Amendment No. 1 to Les M. Taeger's Employment Agreement with OrthoLogic Corp.

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between OrthoLogic Corp. and Les M. Taeger. Effective June 5, 2006, Mr. Taeger's base salary is increased to $227,000 per year. OrthoLogic may terminate his employment at any time without cause by providing written notice. If terminated without cause, and upon signing a Severance Agreement, Mr. Taeger will receive his base salary for one year after termination. If termination follows a change in control, he will also receive a pro-rata bonus. The amendment is signed by OrthoLogic's Executive Chairman.

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EX-10.3 4 p72737exv10w3.htm EXHIBIT 10.3 exv10w3  

EXHIBIT 10.3
ORTHOLOGIC CORP.
Amendment No. 1 to Les M. Taeger’s Employment Agreement
dated January 16, 2006
Effective June 5, 2006, Mr. Les M. Taeger’s base salary is increased to $227,000 per year.
Additionally, OrthoLogic may terminate Mr. Taeger’s employment at any time, immediately and without cause, by giving written notice to Mr. Taeger. If OrthoLogic terminates Mr. Taeger without cause, provided Mr. Taeger first executes a Severance Agreement in the form then used by OrthoLogic, OrthoLogic shall continue to pay to Mr. Taeger his minimum base salary in effect at the time of termination for a period of one year following the date of termination, at the time and in the manner dictated by OrthoLogic’s standard payroll policies. Should such termination occur as a result of a change in control, OrthoLogic shall also pay Mr. Taeger a pro-rata share of his bonus at the time of termination.
         
By:
  /s/ John M. Holliman, III    
 
       
 
  John M. Holliman, III    
 
  Executive Chairman    
 
        
Date: June 5, 2006