EXHIBIT 10.12
AMENDMENT NO. 4
TO EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT (the "Amendment") is made and
entered into at Santa Barbara, California, on the date hereinafter set forth by
and between XXXX X. XXXXXXX, PH.D. (hereinafter referred to as the "Employee")
and PDT, INC., a Delaware Corporation (hereinafter referred to as the
"Employer").
WHEREAS:
A. The Employer and the Employee are parties to an Employment Agreement
effective as of DECEMBER 31, 1989, and Amendments No. 1 through 3 thereto (the
"Employment Agreement").
B. The parties hereto wish to amend the Employment Agreement in certain
respects.
NOW, THEREFORE, in consideration of the premises, promises and
representations hereinafter contained, it is agreed as follows:
1. Section 1.1 Of the Employment Agreement is hereby amended to read as
follows:
"1.1 POSITION AND DUTIES
The Corporation does hereby employ the Employee and the Employee
hereby accepts such employment as CHAIRMAN AND CHIEF EXECUTIVE OFFICER upon the
terms and provisions set forth in this Agreement. The Employee shall perform
all the duties assigned to him by the Corporation, shall observe and comply with
the Corporation's rules and regulations regarding the performance of his duties,
and shall carry out and perform all orders, directions, and policies stated to
him by the Corporation periodically, either orally or in writing. The Employee
shall carry out the duties assigned to him in a trustworthy, businesslike, and
loyal manner. The Employee agrees that this Agreement may be terminated as
provided in Paragraph 7 hereof."
2. In all other respects, the Employment Agreement is hereby ratified,
confirmed and approved in its entirety.
3. The Effective Date of this Amendment is MAY 17, 1996.
EMPLOYER:
PDT, INC.
a Delaware Corporation
By: /s/ Xxxxx X. Xxx
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Xxxxx X. Xxx
President
EMPLOYEE:
/s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Ph.D.
Amendment No. 4 to Employment Agreement
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