FIRST AMENDMENT TO FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Published on March 31, 2006
EXHIBIT 10.11
FIRST AMENDMENT
TO
FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO THE FIRST AMENDED AND RESTATED EMPLOYMENT AGREEMENT, made as of the 1st day of January 2005, by and between COMMONWEALTH BIOTECHNOLOGIES, INC., a Virginia corporation (the Employer), and JAMES H. BRENNAN (the Officer).
WHEREAS, the Employer and the Officer previously entered into a First Amended and Restated Employment Agreement, dated as of January 1, 2005 (the Initial Agreement); and
WHEREAS, the Initial Agreement contained an equation to determine certain performance-based cash, restricted stock and incentive option bonuses; and
WHEREAS, the Employer and the Officer wish to amend the Initial Agreement to correct a mathematical error contained therein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is acknowledged by the parties hereto, the Employer and the Executive hereby amend the Initial Agreement as follows:
1. The equation contained in Section 3(c) is hereby removed in its entirety and replaced with the following:
A + (A * (1-B)) = C
2. All other portions of the Initial Agreement remain in effect.
IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Employer, by its duly authorized officer, and by the Executive, as of the date first above written.
COMMONWEALTH BIOTECHNOLOGIES, INC. |
||
By: |
/s/ Richard J. Freer, Ph.D. | |
Name: |
Richard J. Freer, Ph.D. | |
Title: |
Chairman and Chief Operating Officer | |
Date: |
7/1/06 | |
/s/ James H. Brennan | ||
James H. Brennan | ||
Address: |
601 Biotech Drive | |
Richmond, Virginia 23235 | ||
Date: |
2/1/06 |