Exhibit 10.3.1




 




AMENDMENT NO.  1




 




TO




 




EMPLOYMENT AGREEMENT




 




AMENDMENT

NO.  1 dated as

of November 1, 2002 to an EMPLOYMENT

AGREEMENT (“the Agreement”) entered into as of May 1, 1997 between

Bio-Reference Laboratories, Inc., a New Jersey corporation (“the Company”) and

Howard Dubinett (“Employee”).




 




WITNESSETH:




 




WHEREAS the parties

executed the Agreement as of May 1, 1997 providing for the employment by the

Company of the Employee as Executive Vice President and Chief Operating Officer

of the Company through October 31, 2002; and




 




WHEREAS the parties

hereby agree to amend the Agreement to extend the term for two years, to grant

the Company the option to extend the Agreement for up to two additional

consecutive one-year periods, to modify the compensation terms and to effect

such other changes as are herein set forth;




 




NOW, THEREFORE, in

consideration of the premises and the mutual covenants contained herein and

intending to be legally bound hereby, the parties hereto agree to amend the

Agreement as follows:




 




A.  “1.  Terms of Employment.”  The “Expiration Date” as set

forth in this section is extended to October 31, 2004.




 




B. 

“2.  Renewal.”

This section is hereby amended to read in its entirety as follows:




 




“2.  Renewal. This Agreement will automatically

renew for an additional one year period (the “First Renewal Year”) and will

automatically renew for a second one year period (the “Second Renewal Year”);

provided that the Company, at its sole option, may elect not to continue the

Agreement after the Expiration Date, by written notice to the Employee no less

than one (1) month before the Expiration Date; and provided further, that if

this Agreement is renewed for the First Renewal Year, the Company, at its sole

option, may elect not to continue this Agreement for the Second Renewal Year by

written notice to the Employee no less than one (1) month before the end of the

First Renewal Year.”




 




C. 

“4.  Compensation.”

The “Base Compensation” as set forth in paragraph (a) of this section in each

year of the extension period (including the First and Second Renewal Year, if

applicable) shall in each case be not less than the salary and bonus authorized

for the Employee by the Company’s Compensation Committee with respect to the

Company’s 2002 fiscal year.  In view of

the possibility that future payments of premiums by the Company under the

“Split Dollar” Life Insurance programs referred to in paragraph (b) of this

section could be deemed an extension of credit prohibited by the Sarbanes-Oxley

Act of 2002, it is agreed that the Company will not be required to make any

future premium payments under these programs unless and until this issue is

clarified and provided such payments are not prohibited by the Act.  The provisions of paragraph (g) of this

section concerning increases in Base




 





























 




Compensation based upon

percentage increases in the Consumer Price Index shall continue to be

applicable with respect to each year that the Agreement as extended (including

any renewal year if applicable) is in effect.




 




D. 

“5.  Issuance of Stock and

Options.” 

This provision under the Agreement has been fully satisfied in that he

stock issued pursuant to paragraph (a) has been issued to the Employee and is

no longer forfeitable and the ISOs referred to in paragraph (b) have also been

issued to the Employee.




 




E.  Other

Provisions.  Except

as specifically modified or amended herein, the parties hereto hereby reaffirm

each provision of the Agreement as of the date hereof.




 




IN WITNESS WHEREOF,

the undersigned have each duly executed this Amendment No.1 to the Agreement as

of the date first above written.




 




	

   


  	

  COMPANY:


  
	

   


  	

   


  
	

   


  	

  Bio-Reference

  Laboratories, Inc.


  
	

   


  	

   


  
	

   


  	

  By:


  	

  /s/ Marc D.

  Grodman


  	

   


  
	

   


  	

   


  	

  President


  
	

   


  	

   


  	

  Duly Authorized


  
	

   


  	

   


  
	

   


  	

  EMPLOYEE:


  
	

   


  	

   


  
	

   


  	

  By:


  	

  /s/ Howard

  Dubinett


  	

   


  
	

   


  	

   


  	

  Howard Dubinett


  





 




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