EXHIBIT 10.135
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT, made this 20th day of August, 1999 (the
"Execution Date"), by and between PPD Development, Inc., formerly PPD Pharmaco,
Inc. ("PPD Development") and Xxxx X. Xxxxx ("Employee"), amends that certain
Employment Agreement dated January 1, 1998 between PPD Development and Employee
(the "Employment Agreement").
FOR AND IN CONSIDERATION OF the mutual promises, covenants and
conditions contained herein, and other good and valid consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby amend the
Employment Agreement as follows:
1. The Employment Agreement is deemed to have renewed for an additional
one-year period beginning January 1, 1999, and ending December 31, 1999 (the
"Renewal Period").
2. Employee's base salary for the Renewal Period is $190,000.00.
3. During the Renewal Period, Employee shall be entitled to a Quarterly
Bonus if the Businesses (as defined in the Employment Agreement, as amended)
attain a certain level of Authorizations for the applicable quarter, as set
forth in Appendix I attached to this Amendment. Employee shall also be entitled
to an annual bonus for the Renewal Period as provided for in Appendix I
attached. Such annual bonus, if any, shall be paid to Employee at the same time
annual bonuses, if any, for calendar year 1999 are or would have been paid to
other senior executives of PPD Development. In addition, Employee shall be
entitled to awards of non-qualified stock options under the Pharmaceutical
Product Development, Inc. ("PPD") Equity Compensation Plan if Authorizations for
the Businesses attain certain Annual Targets for the Renewal Period, as set
forth in Appendix I to this Amendment. Any award of stock options shall have an
exercise price equal to the NASDAQ closing price on December 31, 1999, and shall
contain such other terms and conditions, including a three-year vesting
schedule, as included in stock option awards generally for other senior
executives of PPD Development.
4. The first sentence of Section 4 of the Employment Agreement is
rewritten as follows: "Employee shall have overall responsibility for business
development of (a) PPD Development, Inc. and all of its subsidiaries as of the
Execution Date, except Pharmaco Investments, Inc. and ATP, Inc., (b) PPD Global
Ltd., (c) Leicester Clinical Research Centre Ltd. and (d) Chelmsford Clinical
Trials Unit Ltd. (collectively, the "Businesses").
5. Unless the context clearly requires otherwise, all references to
Appendix I in the Employment Agreement shall, with respect to the Renewal
Period, be deemed to refer to Appendix I attached to this Amendment.
The Employment Agreement, as herein amended, shall continue in full
force and effect.
IN WITNESS WHEREOF, this Amendment is executed as of the Execution
Date, but shall be effective as of January 1, 1999.
PPD DEVELOPMENT, INC.
By: /s/ Xxxx Xxxxxxxx
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Name: Xxxx Xxxxxxxx
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Title: Chief Executive Officer
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/s/ Xxxx X. Xxxxx (SEAL)
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Xxxx X. Xxxxx
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