FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.1
FIRST AMENDMENT
TO
This First Amendment to Employment Agreement (this
“First
Amendment”) is made and
entered into as of October 29, 2019 by and between BK Technologies,
Inc., a Nevada corporation (the “Company”),
and Xxxxx X. Xxxxxxxx, an individual (the
“Employee”).
WHEREAS, the parties entered into an Employment
Agreement dated as of March 5, 2019 (the “Employment
Agreement”);
and
WHEREAS,
the parties desire to amend the Employment Agreement as set forth
herein.
NOW,
THEREFORE, the parties hereby agree as follows:
1. Definitions.
All capitalized terms not otherwise defined in this First Amendment
shall have the meanings given to them in the Employment
Agreement.
2. Amendments.
(a) Amendment
of Capitalized Term. The
capitalized term “Executive” that first appears in the
preamble of the Employment Agreement and thereafter appears
throughout the Employment Agreement is hereby amended by
substituting in lieu thereof the capitalized term
“Employee” in each and every instance where
appears.
(b) Amendment
to Section 2.1. Section 2.1 of
the Employment Agreement is hereby amended and restated in its
entirety by substituting in lieu thereof the
following:
2.1 Title
and Duties. The Employee shall
serve as Senior Vice President, P25 Product Solutions &
Marketing of the Company and shall perform such duties as may be
assigned to him from time to time by the President of the Company.
The Employee shall report to the President of the Company in
carrying out the Employee’s duties.
(c) Amendment
to Last Sentence of Section 4.1. The last sentence of Section 4.1 of the Employment
Agreement is hereby amended and restated in its entirety by
substituting in lieu thereof the following:
The
Base Salary will be subject to annual review and adjustment by the
Company based upon the Employee’s performance.
(d) Amendment
to Section 4.2. Section 4.2 of
the Employment Agreement is hereby amended and restated in its
entirety by substituting in lieu thereof the
following:
4.2 Annual
Bonus. Commencing with respect
to the Company’s 2019 fiscal year, the Employee will be
eligible to receive a bonus, payable in cash or through equity in
the Company, as determined by the Company. The bonus will be
subject to the achievement of performance metrics, goals,
objectives and/or other criteria as determined by the Company. Any
stock options in the Company will vest over a period of five years
from the date of grant, and will be nonqualified options under the
federal tax laws. Any equity award shall be evidenced by and
subject to the terms and conditions of an Award Agreement entered
into between the Company and the Employee.
(e) Amendment
to Section 6. Section 6 of the
Employment Agreement is hereby amended and restated in its entirety
by substituting in lieu thereof the following:
6. Company
Benefit Programs. In addition
to the compensation and the rights provided elsewhere in this
Agreement, the Employee shall be entitled to participate in each
plan of the Company now or hereafter adopted and in effect from
time to time for the benefit of employees of the Company, to the
extent permitted by such plans and applicable law. Nothing in this
Agreement shall limit the Company’s right to amend, modify
and/or terminate any benefit plan, policies or programs at any time
for any reason.
3. Reaffirmation.
Except as expressly amended above, the terms of the Employment
Agreement remain in full force and effect and are hereby
reaffirmed.
4. Governing
Law
. The validity,
interpretation, construction and performance of this First
Amendment will be governed by the laws of the State of Florida,
notwithstanding any conflict of law provision to the
contrary.
5. Counterparts.
This First Amendment may be executed in two or more counterparts,
each of which will take effect as an original and all of which will
evidence one and the same agreement.
[signature page follows]
IN WITNESS WHEREOF,
this First Amendment has been executed
as of the date first above written.
|
COMPANY:
|
|
|
|
|
|
BK TECHNOLOGIES, INC.
|
|
|
|
|
|
By: /s/ Xxxxxxx X.
Xxxxx
|
|
|
Name: Xxxxxxx X.
Xxxxx
|
|
|
Title: EVP &
CFO
|
|
|
|
|
|
|
|
|
EMPLOYEE:
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Xxxxx X.
Xxxxxxxx
|
|
|
XXXXX X. XXXXXXXX
|
|
|
|
|
|
|
|
[Signature Page to First Amendment to Employment
Agreement]
