Amendment to Employment Agreement between CPI Aerostructures, Inc. and Arthur August (2005)

Contract Categories: Human Resources › Employment Agreements
Summary

This letter agreement amends the existing employment agreement between CPI Aerostructures, Inc. and Arthur August. Effective January 1, 2005, Mr. August will serve as Chairman Emeritus through December 31, 2005, with a base salary of at least $60,000. He will not receive a bonus or additional stock options for 2005. The non-compete fee will be paid starting January 1, 2006, and Mr. August agrees to terminate his current 10(b)5-1 Plan. All other terms of the original agreement remain unchanged.

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EX-10.22 3 file003.htm LETTER AGREEMENT 
  EXHIBIT 10.22 CPI AEROSTRUCTURES, INC. 200A EXECUTIVE DRIVE EDGEWOOD, NEW YORK 11717 October 28, 2004 Mr. Arthur August 7155 Wainscott Court Sarasota, FL 34238 Dear Mr. August: This letter will serve to extend and amend the employment agreement, dated August 14, 2001 ("Employment Agreement") between you and CPI Aerostructures, Inc. ("Company"), effective as of January 1, 2005. Except as herein amended, all of provisions of the Employment Agreement shall remain in full force and effect. 1. From January 1, 2005 through December 31, 2005, you shall be employed by the Company as its Chairman Emeritus and Section 1.1 of the Employment Agreement shall be deemed amended accordingly. 2. Your "Base Salary" during calendar year 2005 shall be at the annual rate of not less than $60,000 and Section 2.1 of the Employment Agreement shall be deemed amended accordingly. 3. You shall not be entitled to a "Bonus" for the 2005 calendar year under Section 2.2 of the Employment Agreement or any additional option grants under Section 2.3 of the Employment Agreement. 4. The "Employment Term" under Section 3 of the Employment Agreement shall continue until December 31, 2005. 5. The "Non-compete Fee" under Section 4.7(d) of the Employment Agreement shall be paid in accordance with the terms of the Employment Agreement, with the first installment thereof to be paid on January 1, 2006. 6. You have agreed to terminate your existing "10(b)5-1 Plan" effective as of the date hereof. If this adequately sets forth our understanding with respect to your Employment Agreement, please sign in the space provided below and return it to the undersigned. Sincerely, CPI AEROSTRUCTURES, INC. By: /s/ Edward J. Fred ----------------------------------- Edward J. Fred President and CEO ACCEPTED AND AGREED TO: /s/ Arthur August - ----------------------------- ARTHUR AUGUST