AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment to Employment Agreement (the "Amendment"), dated effective
July 12, 1997, by and between Pentegra Dental Group, Inc., a Delaware
corporation (the "Company"), and Xxxx Xxxxxx ("Employee").
W I T N E S S E T H
WHEREAS, the parties hereto entered into that certain Employment
Agreement (as amended, the "Employment Agreement") dated July 12, 1997 among the
Company and Employee.
WHEREAS, the parties hereto desire to amend the Employment Agreement as
set forth herein.
NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein and other good and valuable consideration, the
undersigned do hereby agree as follows:
1. Exhibit A to the Employment Agreement is hereby amended in its
entirety to read as set forth on Exhibit A attached hereto and made a part
hereof.
2. The Employment Agreement shall be hereby amended to reflect the
foregoing agreement of the parties hereto. Except as amended hereby, the
Employment Agreement shall remain unchanged.
3. Terms used herein with their initial letter capitalized and not
otherwise defined shall have the meaning assigned to such terms in the
Employment Agreement.
Executed to be effective as of the day and year first set forth above.
PENTEGRA DENTAL GROUP, INC.
By: /s/ Xxxx X. Xxxxxxx
-------------------------------
Xxxx X. Xxxxxxx, President
EMPLOYEE
/s/ Xxxx Xxxxxx
-----------------------------------
Xxxx Xxxxxx
EXHIBIT A
BONUS
Employee shall be eligible to receive an annual cash bonus in an amount
equal to up to 25% of his base salary in the event that the Company experiences
at least 20% or greater growth in earnings per share on a year to year basis
(calculated on a pro forma basis for the calendar year prior to the Company's
first fiscal year of operations). For purposes of determining the applicable
year's earnings per share, the cash bonus payable hereunder and under all other
similar agreements between the Company and its officers shall be included prior
to such determination.
Percentage Increase in Bonus as a Percentage
Earnings Per Share Of Annual Base Salary
20.0-22.5% 5%
Over 22.5-25.0% 10%
Over 25.0% to 27.5% 15%
Over 27.5% to 30.0% 20%
Over 30.0% 25%
In addition, on the first anniversary of the closing of the IPO,
Employee shall receive a bonus in the amount of $25,000.00.
