Amendment to Employment Agreement between Ventiv Health, Inc. and Terrell G. Herring (January 1, 2004)

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Ventiv Health, Inc. and Terrell G. Herring. It changes the terms of Mr. Herring's annual bonus, making him eligible for a bonus each year based on performance objectives set by the CEO. The bonus amount, ranging from 0% to 100% of his current base salary (with a 50% target), is at the company's discretion, provided Mr. Herring is still employed on the bonus payout date.

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EX-10.11.1 5 thamendmenttoeeagrmt.htm T. HERRING AMENDMENT TO EE AGRMT 1/04 T. Herring Amendment to EE Agrmt 1/04

January 1, 2004
 
Terrell Herring

Re:     Amendment to Employment Agreement

Dear Terrell:

This letter confirms our agreement and shall serve to amend the April 8, 2002 Employment Agreement between you and the Company in accordance with the following:

3 (c)         Bonus
The paragraph shall be amended to read as follows:

The Executive shall be eligible for a bonus in each calendar year, based on the Executive’s success in reaching or exceeding performance objectives as determined by the Chief Executive Officer or his/her designee, the amount of such bonus, if any, to be determined in the discretion of the Company. Notwithstanding the foregoing, if the Executive remains employed by the Company through the bonus payout date, the Executive shall be entitled to a bonus range of 0 - 100% (50% target) of the Executive’s then current base salary, with the amount of such bonus, if any, remaining subject to the discretion of the Company.
Very truly yours,

VENTIV HEALTH, INC.

By:
/s/    ERAN BROSHY        
         Eran Broshy
Chief Executive Officer

 
Accepted and agreed to by:
/s/    Terrell G. Herring        
  Terrell G. Herring
President, US Sales