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EXHIBIT 10.7.1
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
(▇▇▇▇ ▇. ▇▇▇▇▇▇▇)
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT ("First Amendment")
is entered into as of this 1st day of October 1995, by and between MICROAGE,
INC., a Delaware corporation (the "Company"), and ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("Executive").
R E C I T A L S:
WHEREAS, the Company and Executive entered into an Employment
Agreement, dated as of July 1, 1994 (the "Employment Agreement"); and
WHEREAS, pursuant to Section 6.5 of the Employment Agreement, the
Employment Agreement may be amended only by a written document signed by each of
the parties thereto; and
WHEREAS, the Company and Executive desire to amend the Employment
Agreement.
NOW, THEREFORE, in consideration of the premises, and for other
valuable consideration, the sufficiency of which is hereby acknowledged by each
of the parties hereto, the parties hereby agree as follows:
A G R E E M E N T:
SECTION 1. AMENDMENTS TO EMPLOYMENT AGREEMENT.
The Employment Agreement is hereby amended as follows:
A. Section 1.3 of the Employment Agreement is hereby amended in
its entirety to read as follows:
1.3 Term. The term of Executive's employment under this
Agreement shall commence on the date first above written and shall
continue, unless sooner terminated, until November 3, 1996.
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B. The first clause of Section 2.1 of the Employment Agreement is
hereby amended in its entirety to read as follows:
"The Company shall pay to Executive an annual base salary of not
less than $175,000.00 (such amount, less any salary waivers under
the 1994 Management Equity Program, is hereinafter referred to as
the "Base Salary") during the term hereof;"
C. The last sentence of Section 2.2(b) of the Employment
Agreement is hereby amended in its entirety to read as follows:
"Any bonus under the 1994 Executive Bonus Plan or any such
subsequent plan, less any bonus waivers under the 1994 Management
Equity Program, is referred to herein as the "Annual Incentive
Bonus"."
D. Section 2.4(a) of the Employment Agreement is hereby amended
in its entirety to read as follows:
(a) Death Benefit. Within thirty (30) days of the date of
execution of the First Amendment to Employment Agreement, dated as
of October 1, 1995, the Company and Executive shall enter into a
Split Dollar Agreement.
SECTION 3. EFFECTIVENESS.
This First Amendment will become effective as of October 1, 1995.
SECTION 4. MISCELLANEOUS.
A. Full Force and Effect.
Except as expressly provided in this First Amendment, the
Employment Agreement will remain unchanged and in full force and effect.
B. Counterparts.
This First Amendment may be executed in any number of
counterparts, all of which taken together will constitute one and the same
instrument, and any of the parties hereto may execute this First Amendment by
signing any such counterpart.
C. Arizona Law.
It is the intention of the parties that the laws of Arizona will
govern the validity of this First Amendment, the construction of its terms, and
the interpretation of the rights and duties of the parties.
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IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment as of the date first above written.
Company:
MICROAGE, INC., a Delaware corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Its: Chairman and C.E.O.
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Executive:
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
