AMENDMENT NO. 1 , dated as of August 25, 2008, to EMPLOYMENT
AGREEMENT , dated as of October 16, 2007 (the
“Amendment”), by and between DCAP GROUP, INC .,
a Delaware corporation (the “Company”), and BARRY
GOLDSTEIN (the “Employee”).
RECITALS
WHEREAS , the Company and the Employee are parties to an
Employment Agreement, dated as of October 16, 2007 (the
“Employment Agreement”), which sets forth the terms and
conditions upon which the Employee is employed by the Company and
upon which the Company compensates the Employee.
WHEREAS , the Employee serves as Chairman of the Board
(“Chairman”) and Chief Investment Officer
(“CIO”) of Commercial Mutual Insurance Company
(“CMIC”).
WHEREAS , the Employee has entered into an Employment
Contract with CMIC (the “CMIC Employment Contract”)
pursuant to which, among other things, he will be required to
devote a significant portion of his working hours to the
fulfillment of his duties and responsibilities as Chairman and CIO
of CMIC and he will be entitled to receive compensation from CMIC
in consideration therefor.
WHEREAS , the Company and the Employee desire to amend
the Employment Agreement to give effect to the Employee’s
entering into the CMIC Employment Contract.
NOW, THEREFORE , in consideration of the foregoing, and for
other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties, intending to be
legally bound, hereby agree as follows:
1. Paragraph 3.1 of
the Employment Agreement is amended to read as follows:
“3.1 During
the Term, the Employee shall expend all of his working time for the
Company (subject to the further provisions hereof); shall devote
his best efforts, energy and skill to t
