EXHIBIT 10.35
AMENDMENT NO. 1
This Amendment No. 1 to that certain employment agreement dated as of
December 31, 2000, by Domino's Pizza LLC, a Michigan limited liability
corporation (the "Company") and Xxxxxxx Xxxxxx (the "Executive") (the
"Agreement") is dated as of August 1, 2001.
WHEREAS, the parties wish to amend the Agreement as set forth herein;
NOW THEREFORE, in consideration of the premises and mutual agreements set
forth herein and in the Agreement, the parties here to agree as follows;
1. Section 4.2 (a) of the Agreement is hereby deleted in its entirety and
shall be replaced with the following:
"(a) Formula Bonus. Subject to Section 5 hereof, the Company shall pay
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the Executive a bonus in each fiscal year that he is an employee (the
"Bonus") within 75 days of the end of the fiscal year in which such Bonus
is earned. The amount of the Bonus shall be determined by the Board based
on the Company's achievement of pre-established annual targets (each annual
target being referred to as "Target"), which shall be based upon the
Company's EBITDA. The term "EBITDA" shall mean earnings before interest,
taxes, depreciation, amortization, Leadership Team bonuses, and loss or
gain on sale or disposal of assets outside of the ordinary course of
business (including sales of stores), all as reflected on the Company's
financial statements as regularly and consistently prepared. No Bonus
shall be paid unless 90% of Target is exceeded in the applicable fiscal
year. The Executive shall receive a bonus of one tenth of one percent
(0.01%) of his Base Salary for every one-hundredth of one percent (0.01%)
(rounded to the nearest hundredth) in excess of 90% of Target that is
achieved in the applicable fiscal year. By way of example only, if 100% of
Target is achieved, Executive would receive a Bonus under this Section
4.2(a) equal to 100% of Executive's Base Salary."
2. All capitalized terms used herein shall have the meaning ascribed to them
in the Agreement.
3. Except as specifically amended by this Amendment, the Agreement shall
remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed is Amendment as of the 1/st/
day of August 2001.
THE COMPANY: DOMINO'S PIZZA LLC
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Chairman
THE EXECUTIVE: /s/ Xxxxxxx Xxxxxx
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Name: Xxxxxxx Xxxxxx
