Attached files
| file | filename |
|---|---|
| EX-3.1 - AMERICAN DEFENSE SYSTEMS INC | v172324_ex3-1.htm |
| EX-10.2 - AMERICAN DEFENSE SYSTEMS INC | v172324_ex10-2.htm |
| EX-10.3 - AMERICAN DEFENSE SYSTEMS INC | v172324_ex10-3.htm |
| 8-K - AMERICAN DEFENSE SYSTEMS INC | v172324_8k.htm |
AMENDMENT
TO EMPLOYMENT AGREEMENT
THIS
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made effective as of
January 1, 2010 (the “Effective Date”) by and between Anthony Piscitelli,
(“Piscitelli” or the “Executive”) and American Defense Systems, Inc. (“ADSI” or
the “Company”).
WHEREAS,
ADSI and Piscitelli have previously entered into an employment agreement dated
January 1, 2007 ( the “Original Employment Agreement”);
and
WHEREAS,
ADSI and Piscitelli desire to amend the Original Employment Agreement between
the parties.
NOW
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, ADSI
and Piscitelli hereby agree as follows:
1. Section
3.1 of the Original Employment Agreement (Base Salary) is hereby amended
to provide that Executive’s Base Salary will be reduced for 2010 by 10% from the
2009 Base Salary. The Company will review Executive’s Base Salary
after the completion of the Company’s Second Fiscal Quarter (Q-2) of 2010 to
determine if Executive’s Base Salary for 2010 can be increased to restore it in
whole or in part to its 2009 level. Executive’s Base Salary will be
restored fully to at least his 2009 Base Salary amount for year 2011 and
thereafter.
2. Section
5.4 (Termination by the Company
Without Cause) and as referenced in Section 5.6 (Termination by Executive for Good
Reason), of the Original Employment Agreement is hereby amended to
reflect that so long as the Base Salary reduction contemplated by Section 1
hereof is in effect any salary continuation as set forth in Section 5.4(b) of
the Original Employment Agreement shall be at the unreduced amount (i.e., the
2009 Base Salary prior to the reduction set forth in this Amendment to said
Section 3.1). Additionally, Sections 5.4 (Termination by the Company Without
Cause) and 5.6 (Termination by Executive for Good
Reason) as set forth in Schedule A to the Original Employment Agreement
are hereby amended to provide that in the event of a termination without Cause
by the Company or a termination for Good Reason by Executive, the amount of the
reduction to Executive’s Base Salary for 2010 will be added to the lump sum
payment set forth in subsection (a) of Sections 5.4 and 5.6 of Schedule
A.
3. Except
as amended hereby, all of the terms of the Original Employment Agreement shall
remain and continue in full force and effect and are hereby confirmed in all
respects, and all references after the date hereof to the Original Employment
Agreement shall be deemed to refer to the Original Employment Agreement as
amended hereby.
[The
Remainder of this Page Intentionally Left Blank]
IN
WITNESS WHEREOF, the parties have executed this Amendment effective as of the
date set forth above.
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American
Defense Systems, Inc.
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By:
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/s/ Gary Sidorsky
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Name:
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Gary Sidorsky
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Title:
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CFO
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Anthony
Piscitelli
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/s/ Anthony
Piscitelli
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