AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT dated June 16, 2005 by and between
NETSMART TECHNOLOGIES, INC., a Delaware corporation (hereinafter the "Company")
and XXXXX X. XXXXXX (hereinafter the "Executive").
W I T N E S S E T H:
WHEREAS, the Company and Executive entered into an Employment Agreement
dated as of April 1, 2005 (hereinafter the "Employment Agreement"); and
WHEREAS, the Company and Executive desire to modify the said Employment
Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Paragraph 3(a) shall be amended and restated as follows, effective as
of the date hereof:
"(a) For his services to the Company during the Employment Term, the
Company shall pay the Executive an annual salary ("Salary") commencing
June 1, 2005 at the rate of $350,000 to be increased on January 1,
2005 and on each January 1st thereafter by a percentage not less than
the greater of (i) five percent (5%) or (ii) the (then) current annual
percentage increase in the "Consumer Price Index for Urban Wage
Earners and Clerical Workers (Revised Series) - New York Metropolitan
Area". As used in this Agreement, the term "Salary" shall mean the
salary in effect at the time of any relevant Company event after
giving effect to the annual adjustments specified herein. All Salary
payments shall be payable in such installments as the Company
regularly pays its executive officers, but not less frequently than
semi monthly."
2. Except as specifically provided in this Amendment, the Employment
Agreement is in all other respects hereby ratified and confirmed
without amendment.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
day and year first above written.
NETSMART TECHNOLOGIES, INC.
By: /s/Xxxxxxx X. Xxxxxxxx
------------------------------
Xxxxxxx X. Xxxxxxxx
/s/Xxxxx X. Xxxxxx
------------------------------
Xxxxx X. Xxxxxx
