Exhibit 10.14
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") made this 30th
day of September, 2003 by and between TLC Vision Corporation (the "Company") and
B. Xxxxxxx Xxxx III ("Employee").
Whereas the Company and Employee entered into an EMPLOYMENT AGREEMENT (the
"Agreement") dated May 15, 2002, and
Whereas, the Company and Employee desire to amend the Agreement as set
forth below,
Now, therefore, in consideration of the mutual covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and
Employee hereby agree as follows:
1. Section 8 (f) entitled: Termination by Employee within Eighteen Months
of Effective Date is deleted in its entirety and a new Section 8(f) is hereby
inserted in its place as follows:
Termination by Employee for Any Reason. Notwithstanding anything to
the contrary contained in this Agreement, Employee, upon prior written
notice to the Company, may for any reason terminate his employment with
the Company at any time prior to November 15, 2004. In the event of such
termination, the Company shall pay to Employee, within (30) days of such
termination, an amount equal to three (3) times Employee's Base Salary
specified in Section 5(a) (as in effect as of the date of termination)
plus an additional amount equal to the greater of (i) three (3) times
Employee's Bonus for the previous year or (ii) the average of Employee's
Bonus for each of the three years immediately preceding the date of such
termination.
With the exception of the foregoing, the Agreement shall remain in effect
in accordance with its terms.
In witness whereof, the parties have executed this Amendment the day and
year first above written.
"COMPANY" "EMPLOYEE"
TLC VISION CORPORATION
By: /s/ Xxxxx Xxxxxxxx /s/ B. Xxxxxxx Xxxx III
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Name: Xxxxx Xxxxxxxx B. Xxxxxxx Xxxx III
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Title: Chief Executive Officer
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