Furlough Agreement Letter between Porta Systems Corp. and William V. Carney (July 21, 2003)

Summary

Porta Systems Corp. and William V. Carney have agreed that Mr. Carney will take a thirteen-week furlough from July 21 to October 17, 2003. During this period, he will continue to receive his current employee benefits, but will be responsible for paying health, dental, and life insurance premiums directly. The furlough period will be added to the end of his existing employment agreement, extending the termination date to March 13, 2006. Both parties have signed to confirm their agreement to these terms.

EX-10.5 5 v015043_ex10-5.txt ________________________________________ [LOGO] PORTA SYSTEMS CORP. ________________________________________ ________________________________________ EDWARD B. KORNFELD SENIOR VICE PRESIDENT OPERATIONS CHIEF FINANCIAL OFFICER Via Facsimile ###-###-#### July 21, 2003 Mr. William V. Carney 5 Willada Lane Glen Cove, New York 11542 Re.: Furlough Dear Bill, On July 16, 2003 you agreed to take a thirteen-week furlough beginning July 21 and ending October 17, 2003. Your salary and the other employee benefits for this period will be added onto the end of your current amended employment agreement, dated December 13, 2002, so that the new termination date will be March 13, 2006. During this thirteen-week period, you will continue to receive your current employee benefits. You will be invoiced monthly for the health, dental and life insurance premiums as you are currently paying through payroll withholding. If you agree to the above, please countersign a copy of this letter and return it to my attention. Sincerely yours, Agreed: /s/ Edward B. Kornfeld /s/ William V. Carney Edward B. Kornfeld -------------------------------- Senior Vice President Operations William V. Carney Chief Financial Officer Cc: Robert H. Davies, Managing Director Warren H. Esanu, Esq., Esanu Katsky Korins & Siger 6851 Jericho Turnpike - Syosset - New York 11791 - Tel. (516) 364-9300 - Fax ###-###-####