Sample Business Contracts


Employment Agreement [Amendment] - ICN Pharmaceuticals Inc. and Milan Panic

Employment Forms

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                              AMENDMENT
                                 TO
                        EMPLOYMENT AGREEMENT

      AMENDMENT TO EMPLOYMENT AGREEMENT dated as of September 6,  1995
("Amendment"),   between  ICN  PHARMACEUTICALS,   INC.,   a   Delaware
corporation (which, together with its subsidiaries and predecessors is
referred  to  herein  as  "ICN"  or the "Company"),  and  Milan  Panic
("PANIC").
                              RECITALS
                                  
      WHEREAS,  PANIC founded ICN in 1960, has served as the President
and  Chief Executive Officer of ICN since that time, and has  directed
the growth of ICN;

      WHEREAS,  ICN  and PANIC heretofore entered into  an  Employment
Contract dated March 15, 1967, a subsequent Employment Agreement dated
as  of  June  1, 1970, an amendment thereto approved by the  Board  of
Directors  of  ICN  on March 27, 1974 and a further amendment  thereto
approved by the Board of Directors of ICN on February 9, 1976, and  an
Employment Agreement dated as of November 30, 1982, which was  due  to
terminate on November 30, 1986 but which was extended by action of the
Board  of  Directors until June 30, 1989 or such  earlier  time  as  a
replacement  agreement  was  entered into  (collectively,  the  "Prior
Agreements");

     WHEREAS, ICN and PANIC have heretofore entered into an Employment
Agreement  dated  as  of October 1, 1988, as amended  by  a  Leave  of
Absence  and  Reemployment  Agreement  dated  as  of  July  25,   1992
(collectively, the "Current Agreement");

      WHEREAS, the Current Agreement was due to terminate November 30,
1994,  pursuant to the terms thereof, but has been extended by  action
of  the  Board  of Directors until September 30, 1995 or such  earlier
time as this Amendment is entered into; and

      WHEREAS,  ICN and PANIC have agreed that it is to  their  mutual
benefit to enter into this Amendment;

      NOW,  THEREFORE, for consideration, the value,  sufficiency  and
receipt  of  which  are hereby acknowledged, ICN and  PANIC  agree  as
follows:

     1.EXTENSION AND AMENDMENT OF TERM OF CURRENT AGREEMENT.

       Paragraph  1  of  the  Current  Agreement,  entitled  "TERM  OF
EMPLOYMENT," is amended in its entirety to read as follows:

     "1.  TERM OF EMPLOYMENT.

           ICN  shall  employ PANIC for a term expiring  December  31,
     1998.   Thereafter,  this Agreement and the terms  of  employment
     described  therein shall automatically renew for  successive  one
     (1)  year  periods  unless and until terminated  (a)  by  written
     notice  of  one party to the other given not later than  six  (6)
     months  prior  to  the scheduled automatic renewal  date  of  the
     Agreement, or (b) as otherwise permitted by this Agreement."

     2. BENEFITS DURING CONSULTANCY.

         Paragraph  4 of the Current Agreement, entitled "RETIREMENT,"
is  amended  hereby to further provide that in the event  PANIC  shall
retire  and serve as a consultant pursuant to the provisions  of  such
Paragraph  4  and the Current Agreement, PANIC shall  continue  to  be
included in the Company's medical and dental plans.<PAGE>
     3. CONTINUATION OF CURRENT AGREEMENT.

        Except as otherwise expressly modified and amended hereby, the
Current  Agreement shall remain and continue in full force and  effect
without modification express or implied.

     IN WITNESS WHEREOF, ICN and PANIC have executed this Amendment as
of the date first above written.

                                    ICN PHARMACEUTICALS, INC.


                                    By:  /S/ JOHN E. GIORDANI
                                    -----------------------------------
                                     JOHN E. GIORDANI


                                    By:  /S/ DAVID C. WATT
                                    -----------------------------------
                                     DAVID C. WATT


                                    By:  /S/ MILAN PANIC
                                    -----------------------------------
                                      MILAN PANIC

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