EXHIBIT 10.15
SECOND AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT (the "Second Amendment") to the EMPLOYMENT
AGREEMENT (the "Agreement"), is made in New York, New York as of the 1st day of
April, 2002, between Atlantic Technology Ventures, Inc., a Delaware corporation
having its executive offices and principal place of business at 000 Xxxxx
Xxxxxx, Xxxxx 0000, Xxx Xxxx, Xxx Xxxx (the "Company"), and Dr. A. Xxxxxx
Xxxxxx, an individual currently residing at 000 Xxxxxxxxx Xxxxxx, Xxx Xxxx, Xxx
Xxxx ("Executive").
WHEREAS, the Parties hereto entered into the Agreement dated April 10,
2000;
WHEREAS, the Parties hereto entered into a First Amendment to the
Agreement dated February 20, 2001;
WHEREAS, the Parties hereto desire to amend certain aspects of the
Agreement;
NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and agreements
hereinafter set forth, the Company and Executive agree as follows:
1. As of the date hereof, Section 3(a) shall be amended to read
in its entirety as follows:
Base Salary. The Company agrees to pay to Executive a base salary
("Base Salary") at the annual rate of $75,000, payable in equal installments
consistent with the Company's payroll practices. Notwithstanding the forgoing,
the Executive agrees to defer and accrue a portion of the Base Salary at the
annual rate of $25,000, deferrable and accruable in equal installments
consistent with the Company's payroll practices. The salary deferral and accrual
shall end and Company will pay the Executive in full the deferred and accrued
salary amount hereunder upon the earlier of either the Company's own
determination, the Executive's termination of employment by the Company as
provided in Section 4(d) of this Agreement, or the expiration of the Term of
this Agreement.
2. As of the date hereof, Section 3(c) shall be amended to read
in its entirety as follows:
Bonus, The Company shall pay to Executive an annual bonus (the "Bonus")
in an amount to be determined by Compensation Committee of the Board of
Directors in its discretion but in no event less than $15,000. In addition,
Executive shall be entitled to participate in any bonus or other incentive
programs as may be established by the Company. Notwithstanding the forgoing, the
Company will pay the Executive in full any accrued bonus amount hereunder upon
the earlier of either the Executive's termination of employment by the Company
as provided in Section 4(d) of this Agreement, or the expiration of the Term of
this Agreement.
3. As of the date hereof, Section 4(d) shall be amended to read
in its entirety as follows:
Termination By Company For Any Other Reason. In the event that
Executive's employment hereunder is terminated by the Company during the Term
for any reason other than as provided in Section 4(b) or 4(c) of this Agreement,
then the Company shall pay to Executive the Base Salary through such
1
date of termination and, in lieu of any further compensation and benefits for
the balance of the Term, severance pay equal to the Base Salary that Executive
should have otherwise received during the period beginning on such date of
termination and ending six (6) months from the effective date of such
termination, which severance pay shall be paid commencing with such date of
termination at the times and in the amounts such Base Salary would have been
paid. Notwithstanding the forgoing, the Company shall also pay the Executive in
full any deferred and accrued salary owed under Section 3(a) of this Agreement,
and any accrued bonus under Section 3(c) of this Agreement. Notwithstanding
anything to the contrary contained herein, in the event that Executive shall
breach Section 5 or 6 of this Agreement, in addition to any other remedies the
Company may have in the event Executive breaches this Agreement, the Company's
obligation pursuant to this Section 4(d) to continue such salary shall cease and
Executive's rights thereto shall terminate and shall be forfeited.
IN WITNESS WHEREOF, the Company has caused this Second Amendment to be
duly executed on its behalf by an officer thereunto duly authorized and
Executive has duly executed this Agreement, all as of the date and year first
written above.
ATLANTIC TECHNOLOGY VENTURES, INC.
By: /s/ Xxxxxxxx X. Xxxxx
--------------------------------
Xxxxxxxx X. Xxxxx
President
/s/ A. Xxxxxx Xxxxxx
------------------------------------
Dr. A. Xxxxxx Xxxxxx
2
