Amendment to Section 5(b). The Section 5(b) of the Agreement is hereby amended and restated in its entire to read as follows:
Amendment to Section 5(b). Section 5B of the original Agreement is hereby amended by deleting such section in its entirety and substituting in its place the following:
Amendment to Section 5(b). Section 5(b) of the Employment Agreement is hereby amended and the following sentence is added after the last sentence of Section 5(b): “Notwithstanding anything to the contrary herein, if any of the payments and benefits provided for in this Section 5(b) constitute non-qualified deferred compensation subject to Section 409A and the sixty (60) day period in which you must execute the release begins in one calendar year and ends in another, the payments and benefits provided for in this Section 5(b) shall commence, be made or become effective in the later calendar year.”
Amendment to Section 5(b). Section 5(b) of the Agreement is hereby deleted in its entirety.
Amendment to Section 5(b). Section 2.b of the Existing Agreement is hereby amended to add a new subsection 5.b.iii to read as follows:
Amendment to Section 5(b). The first sentence of Section 5(b) is hereby amended and restated to add the phrase “payable on or before March 15th of the calendar year following the calendar year to which an applicable bonus relates” to the end of such sentence.
Amendment to Section 5(b). (a) Section 5(b) of the Master Agency Agreement is deleted and replaced in its entirety with the following:
Amendment to Section 5(b). Effective as of January 1, 2012, Section 5(b) of the Employment Agreement is hereby amended in its entirety to read as follows:
Amendment to Section 5(b). As of the First Amendment Effective Date, Licensee shall no longer be obligated to pay the Managed Service Fees pursuant to Section 5(b) of the Agreement; provided that, all Managed Service Fees owed to Licensor prior to the First Amendment Effective Date shall be paid in full.
Amendment to Section 5(b). The following language shall be added to the bottom of Section 5.2(b): “Executive shall be entitled to receive an additional bonus in the amount of $100,000.00, payable upon the earlier of the date (i) the Company’s stock has traded at or above book value for a period of twenty (20) consecutive days or (ii) an individual or entity purchases all or substantially all of the Company’s stock or assets for a price that is equal to or greater than book value. In the event that neither event referenced in (i) or (ii) above occurs during the Employment Term, Executive shall not be entitled to any bonus under this provision.” The remainder of the provisions set forth under Section 5(b) of the Employment Agreement shall remain unchanged and in full force and effect.
