Exhibit 10.3 to
Form 10-KSB
AMENDED EMPLOYMENT AGREEMENT
AGREEMENT made as of the 22nd day of September, 1996 and effective
September 25, 1996, by and between Sheffield Medical Technologies Inc., a
Delaware corporation with its principal offices at 00 Xxxxxxxxxxx Xxxxx, Xxxxx
0000, Xxx Xxxx, Xxx Xxxx 00000 (the "Corporation"), and Xxxxxx Xxxxxxxx residing
at 000 Xxxx Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx 00000 (the "Executive").
W I T N E S S E T H:
WHEREAS, the Corporation entered into an employment agreement dated as
of September 7, 1995 (the "Employment Agreement") with the Executive relating to
the employment of the Executive as Vice President and Chief Financial Officer of
the Corporation; and
NOW, THEREFORE, in consideration of the premises and the mutual
covenants hereinafter set forth, the parties hereto agree that the Employment
Agreement is hereby amended as follows:
1. COMPENSATION. The Corporation and the Executive hereby agree to
amend and restate clause (i) of Paragraph 4(a) of the Employment Agreement by
substituting therefore the following: "(i) a salary at the rate of $13,000 per
annum, payable in equal installments in accordance with the normal payroll
practices of the Corporation but in no event less frequently than semi-monthly"
and
2. TERMINATION OF AGREEMENT; DEATH; SEVERANCE; SURVIVAL. The
Corporation and the Executive hereby agree to amend and restate the first
sentence of paragraph 11(b) of the Employment Agreement by substituting therefor
the following: "In the event of the termination of the Executive's employment by
the Corporation other than for Cause, the Executive shall be paid a severance
payment of $65,000 payable in six equal installments of $10,833.33 with the
first installment being payable on the date falling two weeks after the date of
such termination and each additional installment being paid every two weeks
after such date until such severance is paid in full."
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.
SHEFFIELD MEDICAL TECHNOLOGIES, INC.
By: /s/ Xxxxxxx X. Xxxx
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Xxxxxxx X. Xxxx, Chairman
/s/ Xxxxxx Xxxxxxxx
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Xxxxxx Xxxxxxxx, Vice President
