ORTHOLOGIC CORP. Amendment No. 1 to Les M. Taeger’s Employment Agreement dated January 16, 2006
EXHIBIT 10.3
Amendment No. 1 to Xxx X. Xxxxxx’x Employment Agreement
dated January 16, 2006
dated January 16, 2006
Effective June 5, 2006, Xx. Xxx X. Xxxxxx’x base salary is increased to $227,000 per year.
Additionally, OrthoLogic may terminate Xx. Xxxxxx’x employment at any time, immediately and without
cause, by giving written notice to Xx. Xxxxxx. If OrthoLogic terminates Xx. Xxxxxx without cause,
provided Xx. Xxxxxx first executes a Severance Agreement in the form then used by OrthoLogic,
OrthoLogic shall continue to pay to Xx. Xxxxxx his minimum base salary in effect at the time of
termination for a period of one year following the date of termination, at the time and in the
manner dictated by OrthoLogic’s standard payroll policies. Should such termination occur as a
result of a change in control, OrthoLogic shall also pay Xx. Xxxxxx a pro-rata share of his bonus
at the time of termination.
By:
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/s/ Xxxx X. Xxxxxxxx, III | |||
Xxxx X. Xxxxxxxx, III | ||||
Executive Chairman | ||||
Date: June 5, 2006 |