Document:

Exhibit 10.3.6

 

BIO-REFERENCE LABORATORIES

 

AMENDMENT NO. 6

 

TO

 

EMPLOYMENT AGREEMENT

 

WITH SAM SINGER

 

AMENDMENT NO. 6 dated as of October , 2009 to an AGREEMENT OF EMPLOYMENT dated as of May 1, 1997 between Bio-Reference Laboratories, Inc., a New Jersey corporation (the “Company”) and Sam Singer, its Senior Vice President and Chief Financial Officer (the “Employee”); as amended on November 1, 2002 (Amendment No. 1); on January 7, 2004 (Amendment No. 2); on December 18, 2007 (Amendment No. 3); on March 4, 2008 (Amendment No. 4); and on September 18, 2008 (Amendment No. 5); (the original Agreement of Employment and the Five Amendments collectively referred to as the “Employment Agreement”);

 

WITNESSETH:

 

WHEREAS the parties previously executed the Employment Agreement providing for the employment by the Company of the Employee as its Senior Vice President and Chief Financial Officer; and

 

WHEREAS the Employment Agreement is currently due to expire on October 31, 2010 and would be automatically extended at the end of each Company fiscal year for an additional one year term unless the Company elected on a timely basis not to extend the term, but the Employee has the right to terminate the Employment Agreement effective on January 1 of any calendar year commencing January 1, 2010 on not less than 90 days prior written notice; and

 

1

 

WHEREAS the parties desire to amend the Employment Agreement to fix the Expiration Date as herein set forth:

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and intended to be legally bound hereby, the parties hereto agree to amend the Employment Agreement as follows:

 

A.            “Term of Employment”. The “Expiration Date” of the Employment Agreement shall be the close of business on March 15, 2011.

 

B.            “2. Renewal”. This Section is deleted in its entirety so that the Expiration Date set forth in A above is no longer subject to renewal and the Employee no longer has the right to terminate the Employment Agreement. The Employment Agreement shall expire at the close of business on March 15, 2011.

 

C.            Other Provisions. Except for the above changes, the parties hereto hereby reaffirm each provision of the Employment Agreement as of the date hereof.

 

IN WITNESS WHEREOF, the undersigned have each duly executed this Amendment No. 6 to the Employment Agreement as of the date first above written.

 

 

	
 
    	
COMPANY:
    
	
 
    	
Bio-Reference   Laboratories, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By   
    	
/s/   Marc Grodman M.D.
    
	
 
    	
 
    	
Marc   Grodman M.D.
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
Duly   Authorized
    
	
 
    	
 
    
	
 
    	
EMPLOYEE:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
/s/   Sam Singer
    
	
 
    	
 
    	
Sam   Singer
    

 

2Exhibit 10.3.7

 

BIO-REFERENCE LABORATORIES

 

AMENDMENT NO. 7

 

TO

 

EMPLOYMENT AGREEMENT

 

WITH SAM SINGER

 

AMENDMENT NO. 7 dated as of November 1, 2010 to an AGREEMENT OF EMPLOYMENT dated as of May 1, 1997 between Bio-Reference Laboratories, Inc., a New Jersey corporation (the “Company”) and Sam Singer, its Senior Vice President and Chief Financial Officer (the “Employee”); as amended on November 1, 2002 (Amendment No. 1); on January 7, 2004 (Amendment No. 2); on December 18, 2007 (Amendment No. 3); on March 4, 2008 (Amendment No. 4); on September 18, 2008 (Amendment No. 5); and in October, 2009 (Amendment No. 6); (the original Agreement of Employment and the Six Amendments collectively referred to as the “Employment Agreement”);

 

WITNESSETH:

 

WHEREAS the parties previously executed the Employment Agreement providing for the employment by the Company of the Employee as its Senior Vice President and Chief Financial Officer; and

 

WHEREAS the Employment Agreement is currently due to expire on March 15, 2011; and

 

WHEREAS the parties desire to amend the Employment Agreement to fix the Expiration Date as herein set forth:

 

1

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and intended to be legally bound hereby, the parties hereto agree to amend the Employment Agreement as follows:

 

A.            “Term of Employment”. The “Expiration Date” of the Employment Agreement shall be the close of business on January 31, 2012 and is not subject to renewal without the written consent of both parties.

 

B.            “Terms of Employment”. This Section is hereby amended to read in its entirety as follows:

 

“1. Terms of Employment. The Company agrees to employ the Employee as its Senior Vice President and Chief Financial Officer and the Employee shall report directly to the President of the Company. The Employee agrees to continue his employment with the Company through January 31, 2012 (the “Expiration Date”).”

 

C.            “Duties”. Paragraph (a) of Section 3 of the Employment Agreement is hereby amended to read in its entirety as follows:

 

“(a) During the Employment Period, the Employee shall perform such duties and exercise such powers relating to the Company as are commensurate with the office of Senior Vice President and Chief Financial Officer and shall report directly to the President of the Company. He shall have such other duties and powers as the President of the Company shall assign to him commensurate with the office of Chief Financial Officer, including by way of example but not limitation, similar duties with respect to any of the Company’s associated companies. As used in this Agreement, the term “Associated Companies” shall mean any company (i) of which not less than fifty (50%) of the equity is beneficially owned by the Company or (ii) any subsidiary of such company, if any.”

 

2

 

D.            Other Provisions. Except for the above changes, the parties hereto hereby reaffirm each provision of the Employment Agreement as of the date hereof.

 

IN WITNESS WHEREOF, the undersigned have each duly executed this Amendment No. 7 to the Employment Agreement as of the date first above written.

 

 

	
 
    	
COMPANY:
    
	
 
    	
Bio-Reference   Laboratories, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By   
    	
/s/   Marc Grodman M.D.
    
	
 
    	
 
    	
Marc   Grodman M.D.
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
Duly   Authorized
    
	
 
    	
 
    
	
 
    	
EMPLOYEE:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
/s/   Sam Singer
    
	
 
    	
 
    	
Sam   Singer
    

 

3Exhibit 10.5.1

 

	
 
    	
2011   Senior Management Incentive Bonus Plan
    
	
 
    	
 
    
	
Participants:
    	
Marc   D. Grodman, MD, CEO
    
	
 
    	
Howard   Dubinett, COO
    
	
 
    	
Charles   T. Todd, Sr. VP Marketing & Sales
    
	
 
    	
Amar   Kamath, VP Marketing
    
	
 
    	
Gary   Reeves, VP, Women’s Health
    
	
 
    	
Warren   Erdmann, SVP Operations
    
	
 
    	
Nick   Cetani, VP Laboratory Director
    
	
 
    	
Ron   Rayot, VP
    
	
 
    	
Chris   Smith, VP
    
	
 
    	
Sam   Singer, SVP and CFO
    
	
 
    	
Sally   Howlett, VP Billing
    
	
 
    	
Nick   Papazicos, SVP Financial Operations
    
	
 
    	
James   Weisberger, MD, CMO
    
	
 
    	
Maryanne   Amato, Director, Genpath
    
	
 
    	
Cory   Fishkin, COO CareEvolve
    
	
 
    	
John   Compton, CSO, GeneDx
    
	
 
    	
Sherri   Bale, CCO GeneDx
    
	
 
    	
Richard   L. Faherty, CIO
    
	
 
    	
John   Mooney, VP
    
	
 
    	
Gary   Reeves, VP
    

 

Proposed Plan:

 

A.                                           The Senior Management Incentive Bonus Plan (the “Plan”) will be based on two (2) separate financial calculations. The first formula will be based on “Operating Income” as a percent of “Net Revenues” pursuant to the Consolidated Financial Statements of the Company. The second formula will be based on the percentage increase of “Operating Income” from fiscal 2010 to fiscal 2011 pursuant to the Consolidated Financial Statements of the Company.

 

B.                                             There will be one class of participation.

 

C.                                             Calculations for the first portion of the program will be as follows:

 

1.                  Operating Income shall consist of the Total Operating Income (hereinafter referred to as “TOI”) for the Entire Company including all divisions and subsidiaries.

 

2.                  In the event that TOI shall be equal to or greater than 10.75%, then and in such event, the participants will be entitled to a bonus based on the participant’s annual gross wages including any CPI adjustment paid to him or her in fiscal 2010 exclusive of any bonus, option exercise, auto or airplane usage expense charge-back, or other unearned revenue (“Annual Gross Wages”), pursuant to the following schedule:

 

 

	
 
    	
 
    	
If TOI is greater than
    	
 
    	
and less than
    	
 
    	
Percent Bonus
    	
 
    
	
 
    	
 
    	
11.00
    	
%
    	
11.50
    	
%
    	
4
    	
%
    
	
 
    	
 
    	
11.50
    	
%
    	
12.00
    	
%
    	
6
    	
%
    
	
 
    	
 
    	
12.00
    	
%
    	
12.50
    	
%
    	
8
    	
%
    
	
 
    	
 
    	
12.50
    	
%
    	
N/A
    	
 
    	
10
    	
%
    

 

3.                  The maximum bonus to be paid under this portion of the program will be 10% of the Annual Gross Wages paid to the participant in fiscal 2011 regardless of TOI.

 

D.                                            Calculations for the second portion of the program will be as follows:

 

1.                  Operating Income will consist of Operating Income before interest and taxes for the Entire Company including all divisions and subsidiaries.

 

2.                  Percentage increase on a year over year basis will be determined by subtracting the Operating Income as reported in the Company’s Consolidated Financial Statements for the 2010 fiscal year (“Base Year”) from the Operating Income as reported in the Company’s Consolidated Financial Statements for the 2011 fiscal year (“Current Year”). This will result in a difference (“Diff”). The Diff will be divided by the Base Year to determine the percentage of change (“PC”) in Operating Income between the Base Year and the Current Year.

 

3.                  In the event that the PC is positive (an increase) and equal to or greater than 20%, then and in such event, each participant will be entitled to a bonus based on the participant’s Annual Gross Wages pursuant to the following schedule:

 

	
 
    	
 
    	
If PC is greater than
    	
 
    	
and less than
    	
 
    	
Percent Bonus
    	
 
    
	
 
    	
 
    	
20.00
    	
%
    	
25.00
    	
%
    	
6
    	
%
    
	
 
    	
 
    	
25.00
    	
%
    	
30.00
    	
%
    	
9
    	
%
    
	
 
    	
 
    	
30.00
    	
%
    	
35.00
    	
%
    	
12
    	
%
    
	
 
    	
 
    	
35.00
    	
%
    	
N/A
    	
 
    	
15
    	
%
    

 

4.                  The maximum bonus to be paid under this portion of the program will be 15% of Annual Gross Wages regardless of Operating Income.

 

E.                                              The two portions shall be calculated separately and shall not be dependent on each other. Participants may earn a bonus from either or both financial calculations. Regardless, however, of the Company achievements, the maximum bonus to be paid under the Plan will be 25% of Annual Gross Wages in fiscal 2011.

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