Exhibit 10.3
AMENDMENT NO. 1 TO THE EMPLOYMENT
AGREEMENT
BETWEEN MATT PACKEY AND TREE.COM,
INC.
March 26,
2009
This Amendment No. 1 (this
“Amendment”) to that certain Employment Agreement,
dated as of August 3, 2008 (the “Agreement”),
between Matt Packey (“Executive”) and
Tree.com, Inc. (as successor by assignment to LendingTree,
LLC) (the “Company”), is effective as of March 26,
2009. All capitalized terms used herein without definition
shall have the meanings given to them in the Agreement.
WHEREAS, subject to the terms and conditions set forth
herein, Executive and the Company wish to make certain amendments
to the Agreement.
NOW, THEREFORE,
for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the
parties hereby agree as follows:
A.
Effective April 3, 2009,
Section 3 of the Agreement is hereby deleted and replaced in
its entirety with the following:
3.
COMPENSATION
.
(a)
BASE
SALARY . During the period
that Executive is employed with the Company hereunder, the Company
shall pay Executive an annual base salary of $250,000 (the
“Base Salary”), payable in equal biweekly installments
(or, if different, in accordance with the Company’s payroll
practice as in effect from time to time), or such higher salary as
shall be agreed to in writing by Executive and the Company from
time to time. For all
