Amendment to Employment Agreement between MIM Corporation and Barry A. Posner

Summary

This amendment, dated September 18, 2002, updates the employment agreement between MIM Corporation and Barry A. Posner. It clarifies that the company may, at its discretion, grant additional stock options to Mr. Posner beyond those originally specified, based on recommendations from the Compensation Committee. It also updates the legal notice address for the company’s counsel. All other terms of the original employment agreement remain unchanged. The amendment is governed by New York law.

EX-10.50 3 x10-50posneramend.txt AMENDMENT TO EMPLOYMENT AGREEMENT AMENDMENT TO EMPLOYMENT AGREEMENT This Amendment to Employment Agreement (this "Amendment") is entered into as of September, 18, 2002, by and between MIM Corporation, a Delaware corporation (the "Company"), and Barry A. Posner ("Executive"). WHEREAS, the Company and Executive entered into an Employment Agreement dated as of March 1, 1999 (the "Employment Agreement"); and WHEREAS, the Company and Executive desire to clarify that the Company, in its discretion, may grant stock options to Executive in addition to the grant specified in Section 3.4 of the Employment Agreement; NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 1. Section 3.4 of the Employment Agreement is hereby amended to add the following sentence to the end thereof: "After such grant, the Executive shall be eligible for additional grants of options, if any, as recommended by the Company's Compensation Committee." 2. Section 7.4(i) of the Employment Agreement is hereby amended to delete the address block for Rogers & Wells under the heading "with a copy to" and to replace it with the following: King & Spalding 1185 Avenue of the Americas New York, New York 10036-4003 Attention: Richard A. Cirillo 3. Except as modified hereby, the Employment Agreement shall remain unmodified and in full force and effect. 4. This Amendment shall be construed in accordance with, and its interpretation shall otherwise be governed by, the laws of the State of New York, without giving effect to otherwise applicable principles of conflicts of law. IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the date set forth above. MIM CORPORATION By: /s/ Richard H. Friedman ------------------------------------- Richard H. Friedman, Chairman and CEO /s/ Barry A. Posner - ------------------------------------- Barry A. Posner