Exhibit 10.1
EXTENSION AND MODIFICATION AGREEMENT
EXTENSION AND MODIFICATION AGREEMENT made this 10th day of October, 2001 by
and between VASOMEDICAL, INC., a Delaware corporation (hereinafter the
"Company") and XXXX X. X. XXX, an individual residing at 0 Xxxxxxx Xxxx, Xxxx
Xxxxxxxx, Xxx Xxxx 00000 (hereinafter "Employee").
W I T N E S S E T H:
WHEREAS, the Company and Employee entered into an Employment Agreement
dated February 1, 1995 and an Extension and Modification Agreement dated March
12, 1998 (hereinafter collectively the "Employment Agreement"); and
WHEREAS, the Company and Employee desire to amend said Employment
Agreement.
NOW, THEREFORE, the parties agree as follows:
1. Paragraph "3" of the Employment Agreement is hereby deleted in its
entirety, and in its place and stead shall be the following:
"3. Term. Subject to earlier termination on the terms and conditions
hereinafter provided, the term of the Agreement shall be for a
three (3) year period of employment commencing February 1, 2002
and ending January 31, 2005."
2. Paragraphs "4(a)" and "4(c)" of the Employment Agreement are hereby
deleted in their entirety and in their place and stead shall be the following:
"4(a)Employee shall be paid a minimum per annum base salary equal to
$150,000, such base salary to be payable in equal periodic
installments in accordance with the Company's regular payroll
procedures for its executive employees. Employee's per annum base
salary may be increased based upon merit and increased
responsibilities as determined by the Company's Board of
Directors consistent with its salary administration guidelines."
"4(c)Employee shall be eligible to participate in the Company's
Management Incentive Plan, as determined from time to time,
which, at the discretion of the Company's Board of Directors, may
reward Employee in the form of cash bonuses and/or the granting
of stock options."
3. The aforesaid Employment Agreement in all other respects is hereby
ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Extension and
Modification Agreement as of the day and year first above written.
VASOMEDICAL, INC.
By: /s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Chairman of the Board
/s/ Xxxx X.X Xxx
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Xxxx X. X. Xxx
Employee
