Modification of Employment Terms Agreement between PLC Systems Inc. and Dr. Robert I. Rudko
PLC Systems Inc. and Dr. Robert I. Rudko have agreed to modify Dr. Rudko's employment terms. Effective April 1, 2008, Dr. Rudko, a director and Chief Scientific Officer, shifted from full-time to part-time status, working about 7.75 hours per week at a rate of $103.10 per hour. As a part-time employee, he is no longer eligible for a bonus, and his annual car allowance has been reduced to $1,200.
EXHIBIT 10.21
Modifications to Terms of Employment with Dr. Robert I. Rudko
On April 1, 2008, Dr. Robert I. Rudko, a director and Chief Scientific Officer of PLC Systems Inc. (the “Company”), transitioned from being a full-time employee of the Company to being a part-time employee. Dr. Rudko currently works approximately 7.75 hours per week and is compensated by the Company at a rate of $103.10 per hour (which is equal to Dr. Rudko’s previous annual salary of $214,454, divided by 52 weeks per year, divided by 40 hours per week). As a result of his part-time status, Dr. Rudko is not eligible to receive a bonus. In addition, Dr. Rudko’s annual car allowance has been reduced to $1,200 per annum.
