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EXHIBIT 10(p) TO SYMIX SYSTEMS, INC. 1999 FORM 10-K
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AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT is made to be effective as of
the 1st day of April 1997, between Symix Systems, Inc., an Ohio corporation (the
"Company") and Xxxxxxx X. Xxxxxx ("Employee").
WITNESSETH
WHEREAS, the Company and Employee are parties to an Employment
Agreement dated July 5, 1995 pursuant to which the Company engaged Employee to
serve as President and Chief Operating Officer of the Company (the "Employment
Agreement"); and
WHEREAS, the Company and Employee desire to modify the Employment
Agreement as set forth herein;
NOW THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:
1. MODIFICATION OF COMPENSATION ARRANGEMENT. Subparagraphs 3(a) and
3(b) of the Employment Agreement are hereby amended to read in their entirety as
follows:
"(a) BASE SALARY. Employee shall receive an annual base salary
of not less than $242,000 (the "Base Salary") to be paid semi-monthly
in equal installments. The Base Salary shall be reviewed not less
frequently than annually and shall be subject to such upward
adjustments as the Compensation Committee (the "Compensation
Committee") of the Board of Directors of the Company (the "Board") may
deem appropriate in its discretion.
(b) INCENTIVE COMPENSATION. During the Term of this Agreement,
Employee shall be entitled to additional compensation pursuant to a
bonus plan to be approved by the Compensation Committee and to be
consistent with this paragraph 3(b). Employee's annual target bonus
will be as follows:
(i) $174,500, for the Company's fiscal year
ended June 30, 1997, of which 80% ($139,600) will be earned if
and to the extent the Company's earnings per share achieve
targets proposed by Employee and approved by the Compensation
Committee for such fiscal year and 20% ($34,900) will be
earned if and to the extent the Company achieves other
strategic objectives proposed by Employee and approved by the
Compensation Committee for such fiscal year; and
(ii) $158,000 during the remaining term of
this Agreement, of which 80% ($126,400) will be earned if and
to the extent the Company's earnings per share achieve targets
proposed annually by Employee and approved by the Compensation
Committee and 20% ($31,600) will be earned if and to the
extent the Company achieves other strategic objectives
proposed annually by Employee and approved by the Compensation
Committee."
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The foregoing provisions shall be substituted for and shall be deemed
to replace the language heretofore set forth in Subparagraphs 3(a) and
(b) of the Employment Agreement as if such substituted language had
been included in the originally-executed Employment Agreement, except
that such substituted provisions shall apply prospectively only from
the effective date hereof.
2. NO MODIFICATION OF OTHER PROVISIONS. Except as provided in Paragraph
1 hereinabove, the terms and provisions of the Employment Agreement
shall remain in full force and effect and shall apply to this Amendment
to Employment Agreement as if fully incorporated herein.
IN WITNESS WHEREOF, the parties have executed this Amendment
to Employment Agreement as of the date first hereinabove written.
SYMIX SYSTEMS, INC.
By /s/ Xxxxxxxx X. Xxx
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Xxxxxxxx X. Xxx
Chairman and Chief Executive Officer
EMPLOYEE
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
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