Exhibit 10.2
AMENDMENT
THIS AMENDMENT is entered into as of the 20th day of March, 1997
between Xxxxxxx X. Xxxxxxxxx ("Xx. Xxxxxxxxx") , Xxxx Xxxxxxxxx ("Xxx.
Xxxxxxxxx") and Recoton Corporation (the "Company").
WHEREAS, the Company engages Xx. Xxxxxxxxx'x services pursuant to an
employment and consulting agreement dated as of May 8, 1987 (the "Agreement");
WHEREAS, Xxx. Xxxxxxxxx, the wife of Xx. Xxxxxxxxx, has assisted Xx.
Xxxxxxxxx over his years with the Company and is a resource with information
valuable to the Company; and
WHEREAS, the parties desire to make certain amendments to the
Agreement.
NOW, THEREFORE, the Agreement is hereby amended to renumber the
current Section 11 as Section 12 (and to make any appropriate changes in cross
references) and to add a new Section 11 which shall read as follows:
11. Upon the death of Xx. Xxxxxxxxx, if he is an
employee of or consultant to the Company pursuant to this Agreement,
Xxx. Xxxxxxxxx shall be retained by the Company for so long as she
shall live to provide consulting services as requested by the Company,
for which she shall receive annual compensation at a rate equal to 50%
of the Contract Amount in effect for services as a consultant at the
date of Xx. Xxxxxxxxx'x death, which payment shall be subject to CPI
adjustment as set forth in Section 4. The Company shall maintain for
Xxx. Xxxxxxxxx'x benefit such of the hospitalization and major medical
benefits as it was maintaining for Xx. Xxxxxxxxx at the date of his
death, to the extent that the Company has the legal ability to do so.
While Xxx. Xxxxxxxxx is receiving payments hereunder and during the
term of Xx. Xxxxxxxxx'x employment and retainer hereunder, she shall be
bound by the terms of Sections 6, 7, 9, 10 and 12 of this Agreement as
if she was the party named therein.
IN WITNESS WHEREOF, the Company has caused this Amendment to be
executed by its officer thereunto duly authorized, and Xx. Xxxxxxxxx and Xxx.
Xxxxxxxxx have signed this Amendment, as of the 20th day of March,
1997.
RECOTON CORPORATION
By: /s/ Stuart Mont
Name: Stuart Mont
Title: Executive Vice President
/s/ Xxxxxxx Borcharart /s/ Xxxx Xxxxxxxxx
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Xxxxxxx Xxxxxxxxx Xxxx Xxxxxxxxx