Exhibit 10.30
SECOND ADDENDUM
This Second Addendum amends that certain Employment Agreement dated
June 5, 1998 by and between XXXXXX XXXXXX and NCO FINANCIAL SYSTEMS, INC., a
Pennsylvania corporation (the "Agreement"),as amended effective January 1, 1999
and this Addendum shall be effective as of July 1, 2003 (the "Effective Date").
For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:
1. "The Term of the Agreement shall be extended for a period of three (3)
years, terminating on June 30, 2006, subject to any early termination
provisions set forth in the Agreement."
2. Paragraph B of Exhibit "A" of the Agreement is amended by deleting the
text of such paragraph in its entirety and replacing it with the
following:
Annual Bonus: In addition to the Base Salary, so long as Employee
satisfies the duties and obligations of his employment, including
meeting individual annual goals and objectives and Company's overall
performance, Employee shall be entitled to receive an Annual Bonus
determined in a fair and equitable method consistent among similarly
situated executive officers of the Company. Employee's Annual Bonus
shall be in an amount up to seventy five percent (75%) of the Base
Salary. The bonus shall be paid out of a bonus pool of funds
established by the Company's compensation committee based on the
Company's economic performance and other extenuating circumstances, if
any, together with input from the Chief Executive Officer of the
Company. The bonus pool shall be calculated as follows:
Results/Plan Incentive as a Percent of Target
------------ --------------------------------
0
Less than 90%
90% 20%
91% to 100% +8% for each point above 90
100% 100%
100% to 120% +5% for each point from 100 to 120
120% and above 200%
3. In the event any term or condition of this Addendum is inconsistent
with any term or condition of the Agreement, the terms of this Addendum
will control. Except as stated above, all the terms and conditions of
the Agreement, including all restrictions and covenants, shall remain
in full force and effect and are incorporated herein by reference as
though set forth at length.
IN WITNESS WHEREOF, the parties have executed this Addendum to become
effective on the Effective Date.
NCO FINANCIAL SYSTEMS, INC.
By:____________________________ ______________________________
Xxxxxx Xxxxxx
