Exhibit 10.28


 


AMENDED EMPLOYMENT AGREEMENT


 


This AMENDED EMPLOYMENT AGREEMENT (the “Agreement”)
is made this 17th day of September 2012 (the “Effective Date”) and amended on December 27, 2012, by
and between Albany Molecular Research, Inc., a Delaware corporation (the “Company”), and Michael M. Nolan (the “Executive”).


 


WHEREAS, the Executive is an officer and
key employee of the Company; and


 


WHEREAS, the parties hereto desire to assure
that the Executive’s knowledge and familiarity with the business of the Company will continue to be available to the Company
after the date hereof.


 


NOW, THEREFORE, in consideration of the
mutual promises and covenants herein contained, the parties agree as follows:


 


1.           Employment. Subject to the
provisions of Section 6, the Company hereby employs the Executive and the Executive accepts such employment upon the terms and
conditions hereinafter set forth.


 


2.           Term of Employment. The term
of the Executive’s employment pursuant to this Agreement shall commence on and as of the date hereof (the “Effective
Date”) and shall remain in effect for a period of two (2) years from the Effective Date (the “Term”). The Term
shall be renewed automatically for periods of two (2) years (each a “Renewal Term”) commencing at the second anniversary
of the Effective Date and on each subsequent anniversary thereafter, unless notice that this Agreement will not be extended is
given by either the Executive or the Company not less than one-hundred (180) days prior to the expiration of the Term (as extended
by any Renewal Term). The period during which the Executive serves as an employee of the Company in accordance with and subject
to the provisions of this Agreement is referred to in this Agreement as the “Term of Employment.”


 


3.           Capacity.


 


(a)           Duties. During the Term of Employment,
the Executive shall report directly to the Chairman, President and Chief Executive Officer and (i) shall serve as an executive
officer of the Company with the title Vice President, Chief Financial Officer and Treasurer, subject to election
by the Board of Directors of the Company, (ii) shall perform such duties and responsibilities as may be reasonably determined by
the Board of Directors of the Company consistent with the Executive’s title and position, duties and responsibilities as
an executive officer of the Company as of the Effective Date; provided that such duties and responsibilities shall be within
the general area of the Executive’s experience and skills, (iii) upon the request of the Board of Directors of the Company,
shall serve as an officer and/or director of the Company and any of its subsidiaries or affiliates (provided that the Company
shall indemnify the Executive for liabilities incurred as such in accordance with its current practices to the fullest extent permitted
by applicable law); and (iv) shall render all services incident to the foregoing.


 




    	 



    	 



    

 


(b)           Extent of Service. The Executive
agrees to diligently serve the interests of the Company and shall devote substantially all of his working time, attention, skill
and energies to the advancement of the interests of the Company and its subsidiaries and affiliates and the performance of his
duties and responsibilities hereunder; provided that nothing in this Agreement shall be construed as preventing the Executive
from (i) investing the Executive’s assets in any entity in a manner not prohibited by Section 7 and in such form or manner
as shall not require any material activities on the Executive’s part in connection with the operations or affairs of the
entities in which such investments are made, or (ii) engaging in religious, charitable or other community or non-profit activities
that do not impair the Executive’s ability to fulfill the Executive’s duties and responsibilities under this Agreement.


 


4.           Compensation.


 


(a)           Salary. During the Term of
Employment, the Company shall pay the Executive a salary (the “Base Salary”) at an annual rate as shall be determined
from time to time by the Board of Directors of the Company or the Compensation Committee of the Board of Directors consistent with
the general policies and practices of the Company and subject to periodic review in accordance with the policies and practices
of the Company; provided, however, that in no event shall such rate per annum be less than $370,000.00. Such salary
shall be subject to withholding under applicable law and shall be payable in periodic installments in accordance with the Company’s
usual practice for its senior executives, as in effect from time to time.


 


(b)           Bonus. Annually, the Company
shall review the performance of the Company and of the Executive during the prior year, and the Company may provide the Executive
with additional compensation as a bonus in accordance with any bonus plan then in effect from time to time for senior executives
of the Company. Any such bonus plan shall have such terms as may be established in the sole discretion of the Board of Directors
of the Company or the Compensation Committee of the Board of Directors.


 


5.           Benefits.


 


(a)           Regular Benefits. During the
Term of Employment, the Executive shall be entitled to participate in any and all medical, dental, pension and life insurance plans,
disability income plans and other employee benefit plans as in effect from time to time for senior executives of the Company. Such
participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Company
and (iii) the discretion of the Board of Directors of the Company or the administrative or other committee provided for in, or
contemplated by, such plan. Compliance with this Section 5(a) shall in no way create or be deemed to create any obligation, express
or implied, on the part of the Company or any subsidiary or affiliate of the Company with respect to the continuation of any benefit
or other plan or arrangement maintained as of or prior to the Effective Date or the creation and maintenance of any particular
benefit or other plan or arrangement at any time after the Effective Date.


 




    	2



    	 



    

 


(b)           Reimbursement of Expenses. The
Company shall promptly reimburse the Executive for all reasonable business expenses incurred by the Executive during the Term of
Employment in accordance with the Company’s practices for senior executives of the Company, as in effect from time to time.


 


(c)           Vacation. During the Term of
Employment, the Executive shall receive at least four (4) weeks paid vacation annually or such greater amount as is in accordance
with the Company’s practices for senior executives of the Company, as in effect from time to time.


 


(d)           New Employment Benefits.     AMRI
will pay Executive a new hire bonus within 30 days of the date of employment in the amount necessary to provide Executive with
a net amount of up to $20,000, pending receipt of confirmation of the amount that must be repaid by Executive to a previous employer.
The Company will provide relocation and temporary living assistance for Executive and family in connection with the relocation
from Sudbury, Massachusetts to the capital region of New York. The date that Executive relocates his primary residence will be
called the “Relocation Date.” The Company will cover reasonable expenses consistent with the AMRI Relocation Policy
for Executives, including the brokerage costs related to the sale of Executive’s primary residence in Sudbury, Massachusetts.
These expenses will be reimbursed to Executive or directly paid as incurred, subject to confirmation. The Company will provide
for temporary living arrangements for a period of 60 days or as may otherwise be extended by the Company. AMRI will pay the Executive
a relocation bonus in an amount equal to $302,065, payable prior to the end of 2012 (the “Relocation Bonus”). All such
reimbursed expenses, including the new hire bonus, the Relocation Bonus and including all relocation and temporary living expenses
are referred to herein as the “Relocation Expenses”.


 


(e)           Grant of Company Equity. Effective
on Executive’s date of hire, the Company will grant to Executive 50,000 shares of restricted stock and non-qualified stock
options to purchase 100,000 shares of the Company’s Common Stock, such restricted stock and stock options to be granted pursuant
to the Company’s 2008 Stock Option and Incentive Plan. Such restricted stock and stock options will be evidenced by standard
agreements to be entered into between Executive and the Company. The restricted stock and stock options granted pursuant to this
Section 5(e) will vest 25% per year on each anniversary of the date of grant.


 


6.           Termination of Employment.
Notwithstanding the provisions of Section 2, the Executive’s employment under this Agreement shall terminate under the following
circumstances set forth in this Section 6.


 


For purposes of this Agreement, “Date
of Termination” means (i) if the Executive’s employment is terminated by his death as provided in Section 6(c),
the date of his death; (ii) if the Executive’s employment is terminated due to his permanent disability as provided in Section
6(c), the date on which notice of termination is given; (iii) if the Executive’s employment is terminated by the Company
without Cause under Section 6(e) or Section 6(g), sixty (60) days after the date on which notice of termination is given; and (iv)
if the Executive’s employment is terminated under Section 6(f), or for Good Reason under Section 6(g), the date on which
the applicable cure period expires. In the event that Executive’s employment terminates at any time from the date hereof
to the date that is 24 months following the Relocation Date and such termination is pursuant to Section 6(b) or 6(d); then within
30 days of the Date of Termination Executive shall repay the Relocation Expenses in full to the Company.


 




    	3



    	 



    

 


(a)           Mutual Consent. The Executive’s
employment under this Agreement may be terminated at any time by the mutual consent of the Executive and the Company on such terms
as both parties shall mutually agree.


 


(b)           Termination by the Company for Cause.
The Executive’s employment under this Agreement may be terminated by the Company for Cause at any time upon written notice
to the Executive without further liability on the part of the Company. For purposes of this Agreement, a termination shall be for
Cause if:


 


(i)           the Executive shall commit an act
of fraud, embezzlement, misappropriation or breach of fiduciary duty against the Company or any of its subsidiaries or affiliates
or shall be convicted by a court of competent jurisdiction or shall plead guilty or nolo contendere to any felony or any crime
involving moral turpitude;


 


(ii)          the Executive shall commit a material
breach of any of the covenants, terms or provisions of Section 7 or 8 hereof which breach has not been cured within fifteen (15)
days after delivery to the Executive by the Company of written notice thereof;


 


(iii)         the Executive shall commit a material
breach of any of the covenants, terms or provisions hereof (other than pursuant to Section 7 or 8 hereof) which breach has not
been remedied within thirty (30) days after delivery to the Executive by the Company of written notice thereof; or


 


(iv)        the Executive shall have disobeyed
reasonable written instructions from the Company’s Board of Directors, Compensation Committee or other appropriate governing
committee which are consistent with the terms and conditions of this Agreement or shall have deliberately, willfully, substantially
and continuously failed to perform the Executive’s duties hereunder, after written notice and under circumstances effectively
constituting a voluntary resignation of the Executive’s position with the Company.


 


Upon termination for Cause as provided in
this Section 6(b), all obligations of the Company under this Agreement shall thereupon immediately terminate other than any obligations
with respect to (A) earned but unpaid Base Salary and (B) the continued rights of the Executive to receive payments due under the
Technology Development Incentive Plan. The Company shall have any and all rights and remedies under this Agreement and applicable
law.


 




    	4



    	 



    

 


(c)           Death; Disability. The Executive’s
employment under this Agreement may be terminated by the Company upon the earlier of death or permanent disability (as defined
below) of the Executive continuing for a period of one hundred eighty (180) days. Upon any such termination of the Executive’s
employment, all obligations of the Company under this Agreement shall thereupon immediately terminate other than any obligations
with respect to (i) earned but unpaid salary through the Date of Termination, (ii) bonus payments with respect to the calendar
year within which such termination occurred on the basis of and to the extent contemplated in any bonus plan then in effect with
respect to senior executive officers of the Company, pro-rated on the basis of the number of days of the Executive’s actual
employment hereunder during such calendar year through the Date of Termination, and (iii) in the case of permanent disability,
continuation at the Company’s expense of health insurance benefits (medical and dental) until the first anniversary
of the Date of Termination to the extent permitted under the Company’s group health insurance policy. As used herein, the
term “permanent disability” or “permanently disabled” means the inability of the Executive, by reason of
injury, illness or other similar cause, after reasonable accommodation by the Company, to perform a major part of his duties and
responsibilities in connection with the conduct of the business and affairs of the Company. The Company shall provide written notice
to the Executive of the termination of his employment hereunder due to permanent disability. The provisions of the Technology Development
Incentive Plan shall apply to matters related to any technical incentive compensation being received at the time of disability
or death of the Executive.


 


(d)           Voluntary Termination by the Executive.
At any time during the Term of Employment, the Executive may terminate his employment under this Agreement upon sixty (60) days’
prior written notice to the Company. Upon termination by the Executive as provided in this Section 6(d), all obligations of the
Company under this Agreement shall thereupon immediately terminate other than any obligations with respect to earned but unpaid
Base Salary and any payments of technology incentive compensation under the Technology Development Incentive Plan.


 


(e)           Termination by the Company Without
Cause. The Executive’s employment under this Agreement may be terminated by the Company at any time without Cause by
the Company upon sixty (60) days’ prior written notice to the Executive. Any termination by the Company of the Executive’s
employment under this Agreement which does not constitute a termination for Cause under Section 6(b) and is not a termination on
account of death or disability under Section 6(c) shall be deemed a termination without Cause. Upon any such termination of the
Executive’s employment, all obligations of the Company under this Agreement shall thereupon immediately terminate other than
any obligations with respect to earned but unpaid Base Salary and bonus under Section 4. In addition, subject to the Executive
signing a general release of claims in a form and manner satisfactory to the Company and the lapse of any statutory revocation
period, the Company shall continue to pay the Executive his Base Salary at the rate then in effect pursuant to Section 4(a) for
a period of one (1) year from the Date of Termination and shall pay to the Executive in monthly installments over the one (1) year
period, an amount equal to the Executive’s cash bonus, if any, received in respect of the year immediately preceding the
year of termination pursuant to Section 4(b) beginning with the first payroll date that begins thirty (30) days after the Date
of Termination. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each monthly
payment shall be considered a separate payment. The Company shall also pay 100% of the costs to provide up to twelve (12) months
of outplacement support services at a level appropriate for the Executive’s title and responsibility and provide the Executive
with health and dental insurance continuation at a level consistent with the level and type the Executive had in place at the time
of termination for a period of twelve (12) months from the Date of Termination. Following a termination of the Executive without
Cause the Executive shall continue to be eligible to receive technology incentive compensation payments due under the provisions
of the Technology Development Incentive Plan as such may have been established by the administrator of such plan prior to the date
of termination.


 




    	5



    	 



    

 


(f)            Termination by the Executive upon
Company Breach. The Executive shall have the right to terminate his employment hereunder upon written notice to the Company
in the event of (i) a material diminution in the nature or scope of the powers, duties or responsibilities of the Executive or
(ii) a breach by the Company of any of its material obligations hereunder, in each case after the Executive has given written notice
to the Company specifying such default by the Company within sixty (60) days of the occurrence of the default and giving the Company
a reasonable time, not less than thirty (30) days, to conform its performance to its obligations hereunder. Upon any such termination
of the Executive’s employment, all obligations of the Company under this Agreement shall thereupon immediately terminate
other than any obligations with respect to earned but unpaid Base Salary and bonus under Section 4. In addition, subject to the
Executive signing a general release of claims in a form and manner satisfactory to the Company and the lapse of any statutory revocation
period, the Company shall continue to pay the Executive his Base Salary at the rate then in effect pursuant to Section 4(a) for
a period of one (1) year from the Date of Termination and shall pay to the Executive in monthly installments over the one (1) year
period, an amount equal to the Executive’s cash bonus, if any, received in respect of the year immediately preceding the
year of termination pursuant to Section 4(b) beginning with the first payroll date that begins thirty (30) days after the Date
of Termination. For purposes of Section 409A of the Code, each monthly payment shall be considered a separate payment. The Company
shall also pay 100% of the costs to provide up to twelve (12) months of outplacement support services at a level appropriate for
the Executive’s title and responsibility and provide the Executive with health and dental insurance continuation at a level
consistent with the level and type the Executive had in place at the time of termination for a period of twelve (12) months from
the Date of Termination. Following a termination by the Executive for Company Breach, the Executive shall continue to be eligible
to receive technology incentive compensation payments due under the provisions of the Technology Development Incentive Plan as
such may have been established by the administrator of such plan prior to the date of termination


 


(g)           Termination Pursuant to a Change
of Control. If there is a Change of Control, as defined below, during the Term of Employment, the provisions of this Section
6(g) shall apply and shall continue to apply throughout the remainder of the Term (as extended by any Renewal Term). Upon a Change
of Control, the Executive will become fully vested in any outstanding stock options, Restricted Stock or other stock grants awarded
and become fully vested in all Company contributions made to the Executive’s 401(k), Profit Sharing or other retirement account(s).
In addition, within thirty (30) days of the Change of Control, the Company shall pay to the Executive a lump sum equal to the Executive’s
pro rata target cash bonus for the year in which the Change of Control occurred (as such may be set forth in the Company’s
bonus plan for such year and calculated assuming target achievement of corporate and personal goals); such pro rata amount to be
determined based on the actual date of the closing of such Change of Control transaction.


 




    	6



    	 



    

 


If, within two (2) years following a Change
of Control, the Executive’s employment is terminated by the Company without Cause (in accordance with Section 5(e) above)
or by the Executive for “Good Reason” (as defined in Section 6(g)(ii) below), in lieu of any severance and other benefits
payable under Section 6(e) or Section 6(f), subject to the Executive signing a general release of claims in a form and manner satisfactory
to the Company and the lapse of any statutory revocation period, the Company shall pay to the Executive (or the Executive’s
estate, if applicable) a lump sum amount equal to 1.5 times the sum of (x) the Executive’s Base Salary at the rate then in
effect pursuant to Section 4(a), plus (y) an amount equal to the Executive’s cash bonus, if any, received in respect
of the year immediately preceding the year of termination pursuant to Section 4(b) within thirty (30) days of the Date of Termination.
Notwithstanding the foregoing, to the extent the cash severance payment to the Executive is considered deferred compensation subject
to Section 409A of the Code, and if the Change of Control does not constitute a “change in control event” within the
meaning of Section 409A of the Code, such cash severance shall be payable in installments over the same period as provided in Section
6(e). The Company shall also pay 100% of the costs to provide up to twelve (12) months of outplacement support services at a level
appropriate for the Executive’s title and responsibility and provide the Executive with health and dental insurance continuation
at a level consistent with the level and type the Executive had in place at the time of termination for a period of twelve (12)
months from the Date of Termination. Following a termination by the Executive or a termination by the Company under this Section
6(g), the Executive shall continue to be eligible to receive technology incentive compensation payments due under the provisions
of the Technology Development Incentive Plan as such may have been established by the administrator of such plan prior to the date
of termination.


 


(i)          “Change
of Control” shall mean the occurrence of any one of the following events: (A) the sale of all or substantially
all of the assets of the Company on a consolidated basis to an unrelated person or entity, (B) a merger, reorganization or consolidation
in which the outstanding shares of Stock are converted into or exchanged for securities of the successor entity and the holders
of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding
voting power of the successor entity immediately upon completion of such transaction, or (C) the sale of all of the Stock of the
Company to an unrelated person or entity.


 


(ii)         “Good Reason”
shall mean the occurrence of any of the following:


 


(A)           a material diminution in the nature
or scope of the powers, duties or responsibilities of the Executive;


 


(B)           a breach by the Company of any of its
material obligations hereunder; or


 


(C)           the relocation of the offices at which
the Executive is principally employed as of the Change of Control to a location more than fifty (50) miles from such offices, which
relocation is not approved by the Executive.


 




    	7



    	 



    

 


(iii)         The Executive shall provide the
Company with reasonable notice and an opportunity to cure any of the events listed in Section 6(g)(ii) within sixty (60) days of
the occurrence of the event and shall not be entitled to compensation pursuant to this Section 6(g) unless the Company fails to
cure within a reasonable period of not less than thirty (30) days.


 


(h)         Additional
Limitation. Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation,
payment or distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the
applicable regulations thereunder (the “Severance Payments”), would be subject to the excise tax imposed by Section
4999 of the Code, the following provisions shall apply:


 


(A)           if the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the federal, state, and local income
and employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount,
are greater than or equal to the Threshold Amount, the Executive shall be entitled to the full amount of Severance Payments.


 


(B)           if the Threshold Amount is less than (x) the Severance Payments, but greater than (y) the Severance Payments reduced by the
sum of (1) the Excise Tax and (2) the total of the federal, state, and local income and employment taxes on the amount of the Severance
Payments which are in excess of the Threshold Amount, then the Severance Payments shall be reduced (but not below zero) to the
extent necessary so that the sum of all Severance Payments shall not exceed the Threshold Amount. In such event, the Severance
Payments shall be reduced in the following order: (i) cash payments not subject to Section 409A of the Code; (ii) cash payments
subject to Section 409A of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits. To the
extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological
order.


 


For the purposes of this Section 6(h) “Threshold
Amount” shall mean three (3) times the Executive’s “base amount” within the meaning of Section 280G(b)(3)
of the Code and the regulations promulgated thereunder less one dollar ($1.00); and “Excise Tax” shall mean the excise
tax imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax.


 


The determination as to which of the alternative
provisions of this Section 6(h) shall apply to the Executive shall be made by a nationally recognized accounting firm selected
by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and
the Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier time as is reasonably
requested by the Company or the Executive. For purposes of determining which of the alternative provisions of this Section 6(g)(iii)
above shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation
applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the
highest marginal rates of individual taxation in the state and locality of the Executive’s residence on the Date of Termination,
net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any
determination by the Accounting Firm shall be binding upon the Company and the Executive.


 




    	8



    	 



    

 


(i)           No Mitigation. Without regard
to the reason for the termination of the Executive’s employment hereunder, the Executive shall be under no obligation to
mitigate damages with respect to such termination under any circumstances and in the event the Executive is employed or receives
income from any other source, there shall be no offset against the amounts due from the Company hereunder.


 


(j)           Section 409A.


 


(i)           Anything in this Agreement to the
contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of
the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement would be considered
deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the
application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until
the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s
death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision,
and the balance of the installments shall be payable in accordance with their original schedule. Any such delayed cash payment
shall earn interest at an annual rate equal to the prime rate reported by The Wall Street Journal as of the date of separation
from service, from such date of separation from service until the payment.


 


(ii)          The parties intend that this Agreement
will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous
as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder
comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party,
and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve
the payments and benefits provided hereunder without additional cost to either party.


 


(iii)         To the extent that any payment
or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the
Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service”. The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury
Regulation Section 1.409A-1(h).


 




    	9



    	 



    

 


(iv)        The Company makes no representation
or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined
to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions
of, such Section.


 


7.           Non-Competition and No Solicitation.


 


(a)           Because the Executive’s services
to the Company are special and because the Executive has access to the Company’s confidential information, during the Term
of Employment and for a period of twelve (12) months following the termination, the Executive shall not, without the express written
consent of the Company, directly or indirectly, engage, participate, invest in, be employed by or assist, whether as owner, part-owner,
shareholder, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity, any Person (as hereinafter
defined) other than the Company and its affiliates in the Designated Industry (as hereinafter defined); provided, however, that
nothing herein shall be construed as preventing the Executive from making passive investments in a Person in the Designated Industry
if the securities of such Person are publicly traded and such investment constitutes less than one percent (1%) of the outstanding
shares of capital stock or comparable equity interests of such Person.


 


(b)          For purposes of this Agreement, the
following terms have the following meanings:


 


“Person” means an individual,
a corporation, an association, a partnership, a limited liability company, an estate, a trust and any other entity or organization;
and


 


“Designated Industry”
means the business of providing chemistry research and development services to pharmaceutical and biotechnology companies involved
in drug development and discovery and any and all activities related thereto, including, without limitation, medicinal chemistry,
chemical development, biocatalysis, analytical chemistry services and small-scale manufacturing and any other business conducted
by the Company during the Executive’s employment with the Company.


 


(c)          For a period of twelve (12) months following the
termination of this Agreement for any reason, the Executive shall not, directly or indirectly, alone or as a member of any partnership
or limited liability company or entity, or as an officer, director, shareholder, or employee of any corporation or entity (a) solicit
or otherwise encourage any employee or independent contractor of the Company to terminate his/her relationship with the Company,
or (b) recruit, hire or solicit for employment or for engagement as an independent contractor, any person who is or was employed
by the Company at any time during the Executive’s employment with the Company. This paragraph shall not apply to persons
whose employment and/or retention with the Company has been terminated for a period of twelve (12) months or longer.


 




    	10



    	 



    

 


8.          Confidentiality. In the course
of performing services hereunder and otherwise, the Executive has had, and it is anticipated that the Executive will from time
to time have, access to confidential records, data, customer lists, trade secrets, technology and similar confidential information
owned or used in the course of business by the Company and its subsidiaries and affiliates (the “Confidential Information”).
The Executive agrees (i) to hold the Confidential Information in strict confidence, (ii) not to disclose the Confidential Information
to any Person (other than in the regular business of the Company), and (iii) not to use, directly or indirectly, any of the Confidential
Information for any competitive or commercial purpose; provided, however, that the limitations set forth above shall not apply
to any Confidential Information which (A) is then generally known to the public, (B) became or becomes generally known to the public
through no fault of the Executive, or (C) is disclosed in accordance with an order of a court of competent jurisdiction or applicable
law. Upon termination of the Executive’s employment with the Company, all data, memoranda, customer lists, notes, programs
and other papers and items, and reproductions thereof relating to the foregoing matters in the Executive’s possession or
control, shall be returned to the Company and remain in its possession. This Section 8 shall survive the termination of this Agreement
for any reason.


 


9.          Conflicting Agreements. The
Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder
will not breach or be in conflict with any other agreement to which he is a party or is bound, and that he is not now subject to
any covenants which would affect the performance of his obligations hereunder. As of the Effective Date, the Executive is not performing
any other duties for, and is not a party to any similar agreement with, any Person competing with the Company or any of its affiliates.


 


10.        Severability. In case any
of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect,
any such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement
shall be construed as if such invalid, illegal or unenforceable provision had been limited or modified (consistent with its general
intent) to the extent necessary to make it valid, legal and enforceable, or if it shall not be possible to so limit or modify such
invalid, illegal or unenforceable provision or part of a provision, this Agreement shall be construed as if such invalid, illegal
or unenforceable provision or part of a provision had never been contained in this Agreement.


 


11.        Litigation and Regulatory Cooperation.
During and after the Executive’s employment, the Executive shall cooperate fully with the Company in the defense or prosecution
of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate
to events or occurrences that transpired while the Executive was employed by the Company. The Executive’s full cooperation
in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare
for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s
employment, the Executive also shall cooperate fully with the Company in connection with any investigation or review of any federal,
state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while
the Executive was employed by the Company. The Company shall reimburse the Executive for any reasonable out-of-pocket expenses
incurred in connection with the Executive’s performance of obligations pursuant to this Section 11. This Section 11 shall
survive the termination of this Agreement for any reason.


 




    	11



    	 



    

 


12.        Arbitration of Disputes. Any
dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in Albany,
New York, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered in any court
having jurisdiction. In the event that the Company terminates the Executive’s employment for cause under Section 6(b) and
the Executive contends that cause did not exist, then the Company’s only obligation shall be to submit such claim to arbitration
and the only issue before the arbitrator will be whether the Executive was in fact terminated for cause. If the arbitrator determines
that the Executive was not terminated for cause by the Company, then the only remedies that the arbitrator may award are (i) payment
of amounts which would have been payable if the Executive’s employment had been terminated under Section 6(e), (ii) the costs
of arbitration, (iii) the Executive’s attorneys’ fees, and (iv) all rights and benefits granted or in effect with respect
to the Executive under the Company’s stock option plans and agreements with the Executive pursuant thereto, with the vesting
and exercise of any stock options and the forfeit ability of any stock-based grants held by the Executive to be governed by the
terms of such plans and the related agreements between the Executive and the Company. If the arbitrator finds that the Executive’s
employment was terminated for cause, the arbitrator will be without authority to award the Executive anything, and the parties
will each be responsible for their own attorneys’ fees, and they will divide the costs of arbitration equally. Furthermore,
should a dispute occur concerning the Executive’s mental or physical capacity as described in Section 6(c), a doctor selected
by the Executive and a doctor selected by the Company shall be entitled to examine the Executive. If the opinion of the Company’s
doctor and the Executive’s doctor conflict, the Company’s doctor and the Executive’s doctor shall together agree
upon a third doctor, whose opinion shall be binding. This Section 12 shall survive the termination of this Agreement for any reason.


 


13.        Specific Performance. Notwithstanding
Section 12 hereof, it is specifically understood and agreed that any breach of the provisions of this Agreement, including, without
limitation, Sections 7 and 8 hereof, by the Executive is likely to result in irreparable injury to the Company and its subsidiaries
and affiliates, that the remedy at law alone will be inadequate remedy for such breach and that, in addition to any other remedy
it may have, the Company shall be entitled to enforce the specific performance of this Agreement by the Executive and to seek both
temporary and permanent injunctive relief (to the extent permitted by law), without the necessity of proving actual damages. To
the extent that any court action is permitted consistent with or to enforce Section 7 or 8 of this Agreement, the parties hereby
agree to the sole and exclusive jurisdiction of the Supreme Court of the State of New York (Albany County) and the United States
District Court for the Northern District of New York (City of Albany). Accordingly, with respect to any such court action, the
Executive (i) submits to the personal jurisdiction of such courts, (ii) consents to service of process, and (iii) waives any other
requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction or service of process.


 




    	12



    	 



    

 


14.        Notices. All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) when delivered by
hand, (ii) when transmitted by facsimile and receipt is acknowledged, or (iii) if mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed:


 


To the Company:


 


Albany Molecular Research, Inc.


21 Corporate Circle


Albany, New York 12203-5154


Facsimile: (518) 867-4375


Attention: Board of Directors


 


To the Executive, at the address on file with the
Company


 


or to such other address of which any party may notify the other
parties as provided above. Notices shall be effective as of the date of such delivery or mailing.


 


15.        Amendment; Waiver. This Agreement
shall not be amended, modified or discharged in whole or in part except by an Agreement in writing signed by both of the parties
hereto. The failure of either of the parties to require the performance of a term or obligation or to exercise any right under
this Agreement or the waiver of any breach hereunder shall not prevent subsequent enforcement of such term or obligation or exercise
of such right or the enforcement at any time of any other right hereunder or be deemed a waiver of any subsequent breach of the
provision so breached, or of any other breach hereunder.


 


16.        Successors
and Assigns. This Agreement shall inure to the benefit of successors of the Company by way of merger, consolidation or transfer
of all or substantially all of the assets of the Company, and may not be assigned by the Executive. The Company shall
require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all
of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company
would be required to perform it if no succession had taken place. Failure of the Company to obtain an assumption of this Agreement
at or prior to the effectiveness of any succession shall be a material breach of this Agreement.


 


17.        Entire Agreement. This Agreement
constitutes the entire agreement between the parties concerning the subjects hereof and supersedes all prior understandings and
agreements between the parties relating to the subject matter hereof.  


 


18.        Governing Law. This Agreement
shall be construed and regulated in all respects under the laws of the State of New York.


 


19.        Counterparts. This Agreement
may be executed in counterparts, each of which when so executed and delivered shall be taken to be an original, but such counterparts
shall together constitute one and the same document.


 


[Remainder of Page Intentionally Left Blank]


 




    	13



    	 



    

 


IN WITNESS WHEREOF, the parties have executed
this Amended Agreement as of the day and year first above written.


 


	 	ALBANY MOLECULAR RESEARCH, INC.
	 	 
	 	By:	/s/ Thomas D’Ambra
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Michael Nolan
	 	Michael M. Nolan


 




    	14