First Amendment to Employment Agreement between Checkpoint Systems, Inc. and John Davies

Summary

This amendment updates the employment agreement between Checkpoint Systems, Inc. and John Davies. It changes Mr. Davies' title to Executive Vice President, increases his base salary to $250,000, and extends certain termination-related periods from twelve to eighteen months. All other terms of the original agreement remain unchanged.

EX-10.3 FIRST AMENDM 6 davies1st.txt FIRST AMENDMENT TO J. DAVIES AGREEMENT FIRST AMENDMENT TO EMPLOYMENT AGREEMENT This First Amendment to Employment Agreement is made as of this 4th day of March, 2002, by and between Checkpoint Systems, Inc. ("CSI") and John Davies ("Executive"). WHEREAS, CSI and Executive are parties to an Employment Agreement dated March 20, 2001 ("Agreement"); and WHEREAS, the parties wish to amend such Agreement as set forth herein; NOW THEREFORE, in consideration of the premises and mutual promises and covenants contained herein and intending to be legally bound thereby, the parties agree as follows: 1. Article 1. Employment and Term is hereby amended by changing the Executive's title to Executive Vice President. 2. Article 3.A Compensation is hereby amended by changing the "Base Salary" to $250,000. 3. Article 5. Termination is hereby amended by changing Article 5C and 5E so that the twelve (12) month period contained therein shall now be read as eighteen (18) months. 4. All other terms of the Agreement shall remain the same. IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed as of the date first above written. CHECKPOINT SYSTEMS, INC. BY: /s/ Michael E. Smith BY: /s/ John Davies, Jr. -------------------- -------------------- President and Chief John Davies Executive Officer