Employment Agreement Extension and Bonus Terms between NAPCO Security Technologies, Inc. and Jorge D. Hevia
NAPCO Security Technologies, Inc. is extending Jorge D. Hevia’s employment agreement for two years, from October 6, 2014, to October 5, 2016, with an annual salary of $296,905.76 and the possibility of discretionary raises. For Fiscal Year 2015, Mr. Hevia is eligible for a bonus based on increases in net sales, ranging from $50,000 to $100,000, depending on the percentage of sales growth. All other terms of the original employment agreement remain unchanged.
Exhibit 10.N
June 9, 2014
HAND-DELIVERED
Mr. Jorge D. Hevia
Senior Vice President of Corporate Sales and Marketing
NAPCO Security Technologies, Inc.
333 Bayview Avenue
Amityville, New York 11701
| Re: | Employment Agreement |
Dear Jorge:
NAPCO is pleased to offer a two-year extension of your Employment Agreement (from October 6, 2014 through October 5, 2016) at an annual salary of $296,905.76, subject to discretionary salary increases during each of your annual performance evaluations.
Assuming no further acquisitions, mergers or similar developments, and presuming that profit margins do not decrease, NAPCO will also pay you a bonus for Fiscal Year 2015 based on increased fiscal year-over-year net sales volume increases as follows:
| (i) | $50,000.00 should NAPCO net sales increase by five percent (5%) or more, or |
| (ii) | $60,000.00 should NAPCO net sales increase by six percent (6%) or more, or |
| (iii) | $70,000.00 should NAPCO net sales increase by seven percent (7%) or more, or |
| (iv) | $80,000.00 should NAPCO net sales increase by eight percent (8%) or more, or |
| (v) | $90,000.00 should NAPCO net sales increase by nine percent (9%) or more, or |
| (vi) | $100,000.00 should NAPCO net sales increase by ten percent (10%) or more, or |
The pay date of any earned bonus will be within one month of the close of the 2015 Fiscal Year and shall take into account any returns and/or credits.
All other terms and conditions of your Employment Agreement will remain the same. Please sign below to acknowledge your acceptance of this offer.
I have greatly enjoyed working with you during our many years together and greatly look forward to us continuing to work together for years to come.
Kindest personal regards.
Sincerely,
NAPCO SECURITY TECHNOLOGIES, INC.
/s/ Richard Soloway
Richard L. Soloway
Chairman of the Board
Accepted by: /s/Jorge D. Hevia
Jorge D. Hevia
Dated: June 9, 2014
