Exhibit 10.2


 


September 7, 2004


 


TO:  Maria Chow Yee


 


Re: Amendment to Key Employee Agreement


 


Dear Maria:


 


This letter
agreement evidences the agreement reached between Watson Pharmaceuticals, Inc.
(“Watson”) and Maria Chow Yee (“Executive”) concerning an amendment to the Key
Employee Agreement between Watson and Executive dated June 30, 1999, as amended
by Amendment No. 1 dated November 15, 2000, and Amendment No. 2 dated August 1,
2001 (the “Key Employee Agreement”).  In
consideration of the mutual promises contained herein and for other good and
valuable consideration receipt of which is hereby acknowledged, Watson and
Executive hereby amend the Key Employee Agreement as follows:


 


1.             Effective
as of January 15, 2004 (the “Effective Date”), Executive’s position shall be
Senior Vice President, New Product Introduction and Operations.  Executive shall report to the Executive Vice
President, Supply Chain, or such other officer of Watson as designated by
Watson’s Chief Executive Officer. 
Executive shall perform such duties as are assigned from time to time by
Executive’s then existing supervisor.  In
her capacity as Senior Vice President, New Product Introduction and Operations,
the following functions shall report to Executive:  Director, Manufacturing Technical Support;
Director, Pharmaceutical Technology; Director, Project Management.


 


2.             The
parties acknowledge and agree that the change in Executive’s title, reporting
relationship and responsibilities described in Paragraph 1 above is deemed “Good
Reason” as defined in Section 6.5(a) of the Key Employee Agreement.


 


3.             Executive
shall have eighteen (18) months from the Effective Date to exercise her rights
under Section 6.5 to resign for “Good Reason” and receive the applicable
severance benefits as a result of the change in Executive’s title, reporting
relationship and responsibilities described in Paragraph 1 above.  In the event Executive fails to exercise such
rights under Section 6.5 within eighteen (18) months of the Effective Date, she
shall be deemed to have consented to the change in her title, reporting
relationship and responsibilities.


 


4.             Except
as expressly and specifically amended hereby, all other provisions, terms and
conditions of the Key Employee Agreement shall remain unchanged and in full force
and effect.


 





















 


If the foregoing
is acceptable to you, please sign both copies of this letter agreement where
indicated below, and return one fully executed copy of this letter agreement to
the undersigned.


 


 


	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WATSON PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/Susan
  K. Skara

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
    SVP,
  Human Resources

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AGREED TO AND ACCEPTED BY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /s/Maria Chow Yee

  	
   

  	
   

  
	
  Maria Chow Yee