Document:

EXHIBIT 10.9

 

AMENDMENT TO EXCHANGE AGREEMENT

 

 

This Amendment to Exchange
Agreement (the “First Amendment”) is made as of this 15th day of November 2022 by and between Wytec International, Inc., a
Nevada corporation (the “Company”), and William H. Gray, an individual (“Gray”), with respect to the following
facts:

 

RECITALS

 

		A.	The Company and Gray have entered into that certain exchange agreement, dated October 6, 2022 (the “Agreement”),
pursuant to which Gray agreed to exchange 1,000 shares of the Company’s Series C Preferred Stock for 3,000,000 shares of the Company’s
common stock (the “Exchange”).

 

		B.	As of the date of this Amendment, the Exchange has not been closed nor effected in any other manner.

 

		C.	The Company and Gray desire to amend the Agreement as provided in this First Amendment in order to amend
the closing date of the Exchange.

 

		D.	The terms used in this First Amendment will have the meanings ascribed to them in the Agreement unless
otherwise defined herein.

 

NOW,
THEREFORE, for one dollar and other good and valuable consideration, THE PARTIES HERETO AGREE
AS FOLLOWS:

 

		1.	Amendment.

 

Section 1 of the Agreement
is hereby amended and restated as follows:

 

“Effective on the
earlier of (i) the effective date of the initial public offering of the Company’s common stock on the NASDAQ Capital Markets or
(ii) October 6, 2025, with the closing of the Exchange deemed to be effective on such date (the “Closing”), Gray will tender
the Series C Shares to the Company for cancellation in consideration for the issuance to Gray of 3,000,000 Shares. The Shares will be
subject to the conditions of Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”), with respect to their
transferability, unless and until they are registered with the Securities and Exchange Commission.”

 

		2.	Effect of First Amendment.

 

The Agreement will remain
in full force and effect except as specifically modified by this First Amendment. In the event of any conflict between the First Amendment
and the Agreement, the terms of this First Amendment will govern.

 

		3.	Counterparts.

 

This First Amendment may
be executed simultaneously in any number of counterparts, each of which counterparts will be deemed to be an original and such counterparts
will constitute but one and the same instrument.

 

IN WITNESS WHEREOF,
this First Amendment is executed as of the date first above written.

 

	COMPANY: WYTEC INTERNATIONAL, INC.	 	GRAY
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:	/s/ William H. Gray	 	/s/ William H. Gray
	 	William H. Gray, Chief Executive
Officer	 	William H. Gray
	 	 	 	 
	 	 	 	 
	 	 	 	 
	By:	/s/ Erica Perez	 	 
	 	Erica Perez, Corporate SecretaryDocument

Exhibit 10.9

AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT

AMENDMENT NO. 4 TO THE EMPLOYMENT AGREEMENT (this “Amendment”) made as of November 14, 2022 by and between GRIFFON CORPORATION, a Delaware corporation (hereinafter “Griffon”) and Ronald J. Kramer (hereinafter “Kramer”).
WITNESSETH:
WHEREAS, Griffon and the Executive entered into that certain Employment Agreement, dated as of March 16, 2008, as previously amended (hereinafter, collectively, the “Employment Agreement”).
NOW, THEREFORE, the parties hereto agree to amend the Employment Agreement as follows, effective as of the date hereof.
1.Clause (iii) of Section 1(j) of the Employment Agreement shall be deleted in its entirety and replaced with the following: 
“(iii)    a reduction by Griffon in Kramer’s Base Salary, target annual bonus amount or target long-term bonus amount;”
2.Clause (iii) of Section 9(f) of the Employment Agreement shall be deleted in its entirety and replaced with the following: 
“(iii)     for the period commencing on the date of Kramer’s termination of employment and continuing until December 31 of the second calendar year following the calendar year in which Kramer’s employment terminates (the “Continuation Period”), either (x) subject to Kramer making a timely election and continued eligibility to elect benefits under COBRA and Kramer’s continued payment of premiums at active employee rates, continued medical and other group health coverage for Kramer and his eligible dependents under Griffon’s medical and group health plans (which expressly include Griffon’s Group Health Plan, the ArmadaCare Ultimate Health Plan and the Supplemental Health Benefits Plan for Senior Executives) or (y) if Griffon determines in its sole discretion that any such coverage cannot be provided under the governing plan documents or that providing such coverage would result in a fine, penalty or other violation of law, monthly payments equal to the premium amounts (including both employer and employee portions) or other claims paid by Griffon under such coverages; provided, however, that in the event that any such coverage is discontinued following a Change in Control or Griffon or any successor otherwise fails to provide Kramer access to such coverage following a Change in Control, Griffon shall either provide equivalent coverage, provide Kramer an amount in cash to procure equivalent coverage on an individual basis or otherwise continue to pay applicable claims that would have been reimbursed under such coverage.”

3.Section 11(b) of the Employment Agreement shall be deleted and replaced with the following:
			
	TAX.12720691.2 

“Kramer and Griffon hereby agree that the calculation of any reduction in payments contemplated by this Section 11 and any tax withholding due in connection with any Excise Tax shall be made by Golden Parachute Tax Solutions LLC (or another nationally recognized certified public accounting or professional firm that is recognized as an expert in determinations and calculations for purposes of Section 280G of the Code, selected by Griffon and consented to by Kramer, such consent not to be unreasonably withheld or delayed) (the “Calculating Firm”) and the determination of any such reduction in payments or Excise Tax withholding shall be conclusive and binding on Kramer absent manifest error.  All fees and expenses of the Calculating Firm shall be borne solely by Griffon.  Prior to any reduction in payments contemplated by this Section 11, Griffon shall provide Kramer with a report setting forth its calculations and the amount of such reduction, along with adequate supporting information.”
4.The parties hereby agree that except as specifically provided in and modified by this Amendment, the Employment Agreement is in all other respects hereby ratified and confirmed.  This Amendment shall be construed in accordance with the laws of the State of Delaware (without regard to principles of conflicts of law).  This Amendment may be executed in one or more counterparts (including by facsimile, “portable document format,” or other electronic means) each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first written above.

GRIFFON CORPORATION

By:    /s/ Seth L. Kaplan_________
Name: Seth L. Kaplan
Title: Senior Vice President

___/s/ Ronald J. Kramer_________
Ronald J. Kramer
2

			
	TAX.12720691.2Document

Exhibit 10.13

AMENDMENT NO. 2 TO SEVERANCE AGREEMENT

AMENDMENT NO. 2 TO THE SEVERANCE AGREEMENT (this “Amendment”) made as of November 14, 2022 by and between GRIFFON CORPORATION, a Delaware corporation (hereinafter the “Corporation”) and Seth L. Kaplan (hereinafter the “Executive”).
WITNESSETH:
WHEREAS, the Corporation and the Executive entered into that certain Severance Agreement, dated as of April 27, 2010, as previously amended (hereinafter, collectively, the “Severance Agreement”).
NOW, THEREFORE, the parties hereto agree to amend the Severance Agreement as follows, effective as of the date hereof.
1.Clause (ii) of Section 1(h) of the Severance Agreement shall be deleted in its entirety and replaced with the following: 
“(ii)    a reduction by the Corporation in the Executive’s base salary, target annual bonus amount or target long-term bonus amount, other than a percentage reduction applied equally to all senior executives that does not exceed 10% of any such component of compensation;”
2.Clause (iii) of Section 4(d) of the Severance Agreement shall be deleted in its entirety and replaced with the following: 
“(iii)     for the period commencing on the date of the Executive’s termination of employment and continuing until December 31 of the second calendar year following the calendar year in which the Executive’s employment terminates (the “Continuation Period”), either (x) subject to the Executive making a timely election and continued eligibility to elect benefits under COBRA and the Executive’s continued payment of premiums at active employee rates, continued medical and other group health coverage for the Executive and his eligible dependents under the Corporation’s medical and group health plans (which expressly include the Corporation’s Group Health Plan, the ArmadaCare Ultimate Health Plan and the Supplemental Health Benefits Plan for Senior Executives) or (y) if the Corporation determines in its sole discretion that any such coverage cannot be provided under the governing plan documents or that providing such coverage would result in a fine, penalty or other violation of law, monthly payments equal to the premium amounts (including both employer and employee portions) or other claims paid by the Corporation under such coverages; provided, however, that in the event that any such coverage is discontinued following a Change in Control or the Corporation or any successor otherwise fails to provide the Executive access to such coverage following a Change in Control, the Corporation shall either provide equivalent coverage, provide the Executive an amount in cash to procure equivalent coverage on an individual basis or otherwise 
			
	12720706.3 

continue to pay applicable claims that would have been reimbursed under such coverage.”

3.The following shall be added at the end of Section 7 of the Severance Agreement:
“The Executive and the Corporation hereby agree that the calculation of any reduction in payments contemplated by this Section 7 and any tax withholding due in connection with any Excise Tax shall be made by Golden Parachute Tax Solutions LLC (or another nationally recognized certified public accounting or professional firm that is recognized as an expert in determinations and calculations for purposes of Section 280G of the Code, selected by the Corporation and consented to by the Executive, such consent not to be unreasonably withheld or delayed) (the “Calculating Firm”) and the determination of any such reduction in payments or Excise Tax withholding shall be conclusive and binding on the Executive absent manifest error.  All fees and expenses of the Calculating Firm shall be borne solely by the Corporation.  Prior to any reduction in payments contemplated by this Section 7, the Corporation shall provide the Executive with a report setting forth its calculations and the amount of such reduction, along with adequate supporting information.”
4.The parties hereby agree that except as specifically provided in and modified by this Amendment, the Severance Agreement is in all other respects hereby ratified and confirmed.  This Amendment shall be construed in accordance with the laws of the State of Delaware (without regard to principles of conflicts of law).  This Amendment may be executed in one or more counterparts (including by facsimile, “portable document format,” or other electronic means) each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first written above.

GRIFFON CORPORATION
By: _/s/ Brian G. Harris___________
Name: Brian G. Harris
Title: Senior Vice President

__/s/ Seth L. Kaplan_______________
Seth L. Kaplan
2
			
	12720706.3

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