EXHIBIT 10.6
AMENDMENT NO. 1
TO EMPLOYMENT
AGREEMENT
AMENDMENT
NO. 1 , effective as of
April 1, 2009, to that certain Employment Agreement, dated as of
December 27, 2007 (the “Employment Agreement”), by and
between Hi-Tech Pharmacal Co., Inc. (the “Corporation”)
and Bryce M. Harvey (the “Employee”).
WHEREAS, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto have agreed to amend the Employment Agreement (i) to extend
the term of the Employment Agreement; (ii) to increase the
compensation thereunder; and (iii) to change the number of
stock options for which Employee will be eligible.
NOW,
THEREFORE, the parties
hereto mutually agree as follows:
1. All
capitalized terms used herein but not defined herein shall have the
meaning ascribed to them in the Employment Agreement.
2. Section
3 of the Employment Agreement is hereby deleted and replaced in its
entirety with the following:
“Section
3. Term of Employment . The term of this
contract shall continue until March 31, 2011 unless earlier
terminated by Employee upon 30 days advance written notice to the
Corporation, or unless earlier terminated pursuant to the
provisions of Section 5 hereof (the
“Term”).”
3. Section
4.1 of the Employment Agreement is hereby deleted and replaced in
its entirety with the following:
“4.1.
Compensation . As compensation for his services hereunder
the Corporation shall pay Employee, provided he remains employed
with the Corporation, an annual salary (“Salary”) equal
to (i) $257,500 for the period April 1, 2009 through March 31, 2010
and (ii) $267,500 for the period April 1, 2010 through March 31,
2011. The Salary shall be payable weekly less such deductions as
shall be required to be withheld by applicable law and
regulations.”
4.
Section 4.2 of the Employment Agreement is hereby deleted and
replaced in its entirety with the following:
“4.2.
Stock Options . On or after April 1, 2009, Employee may
receive stock options at the sole discretion of the
Corporation’s management, such discretion to be exercised via
recommendation by the Corporation’s Chief Executive Officer
to the Compensation Committee, who shall recommend that for 2009,
Employee receive an option to purchase ten thousand (10,000) shares
of the Corporation’s Common Stock, when the Corporation
mak
