Sample Business Contracts

Employment Agreement [Amendment No. 2] - Armor Holdings Inc. and Warren B. Kanders

Employment Forms

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  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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        THIS AMENDMENT NO. 2 ("Amendment No. 2") is dated as of November 4,
2003, between Armor Holdings, Inc., a Delaware corporation (the "Company") and
Warren B. Kanders ("Kanders"). Capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Employment Letter (defined

        WHEREAS, the Company and Kanders are parties to a letter agreement (the
"Employment Letter") dated as of January 1, 2002; and

        WHEREAS, the Employment Letter was amended pursuant to a letter
agreement dated July 26, 2003 ("Amendment No. 1"); and

        WHEREAS, the Company and Kanders desire to further amend the Employment
Letter, as amended by Amendment No.1, in accordance with the terms hereof.

        NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound, the parties hereby agree as

        1. Clause (i) of the penultimate paragraph of Amendment No. 1 is hereby
deleted in its entirety, and the following is substituted in lieu thereof:

                "(i) a stock bonus award of 200,000 shares of the Company's
        Common Stock, all of which shall vest on the date the closing price of
        the Company's Common Stock on the New York Stock Exchange (or such other
        stock market or exchange as the Common Stock shall then be traded on)
        shall equal $20 per share or more; provided, that, such $20 price per
        share is attained and maintained for five consecutive trading days on or
        before July 26, 2006 (such date referred to as the "Vesting Date"); and
        provided, further, that payment of such stock bonus award shall be
        deferred for a period of five years after the Vesting Date (the
        "Deferred Payment Date"); provided, however, that upon the occurrence of
        an Acceleration Event (as defined below) the Deferred Payment Date shall
        be accelerated to coincide with the occurrence of the Acceleration
        Event. For purposes hereof, "Acceleration Event" shall mean (a) Kanders
        being continuously employed by the Company for a period of two years
        from and after the Vesting Date; (b) the occurrence of a "change in
        control" as defined in the Employment Letter; (c) termination of
        Kanders' employment by the Company without cause pursuant to Section
        8(d) of the Employment Letter; or (d) the death or permanent disability
        (as defined in the Employment Letter) of Kanders, and".

        2. Except as expressly amended by this Amendment No. 2, the Employment
Letter, as amended by Amendment No. 1 thereto, shall remain in full force and

        3. This Amendment No. 2 shall be governed by, and construed in
accordance with, the laws of the State of New York applicable to contracts
executed and to be fully performed in such State.



        4. This Amendment No. 2 may be executed in any number of counterparts
and via facsimile, but all such counterparts will together constitute one and
the same agreement.

        IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment No. 2 as of the day and year first written above.

                             ARMOR HOLDINGS, INC.

                             By: /s/ Robert R. Schiller
                                Name:  Robert R. Schiller
                                Title: Chief Operating Officer and Chief
                                       Financial Officer

                             /s/ Warren B. Kanders
                             Warren B. Kanders