Attached files
| file | filename |
|---|---|
| EX-3.1 - AMERICAN DEFENSE SYSTEMS INC | v172324_ex3-1.htm |
| EX-10.1 - AMERICAN DEFENSE SYSTEMS INC | v172324_ex10-1.htm |
| EX-10.2 - AMERICAN DEFENSE SYSTEMS INC | v172324_ex10-2.htm |
| 8-K - AMERICAN DEFENSE SYSTEMS INC | v172324_8k.htm |
SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made effective as
of January 1, 2010 (the “Effective Date”) by and between Gary
Sidorsky (“Sidorsky” or the “Executive”) and American Defense
Systems, Inc. (“ADSI” or the “Company”).
WHEREAS,
ADSI and Sidorsky have previously entered into an employment agreement dated
January 1, 2007 (the “Original Employment Agreement”) as amended by that certain
Amendment to the Employment Agreement dated January 9, 2009 (the “First
Amendment”, and together with the Original Employment Agreement, the “Employment
Agreement”); and
WHEREAS,
ADSI and Sidorsky desire to amend the 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 Sidorsky 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).
3. Except
as amended hereby, all of the terms of the 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 Employment Agreement shall be deemed
to refer to the 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/ Anthony Piscitelli
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Name:
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Anthony Piscitelli
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Title:
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CEO
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Gary
Sidorsky
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/s/ Gary
Sidorsky
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