Exhibit 10.43
EMPLOYMENT AGREEMENT, AMENDMENT ONE
Employment agreement, dated March 1, 2003 (the "Agreement"), between Command
Security Corporation, a New York Corporation (the "Company"), and Xxxxxx X.
Xxxxx, Xx. (the "Employee") is hereby amended (two pages) on March 31, 2004 as
follows:
Paragraph number 3 is to read:
3. The Employee will receive a base salary of $3,356.35 per week (or $175,000
on an annualized basis). The Employee's base salary will be reviewed on
April 1, 2005.
Paragraph number 4 is to read:
4. The Employee is entitled to a performance bonus of twenty percent of the
Aviation Safeguards pretax income above $591,000, prorated on a quarterly
basis, to be paid quarterly, with quarterly adjustments for fiscal year
2005 (April 1, 2004 through March 31, 2005). The pretax income goal for
fiscal year 2006 will be mutually agreed upon by the Company and the
Employee. The Employee's base salary and bonus will not exceed $350,000 in
fiscal year 2005 and will not exceed the Employee's annual base salary and
100% of base salary in bonus in fiscal year 2006. (Pretax income is
derived from the Aviation Safeguards Profit and Loss Statement and is
represented by the line stating "net earnings (loss) for period". For the
purpose of the Employee's performance bonus, corporate charge is five
percent.)
The quarterly performance bonus is calculated in the following manner:
In the first quarter, twenty percent of the pretax income exceeding
$147,750, not to exceed $43,750 is payable to the Employee as a bonus.
In the second quarter, the cumulative pretax income for the first and
second quarter must equal or exceed $295,500; if this goal is obtained,
the Employee is entitled to a bonus of twenty percent of the pretax income
exceeding $295,500; the bonus is not to cumulatively exceed $87,500 for
the first and second quarter.
In the third quarter, the cumulative pretax income for the first, second
and third quarter must equal or exceed $443,250; if this goal is obtained,
the Employee is entitled to a bonus of twenty percent of the pretax income
exceeding $443,250; the bonus is not to cumulatively exceed $131,250 for
the first, second and third quarter.
In the fourth quarter, the cumulative pretax income for fiscal year 2005
must equal or exceed $591,000; if this goal is obtained, the Employee is
entitled to a bonus of twenty percent of the pretax income exceeding
$591,000; the bonus is not to cumulatively exceed $175,000 for the fiscal
year.
XXXXXX X. XXXXX, XX. COMMAND SECURITY CORPORATION
By: By:
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Xxxxxx X. Xxxxx, Xx. Xxxxxxx X. Xxxxxxx
President and Chief Executive Officer
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