EXHIBIT 10(X)
Amendment to Xxxxx X. Xxxxx'x Employment Agreement
Dated as of March 12, 1996
AMENDMENT TO EMPLOYMENT AGREEMENT DATED FEBRUARY 11, 1992
AS FIRST AMENDED ON DECEMBER 23, 1993 AND
AS FURTHER AMENDED ON APRIL 1, 1995
AGREEMENT made as of the 12th day of March, 1996 by and between XXXXX X.
XXXXX residing at 000 Xxxxxx Xxxx, Xxxxxxx Xxxxxx, XX 00000 (hereinafter
referred to as the "Executive") and MICRO BIO-MEDICS, INC., a New York
corporation, with principal executive offices located at 000 Xxxxx Xxxxx Xxxxxx,
Xx. Xxxxxx, XX 00000 (hereinafter referred to as the "Company").
W I T N E S S E T H:
- - - - - - - - - -
WHEREAS, the Company and the Executive have entered into an Employment
Agreement dated February 11, 1992 (the "Agreement"); and
WHEREAS, the Company and the Executive on December 23, 1993 entered into an
amendment to the Agreement; and
WHEREAS, the Company and the Executive on April 1, 1995 entered into an
amendment to the Agreement; and
WHEREAS, the Company and the Executive agree to amend Article III of the
Agreement to increase Executive's annual compensation; and
WHEREAS, the Company and the Executive agree that Article VI in the April
1, 1995 Amendment is not correct as to the renewal terms of Executive's
contract.
NOW, THEREFORE, it is mutually agreed by and between the parties hereto as
follows:
1. Article III is hereby amended and shall be replaced with the following
language:
ARTICLE III
COMPENSATION
(A) The Company shall pay to the Executive for all services to be rendered
pursuant to the terms of this agreement, a base salary at the rate of Two
Hundred Forty Thousand Seven Hundred Fifty ($240,750) Dollars per year, or
$20,062.50 per month, during each year of the term of this agreement, payable in
accordance with the Company's normal payroll procedures. However, such payments
shall not be made less frequently than on a monthly basis. Salary for the
Executive shall be increased by at least $5,000 per annum commencing on January
1, 1997 until the termination of this Agreement.
(B) Executive shall be entitled to be paid no later than March 15 of each
year, commencing on March 15, 1993, an annual bonus for the most recently
completed fiscal
1
year equal to no less than seven (7%) percent of the Company's income before
income taxes (as defined under generally accepted accounting principles) and
Xxxxx'x bonus.
2. Article VI is hereby amended and shall be replaced with the following
language:
"ARTICLE VI
TERM
The term of this agreement shall commence as of the date hereof and
continue until March 31, 2000 and on each April 1 commencing on April 1, 1996
the term of this contract shall be automatically extended for an additional
period of one year unless either party elects not to extend the agreement after
giving the other party at least 180 days prior written notice. Accordingly, on
April 1 of each year, unless notice is given as provided above, the Executive
shall have an employment contract with a term of five years."
2. All other provisions of the Agreement remain unchanged and shall be in
full force and effect. The Agreement as amended on December 23, 1993, April 1,
1995 and as amended herein shall constitute the full agreement between the
parties hereto; no change, addition or amendment shall be made hereto except by
written agreement signed by the parties hereto. This agreement supersedes all
prior agreements and understandings.
IN WITNESS WHEREOF, the parties hereto have executed this agreement and
affixed their hands and seal the day and year first above written.
/s/ XXXXX X. XXXXX
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Xxxxx X. Xxxxx, Executive
(Corporate Seal) MICRO BIO-MEDICS, INC.
BY /s/ XXXXXX XXXXXXXXX
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Xxxxxx Xxxxxxxxx
Chief Financial and Accounting
Officer and Authorized Person
by the Compensation Committee
ATTEST:
/s/ XXXXXXX XXXX
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Xxxxxxx Xxxx
