Exhibit 10.23
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
Third Amendment to Employment Agreement, dated as of March 13, 2002
(this "Amendment"), by and between Datascope Corp., a Delaware corporation (the
"Corporation"), and Xxxxxxxx Xxxxx, an individual residing at 000 Xxxx Xxxxxx,
Xxx Xxxx, Xxx Xxxx (the "Executive").
W I T N E S S E T H:
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WHEREAS, the Corporation and the Executive entered into an Employment
Agreement dated as of July 1, 1996, as amended by the Amendment to Employment
Agreement dated as of May 30, 2000 and the Second Amendment to Employment
Agreement dated as of October 31, 2001 (collectively, the "Employment
Agreement"); and
WHEREAS, the Corporation and the Executive desire to further amend the
Employment Agreement as set forth below.
NOW THEREFORE, in consideration of the premises and mutual agreements
herein set forth, the parties do hereby agree as follows:
1. Amendments. Section 5(e) of the Employment Agreement is hereby
adopted to read as follows:
"(e) Country Club.
(i) The Corporation will reimburse the Executive for his
membership deposit of $260,000 (the "Membership Deposit") and sales tax
of $21,450 payable to the East Hampton (NY) Golf Club (the "Club"). The
Membership Deposit will be refunded to the Corporation as soon as
practicable upon the earlier of (A) the termination of the Executive's
employment with the Corporation, (B) the termination of the Executive's
membership at the Club or (C) the thirtieth (30th) anniversary of the
date that the Executive became a member of the Club; provided that, if
the Executive's employment with the Corporation is terminated prior to
the events described in subsections (B) or (C) of this paragraph, the
Membership Deposit may be offset by the Corporation against any amounts
owed by the Corporation to the Executive under this Agreement.
(ii) Commencing with the payment of the annual membership dues
payable to the Club for the 2001 calendar year, the Corporation shall
pay the Executive's annual membership dues until the termination of
Executive's employment with the Corporation."
2. Employment Agreement. Except as expressly set forth in this
Amendment, all other terms and conditions of the Employment Agreement shall
remain unchanged and in full force and effect.
3. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original
and all of which shall constitute the same instrument.
4. Headings. The headings of the paragraphs herein are included solely
for convenience of reference and shall not control the meaning or interpretation
of any provision of this Amendment.
IN WITNESS WHEREOF, each of the parties hereto has caused this
Amendment to be executed on its behalf as of the date first above written.
DATASCOPE CORP.
By: /s/ Xxxxxx Xxxxxxxxx
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Name:
Title:
/s/ Xxxxxxxx Xxxxx
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XXXXXXXX XXXXX
