FIFTH EXTENSION OF EMPLOYMENT AGREEMENT
Exhibit
10.2.5
This
Agreement (this “Extension Agreement”) is dated the 30th day of September, 2007
by and between Tekni-Plex, Inc., a Delaware corporation (the “Employer”), having
its principal offices at 000 Xxxxxxxxxx Xxxxxxx, Xxxxxxxxxx, XX 00000, and
F.
Xxxxxxx Xxxxx, an individual (the “Executive”), residing at 0000 Xxxxxxx Xxxxx,
Xxxx 00, Xxxxxx Xxxxx, XX 00000.
W
I T N E
S S E T H:
WHEREAS,
Executive has been continuously employed by Employer since March 18, 1994 and
Executive and Employer desire that Executive continue in his role as the
Chairman of the Board of Directors and Chief Executive Officer of Employer,
upon
the terms and conditions herein set forth;
WHEREAS,
on January 30, 1997 Employer and Executive entered into an employment agreement
which superseded and replaced in its entirety the prior employment agreement
between the Employer and Executive dated March 18, 1994 (as amended, the “Prior
Agreement”);
WHEREAS,
on March 2, 1998 Employer and Executive entered into Amendment Number 1 to
the
employment agreement dated as of January 30, 1997 (as amended, the “Original
Agreement”);
WHEREAS,
on June 21, 2000 Employer and Executive entered into an amended and restated
employment agreement amending the terms of and restating the prior Original
Agreement (as amended, the “Amended and Restated Employment Agreement”) in
connection with the recapitalization of Employer pursuant to the
Recapitalization Agreement dated as of April 12, 2000 among Employer and other
parties thereto;
WHEREAS,
in connection with the issuance by Employer of Series A Preferred Stock under
the Preferred Stock Purchase Agreement dated May 13, 2005, Employer and
Executive entered into a second amended and restated employment agreement
amending the terms of and restating the prior Amended and Restated Employment
Agreement (as amended, the “Second Amended and Restated Employment
Agreement”);
WHEREAS,
the expiration date of the Second Amended and Restated Employment Agreement
was
extended several times and it is currently scheduled to expire on September
30,
2007; and
WHEREAS,
on the date hereof, Employer and Executive each desires to extend the term
of
the existing Second Amended and Restated Employment Agreement;
NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants
contained in this Extension Agreement, Employer and Executive, intending to
be
legally bound, hereby agree as follows:
1. The
Second Amended and Restated Employment Agreement shall remain in effect with
its
existing terms and conditions until October 15, 2007.
2. This
Extension Agreement may be executed in counterparts, each of which shall be
deemed to be an original, but all of which, when taken together, shall
constitute one and the same instrument.
IN
WITNESS
WHEREOF, the parties hereto have caused this Extension Agreement to be executed
as of the day and year first above written.
Tekni-Plex, Inc. | ||
By: |
/s/
Xxxxx X. Xxxxxx
|
|
Xxxxx
X. Xxxxxx
|
||
Chief
Financial Officer
|
||
Executive: | ||
/s/
Dr. F. Xxxxxxx Xxxxx
|
||
Dr.
F. Xxxxxxx Xxxxx
|
Agreed
and
Accepted:
/s/
Xxxxxxx Xxxxxx
Xxxxxxx
Xxxxxx
Preferred
Stock Designee
2