EXHIBIT 10(e)
Amendment to the Xxxxxxxx Agreement dated as of May 3, 1996.
AMENDMENT TO EMPLOYMENT AGREEMENT
BETWEEN
XXXXXX-FIELD HEALTH PRODUCTS, INC.
AND
XXXXX XXXXXXXX
AMENDMENT, dated as of May 3, 1996 (the "Amendment") , to the Employment
Agreement dated as of July 8, 1981, as amended on June 19, 1991, by and between
Xxxxxx-Field Health Products, Inc., a Delaware corporation (the "Corporation") ,
and Xxxxx Xxxxxxxx ("Xxxxxxxx").
W I T N E S S E T H:
WHEREAS, the Corporation and Xxxxxxxx are parties to an Employment
Agreement dated as of July 8, 1981, as amended on June 19, 1991 (the "Employment
Agreement");
WHEREAS, the Corporation and Xxxxxxxx have agreed to amend and modify
certain terms and provisions of the Employment Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto hereby agree to amend and modify the
Employment Agreement as follows:
1. The term of the Employment Agreement, which is due to expire on
July 8, 1996, shall be extended for an additional five (5) year period ending
July 8, 2001 (the "New Term").
2. Effective as of January 1, 1997 (the "Effective Date") the
Corporation shall pay Xxxxxxxx an annual salary during the 1997 calendar year
(the "Base Year") of $300, 000 (the "New Base Salary"). The annual salary during
each year of the New Term following the Base Year shall be such amount as the
Corporation and Xxxxxxxx shall agree upon and shall not be less than the New
Base Salary increased in each subsequent year of the
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New Term by an amount which is determined by multiplying the New Base Salary by
the percentage increase, if any, of the Consumer Price Index for all Urban
Workers (New York - Northeastern New Jersey) (1967=100), issued by the Bureau of
Labor Statistics of the United States Department of Labor (the "Index") for such
subsequent year over the Index for the Base Year. The New Base Salary shall be
payable in equal, or as nearly equal as may be practicable, installments not
less frequently than semimonthly. The Employment Agreement, as amended, shall
not be deemed abrogated or terminated if the Corporation, in its discretion
shall determine to increase the compensation of Xxxxxxxx for any period of time,
or if Xxxxxxxx shall accept such increase, but nothing shall be deemed to
obligate the Corporation to make such increase.
3. In all other respects, all of the terms and provisions of the
Employment Agreement shall remain in full force and effect during the New Term.
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IN WITNESS WHEREOF, parties hereto have executed this Amendment this
3rd day of May 1996.
XXXXXX-FIELD HEALTH
PRODUCTS, INC.
By: s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx Vice
President, General Counsel
s/Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
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