Sample Business Contracts

Executive Employment Agreement [Amendment No. 2] - Quintiles Transational Corp. and Dennis B. Gillings

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  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
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         This Second Amendment to Executive Employment Agreement ("Second
Amendment") is made and entered into this the 1st day of April, 2001, by and
between QUINTILES TRANSNATIONAL CORP., a North Carolina Corporation (hereinafter
the "Company"), and DENNIS B. GILLINGS, PH.D. (hereinafter the "Executive").

         WHEREAS, the Company and Executive are parties to an Executive
Employment Agreement dated February 22, 1994 (the "Employment Agreement"), a
copy of which is attached hereto as Exhibit A and incorporated herein, as
amended by Amendment to Executive Employment Agreement dated October 26, 1999
("First Amendment"), a copy of which is attached hereto as Exhibit B and
incorporated herein; and

         WHEREAS, the Company and Executive further desire to amend the
Employment Agreement;

         NOW, THEREFORE, in consideration of the mutual agreements set forth
herein, the legal sufficiency and adequacy of which are hereby acknowledged, the
parties agree to amend the Employment Agreement as follows:

         1. The Employment Agreement is amended by deleting the term "Chief
Executive Officer" from Sections 1, 4(c) and 4(f) and related references to that

         2. Also, the Employment Agreement is amended by changing all references
to "Chairman of the Board" to "Executive Chairman."

         3. Except as herein set forth, the Employment Agreement and First
Amendment are not modified or amended and the parties hereto reaffirm and agree
to all of the terms and provisions of the Employment Agreement and First
Amendment, as herein amended, in all respects.

         IN WITNESS WHEREOF, the parties have executed this Second Amendment to
Executive Employment Agreement as of the day and year first written above.

                                            QUINTILES TRANSNATIONAL CORP.

                                            By: /s/ Beverly L. Rubin
                                            Name:  Beverly L. Rubin
                                            Title: VP, Global HR Ops and Assoc.
                                                   Gen'l Counsel

                                                 /s/ Dennis B. Gillings
                                                     DENNIS B. GILLINGS