Employment Agreement Extension between NAPCO Security Technologies, Inc. and Michael A. Carrieri (2024–2026)
NAPCO Security Technologies, Inc. and Michael A. Carrieri have agreed to extend Mr. Carrieri's employment as Senior Vice President of Engineering Development for two years, from August 16, 2024, to August 15, 2026. He will receive an annual salary of $390,497.52, with the possibility of discretionary increases and bonuses based on annual performance reviews. All other employment terms remain as previously agreed, except for updated compensation figures. Both parties have signed to confirm their acceptance of this extension.
EXHIBIT 10.R
| NAPCO · ALARM LOCK · CONTINENTAL ACCESS · MARKS USA 333 Bayview Avenue, Amityville, New York 11701 USA ###-###-#### fx: 631 ###-###-#### NASDAQ:NSSC www.napcosecurity.com |
April 25, 2024
Mr. Michael A. Carrieri
Senior Vice President of
Engineering Development
NAPCO Security Technologies, Inc.
333 Bayview Avenue
Amityville, New York 11701
Re:Employment Agreement
Dear Michael:
NAPCO is pleased to extend, and desires to formalize, a two-year Employment Agreement (from August 16, 2024 through August 15, 2026 at your annual salary of $390,497.52, but subject to discretionary salary increases and bonuses during each of your annual performance evaluations.
All other terms and conditions of your employment will remain the same as set forth in your Employment Agreement dated October 11, 2002 (with the obvious exception that the monetary values set forth in Section llI have been modified over the years). Please sign below to acknowledge your acceptance of your extended two-year Employment Agreement.
Kindest personal regards.
| Sincerely, |
| NAPCO SECURITY TECHNOLOGIES, INC. |
| /s/ Richard L. Soloway |
| Richard L. Soloway |
| Chairman of the Board |
Accepted By: | /s/ Michael A. Carrieri | |
| Michael A. Carrieri | |
| | |
Dated: | April 27, 2024 | |
| | |
