Amendment to Section 3(b). Section 3(b) of the Senior Management Agreement is hereby deleted in its entirety and replaced with the following provision: “In the event of a Separation, (i) the purchase price for each share of Unvested Common Stock will be the lesser of (A) Executive’s Original Cost for such share, and (B) the Fair Market Value of such share as of the date of the Repurchase Notice (as defined in Section 3(c) below) delivered pursuant to this Section 3, and (ii) the purchase price for each share of Vested Stock will be the Fair Market Value of such share as of the date of the Repurchase Notice delivered pursuant to this Section 3 (including, in the case of Preferred Stock, all accrued dividends thereon); provided, however, that if Executive’s employment is terminated with Cause, the purchase price for each share of Vested Carried Common Stock will be the lesser of (A) Executive’s Original Cost for such share and (B) the Fair Market Value of such share as of the date of the Repurchase Notice.”
Amendment to Section 3(b). Section 3(b) of the Existing Agreement shall be deleted in its entirety and replaced with the following:
Amendment to Section 3(b). The third sentence of Section 3(b) of the Original Agreement is hereby amended to read as follows: “Effective January 1, 2020, Executive’s target bonus under any such annual bonus plan shall be fifty-five percent (55%) of Executive’s base salary actually paid for the year to which such annual bonus relates (the “Target Bonus”).”
Amendment to Section 3(b). Section 3(b) of the Employment Agreement is hereby replaced with the following: “Performance Bonus. If you achieve performance targets as established by the Company on an annual basis, at the discretion of the Compensation Committee of the Company’s Board of Directors, you shall be eligible for a performance bonus of up to fifty percent (50%) of your Base Salary for each calendar year (the “Performance Bonus”). Any Performance Bonus shall be paid on a quarterly basis in equal amounts not to exceed twelve and one-half percent (12.5%) of your Base Salary, with each payment to be made by no later than thirty (30) days following the end of the quarter in which it is earned.”
Amendment to Section 3(b). Sections 3(a) and the first paragraph of 3(b) of the Notes are hereby amended and restated as follows:
Amendment to Section 3(b). Section 3(b) is hereby deleted in its entirety and replaced with the following:
Amendment to Section 3(b). Section 3(b) of the Agreement is hereby amended and restated in its entirety as follows:
Amendment to Section 3(b). The Employment Agreement is hereby amended to add the following as Section 3(b)(vi):
Amendment to Section 3(b). The first sentence of Section 3(b) of the 2005 Agreement is hereby deleted and replaced with the following sentence: “Executive shall be eligible to receive an annual cash bonus of up to $50,000, payable within 30 days after the end of the fiscal year of Employer, which shall be based upon performance criteria established by the Board (“Performance Bonus”).
Amendment to Section 3(b). The parties mutually agree that the Agreement is amended, effective the date of this Amendment, by amending Section 3(b) by changing the target bonus to “40%”.
