EXHIBIT 10(V)
AMENDMENT TO XXXXX XXXXX EMPLOYMENT AGREEMENT
DATED AS OF APRIL 1, 1995
AMENDMENT TO EMPLOYMENT AGREEMENT DATED FEBRUARY 11, 1992 AS
FIRST AMENDED ON DECEMBER 23, 1993
AGREEMENT made as of the 1st day of April, 1995 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 have mutually agreed to make certain
changes to the Agreement:
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 Twenty-Five Thousand ($225,000) Dollars per year, or $18,750 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 $5,000 per annum commencing on January 1, 1996 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
1
fiscal 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 thereafter 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."
3. All other provisions of the Agreement remain unchanged and shall be in
full force and effect. The Agreement as amended on December 23, 1993 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
-------------------
Xxxxx X. Xxxxx, Executive
(Corporate Seal) MICRO BIO-MEDICS, INC.
By /s/ Xxxx Xxxxxx
-----------------
Xxxx Xxxxxx, Chief Financial
and Accounting Officer and
Authorized Person by the
Compensation Committee
ATTEST:
/s/ Xxxxxxx Xxxx
----------------
2
