AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

Paragraph 4 of the Agreement is deleted in its entirety and replaced with the following:

Base Salary. During calendar year 2015, Executive will be entitled to receive a base salary (“Base Salary”) of $175,000. Executive will receive a two percent (2%) annual salary increase in each subsequent year that the Agreement remains in effect (i.e., Executive’s salary in calendar year 2016 will be $178,500, calendar year 2017 will be $182,070).

Bonus. After the end of each Company fiscal year during the term of the Agreement, Executive will be eligible to receive an annual bonus (“Bonus”) in an amount up to $25,000, with such Bonus, if any, to be determined by the Chairman in his/her sole discretion. Such Bonus, if any, will be based on, among other things, the Company’s performance during the fiscal year.

Payment.  Executive’s Base Salary will be paid ratably during each 12-month period during the term of the Agreement. The Bonus, if granted by the Chairman, will be paid in a single payment within thirty (30) days after the audited financial statements of the Company for the then ended fiscal year have been made available to the Company. All payments under the Agreement will be subject to withholding or deduction by reason of the Federal Insurance Contribution Act, Federal income tax, state income tax and all other applicable laws and regulations.

Fringe Benefits. During the term or this Agreement, Executive is entitled to participate in all other employee benefit plans and programs generally offered to Company employees, under the terms and conditions of each such plan or program and subject to the eligibility and cost sharing provisions thereof.

Headings. The headings in the Paragraphs of this Amendment are inserted for convenience only and will not constitute a part of this Agreement. 

Severability. The parties agree that if any provision of this Amendment is under any circumstances deemed invalid or inoperative, the Amendment will be construed with the invalid or inoperative provision deleted, and the rights and obligations of the parties will be construed and enforced accordingly.

Governing Law. This Amendment is governed by and construed in accordance with the internal law of the State of Delaware without giving effect to any choice of law or conflict provision or rule that would cause the laws of any jurisdiction other than the State of Delaware to be applied.

Amendment; Modification. This Amendment may not be amended, modified or supplemented other than in a writing signed by the parties hereto.

Entire Agreement. The Agreement as amended by this Amendment is hereby ratified in full and embodies the entire agreement between the parties hereto with respect to Executive’s employment with the Company, and there have been and are no other agreements, representations or warranties between the parties regarding such matters.

Counterparts. This Amendment may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute but one and the same instrument.