EXHIBIT 10.32
THIS AMENDMENT TO EMPLOYMENT AGREEMENT is entered into by and between
Cardiac Control Systems, Inc. ("CCS" or "Company") and Xxxx Xxxxx ("Employee")
and is effective as of May 1, 1996.
RECITALS:
WHEREAS, at the May 15, 1996 meeting of the Company Board of Directors it
was unanimously approved to adjust the Employee's compensation, effective May 1,
1996, to an annual salary of $150,000 with a bonus potential equal to 50% of the
annual salary. The bonus will be based 70% on the achievement of financial
objectives, and 30% on subjective criteria and goals established and mutually
agreed upon between the Employee and the Company Board of Directors; and
WHEREAS, the parties agreed to amend the Employment Agreement to
effectuate the foregoing in accordance with the terms set forth herein below.
NOW, THEREFORE, for the reasons set forth hereinabove, and in
consideration of the mutual promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:
1. The dollar amount set forth in Subsection 3(a) shall be changed from
$110,000 to $150,000.
2. Subsection 3(b) shall be deleted in its entirety and replaced with the
following:
b. ADDITIONAL INCENTIVE COMPENSATION. In addition to the base salary
provided hereunder, Employee shall be entitled to an additional incentive
compensation of up to 50% of his annual salary (the "Bonus") based on the
performance of the Company. 70% of the Bonus awarded will be based upon
achievement of financial objectives, and 30% of the Bonus awarded will be based
upon subjective criteria and goals established and mutually agreed upon between
the Employee and the Board of Directors of the Company.
IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment
to Employment Agreement to be executed on its behalf as of the day and year
first above written
CARDIAC CONTROL SYSTEMS, INC. EMPLOYEE
By: /s/ XXXX X. XXXXXXXXX /s/ XXXX X. XXXXX
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Title: Chairman of the Board
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