Employment Agreement - Techne Corp. and Roger C. Lucas
SUPPLEMENT TO MARCH 16, 1995 AGREEMENT
Date: July 1, 1995
Parties: Techne Corporation, a
Minnesota corporation
614 McKinley Place N.E.
Minneapolis, MN 55413
Roger C. Lucas, Ph.D.
614 McKinley Place N.E.
Minneapolis, MN 55413
Recitals:
A. Techne Corporation ("Techne") and Dr. Roger C. Lucas are parties to
an Agreement dated March 16, 1995 (the "Agreement") whereby Dr. Lucas agreed
to be employed by Techne on a part-time basis from July 1, 1995 through June
30, 1997.
B. Techne and Dr. Lucas have determined that greater efforts and
involvement by Dr. Lucas in Techne's affairs will be requird than was con-
templated at the time of execution of the Agreement.
C. Techne and Dr. Lucas wish to modify certain terms of the Agreement.
Agreements:
Techne and Dr. Lucas hereby agree as follows:
1. Subject to his annual reelection as a director by the shareholders
of Techne, Dr. Lucas shall be elected by the Board of Directors as Vice
Chairman and as Senior Scientific Adviser to the Board of directors.
2. Dr. Lucas shall be employed to work for Techne for approximately
50% of his normal working time with responsibility for the investigation and
development of new business opportunities for Techne. During the period of
employment in such capacity, Dr. Lucas shall be paid at the rate of $200,000
per year in accordance with the normal payroll practices of the Company.
3. During the period of his employment pursuant to this Supplement,
Dr. Lucas shall be provided access from his home office to Techne's computer
system services, secretarial support necessary to perform his duties and a
travel and conference budget sufficient to support his pursuit of new
business opportunities and networking through professional meetings. During
such period, Dr. Lucas shall also receive such benefits and have such rights
as are provided in the Agreement.
4. Techne shall grant Dr. Lucas an option to purchase 50,000 shares of
its Common Stock in accordance with the terms of a Stock Option Agreement
delivered simultaneously herewith.
5. The employment and other provisions of this Supplement, with the
exception of the Stock Option Agreement which shall be governed and shall
terminate only in accordance with its own terms, may be terminated with or
without cause by either party upon 30 days notice to the other party. Unless
terminated earlier pursuant to such a notice, the employment and other
provisions of this Supplement, except as to the Option Agreement, shall
terminated as of June 30, 1998, provided that such date may be extended by
agreement of the parties.
6. Upon termination of his employment pursuant to this Supplement, Dr.
Lucas shall be employ by Techne and have all of the rights and benefits to
which he is entitled under the Agreement provided that the two year Employ-
ment Period of Section 3 of the Agreement originally scheduled to commence
July 1, 1995 shall commence on the date of termination of employment under
this Suplement and further provided that such two year period shal be reduced
by one month for every two months during which he is employed pursuant to
this Supplement.
7. No provision of the Agreement is amended or made ineffective by this
Supplement except as explicitly provided herein. All other provision of the
Agreement remain in full force and effect including, but not limited to,
provisions of the Agreement relating to the Confidentiality Agreement,
Severability, Governing Law and Arbitration which are specifically incorporated
herein and agreed to be applicable to this Supplement.
Techne Corporation
By __________________________ ___________________
Thomas E. Oland, President Roger C. Lucas, Phd.