March 2, 2009
Re: | Amendment to Employment Agreement |
Mr. Terrell Herring
3531 North Sugan Road
New Hope, PA 18938
Dear Terry:
This letter confirms our agreement and shall serve to amend the April 8, 2002 Employment Agreement between you and the Company in accordance with the following.
Compensation: Effective January 1, 2009, the Company shall pay the Executive a base salary at an annual rate of $500,000 payable at such times and in accordance with the Company's customary payroll practices as they may be adopted or modified from time to time.
Bonus The Executive shall be eligible for a bonus in each calendar year and will participate in the Corporate 0-150% bonus plan with the amount of such bonus, if any, remaining subject to the discretion of the Company.
Continuing Effectiveness of Employment Agreement Except as modified herein, the Employment Agreement dated April 8, 2008 shall remain in full force and effect in accordance with their respective terms.
If the foregoing is satisfactory, please so indicate by signing and returning to me the enclosed copy of this Letter Agreement where upon this will constitute the agreement of the parties with respect to the subject matter referenced herein.
Very truly yours,
/s/ Blane Walter
Blane Walter
Accepted and agreed to by:______________________ Dated:________________
Terrell Herring