Document:

EXHIBIT 10.13 – AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN REGISTRANT
 

	
AND SALLYANNE K. BALLWEG

15

[THE FIRST NATIONAL BANK OF LONG ISLAND
LETTERHEAD]

	
 

	
 

	
December 1, 2008

	
 

Ms. Sallyanne
K. Ballweg

	
 

	
 

	
 

	
Re:       Letter Employment Agreement dated December
 13, 2007 (the “Agreement”)

	
 

	
Dear Ms.
 Ballweg:

	
 

	
 

	
          This will
 serve to confirm that we have agreed to amend the captioned Agreement in the
 following respects:

	
 

	
        1.            Section
 “1” of the Agreement is hereby deleted in its entirety and the following
 section is hereby substituted therefor:

	
 

	
 

	
         “1.         TERM;
 RENEWAL

	
 

	
 

	
 

	
              The
 Initial Term of the Agreement shall run from December 31, 2007 through and
 including June 30, 2009 and, if not terminated as described below, the term
 shall, on January 1 of each year, automatically be extended for an additional
 year, resulting in a new one and one-half year term (the “Renewal Terms”),
 with such modifications hereto as the parties shall agree in writing;
 provided, however, that the Agreement shall not be so extended in the event
 that you or FLIC provides written notice of non-extension to the other party
 no later than October 31 of the preceding year. Notwithstanding the
 foregoing, FLIC may not provide such notice of non-extension during any
 period of time in which the Board of Directors of FLIC is actively
 negotiating a transaction, the consummation of which would constitute a
 Change of Control Event (as hereinafter defined).”

	
 

	
 

	
        2.            Section
 4.1 of the Agreement is hereby amended by the deletion of the words “One
 Hundred Per Cent (100%)” and the insertion of “One Hundred Fifty Per Cent
 (150%)” in place thereof.

	
 

	
 

	
        3.            Section
 8.1 of the Agreement is hereby amended by the deletion of the number “twelve
 (12)” and the insertion of “eighteen (18)” in place thereof.

	
 

	
        4.            Section
 10.1 of the Agreement is hereby amended by the deletion of the words “one (1)
 year” and the insertion of “eighteen (18) months” in place thereof.

	
 

	
          Please
confirm
 that the foregoing accurately sets forth our understanding by signing and
 returning the enclosed copy of this letter. The Agreement will thereupon be
 deemed amended in the foregoing respects and, except as amended hereby, its
 terms will continue in full force and effect.

	
 

	
 

	
 

	
 

	
Very truly
 yours,

	
 

	
 

	
 

	
 

	
THE FIRST OF
 LONG ISLAND CORPORATION

	
 

	
 

	
 

	
By: 

	
/s/ MICHAEL
 N. VITTORIO

	
 

	
 

	

	
 

	
 Michael
 N. Vittorio

	
 

	
 Chief
 Executive Officer

	
 

	
 

	
ACCEPTED AND
 AGREED:

	
 

	
 

	
 

	
/s/
 SALLYANNE K. BALLWEG

	
 

	

	
 

	
SALLYANNE K.
 BALLWEG

	
 

16Exhibit 10.1

             

             

            Performance Criteria for 2009 under the Company's Annual Incentive Plan

             

            For 2009, the corporate and derivative business unit, regional and/or category financial objectives under the Company's Annual Incentive Plan, which the Compensation Committee of the Company's Board of Directors approved on March 9, 2009, relate to increases in sales, earnings before interest and taxes, return on investment and working capital. The non-financial strategic initiatives, which the
            Compensation Committee also approved on March 9, 2009, relate to (i) customers, including sales, market share, service performance and product quality, (ii) workforce, including managing talent and development, and (iii) innovation, including research technology, supply chain and production planning innovation.Exhibit 10.2

             

             

            Performance Criteria for 2009-2011 under the Company's Long-Term Incentive Plan

             

            For the 2009-2011 cycle of the Company’s Long-Term Incentive Plan, the corporate financial performance objectives, which the Compensation Committee of the Company's Board of Directors approved on March 9, 2009, relate to (i) improvements in the Company’s earnings per share and (ii) total shareholder return relative to the S&P 500.Exhibit 10.2(b)

Portions of this Exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omissions have been indicated by asterisks ("*****"), and the omitted text has
been filed separately with the Securities and Exchange Commission.

Time/Warner
Retail
Sales & Marketing
260 Cherry Hill Road, Parsippany, NJ  07054

                                   AMENDMENT

This Amendment, dated as of January 9, 2008, and to be effective as of January
20, 2009 (the "Effective Date"), shall confirm the understanding between
Time/Warner Retail Sales & Marketing Inc. (f/k/a Warner Publisher Services
Inc.), a New York corporation ("Warner"), and Playboy Enterprises, Inc., a
Delaware corporation ("Publisher"), that the distribution agreement dated
January 1, 2006 and amended as of January 31, 2006 (as amended, the "Agreement")
is hereby amended as follows:

Sub-Paragraph 1(f): "Warner's Commission"

Sub-Paragraph 1(f) of the Agreement shall be deleted in its entirety and
replaced with the following sentence:

""Warner's Commission" shall mean a sum equal to ***** of the Cover Price of the
Net Sales."

Sub-Paragraph 1(g): "Minimum Fee"

Sub-Paragraph 1(g) of the Agreement shall be deleted in its entirety and
replaced with the following:

      "[INTENTIONALLY LEFT BLANK]".

Sub-Paragraph 1(m): "Term"

Sub-Paragraph 1(m)(i) of the Agreement shall be deleted in its entirety and
replaced with the following:

<PAGE>

      ""Term" shall mean the three (3) year period commencing on January 20,
      2009 and terminating on January 20, 2012; provided, however, that either
      party may terminate this agreement at any time, for any reason, effective
      on or after January 20, 2010 (such effective date of the termination, the
      "Termination Date"), provided that such terminating party provides written
      notice to the other party at least ninety (90) days prior to the
      Termination Date."

The phrase "1(m)(i)," shall be added immediately after the word "subparagraphs"
and immediately before the phrase "14.b.," on the fourth line of clause 1(m)(v)
of the Agreement.

Sub-Paragraph 1(m)(iv) of the Agreement shall be deleted in its entirety and
replaced with the following:

      "[INTENTIONALLY LEFT BLANK]".

Sub-Paragraph 3(g): "The Publisher Agrees"

The following words shall be added immediately after the word "arrangements" and
immediately before the "," on the second line of Sub-Paragraph 3(g) of the
Agreement:

      "that may impact Warner's billing and collection under this agreement".

Sub-Paragraph 6(b): "Credit to Wholesale Distributors"

The word "Customer" on the second line of Sub-Paragraph 6(b) of the Agreement
shall be deleted in its entirety and replaced with the word "Wholesaler".

Paragraph 7: "Warner Agrees"

Sub-Paragraph 7(e) shall be deleted in its entirety and replaced with the
following:

      "To designate an employee as a non-exclusive marketing manager for
      Publisher's Publication(s) and to designate such employee of Warner to
      coordinate all distribution relating to Publisher's Publication(s); it
      being understood that such designated employee shall perform such services
      under Warner's direction and control, that the designation of such
      employee shall be in Warner's sole and absolute discretion, that Warner
      shall have the sole right to change the employee so designated and that
      such employee shall be subject to Publisher's reasonable right of
      approval."

                                       2

<PAGE>

Sub-Paragraph 7(i) of the Agreement shall be deleted in its entirety and
replaced with the following:

      "[INTENTIONALLY LEFT BLANK]".

Sub-Paragraph 7(j) of the Agreement shall be deleted in its entirety and
replaced with the following:

      "That neither Warner nor any subsidiary of Warner shall, during the Term
      hereof, distribute the publication entitled Hustler, Penthouse, Club,
      Swank, Score, High Society, Gallery or Genesis and/or any Hustler,
      Penthouse, Club, Swank, Score, High Society, Gallery or Genesis
      denominated products. For purposes of this paragraph 7.j., any publication
      published by the publisher of any of the aforementioned magazines which
      bears the name of such magazine on its cover shall he deemed to be a
      denominated publication of such title."

The words "sub-paragraphs 7.i. and 7.k." on the second and sixth lines of
Sub-Paragraph 7(l) shall he deleted in their entirety and replaced with the
words "Sub-paragraph 7.k."

The last sentence of Sub-Paragraph 7(l) shall he deleted in its entirety.

Paragraph 10: "New Titles"

Paragraph 10 of the Agreement shall be deleted in its entirety and replaced with
the following:

      "[INTENTIONALLY LEFT BLANK]".

Paragraph 13: "Wholesaler/Customer Bankruptcy - Computation of Net Sales"

The following sentence shall be added immediately after the existing last
sentence of Paragraph 13 of the Agreement:

      "Notwithstanding the foregoing, if a new wholesaler(s) agrees to service
      the retail locations previously serviced by the wholesaler that ceased
      returning its unsold copies, then Warner shall use such new wholesaler's
      actual store level return data for such retail locations in order to
      calculate Publisher's Net Sales and Warner's Commission for such retail
      locations under the terms of this agreement."

Paragraph 15: "Notices"

                                       3

<PAGE>

The addresses in Paragraph 15 of the Agreement shall be deleted in their
entirety and replaced with the following:

      To Warner:

      Time/Warner Retail Sales & Marketing Inc.
      Attention: President
      260 Cherry Hill Road
      Parsippany, NJ  07054

      With a copy to:

      Time Inc.
      Attention: General Counsel
      1271 Avenue of the Americas, 34th Floor
      New York, NY  10020

      To Publisher:

      Playboy Enterprises, Inc.
      Attention: Lou Mohn
      730 Fifth Avenue, 3rd Floor
      New York, NY  10019

      With a copy to:

      Playboy Enterprises, Inc.
      Attention: General Counsel
      680 North Lake Shore Drive
      Chicago, IL  60611

Annex A: "Warner's "Terms For Access to Information Services""

The phrase "MSA data" on the fourth line of Paragraph 2 of Annex A of the
Agreement shall he deleted in its entirety and replaced with the phrase "store
level data (to the extent available to Warner)".

Annex B: "Circulation Action Plan"

The phrase "MSA data" shall, in all places on Annex B of the Agreement, be
deleted in its entirety and replaced with the phrase "store level data (to the
extent available to Warner)".

The phrase "via MSA" in the "DISTRIBUTION PLAN" section of Annex B of the
Agreement shall, in all places on Annex B, be deleted in its entirety.

The first paragraph under "MARKETING PLAN" on Annex B of the Agreement shall be
deleted in its entirety and replaced with the following:

      "o    "A" list retailers: 3-6 accounts quarterly agreed to by PEI and
            Warner to be called on by PEI and/or a mutually agreed upon member
            of the Warner Sales Team in order to attempt to obtain authorization
            for PLAYBOY magazine. Based on mutual agreement, a quarterly review
            of accounts can change the targeted chain list. An initial list of
            PEI recommended accounts are as follows:

                                       4

<PAGE>

                  1.    7 Eleven Inc. HQ
                  2.    Aliment Couche Tard/US HQ
                  3.    BP Plc HQ
                  4.    Casey's General Stores Inc.
                  5.    CVS
                  6.    Duane Reade
                  7.    Exxon Mobil Corp
                  8.    Holiday Cos Inc./HQ
                  9.    Krause Gentle Corp
                  10.   Marathon Oil Company
                  11.   Pantry Inc./HQ
                  12.   Sheetz Inc.
                  13.   Valero Energy Corp/HQ
                  14.   Village Pantry Inc.
                  15.   Wawa Inc.
                  16.   Wilson Farms"

All other terms and conditions shall remain as stated in the Agreement.

AGREED TO AND ACCEPTED:

PLAYBOY ENTERPRISES, INC.               TIME/WARNER RETAIL SALES &
                                        MARKETING INC.

By: /s/ Lou Mohn                        By: /s/ Robert J.Bedor
    -------------------------------         ------------------------------------
    Lou Mohn                                Robert J. Bedor
    S. Vice President & Publisher           EVP, Client Marketing & New Business

                                       5

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