Employment Agreement Amendment, dated October 7, 2019, by and between the Company and Pedro J. Lasanta
EX-10.1 2 pbsv_ex101.htm EMPLOYMENT AGREEMENT AMENDMENT Blueprint
EMPLOYMENT AGREEMENT AMENDMENT
EMPLOYMENT AGREEMENT AMENDMENT (this "Amendment"), effective as of October 7, 2019, by and among Pharma-Bio Serv, Inc. with its principal office at 6 Road 696, Dorado, Puerto Rico 00646 (the “Company”), and Pedro J. Lasanta (“Executive”) (both hereinafter “the Parties”).
W I T N E S S E T H:
WHEREAS, the Company and Executive have entered into that certain Employment Agreement, dated November 5, 2007, as such Employment Agreement has been and may be amended, restated or otherwise modified from time to time (the "Employment Agreement"). Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Employment Agreement; and
WHEREAS, the Company desires to modify the Executive's salary.
NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:
Section 3(a) of the Employment Agreement is amended and restated in its entirety as follows: For his services, the Company shall pay Executive a salary (“Salary”) at the annual rate of $175,000, effective October 7, 2019. 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 evaluations following the Company's performance review process and subject to the financial status of the Company.
Except as expressly amended by the terms of this Amendment and all prior amendments to the Employment Agreement, the terms of the Employment Agreement shall remain in effect and are unchanged by this Amendment.
IN WITNESS WHEREOF, the parties have executed this Amendment in Dorado, Puerto Rico, this 7th day of October, 2019.
PHARMA-BIO SERV, INC.
By: /s/ Elizabeth Plaza
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By: /s/ Pedro Lasanta
Name: Elizabeth Plaza
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Name: Pedro Lasanta
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Title: Chief Financial Officer