Exhibit 10(y)
AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment dated as of October 1, 2004 ("Effective Date") to the
Employment Agreement made as of the 1st day of April, 2002 by and between
Warrantech Corporation, a Delaware corporation, having its principal place of
business located at 0000 Xxxxxxx 000, Xxxxxxx, Xxxxx 00000 ("Employer") and
Xxxxxxx Xxxx, an individual residing at 00 Xxxxxxx Xxxxx Xxxx, Xxxxxxxx,
Xxxxxxxxxxx 00000 ("Executive").
W I T N E S S E T H:
WHEREAS, the parties entered into an employment agreement on April 1,
2002, (the "Agreement"); and
WHEREAS, the parties desire to amend the Agreement; and
WHEREAS, Executive is willing to continue employment upon the amended
terms and conditions hereinafter set forth;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1. Section II of the Agreement is hereby amended and replaced as
follows: "The term of Executive's employment under this
Agreement, which is due to expire on March 31, 2005, shall be
extended for an additional period commencing on the Effective
Date and ending March 31, 2008."
2. Paragraph 3.1 of the Agreement is hereby amended and replaced
as follows: "Employer shall pay Executive a base salary at the
rate of One Hundred Sixty Thousand Dollars ($160,000.00) for
each twelve-month period during the term of this Agreement.
Such base compensation shall be payable in accordance with
Employer's payroll practices as in effect from time to time."
3. Paragraph 3.2 of the Agreement is hereby amended and replaced
as follows: "Executive shall receive an annual incentive bonus
equal to one per cent (1%) of net brokerage fees received by
Warrantech during such annual period from insurers who insure
the programs Warrantech brings to market. All bonuses
described in this section are payable annually and shall be
paid, if due, within fifteen (15) days after the filing of the
Employer's Annual Report on Form 10-K with the Securities and
Exchange Commission. Executive acknowledges that if
Executive's employment is terminated by the Employer for cause
prior to the payment of any bonus, Executive shall forfeit any
interest she has in such bonus and shall not be entitled to
any portion thereof."
4. The Agreement, as modified herein, is hereby ratified and
confirmed and remains in full force and effect and supercedes
any other employment agreements in effect between Employer and
Executive.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.
EMPLOYEE:
WARRANTECH CORPORATION
By: /s/ XXXXXXX XXXX
-------------------------------------
Name: Xxxxxxx Xxxx
-----------------------------------
Title: Senior Vice President
-----------------------------------
WITNESS: EMPLOYER:
/s/ XXX KOPIZ EXECUTIVE:
-------------------------------
Xxx Kopiz /s/ XXXX XXXXXXXXXX CEO
-----------------------------------------
Xxxx XxxXxxxxxx
WITNESS:
_______________________________
