Amendments to Employment Agreement. Effective as of the date hereof, the Employment Agreement shall be amended as provided in this Section 1.
Amendments to Employment Agreement. Section 3.1 of the Employment Agreement is amended and restated in its entirety to read as follows:
Amendments to Employment Agreement. The Employment Agreement is hereby amended in the following respects:
A. Section 6(b)(ii) of the Employment Agreement is hereby deleted in its entirety and replaced and superseded by the following:
Amendments to Employment Agreement. On the day immediately preceding the date of the consummation of the Business Combination, and contingent upon, the consummation of the Business Combination, each of Sections 3(e) and 3(f) of the Employment Agreement will terminate and be of no further force or effect.
Amendments to Employment Agreement. From and after the Effective Date ---------------------------------- (as defined in Section 2 hereof), the Employment Agreement is hereby amended by deleting Sections 8(a)(iv) and 8(c)(iv) in their entirety.
Amendments to Employment Agreement. The Employment Agreement is hereby amended as follows:
(a) Section 1A is hereby added to the Employment Agreement to immediately follow Section 1 and to read in full as follows:
Amendments to Employment Agreement. Effective as of the Effective Date:
(a) Section 4.1 of the Employment Agreement is amended and restated to read in its entirety as follows:
Amendments to Employment Agreement a. Section 2 of the Employment Agreement is hereby amended by amending and restating the first sentence thereof in its entirety as follows: “The term of this Agreement shall commence on the date hereof and shall end on December 31, 2012 (the “Initial Term”), subject to earlier termination pursuant to the provisions of Section 10.”
b. Section 4 of the Employment Agreement is hereby amended as follows:
(i) The first sentence thereof is hereby amended and restated in its entirety as follows: “Effective as of January 1, 2010 and during the term of this Agreement, the Company shall pay to the Employee, and the Employee shall accept from the Company, as compensation for the performance of services under this Agreement and the Employee’s observance and performance of all of the provisions hereof, a salary of $750,000 per year (the “Base Compensation”).”
(ii) In the fifth sentence thereof the words “50% of Base Compensation each year for achieving the Company’s EBITDA and earnings per share budget and up to 100% of Base Compensation for achieving EBITDA 10% higher than budget and EPS 10% higher than budget” are hereby deleted and in their place the following shall be inserted: “50% of Base Compensation in each year if the Company achieves the Company’s budgeted earnings per share target for such year as approved by the Board of Directors and up to 100% of Base Compensation in each year if the Company achieves earnings per share equal to the performance target set by the Compensation Committee for payment of maximum bonus to the Company’s employees generally.”
(iii) The sixth sentence thereof is hereby deleted in its entirety.
(iv) The last sentence of the second paragraph thereof is hereby amended and restated in its entirety as follows: “During the Initial Term and any Renewal Terms, the Company will reimburse Employee up to $25,000 per year for the cost of premiums for life insurance for the benefit of the Employee.”
(v) All references to “May” in such section are hereby deleted and replaced with “January.”
(vi) The following is hereby added immediately prior to the fourth paragraph thereof: “In addition, the Employee shall be entitled to receive the following grant of Restricted Stock with respect to the final year of the Employment Period on the grant date indicated, provided the Employee is employed on the specified grant date: Grant Date Maximum Target Stock Price Appreciation (%) over Closing Price on Last Trading Day of Prior Year 65,000 January 1, 2012 12...
Amendments to Employment Agreement. (a) Section 1 of the Employment Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:
Amendments to Employment Agreement. Notwithstanding anything to the contrary in the Employment Agreement, Section 7.2(ii) of the Employment Agreement shall be struck and replaced with the following:
