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Exhibit 99.1
AMENDMENT NO. 2
TO
EMPLOYMENT AGREEMENT
THIS
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT, dated as of
December 6, 2006 (this "AMENDMENT"), amends that certain
EMPLOYMENT AGREEMENT dated as of February 14, 2003 by and
between MOTORCAR PARTS OF AMERICA, INC., a New York corporation
formerly known as MOTORCAR PARTS & ACCESSORIES, INC. (the
"COMPANY"), and Selwyn Joffe, an individual ("EXECUTIVE") (as
amended by that certain Amendment No. 1 to Employment
Agreement dated as of April 22, 2005, the "EMPLOYMENT
AGREEMENT"), and is made and entered into with reference to the
following facts (all capitalized terms not otherwise defined herein
have the respective meanings assigned to them in the EMPLOYMENT
AGREEMENT):
WHEREAS,
the COMPANY and EXECUTIVE desire to amend the EMPLOYMENT AGREEMENT
to extend the term of EXECUTIVE’S employment.
NOW,
THEREFORE, the parties hereby agree as follows:
1. Amendments to
Employment Agreement .
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(a)
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Section 2 is hereby amended by replacing
"March 31, 2008" with "August 30, 2009."
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(b)
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Section 7(c) is hereby amended and restated
in its entirety to read as follows:
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"During the EMPLOYMENT TERM the COMPANY shall
provide to EXECUTIVE an automobile allowance in the amount of
Fifteen Hundred Dollars ($1500.00) per month, payable monthly. In
addition, all costs of operating the automobile, including fuel,
oil, insurance, repairs, maintenance and other expenses, shall be
the responsibility of the COMPANY.
2. Notices . All
notices, demands and other communications provided for un
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