AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment, dated as of February 17, 2002 (this "Amendment"), to
the Employment Agreement, dated as of February 17, 1999 (the "Agreement"), is
entered into between AptarGroup, Inc., a Delaware corporation (the "Company"),
and Xxxx Xxxxxxxx (the "Executive").
WHEREAS, the Company and the Executive desire to amend the Agreement
(i) to extend the term of the Agreement as provided herein and (ii) to modify
certain other terms of the Agreement as provided herein;
NOW, THEREFORE, in consideration of the mutual promises contained
herein and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Executive hereby agree as follows:
1. Section 1 of the Agreement is amended by deleting the second
sentence thereof and substituting therefor the following two sentences:
"The term of employment of the Executive by the Company pursuant to
this Agreement shall commence on the Effective Date and shall end on
the third anniversary of the Effective Date, unless earlier terminated
pursuant to Section 4 hereof; provided that the term of this Agreement
shall be extended automatically for one additional year as of each
anniversary of the Effective Date, commencing with the third
anniversary of the Effective Date, unless earlier terminated pursuant
to Section 4 hereof or unless not later than six months prior to any
such renewal date either the Company or the Executive gives written
notice to the other that the term of this Agreement shall not be so
extended. The initial three-year term of this Agreement and any
extension of such initial three-year term pursuant to this Section 1
shall be referred to herein as the "Employment Period."
2. The first sentence of Section 3(a) of the Agreement is amended by
adding the following at the end thereof:
", and, commencing as of January 1, 2002 at the rate of $324,000 per
annum."
3. Section 3(b) of the Agreement is amended to read in its entirety as
follows:
"(b) Annual Performance Bonus. The Executive shall be eligible to
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receive an annual performance bonus payable in cash for each fiscal
year of the Company during the Employment
Period. The amount of such annual performance bonus shall be
calculated by the Company using the Emsar Annual Performance Bonus
Plan formula."
4. The second sentence of Section 3(e) of the Agreement is amended by
deleting therefrom the words "with coverage of $200,000 on the life of the
Executive,".
5. Section 3(j) of the Agreement is amended by deleting therefrom the
word "four" and substituting therefor the word "five".
6. Clause (i) of Section 4(d) of the Agreement is amended by deleting
the word "or" at the end thereof and substituting therefor the words "without
further extension or".
7. Clause (a) of the second sentence of Section 5 of the Agreement is
amended by deleting therefrom the words "third anniversary of the Effective
Date" and substituting therefor the words "last day of the Employment Period".
8. In all other respects, the Agreement shall not be amended and shall
remain in full force and effect.
IN WITNESS WHEREOF, the Company and the Executive have executed this
Amendment as of the date first above written.
APTARGROUP, INC.
By: /s/ Xxxxxxx X. Xxxxx
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EXECUTIVE
/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx
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