AMENDMENT TO EMPLOYMENT AGREEMENT DATED MAY 29, 2007 BETWEEN AMERICAN MEDICAL ALERT CORP. AND FREDERIC SIEGEL
AMENDMENT
TO EMPLOYMENT AGREEMENT DATED MAY 29, 2007
BETWEEN AMERICAN MEDICAL ALERT CORP. AND XXXXXXXX
XXXXXX
The
parties hereto hereby enter into this Amendment to the original Employment
Agreement dated May 29, 2007 whereby:
1.
Section 4 (c) (iii) deleted from the Agreement and replaced with the
following:
(iii) one
of the following number of shares based on the year-over-year growth of the
Company’s EBIT on a consolidated basis for each of the fiscal years ending
December 31, 2007, 2008, 2009 and 2010. However, if within any year there is a
non-operational write-up or write-down which impacts the results of operations,
the effect of such non-operational write-up or write-down will be excluded when
calculating the EBIT year over year growth in the following year (i.e. If the
Company had EBIT of $3,000,000 for 2007, which includes a non-operational
write-down of $500,000, the following year growth would be based off $3,500,000
($3,000,000 of EBIT plus the addback of the $500,000 for the non-operational
expense).
3,000
shares, if EBIT grows by 15% or more but less than 17.5%; 4,000 shares, if EBIT
grows by 17.5% or more but less then 20%; 5,250 shares, if EBIT grows by 20% or
more but less than 22.5%; 6,500 shares, if EBIT grows by 22.5% or more but less
than 25%; or 8,500 shares, if EBIT grows by 25% or more.
Except as
hereinabove set forth, the terms and provisions of the aforementioned Employment
Agreement executed by and between the parties shall remain in full force and
effect.
IN
WITNESS WHEREOF, the parties hereto have caused the Amendment to the Employment
Agreement to be executed on March 30, 2009.
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By:
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/s/ Xxxxxxxx Xxxxxx | |
| Xxxxxxxx Xxxxxx | |||
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COMPANY:
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By:
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/s/ Xxxxxxx Xxxxx | |
| Xxxxxxx Xxxxx | |||
