SECOND EXTENSION OF EMPLOYMENT AGREEMENT
Exhibit
10.2.2
This
Agreement (the “Extension Agreement”) is dated the 13th day of July, 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which superseded and replaced in its entirety the prior employment agreement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,
on May 13, 2007 the expiration date of the Second Amended and Restated
Employment Agreement was extended to July 13, 2007.
WHEREAS,
the Second Amended and Restated Employment Agreement is scheduled to expire
on
July 13, 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 July 30, 2007.
2. Execution
in Counterparts. 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
|
|
Name:
Xxxxx X. Xxxxxx
|
||
Title:
Vice President and Chief Financial Officer
|
||
Executive: | ||
/s/ Dr. F. Xxxxxxx Xxxxx | ||
F. Xxxxxxx Xxxxx |
Agreed
and
Accepted:
/s/
Xxxxxxx X. Xxxxxx
Preferred
Stock Designee