Section 7(c) of the Employment Agreement is amended to read in its entirety as follows:
Section 7(c). Section 7(C) of the Agreement is hereby deleted in its entirety and replaced with the following:
Section 7(c). Section 7(c) of the CEO Agreement shall be amended by deleting the reference to “Section 7(a)” and replacing such reference with “Sections 7(a) and 7(g)”.
Section 7(c). Notice of Acceleration or Rescission...........................................................46
Section 7(c). The Company and Employee hereby agree that notwithstanding the terms of the Employment Agreement, the payment of any lump sum amount under Section 7(c)(i) of the Employment Agreement shall be made to Employee on Employee’s employment termination date. The Company and Employee further agree that for purposes of Section 7(c)(i) the reference to “Bonus paid to Employee and/or which Employee was determined by the Compensation Committee to have earned or been entitled to (regardless of whether paid) during the immediately preceding twelve month period ending on the date she experiences a Separation from Service” shall mean and refer to $127,575, regardless of when actually paid, and regardless of whether more than 12 months have elapsed between the time the Compensation Committee determined that Employee had earned or been entitled to said Bonus and the time of Employee’s termination in connection with a Change of Control.
Section 7(c). The Board shall provide one times the employee’s annual salary of term life insurance and one times the employee’s annual salary of accidental death and dismemberment insurance with a minimum of $25,000 and a maximum of $150,000 300,000 for all employees who are eligible for benefits.
Section 7(c). Section 7(c) of the Warrant is hereby amended and restated to read in full as follows:
Section 7(c). (i) of the Credit Agreement is hereby amended by deleting the phrase “, or Section 10 of the New Guarantee” therefrom.
