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Bonds.com Group, Inc. 8-K [bonds-8k_062812.htm]
 
Exhibit 10.1

 
 
AMENDMENT NO.1 TO EMPLOYMENT AGREEMENT

This AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this “Amendment”), dated as of
July 5, 2012, is entered into between Bonds.com Group, Inc., a Delaware
corporation (the “Company”), and John Ryan (“Executive”).  Capitalized terms
used in this Amendment and not otherwise defined herein shall have the meanings
ascribed to such terms in the Employment Agreement, dated as of February 2,
2011, between the Company and Executive (the “Employment Agreement”).

Background

The Company and Executive are parties to the Employment Agreement and desire to
amend the Employment Agreement as set forth herein.
 
 
Agreement

In consideration of the foregoing premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Executive agree as follows:

Section 1. Amendment to Section 3(a) of the Employment Agreement.  Section 3(a)
of the Employment Agreement is hereby amended to increase executive’s Base
Salary to $225,000 effective July 1, 2012.

Section 2. Amendment to Section 3(b) of the Employment Agreement.  Section 3(b)
of the Employment Agreement is hereby amended by deleting such section in its
entirety and replacing it with the following:

“(b)           Performance Bonus.  Executive will be eligible for an annual
performance bonus at the discretion of the Compensation Committee based on its
evaluation of the Executive’s performance and taking into account the financial
strength and cash flow position of the Company (the “Performance Bonus”).”

Section 3. Amendment to the Definition of “Good Reason” Set forth in Section 23
of the Employment Agreement.  The definition of “Good Reason” set forth in
Section 23 of the Employment Agreement is hereby amended by deleting clause (i)
of such definition in its entirety and replacing it with the following: “(i) a
reduction in Executive’s Base Salary,”.

Section 4. Effect of Modification and Amendment of Employment Agreement.  The
Employment Agreement shall be deemed to be modified and amended in accordance
with the express provisions of this Amendment and the respective rights, duties
and obligations of the parties under the Employment Agreement shall continue to
be determined, exercised and enforced under the terms thereof subject to this
Amendment.  Except as expressly set forth herein, all terms of the Employment
Agreement shall continue in full force and effect.  In the event of
inconsistency between the express terms of this Amendment and the terms of the
Employment Agreement, the terms of this Amendment shall govern.

Section 5. Counterparts.  This Amendment may be executed in two or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and
delivered to the other party; provided that a facsimile or .pdf signature shall
be considered due execution and shall be binding upon the signatory thereto with
the same force and effect as if the signature were an original, not a facsimile
or .pdf signature.

[Counterpart Signature Pages Follow]

 
 
 

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first written above.
 
BONDS.COM GROUP, INC.
       
By:
/s/ Thomas Thees
 
Name:
Thomas Thees  
Title:
Chief Executive Officer  

 
EXECUTIVE:
       
 
/s/ John Ryan
 
 
JOHN RYAN
 

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