AMENDED EMPLOYMENT AGREEMENT
Scientific Industries, Inc., a Delaware corporation, 00 Xxxxxxx
Xxxxx, Xxxxxxx, Xxx Xxxx 00000 (the "Company"), and Xxxxxx X.
Xxxxxx an individual residing at 00 Xxxxx Xxxxx, Xxxxxx, Xxx Xxxx
(the "Employee") hereby agree that the Employment Agreement between
the Company and the Employee dated September 13, 2011 be amended in
the following particulars only:
Section 2: "Term. The employment of Employee by the Company
pursuant hereto shall be through June 30, 2015 unless terminated
earlier pursuant to the provisions of Section 7 hereof; such period
is herein referred to as the "Term".
Section 4:"Salary. As her compensation hereunder, Employee
shall be paid by the Company an annual base salary for the 12-month
periods ending June 30, 2014 and June 30, 2015 at the rates of
$150,000 and $154,000 per annum, respectively. The base
salary shall be payable in equal weekly installments. The Company
at the sole and absolute discretion of the Board of Directors may
pay to Employee a bonus for her service for each of the fiscal years
ending June 30, 2013, June 30, 2014 and June 30, 2015. Each bonus,
if any, shall be paid within a date which is no later than four
months following the end of the year. The Board in determining the
amount of a bonus, if any, shall consider the achievement and
surpassing of goals or projections set forth or referred to in the
operation plan for the relevant period approved by the Board,
including but not limited to, cash flow and earnings; the Employee's
performance of her executive responsibilities, and such other
criteria as the Board deems relevant."
All other terms and provisions shall remain in full form and
effect.
Dated: May 20, 2013
SCIENTIFIC INDUSTRIES, INC.
/s/ Xxxxxx X. Xxxxxxx
By: ____________________________
Xxxxxx X. Xxxxxxx,
Executive Vice President
XXXXXX X. XXXXXX
/s/ Xxxxxx X. Xxxxxx
____________________________
