First Amendment to Employment Agreement (John M. Suzuki)

Contract Categories: Human Resources - Employment Agreements
EX-10.1 2 bkti_ex101.htm FIRST AMENDMENT TO EMPLOYMENT AGREEMENT bkti_ex101.htm

 EXHIBIT 10.1

 

FIRST AMENDMENT TO

EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of June 23, 2022, by and between BK Technologies, Inc., a Nevada corporation (the “Company”), and John M. Suzuki (the “Executive”).

 

RECITALS

 

A.

The Company and the Executive are parties to that certain Employment Agreement dated effective July 19, 2021 (the “Employment Agreement”). Unless otherwise indicated, all capitalized terms herein shall have the meanings assigned to them in the Employment Agreement.

 

 

B.

The Company and the Executive each desire to amend the Employment Agreement pursuant to the terms and conditions of this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the covenants and conditions set forth herein, and for other good and valuable consideration, the Company and the Executive hereby agree as follows:

 

 

1.

A new Section 4.5 is hereby added to the Employment Agreement to read as follows:

 

 

 

 

 

 

“4.5 Acceleration of Vesting. Notwithstanding the terms of the Company equity plan or plans under which the Executive’s equity awards are granted or any applicable award agreements, upon the occurrence of a Change in Control (as defined under the 2017 Plan), all of the Executive’s outstanding unvested time-based equity awards shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term, and all of the Executive’s outstanding unvested equity awards with performance-based vesting shall be deemed achieved at target levels with respect to performance goals or other vesting criteria.”

 

 

 

 

2.

All other provisions of the Employment Agreement shall remain in full force and effect.

 

[Signature page follows]

 

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth above.

 

BK TECHNOLOGIES, INC.

 

THE EXECUTIVE

 

 

 

 

 

 

By:

/s/ E. Gray Payne

 

/s/ John M. Suzuki

 

Name:

E. Gray Payne

 

Name: John M. Suzuki

 

Title:

Board of Directors - Chairman

Date: June 24, 2022

 

Date:

June 24, 2022

 

 

 

 

 

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