Exhibit 10.3 1
MODIFICATION OF EMPLOYMENT AGREEMENT
This Agreement made this 29th day of January, 2003 by and between
Manchester Technologies, Inc. (f/k/a Manchester Equipment Co., Inc.), a
corporation maintaining its principal place of business at 160 Oser Avenue,
Hauppauge, New York, hereinafter called the "Employer", and Joel Stemple,
residing at 35 Hamlet Drive, Hauppauge, New York 11788, hereinafter called the
"Employee".
WHEREAS, the Employer and the Employee entered into a certain agreement of
employment on September 30, 1996, and
WHEREAS, the term of said Employment Agreement expired on July 31, 2001,
and was renewed for an additional year to July 31, 2002 with certain
modifications, and
WHEREAS, the Employer and the Employee desire to extend the term of
employment through July 31, 2004 with certain modifications as set forth in the
within agreement,
NOW, THEREFORE, in consideration of the mutual covenants, terms and
conditions contained herein, it is agreed as follows:
1. Paragraph 4 (Term) of the Employment Agreement is herein amended as
follows: "The Employer hereby engages the Employee to perform the duties as
set forth in the Employment Agreement of September 30, 1996 for a period
commencing as of August 1, 2002 and ending July 31, 2004."
2. Paragraph 6 (Compensation) is herein amended as follows: "As compensation
for his services as aforesaid, and as salary in connection with the duties
to be performed by the Employee, the Employer shall pay to the Employee the
salary as hereinafter set forth, such sums to be paid in bi-weekly
installments:
August 1, 2002 - July 31, 2003 - $225,000.00 per annum payable
$8,653.84 on a bi-weekly basis.
August 1, 2003 - July 31, 2004 - $225,000.00 per annum payable
$8,653.84 on a bi-weekly basis."
3. Paragraph 6 (d) (Compensation) is herein amended as follows:
(d) "As additional compensation for the performance of his duties
hereunder, the Employee shall be entitled to sixty (60) "PAL" days during
each year of the term of the within agreement, pursuant to the present
Employer's Program for "PAL".
4. Paragraph 7 (Disability Provisions) of the Employment Agreement is
herein amended as follows:
a. The following provision is deemed as an addition to the provisions
of paragraph 7 (a) -
"In the event total disability should occur with less than 180 days
remaining in the term of employment, the "full salary" provisions of the
within paragraph shall be limited to the number of days actually remaining
in the term of employment."
b. The following provision is deemed as an addition to the provisions
of paragraph 7 (b) - "In the event such total disability should continue
for a period longer than 180 days, the "75% of salary" provisions of the
within paragraph shall be limited to the number of days actually remaining
in the term of employment.
5. Paragraph 8 (b) of the Employment Agreement is herein amended as
follows:
The following provision is deemed as an addition to the provisions of
paragraph 8 (b):
"In the event such termination should occur, with less than 12 months
remaining in the term of employment, the salary compensation provisions of
the within paragraph shall be limited to the number of days actually
remaining in the term of employment."
6. Paragraph 13 (Vacation) is herein amended as follows:
"Provisions of paragraph 13 are herein deemed deleted in their
entirety from the Agreement."
7. Upon the termination of the within agreement for cause, or the
expiration of the term hereof, the Employee shall resign his position as an
officer of the Employer, which resignation shall be effective upon the date of
termination and/or the date of expiration of the term.
8. Reference is herein made to a certain "Severance and Release Agreement"
annexed hereto as Exhibit "A".
Upon the expiration of the term hereof, the Employer and the Employee
herein agree to enter into such "Severance and Release Agreement", the terms and
conditions of which are herein incorporated by reference, with the same force
and effect as if fully set forth herein and executed simultaneously herewith.
It is specifically understood and agreed that in the event of a termination
of the Employment Agreement for "cause", the said Severance and Release
Agreement shall be deemed a nullity and of no force and effect.
9. With the exception of the foregoing provisions of the within agreement,
the terms and conditions of the Employment Agreement of September 30, 1996, and
the subsequent modification agreements thereto, remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and year first above written.
In the Presence of:
Manchester Technologies, Inc.
_______________________________________ by:
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Joel Stemple
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