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EXHIBIT 10.3
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") is made as of
April 18, 2000, between Somanetics Corporation, a Michigan corporation (the
"Company"), and Xxxxx X. Xxxxxxx ("Employee").
RECITALS
A. Employee and the Company entered into the Employment Agreement, dated
as of May 13, 1994, as amended July 21, 1994 and April 13, 1997
(the"Agreement").
B. Employee and the Company desire to renew and amend the Agreement.
THEREFORE, Company and Employee agree as follows:
1. Amendment. Effective April 18, 2000, the first sentence of Section 2
of the Agreement is replaced with the following: "The term of Employee's
employment under this Agreement shall begin on June 1, 1994 and shall continue
until April 30, 2003, unless earlier terminated pursuant to Section 4."
2. Amendment. Effective April 16, 2000, Section 3(a) of the Agreement
is amended and restated to read as follows:
"(a) Salary and Bonus. (i) As salary for Employee's services
to be rendered under this Agreement, the Company shall pay Employee an
annual salary of $214,750, increased from time to time by an amount
determined by the Board of Directors. Such salary shall be paid
semi-monthly in arrears (or at such other interval, not less frequently
than monthly, as the Company shall designate). (ii) As a bonus,
Employee will participate in the Bonus Plan established by the
Compensation Committee of the Board."
3. No Other Change. Except as modified by this Amendment, the Agreement
shall continue in full force according to its terms and is hereby ratified.
IN WITNESS WHEREOF, the Company and Employee have executed this
Amendment as of the date set forth in the introductory paragraph of this
Amendment.
SOMANETICS CORPORATION
By: /s/ Xxxx Xxx Xxxxxx
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Its: Vice President
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/s/ Xxxxx X. Xxxxxxx
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XXXXX X. XXXXXXX
