Ex-10.34 Amendment No. 1 to the Employment Agreement - Stephen L. Day
Contract Categories:
Human Resources
- Employment Agreements
EX-10.34 2 b58512dsexv10w34.txt EX-10.34 AMENDMENT NO. 1 TO THE EMPLOYMENT AGREEMENT - STEPHEN L. DAY EXHIBIT 10.34 DOVER SADDLERY, INC. AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT Reference is made to the EMPLOYMENT AGREEMENT (the "Agreement") dated as of September 1, 2005 by and between Dover Saddlery, Inc. (the "Company") and Stephen L. Day ("Executive"). All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Agreement. WHEREAS, the parties desire to amend certain terms of the Agreement in accordance with the terms hereof (this "AMENDMENT"). NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties hereto, intending to be legally bound, agree as follows: 1. The original Exhibit A to the Agreement was attached by mutual mistake of the Company and Executive. Effective as of the original effective date of the Agreement, Exhibit A of the Agreement is deleted in its entirety and superseded by the following: EXHIBIT A BONUS PROGRAM The Executive's annual bonus will be calculated on the basis of the following table: EBITDA Goal Bonus Achievement Below 75% No Bonus 75% of goal 10% of salary 87.5% of goal 20% of salary 100% of goal 30% of salary 110% of goal and up 40% of salary (max) To the extent that the Company's actual "Earnings Before Payment of Interest, Taxes, Depreciation and Amortization" ("EBITDA") falls between two of the foregoing milestones, the Executive's bonus will be prorated based on a straight line interpolation. 2. Except for the matters set forth in this Amendment, all other terms of the Agreement shall remain unchanged and in full force and effect. IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of March 24, 2006. COMPANY EXECUTIVE DOVER SADDLERY, INC. By: /s/ James F. Powers /s/ Stephen L. Day ----------------------------- ---------------------------- Its Director Stephen L. Day, Individually Duly Authorized
