AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.3
AMENDMENT
TO EMPLOYMENT AGREEMENT
Amendment
to Employment Agreement dated November 5, 2007, as amended in December 17, 2008,
between Pharma-Bio Serv, Inc., hereinafter ("Company") and Xxxxx X. Xxxxxxx
("Executive").
WHEREAS, given the current
global and local economic and industry forecasts for 2009, the Company is
implementing various cost containment strategies to mitigate the current market
downward volume trend, among others, adjust compensation packages of its
management team.
NOW THEREFORE in exchange for
the mutual promises and undertakings herein, the parties voluntarily agree as
follows:
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1.
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Executive's
compensation pursuant to paragraph 3(a) of that certain Employment
Agreement dated November 5, 2007, as amended is hereby modified and
amended so as to decrease Executive's annual salary, as of March 1, 2009,
from $110,000 to $106,000 per annum. Salary shall be paid in such
installments as the Company regularly pays its executive officers, but not
less frequently than semi-monthly. Executive’s salary will be revised
annually based upon performance evaluation following Company’s performance
review process and subject to the financial situation of the
Company.
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2.
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Executive's
monthly car allowance of $500 pursuant to paragraph 3(b) (i) of that
certain Employment Agreement dated November 5, 2007, as amended, is hereby
eliminated effective March 1, 2009.
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In all
other respects the Employment Agreement dated November 5, 2007, as amended,
shall remain in full force and effect and unaltered.
IN WITNESS WHEREOF, the
parties have executed this Agreement in Dorado, Puerto Rico, this 11th day of
March, 2009.
By:/s/ Xxxxxxxxx
Plaza
Name:
Xxxxxxxxx Plaza
Title:
President & CEO
EXECUTIVE:
/s/s Xxxxx X
Xxxxxxx
Name:
Xxxxx X Xxxxxxx
Title:
Chief Financial Officer
