AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.2
EXECUTION COPY
AMENDMENT TO EMPLOYMENT AGREEMENT
This amendment (Amendment) to the Employment Agreement, effective as of March 17, 2008, is made by and between John C. Siemer (the Executive) and Point Blank Solutions, Inc. (alone or together with all divisions, subsidiaries, and groups, the Company) and amends that certain employment agreement, dated September 28, 2006, (the Employment Agreement), between the Executive and Point Blank Solutions, Inc. Except as so amended, the Employment Agreement otherwise remains in full force and effect.
WHEREAS, the parties previously entered into the Employment Agreement to provide for the Executives services as Chief Operating Officer and Chief of Staff of the Company; and
WHEREAS, the Executive and the Company desire to amend the Executives Employment Agreement on the terms set forth herein to establish certain payments due to the Executive on termination by the Company of Executives employment other than for Cause, death or disability, or termination by Executive for Good Reason;
NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements contained in this Agreement and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1. AMOUNT PAYABLE TO EXECUTIVE ON TERMINATION BY THE COMPANY OTHER THAN FOR CAUSE, DEATH OR DISABILITY, OR TERMINATION BY EXECUTIVE FOR GOOD REASON
Section 7.6(b) is hereby amended and restated in its entirety to read as follows:
(b) Other than for Cause, Death or Disability; Good Reason. If, during the Employment Period, the Company terminates the Executives employment, other than for Cause, death or disability, or if the Executive terminates his employment for Good Reason, the Company shall, subject to the Executives continued full performance of his obligations set forth in Section 5 hereof, in addition to the amounts payable under paragraph (a) above, pay to the Executive (or his estate, beneficiary or legal representative) in twelve equal monthly installments commencing on the first day of the month following the date of termination, the sum of (x) the Executives annual base salary then in effect, plus (y) the Executives target bonus, if any, for the fiscal year in which the date of termination occurs. In addition, the Executive and the Executives eligible spouse, dependents and beneficiaries will continue to be eligible to participate in the companys health, medical, disability, life and other insurance plans (subject to the Executives making required contributions to such plans) for a period of twelve months following the date of termination (or the Company will provide equivalent benefits for such period), provided that all such continuing benefits shall cease upon the date on which the Executive becomes eligible to receive comparable benefits from a subsequent employer.
[Signature Page Follows]
EXECUTION COPY
IN WITNESS WHEREOF, this Amendment to Employment Agreement has been signed by the parties hereto on the date set forth below.
POINT BLANK SOLUTIONS INC. | JOHN C. SIEMER | |||||||
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[Signature Page to Amendment to Siemer Employment Agreement]