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Exhibit 10.2
Stamford
Industrial Group, Inc.
One
Landmark Square
Stamford, Connecticut
06901
Reference is
made to the Employment Agreement dated as of December 1, 2006,
between Stamford Industrial Group, Inc. (the “Company”)
and you (the “Original
Agreement”). Capitalized terms used but not
otherwise defined herein shall have the meanings set forth in the
Original Agreement.
WHEREAS, the Board of Directors of the Company has
determined that in recognition of the challenges facing the Company
at this time, appropriate steps should be taken to reinforce and
encourage your continued employment with the Company by providing
you with the severance benefits set forth herein in the event your
employment with the Company is terminated without cause pursuant to
Section 7(c) of the Original Agreement.
NOW
THEREFORE , in
consideration of the mutual covenants and agreements set forth in
this letter agreement, the Company and you hereby agree as
follows:
The Original
Agreement is hereby amended, effective as of August 26, 2009, as
follows:
1. The
Term of the Original Agreement is hereby amended and shall
hereinafter continue (i) subject to termination without cause
at any time by the Company or the Employee, immediately upon
written notice to the other party, or (ii) until otherwise
terminated pursuant to Section 7 of the Original
Agreement.
2. Section
1 of the Original Agreement is hereby amended by deleting from the
first sentence thereof the words “on the third anniversary of
Commencement Date (the “Term”), subject to earlier
termination as provided herein” and replacing such words with
these words: “until the termination of
employment” as provided herein (the
“Term”)”.
3. Section
7(d) of the Original Agreement is hereby deleted in its
entirety.
4. In
the event of the termination by the Company of the Employee’s
employment without cause pursuant to Section 7(c) of the Original
Agreement, the Employee shall be paid the Severance Payment which
shall be equal to (i) six months of Base Compensation payable in
one lump sum, and (ii) six months of he
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