EXHIBIT 10.12(a)
September 23, 1996
Miami Computer Supply, Inc.
0000 Xxxxxx Xxxxxx Xxxx
Xxxxxx, Xxxx 00000
VIA CERTIFIED MAIL
RETURN RECEIPT REQUESTED
Xxxxxx X. Xxxxxxx
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxx, Xxxx 00000
Re: Employment Agreement
Dear Al:
Pursuant to Section VI of the Employment Agreement dated May 30, 1996
("Agreement") by and between Miami Computer Supply, Inc. and Xxxxxx X. Xxxxxxx,
we hereby propose to amend the Agreement as follows:
Section III.A. shall be deleted in its entirety and replaced with:
"A. A business plan dated September 3, 1996 ("Plan") for the fiscal
years 1996 through 1999 has been approved by the Board of Directors.
Executive shall be paid a base salary ("Base Salary") which will be
increased based on whether, beginning in 1998, the Company meets the
targeted pretax income for the prior fiscal year as set forth in the
Plan, as follows: In fiscal 1997, the Base Salary shall be $15,000; in
fiscal 1998, (i) if the Company does not meet the targeted pretax
income for 1997 under the Plan, Executive's Base Salary for 1998 shall
be the product of his Base Salary for 1997 multiplied by 1.06; or (ii)
if the Company meets the targeted pretax income for 1997 under the
Plan, Executive's Base Salary for 1998 shall be the product of his Base
Salary for 1997 multiplied by 1.33; in fiscal 1999, (i) if the Company
does not meet the targeted pretax income for 1998 under the Plan,
Executive's Base Salary for 1999 shall be the product of his Base
Salary for 1998 multiplied by 1.06; or (ii) if the Company meets the
targeted pretax income for 1998 under the Plan, Executive's Base Salary
for 1999 shall be the product of his Base Salary for 1998 multiplied by
1.25."
Xxxxxx X. Xxxxxxx
September 23, 1996
Page 2
Section III.B. shall be deleted in its entirety and be replaced with:
"B. In addition to the Base Salary, an annual bonus will be paid to
Executive of ten percent (10%) of pretax profits before employee
profitsharing or any other bonuses, which amount shall not, beginning
in year 1997, exceed in any year the amount of his Base Salary.
Executive will be furnished an automobile (up to $35,000, 1996 value)
and insurance, repairs, gas, oil, fees, etc., and such other per diem
allowances, as approved by the Board of Directors, equaling no more
than $1,200 per month for his use for Company business. Executive will
control the use and distribution, for Company purposes, of sporting
event tickets with a 1996 value of $3,000 per year."
If you agree to the above amendment, please so signify by executing
this letter in the space provided below and returning the copy of the executed
letter to me as soon as possible.
Sincerely,
/s/Xxxxxxx X. Xxxxxxxx
Xxxxxxx X. Xxxxxxxx
Chairman of the Board
Accepted and Agreed this 25th day of October, 1996.
/s/Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
