Exhibit 10.35
DOVER SADDLERY, INC.
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Reference is made to the EMPLOYMENT Agreement (the "Agreement") dated as
of September 1, 2005 by and between Dover Saddlery, Inc. (the "Company") and
Xxxxxxxx A.R. Grylls ("Executive"). All capitalized terms used herein and not
otherwise defined shall have the meanings assigned to such terms in the
Agreement.
WHEREAS, the parties desire to amend certain terms of the Agreement in
accordance with the terms hereof (this "Amendment").
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the parties, the parties hereto,
intending to be legally bound, agree as follows:
1. The original Exhibit A to the Agreement was attached by mutual mistake of the
Company and Executive. Effective as of the original effective date of the
Agreement, Exhibit A of the Agreement is deleted in its entirety and superseded
by the following:
Exhibit A
BONUS PROGRAM
The Executive's annual bonus will be calculated on the basis of the following
table:
EBITDA Goal Bonus
Achievement
Below 75% No Bonus
75% of goal 10% of salary
87.5% of goal 20% of salary
100% of goal 30% of salary
110% of goal and up 40% of salary (max)
To the extent that the Company's actual "Earnings Before Payment of Interest,
Taxes, Depreciation and Amortization" ("EBITDA") falls between two of the
foregoing milestones, the Executive's bonus will be prorated based on a straight
line interpolation.
2. Except for the matters set forth in this Amendment, all other terms of the
Agreement shall remain unchanged and in full force and effect.
In Witness Whereof, the parties hereto have duly executed this Amendment
as of March 24, 2006.
COMPANY EXECUTIVE
DOVER SADDLERY, INC.
By: /s/ Xxxxxxx X. Day /s/ Xxxxxxxx A.R. Grylls
---------------------- ----------------------------------
Its President Xxxxxxxx A.R. Grylls, Individually
Duly Authorized
