Amendment to Employment Letter Agreement between MIM Corporation, Scrip Solutions, Inc., and Michael J. Sicilian (October 13, 2003)
This amendment updates the employment agreement between Michael J. Sicilian and Scrip Solutions, Inc., a subsidiary of MIM Corporation. It changes Mr. Sicilian’s position to Executive Vice President - Sales, clarifies his reporting structure, and confirms his at-will employment status. The amendment also revises the severance terms, specifying that if he is terminated without cause, he will receive one year of salary as severance. All other terms of the original agreement remain unchanged. The amendment is governed by New York law.
October 13, 2003 |
| Re: Amendment to Employment Letter Agreement |
Dear Mike: |
| 1. | Capitalized terms used herein and not defined herein shall have the meanings given to those terms in the Agreement. | |
| 2. | Section 1 of the Employment Agreement is deleted in its entirety and substituted in lieu thereof shall be the following: "1. POSITION AND DUTIES: Executive Vice President - Sales of Scrip Solutions, Inc. You will report primarily to the Company's executive management and will have such day to day responsibilities as shall be assigned to you by the President and Chief Operating Officer of the Company, subject to the authority of the Board of Directors of the Company and MIM. Subject to the terms and conditions of this Agreement, you acknowledge and understand that you are an employee at will. | |
| 3. | The second sentence of the first paragraph of Section 7 of the Employment Agreement is hereby amended to read as follows: | |
"If you are terminated by the Company (or any successor) other than for "Cause" (as defined below), you will be entitled to receive severance payments equal to one year of salary at your then current salary level, payable in accordance with the Company's then applicable payroll practices and subject to all applicable federal, state and local withholding." | ||
| 4. | Clause (I) of the fourth sentence of the first paragraph of Section 7 of the Employment Agreement is hereby amended to read as follows: | |
| 5. | Clause (iv) of the second paragraph of Section 7 of the Employment Agreement is hereby amended to read as follows: |
Mr. Michael J. Sicilian |
" (iv) at any annual or special meeting of stockholders of MIM at which a quorum is present (or any adjournments or postponements thereof), or by written consent in lieu thereof, directors (each a "New Director" and collectively the "New Directors") then constituting a majority of MIM's Board of Directors shall be duly elected to serve as New Directors and such New Directors shall have been elected by stockholders of MIM who shall be an (I) "Adverse Person(s)"; or (II) "Acquiring Person(s)"(as each of the terms set forth in (I) and (II) hereof are defined in that certain Amended and Restated Rights Agreement, dated December 3, 2002, between MIM and American Stock Transfer & Trust Company, as Rights Agent." | ||
| 6. | Except as modified hereby, the Agreement shall remain unmodified and in full force and effect. | |
| 7. | This letter 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. | |
Kindly signify your agreement to the foregoing by signing below and forward an executed copy to me for our files. |
