Amendment No. 1 to Employment Agreement between Baldwin Technology Company, Inc. and Vijay C. Tharani

Summary

This amendment updates the employment agreement between Baldwin Technology Company, Inc. and Vijay C. Tharani, specifically revising the terms of his Supplemental Retirement Benefit. The company will accrue an amount each month to ensure that, once vested, Mr. Tharani receives monthly payments equal to 30% of his average base salary over the previous three years, paid over ten years. The benefit vests incrementally from 20% after one year to 100% after five years, provided Mr. Tharani remains employed. All other terms of the original agreement remain unchanged.

EX-10.64 3 y91848exv10w64.txt AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10.64 November 11, 2003 Mr. Vijay C. Tharani 10 Quaker Lane West Harrison, NY 10604 Dear Mr. Tharani: This letter will serve as Amendment No. 1 to the agreement dated June 18, 2001, (the "Agreement"), which sets forth the terms of your employment with Baldwin Technology Company, Inc. (the "Company"). Paragraph 2D of the Agreement is changed by deleting that Paragraph in its entirety, and inserting in its place the following: D. Supplemental Retirement Benefit. On the first day of each month that you are still providing services under the terms of this Agreement, the Company shall accrue for your Supplemental Retirement Benefit, an amount necessary to ensure that, to the extent vested, the amount accrued would be sufficient to support monthly payments to equal 30% of your average base salary for the previous three (3) years (see attachment I). These payments ("Supplemental Retirement Benefits") are to be paid to you in equal monthly installments over a ten (10) year period beginning at such times as are set forth in this Agreement. These Supplemental Retirement Benefits will vest in each case assuming you are then employed by the Company, as follows: as of June 18, 2002 it shall be vested to the extent of 20%, as of June 18, 2003 it shall be vested to the extent of 40%, as of June 18, 2004 it shall be vested to the extent of 60%, as of June 18, 2005 it shall be vested to the extent of 80%, and as of June 18, 2006 it shall be vested to the extent of 100% so that as of the latter date the full amount of the Aggregate Supplemental Retirement Benefit shall be due and payable in the instances set forth elsewhere in this Agreement. All other sections of the Agreement shall remain in full force and effect as originally agreed to. BALDWIN TECHNOLOGY COMPANY, INC. By: ------------------------- Gerald A. Nathe Chairman, President & CEO AGREED TO AND ACCEPTED: ------------------------- Vijay C. Tharani