AMENDMENT NO. 1 to EMPLOYMENT AGREEMENTEmployment Agreement |
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AMENDMENT NO. 1
to
EMPLOYMENT AGREEMENT
This AMENDMENT NO. 1, dated as of December 15, 2004 (the "Amendment No. 1") to the EMPLOYMENT AGREEMENT is by and between InterDent, Inc., a Delaware corporation (the "Company"), and Ivar S. Chhina (the "Executive").
WHEREAS, the Company and the Executive are parties to that certain Employment Agreement, effective as of October 9, 2003 (the "Employment Agreement");
WHEREAS, on or about the date hereof the Company is, pursuant to that certain Securities Purchase Agreement (the "Purchase Agreement"), dated as of the date hereof, between the Company and Levine Leichtman Capital Partners II, L.P. ("LLCP"), issuing to LLCP certain securities of the Company;
WHEREAS, in connection with the closing of the transactions described above, the Executive has requested, and the Company has agreed, on the terms and conditions set forth herein to amend certain terms and provisions contained in the Employment Agreement, as set forth herein; and
NOW, THEREFORE, the Company and the Executive hereby agree as follows:
1. Defined Terms. Capitalized terms used herein without definition that are defined in the Employment Agreement shall have the same meanings herein as in the Employment Agreement.
2. Amendment to the Employment Agreement. The Employment Agreement is hereby amended by deleting Section 6(f)(v) thereof, in its entirety, and replacing it with the following new paragraph (v):
"(v) If Executive's employment is terminated for a reason other than Cause, Executive shall at his option have the right to either continue to hold the Common Stock of the Company held by him, or require the Company to repurchase such Common Stock at 100 percent of the Fair Market Value (as defined in the Amended and Restated Stock Purchase Agreement dated as of December 15, 2004 between the Company and the Executive, as amended and in effect from time to time (the "Restated Purchase Agreement")) of such stock as of the date of repurchase. If Exec
