Hastings with the car allowance set forth in this Section 4(e) . Effective January 1, 2016, Hastings shall again be entitled to the car allowance set for the in this Section 4(e).
3. Section 6(b)(iv) of the Agreement is amended by adding the following paragraph at the end thereof:
Hastings acknowledges and agrees his voluntary acceptance of the reduction in his base salary under Section 3(a) and required reimbursement of automobile lease payments under section 4(e), effective with Unilife’s payroll ending October 9, 2015, constitutes a knowing and voluntary waiver of any opportunity to exercise the rights otherwise set forth in this Section 6(b)(iv) which may have arisen related to the change to the terms and conditions of his employment.
4. Capitalized terms not defined herein shall have the meaning set forth in the Agreement. This Amendment contains the entire agreement between the parties concerning the subject matter of this Amendment and supersedes any prior agreements or understandings between the parties concerning the subject matter of this Amendment, whether oral or written. The parties acknowledge, in entering into this Amendment that they have not relied upon any promise or inducement not specifically set forth herein. All other provisions of the Agreement and any prior amendments not modified or amended by this Amendment shall continue in full force and effect.
5. This Amendment may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument.
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IN WITNESS HEREOF, and wishing to be legally bound, Unilife has caused this Amendment to be executed by its duly authorized officer, and Hastings has executed this Amendment, in each case on the date first set forth above.
| UNILIFE CORPORATION | ||
| By: | /s/ Xxxx Xxxx | |
| Title: | Senior Vice President, General Counsel and Secretary | |
| XXXXX X. XXXXXXXX |
| /s/ Xxxxx X. Xxxxxxxx |
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