2009 Amendment to Employment Agreement between Dynamic Materials Corporation and Yvon Cariou
This amendment updates the employment agreement between Dynamic Materials Corporation and Yvon Cariou, effective January 1, 2009. It extends the term of employment through 2009, increases the executive's annual salary to $455,400, and revises the bonus structure. The executive is eligible for a non-discretionary bonus based on a percentage of the company's 2009 net income and a possible discretionary bonus up to 25% of salary, subject to performance goals. All other terms of the original agreement remain unchanged.
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Exhibit 10.4
2009 AMENDMENT TO EMPLOYMENT AGREEMENT
This 2009 Amendment to Employment Agreement (this "Amendment"), entered into the fourth day of February, 2009, effective as of January 1, 2009, is by and between Dynamic Materials Corporation, a Delaware corporation (the "Company"), and Yvon Cariou, a resident of the State of Colorado ("Executive"). This Amendment amends the Employment Agreement dated April 23, 2008 to be effective as of January 1, 2008, between the Company and Executive (the "Agreement").
In consideration of the foregoing and the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Term. Section 3 of the Agreement is hereby amended by replacing "2008" with "2009" in both occurrences.
2. Salary. Section 4(a) of the Agreement is hereby amended by replacing "$440,000" with "$455,400."
3. Non-discretionary Annual Bonus. Section 4(b) of the Agreement is hereby amended to read in its entirety as follows:
(b) Bonus. Executive shall be eligible to receive a non-discretionary annual bonus equal to an amount equal to 2.5% of the Company's 2009 net income up to an amount equal to 175% of such Executive's Salary and thereafter 1.0% of the Company's 2009 net income. Executive shall also be eligible to receive a discretionary annual bonus in an amount up to 25% of Executive's Salary. The discretionary bonus will be determined based on performance goals and rules established by the Compensation Committee. The bonus and discretionary bonus, if any, will be payable before march 15, 2010. Executive is not guaranteed any bonus payment.
4. Miscellaneous. All other provisions of the Agreement shall remain effective.
In witness whereof, the parties have executed this Amendment as of the date set forth above.
| DYNAMIC MATERIALS CORPORATION | |||
| By: | /s/ RICHARD A. SANTA Richard A. Santa Senior Vice President and Chief Financial Officer | ||
Dated: February 4, 2009 | EXECUTIVE | |||
| /s/ YVON CARIOU Yvon Cariou | |||
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- Exhibit 10.4
