Exhibit 10.14
AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT to the Employment Agreement (the "Employment Agreement"), dated
April 1, 2005, between Refac Optical Group (formerly known as Refac and referred
to hereunder as "Refac") and Xxxxxxx X. Xxxxxxxx, Xx. ("XXXXXXXX").
W I T N E S S E T H:
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WHEREAS, CARDONNE is currently employed by REFAC pursuant to the Employment
Agreement; and
WHEREAS, the parties hereto desire to extend the term of the Employment
Agreement from December 31, 2006 to December 31, 2007 and increase the base
salary from $200,000 to $250,000:
NOW, THEREFORE, in consideration of the premises and the respective
agreements of the parties herein contained, the parties hereto, intending to be
legally bound, agree as follows:
1. Article 2 of the Employment Agreement is hereby amended to provide
that the term of CARDONNE'S Employment Agreement will end on December 31, 2007.
Article 2, as amended hereby, reads in its entirety as follows:
2. Term. The employment of CARDONNE by REFAC hereunder will
continue until December 31, 2007, unless further extended by agreement of
CARDONNE and REFAC or until sooner terminated as hereinafter provided.
2. Article 5(a) of the Employment Agreement is hereby amended to provide
that CARDONNE'S base salary will be $250,000 from January 1, 2006 for the
duration of the Term of the Employment Agreement. Article 5(a), as amended
hereby, reads in its entirety as follows:
5. Base Salary and Incentive Compensation.
(a) Base Salary. During the Employment Period, CARDONNE's
salary will be $250,000 per annum ("Base Salary"). Payment of such
salary will be made in accordance with REFAC's customary pay practices
for senior officers and will be subject to such payroll deductions as
are required by law or by the terms of any applicable benefit plan of
REFAC.
All of the remaining terms and conditions of the Employment Agreement shall
be unaffected and shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to the
Employment Agreement.
/s/ Xxxxxxx X. Xxxxxxxx Xx.
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Xxxxxxx X. Xxxxxxxx, Xx.
Dated: March 30, 2006
REFAC OPTICAL GROUP
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx
Senior Vice President
Dated: March 30, 2006
