AMENDMENT NUMBER ONE TO THE EMPLOYMENT AGREEMENT BETWEEN SNELLING AND SNELLING, INC. AND TIMOTHY J. LONCHARICH
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EXHIBIT 10.4
AMENDMENT NUMBER ONE TO THE EMPLOYMENT AGREEMENT
BETWEEN
XXXXXXXX AND XXXXXXXX, INC.
AND
XXXXXXX X. XXXXXXXXXX
Effective: August 1, 1994
=========================================
XXXXXXXX AND XXXXXXXX, INC.
00000 XXXXX XXXXXXX XXXXXXXXXX, XXXXX 000
XXXXXX, XXXXX 00000
TELEPHONE: 000-0000
=========================================
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AMENDMENT NUMBER ONE TO THE EMPLOYMENT AGREEMENT
BETWEEN
XXXXXXXX AND XXXXXXXX, INC.
AND
XXXXXXX X. XXXXXXXXXX
Effective: August 1, 1994
This Agreement made this____________________day of August, 1994,
effective as of August 1, 1994, by and between Xxxxxxxx and Xxxxxxxx, Inc., a
Pennsylvania corporation (the "Employer") and Xxxxxxx X. Xxxxxxxxxx
("Employee").
R E C I T A L S:
A. Employee and Employer entered into an Employment Agreement effective
August 1, 1994.
B. The Employment Agreement provides in Paragraph 15 that it may be
amended.
C. Employer and Employee desire to amend the Employment Agreement.
NOW, THEREFORE, it is agreed that Paragraphs 5B(l)a and b of the
Employment Agreement are amended and restated to read as follows:
a. LEVEL ONE. If Employer's Before Tax
Earnings are 80%-99% of the
Performance Bonus Criteria, the
Performance Bonus shall range
between 25% and 48.75% of
Employee's base salary, determined
on a prorated basis. For example,
if Employer's Before Tax Earnings
are 92% of the Performance Bonus
Criteria, the Performance Bonus
shall equal 40% of Employee's base
salary.
b. LEVEL TWO. If Employer's Before Tax
Earnings are 100 % - 119 % of the
Performance Bonus Criteria, the
Performance Bonus shall range
between 50% and 97.5% of Employee's
base salary, determined on a
prorated basis. For example, if
Employer's Before Tax Earnings are
110% of the Performance Bonus
Criteria, the Performance Bonus
shall equal 75% of Employee's base
salary."
AMENDMENT NUMBER ONE
EMPLOYMENT AGREEMENT -1- XXXXXXXXXX
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Except as amended by this Amendment Number One, the Employment
Agreement continues in full force and effect.
Effective as of the day and year first above written.
EMPLOYEE: EMPLOYER:
XXXXXXXX AND XXXXXXXX, INC.
/s/ XXXXXXX X. XXXXXXXXXX By: /s/ XXXXXX 0. SNELLING, SR.
-------------------------------- ------------------------------------
Xxxxxxx X. Xxxxxxxxxx Xxxxxx 0. Xxxxxxxx, Sr.,
Chairman of the Board
9-2-94 9-2-94
-------------------------------- ---------------------------------------
Date Date
ADDRESS: ADDRESS:
0000 Xxxxxxxxxxx Xxxxx 00000 X. Xxxxxxx Xxxxxxxxxx, Xxxxx 000
Xxxxxxxxxxx, Xxxxx 00000 Xxxxxx, Xxxxx 00000
AMENDMENT NUMBER ONE
EMPLOYMENT AGREEMENT -2- XXXXXXXXXX
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XXXXXXXX AND XXXXXXXX, INC./XXXXXXX X. XXXXXXXXXX
EMPLOYMENT AGREEMENT
Before Tax Performance Before Tax Performance
Earnings* Bonus** Earnings* Bonus**
---------- ----------- ---------- -----------
80% 25% 101% 52.5%
81% 26.25% 102% 55%
82% 27.5% 103% 57.5%
83% 28.75% 104% 60%
84% 30% 105% 62.5%
85% 31.25% 106% 65%
86% 32.5% 107% 67.5%
87% 33.75% 108% 70%
88% 35% 109% 72.5%
89% 36.25% 110% 75%
90% 37.5% 111% 77.5%
91% 38.75% 112% 80%
92% 40% 113% 82.5%
93% 41.25% 114% 85%
94% 42.5% 115% 87.5%
95% 43.75% 116% 90%
96% 45% 117% 92.5%
97% 46.25% 118% 95%
98% 47.5% 119% 97.5%
99% 48.75% 120% 100%
100% 50% + V
1.25% 2.5%
between units between units
*(Percentage of Performance Bonus Criteria)
**(Percentage of Bonus Salary)
