Document:

f8k080609iiex10_clearlite.htm

     

    Exhibit
10.1

     

    
       

      
        EMPLOYMENT
AGREEMENT

        

        This employment agreement (this
"Agreement") dated as of August 3, 2009 (the “Effective Date”), is made by and
between Clear-Lite Holdings, Inc., a Nevada corporation (the “Company”) and
David Briones (the “Executive”) (collectively, the “Parties”).

        

        WHEREAS, the Company is a publicly
traded company whose shares are quoted on the OTC Bulletin Board;

        

        WHEREAS, the Executive will have the
duties and responsibilities as described in Section 1 of the Agreement during
the period when the Executive is the Chief Financial Officer of the Company;
and

        

        WHEREAS, the Parties wish to establish
the terms of the Executive’s employment with the Company;

        

        NOW, THEREFORE, in consideration of the
foregoing, of the mutual promises contained herein and of other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties, intending to be legally bound, hereby agree as
follows:

        

        1. EMPLOYMENT
AND TERM.

        

        (a) Employment. During
the Employment Term, the Executive shall serve as the Chief Financial Officer of
the Company. In this capacity the Executive shall be responsible to lead and
manage all of the operations of the Company that are related to finance and
capital market, including, but is not limited to, providing expertise in making
financial plan and strategy, and working with the Company’s U.S. legal counsel
and auditors to implement, monitor and oversee the Company’s compliance with the
requirements of the Sarbanes-Oxley Act, Securities Act of the 1933, Exchange Act
of the 1934, and the listing rules of the OTC Bulletin Board and to advise the
Board of the Directors with respect to the Company’s internal controls and
procedures, including disclosure controls and procedures.

        

         During
the Employment Term, the Executive shall report directly to the Chief Executive
Officer and the Board of Directors of the Company. The Executive shall obey the
lawful directions of the Chief Executive Officer and the Board of Directors to
whom the Executive reports and shall use his diligent efforts to promote the
interests of the Company and to maintain and promote the reputation
thereof.

        

        The
Executive hereby accepts such employment and agrees to devote sufficient time,
attention and energies during regular business hours to effectively perform his
duties and obligations hereunder.

         

         

        
          
            
            

          

          
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        (b) Employment Term. The employment of the
Executive under this Agreement shall commence the date hereof and shall expire
on July 31, 2011 (the “Employment Term”)

        

        2. COMPENSATION.

        

        (a) Base Salary. The Executive
hereby agrees to waive his right to receive any base salary from the Company in
connection with his performance of duties provided in Section 1(a) of this
Agreement in lieu of the consideration provided pursuant to the Consulting
Agreement, as described below.

        

        (b) Consulting Services and
Fees.  Subject to the terms and conditions of the consulting
agreement entered into by and between Bartolomei Pucciarelli, LLC (“Bartolomei”)
and Clear-Lite Holdings, Inc (the “Consulting Agreement”), the Company hereby
acknowledges that it shall retain Bartolomei, an accounting and consulting firm
where David Briones works as a senior consultant, to provide consulting services
and shall pay Bartolomei compensation for such services rendered by the
Executive and Bartolomei in the amount as provided in the Consulting Agreement.
The termination of the consulting services shall be subject to the terms and
conditions of the Consulting Agreement or such other agreements the Company and
Bartolomei will enter into hereafter, and shall not be terminated upon any event
of Early Termination as provided in Section 4 herein.

        

        3. EMPLOYEE
BENEFITS.  Upon presentation of appropriate documentation, the
Executive shall be reimbursed for all reasonable and necessary approved business
and entertainment expenses incurred in connection with the performance of his
duties hereunder, all in accordance with the Company's expense reimbursement
policy applicable to senior executives from time to time in effect.

        

        4. EARLY
TERMINATION.  The Executive's employment and the Employment
Term shall terminate on the first of the following to occur:

        

        (a) Disability.  The
thirtieth (30th) day
following a written notice of termination by the Company to the Executive due to
Disability. For purposes of this Agreement, "Disability" shall mean a
determination  by the Company in accordance with applicable law that
due to a physical or mental injury, infirmity or incapacity, the Executive is
unable to perform the essential functions of his job with or without
accommodation for 180 days (whether or not consecutive) during any 12-month
period.

        

        (b) Death.  Automatically
on the date of death of the Executive.

        

        (c) Cause.  Immediately
upon written notice of termination by the Company to the Executive for Cause.
“Cause” shall mean, as determined by the Board (or its designee) (1) conduct by
the Executive in connection with his employment duties or responsibilities that
is fraudulent, unlawful or grossly negligent; (2) the willful misconduct of the
Executive; (3) the willful and continued failure of the Executive to perform the
Executive's duties with the Company (other than any such failure resulting from
incapacity due to physical or mental illness); (4) the commission by the
Executive of any felony or any crime involving moral turpitude; (5) violation of
any material policy of the Company or any material provision of the Company's
code of conduct, employee handbook or similar documents; or (6) any material
breach by the Executive of any provision of this Agreement or any other written
agreement entered into by the Executive with the Company.

         

         

         

        
          
            
            

          

          
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        (d) Without Cause.  On
the sixtieth (60th) day following written notice by either Party to the other
Party without Cause, other than for death or Disability of the
Executive.  The Company may also terminate this Agreement for cause at
any time in the event of the failure of the Executive to perform duties assigned
by the Company in a correct, timely and expeditious manner or in the event of
material violation by the Executive of any term or condition of this
Agreement.

        

        5. CONSEQUENCES
OF TERMINATION.

        

        (a) Disability.  Upon
termination of the Employment Term because of the Executive's Disability, the
Company shall pay or provide to the Executive (1) any unpaid bonus accrued
through the date of termination; (2) reimbursement for any unreimbursed expenses
properly incurred through the date of termination; and (3) all other payments or
benefits to which the Executive may be entitled under the terms of any
applicable employee benefit plan, program or arrangement (collectively, “Accrued
Benefits”).

        

        (b) Death.  Upon the
termination of the Employment Term because of the Executive's death, the
Executive's estate shall be entitled to any Accrued Benefits.

        

        (c) Termination for Cause. Upon
the termination of the Employment Term by the Company for Cause or by either
party in connection with a failure to renew this Agreement, the Company shall
pay to the Executive any Accrued Benefits.

        

        (d) Termination without
Cause.  Upon the termination of the Employment Term by the
Company without Cause, the Company shall pay or provide to the Executive the
Accrued Benefits.

        

        6. NO ASSIGNMENT.  This
Agreement is personal to each of the Parties.  Except as provided
below, no Party may assign or delegate any rights or obligations hereunder
without first obtaining the written consent of the other Party hereto; provided, however, that the
Company may assign this Agreement to any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of
the business or assets of the Company.

        

        7. NOTICES. For the purpose of
this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given (1) on
the date of delivery if delivered by hand, (2) on the date of transmission, if
delivered by confirmed facsimile, (3) on the first business day following the
date of deposit if delivered by guaranteed overnight delivery service, or (4) on
the fourth business day following the date delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

         

         

        
          
            
            

          

          
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        If to the Executive:

        

        David Briones

        2564 Brunswick Pike

        Lawrenceville, NJ 08648

        

        If to the Company:

        

        Clear-Lite Holdings, Inc.

        102 NE
2nd Street, PMB 400

        Boca
Raton, Florida 33432

        Tel:
(561) 544-6966

        Fax:
(561) 852-2322

        

        With a copy (which shall not constitute
notice) to:

        

        Anslow & Jaclin, LLP

        195 Route 9 South, Suite
204

        Manalapan, New Jersey,
07726

        Attention: Joseph M. Lucosky,
Esq.

        Tel.:732-409-1212

        Fax: (732) 577-1188

        

        or to
such other address as either Party may have furnished to the other in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

        

        8. PROTECTION
OF THE COMPANY'S BUSINESS.

        

        (a) Confidentiality.  The
Executive acknowledges that during the course of his employment by the Company
(prior to and during the Employment Term) he has and will occupy a position of
trust and confidence. The Executive shall hold in a fiduciary capacity for the
benefit of the Company and shall not disclose to others or use, whether directly
or indirectly, any Confidential Information regarding the Company, except (i) as
in good faith deemed necessary by the Executive to perform his duties hereunder,
(ii) to enforce any rights or defend any claims hereunder or under any other
agreement to which the Executive is a party, provided that such disclosure
is relevant to the enforcement of such rights or defense of such claims and is
only disclosed in the formal proceedings related thereto, (iii) when required to
do so by a court of law, by any governmental agency having supervisory authority
over the business of the Company or by any administrative or legislative body
(including a committee thereof) with jurisdiction to order him to divulge,
disclose or make accessible such information, provided that the Executive
shall give prompt written notice to the Company of such requirement, disclose no
more information than is so required, and cooperate with any attempts by the
Company to obtain a protective order or similar treatment, (iv) as to such
Confidential Information that shall have become public or known in the Company's
industry other than by the Executive's unauthorized disclosure, or (v) to the
Executive's spouse, attorney and/or his personal tax and financial advisors as
reasonably necessary or appropriate to advance the Executive's tax, financial
and other personal planning (each an “Exempt Person”), provided, however, that any disclosure
or use of Confidential Information by an Exempt Person shall be deemed to be a
breach of this Section 9(a) by the Executive. 

         

         

        
          
            
            

          

          
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        The
Executive shall take all reasonable steps to safeguard the Confidential
Information and to protect it against disclosure, misuse, espionage, loss and
theft.  The Executive understands and agrees that the Executive shall
acquire no rights to any such Confidential Information. “Confidential
Information” shall mean information about the Company, its subsidiaries and
affiliates, and their respective clients and customers that is not disclosed by
the Company and that was learned by the Executive in the course of his
employment by the Company, including, but not limited to, any proprietary
knowledge, trade secrets, data and databases, formulae, sales, financial,
marketing, training and technical information, client, customer, supplier and
vendor lists, competitive strategies, computer programs and all papers, resumes,
and records (including computer records) of the documents containing such
Confidential Information.

        

        (b) Non-Competition.  During
the Employment Term and for the one-year period following the termination of the
Executive's employment for any reason (the “Restricted Period”), the Executive
shall not, directly or indirectly, without the prior written consent of the
Company, provide employment (including self-employment), directorship,
consultative or other services to any business, individual, partner, firm,
corporation, or other entity that competes with any business conducted by the
Company or any of its subsidiaries or affiliates on the date of the Executive's
termination of employment or within one year of the Executive's termination of
employment in the geographic locations where the Company and its subsidiaries or
affiliates engage or propose to engage in such business (the “Business”).
Nothing herein shall prevent the Executive from having a passive ownership
interest of not more than 2% of the outstanding securities of any entity engaged
in the Business whose securities are traded on a national securities
exchange.

        

        (c) Non-Solicitation of Employees.
The Executive recognizes that he possesses and will possess confidential
information about other employees of the Company and its subsidiaries and
affiliates relating to their education, experience, skills, abilities,
compensation and benefits, and inter-personal relationships with customers of
the Company and its subsidiaries and affiliates. The Executive recognizes that
the information he possesses and will possess about these other employees is not
generally known, is of substantial value to the Company and its subsidiaries and
affiliates in developing their business and in securing and retaining customers,
and has been and will be acquired by him because of his business position with
the Company. The Executive agrees that, during the Restricted Period, he will
not, directly or indirectly, (i) solicit or recruit any employee of the
Company or any of its subsidiaries or affiliates (a “Current Employee”) or any
person who was an employee of the Company or any of its subsidiaries or
affiliates during the twelve (12) month period immediately prior to the date the
Executive's employment terminates (a “Former Employee”) for the purpose of being
employed by him or any other entity, or (ii) hire any Current Employee or Former
Employee.

         

         

        
          
            
            

          

          
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        (d) Non-Solicitation of
Customers.  The Executive agrees that, during the Restricted
Period, he will not, directly or indirectly, solicit or attempt to solicit (i)
any party who is a customer or client of the Company or its subsidiaries, who
was a customer or client of the Company or its subsidiaries at any time during
the twelve (12) month period immediately prior to the date the Executive's
employment terminates or who is a prospective customer or client that has been
identified and targeted by the Company or its subsidiaries for the purpose of
marketing, selling or providing to any such party any services or products
offered by or available from the Company or its subsidiaries, or (ii) any
supplier or vendor to the Company or any subsidiary to terminate, reduce or
alter negatively its relationship with the Company or any subsidiary or in any
manner interfere with any agreement or contract between the Company or any
subsidiary and such supplier or vendor.

        

        (e) Property.  The
Executive acknowledges that all originals and copies of materials, records and
documents generated by him or coming into his possession during his employment
by the Company or its subsidiaries are the sole property of the Company and its
subsidiaries (“Company Property”).  During the Employment Term, and at
all times thereafter, the Executive shall not remove, or cause to be removed,
from the premises of the Company or its subsidiaries, copies of any record,
file, memorandum, document, computer related information or equipment, or any
other item relating to the business of the Company or its subsidiaries, except
in furtherance of his duties under this Agreement.  When the
Executive's employment with the Company terminates, or upon request of the
Company at any time, the Executive shall promptly deliver to the Company all
copies of Company Property in his possession or control.

        

        (f) Non-Disparagement.  Executive
shall not, and shall not induce others to, Disparage the Company or its
subsidiaries or affiliates or their past and present officers, directors,
employees or products. “Disparage” shall mean making comments or statements to
the press, the Company's or its subsidiaries' or affiliates' employees or any
individual or entity with whom the Company or its subsidiaries or affiliates has
a business relationship which would adversely affect in any manner (1) the
business of the Company or its subsidiaries or affiliates (including any
products or business plans or prospects), or (2) the business reputation of the
Company or its subsidiaries or affiliates, or any of their products, or their
past or present officers, directors or employees.

        

        (g) Cooperation.  Subject
to the Executive's other reasonable business commitments, following the
Employment Term, the Executive shall be available to cooperate with the Company
and its outside counsel and provide information with regard to any past,
present, or future legal matters which relate to or arise out of the business
the Executive conducted on behalf of the Company and its subsidiaries and
affiliates, and, upon presentation of appropriate documentation, the Company
shall compensate the Executive for any out-of-pocket expenses reasonably
incurred by the Executive in connection therewith.

        

        (h) Equitable Relief and Other
Remedies.  The Executive acknowledges and agrees that the
Company's remedies at law for a breach or threatened breach of any of the
provisions of this Section 9 would be inadequate and, in recognition of this
fact, the Executive agrees that, in the event of such a breach or threatened or
attempted breach, in addition to any remedies at law, the Company, without
posting any bond, shall be entitled to obtain equitable relief in the form of
specific performance, a temporary restraining order, a temporary or permanent
injunction or any other equitable remedy which may then be available. In
addition, without limiting the Company's remedies for any breach of any
restriction on the Executive set forth in this Section 9, except as required by
law, the Executive shall not be entitled to any payments set forth in Section
6(d) hereof if the Executive has breached the covenants applicable to the
Executive contained in this Section 9, the Executive will immediately return to
the Company any such payments previously received under Section 6(d) upon such a
breach, and, in the event of such breach, the Company will have no obligation to
pay any of the amounts that remain payable by the Company under Section
6(d).

         

         

         

        
          
            
            

          

          
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        (i) Reformation.  If it
is determined by a court of competent jurisdiction in any state that any
restriction in this Section 8 is excessive in duration or scope or is
unreasonable or unenforceable under the laws of that state, it is the intention
of the parties that such restriction may be modified or amended by the court to
render it enforceable to the maximum extent permitted by the law of that
state.  The Executive acknowledges that the restrictive covenants
contained in this Section 8 are a condition of this Agreement and are reasonable
and valid in temporal scope and in all other respects.

        

        (j) Liability.   Notwithstanding
the provisions in this Section 8 the Executive shall not be liable for any
mistakes of fact, errors of judgment, for losses sustained by the Company or any
subsidiary or for any acts or omissions of any kind, unless caused by the
negligence or willful or intentional misconduct of the Executive or any person
or entity acting for or on behalf of the Executive.

        

        (k) Survival of
Provisions.  The obligations contained in this Section 8 shall
survive in accordance with their terms the termination or expiration of the
Executive's employment with the Company and shall be fully enforceable
thereafter.

        

        9. INDEMNIFICATION.  The
Executive shall be indemnified to the extent permitted by the Company's
organizational documents and to the extent required by law.

        

        10. SECTION HEADINGS AND
INTERPRETATION. The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement. Expressions of inclusion used in this
agreement are to be understood as being without limitation.

        

        11. SEVERABILITY.  The
provisions of this Agreement shall be deemed severable and the invalidity of
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof.

        

        12. COUNTERPARTS.  This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
Agreement.

        

        13. GOVERNING LAW.  This
Agreement in its interpretation and application and enforcement shall be
governed by the law of the State of Florida.

         

        
          
            
            

          

          
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        14. ENTIRE AGREEMENT. This
Agreement contains the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all prior agreements, written or oral, with
respect thereto. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not expressly set forth in this Agreement.

        

        15. WAIVER AND
AMENDMENT.  No provision of this Agreement may be modified,
amended, waived or discharged unless such waiver, modification, amendment or
discharge is agreed to in writing and signed by the Executive and such officer
or director as may be designated by the Board. No waiver by either Party at any
time of any breach by the other Party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other Party
shall be deemed a waiver or similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time.

        

        16. WITHHOLDING. The Company may
withhold from any and all amounts payable under this Agreement such federal,
state, local and foreign taxes as may be required to be withheld pursuant to any
applicable law or regulation.

        

        17. AUTHORITY AND
NON-CONTRAVENTION.  The Executive represents and warrants to
the Company that he has the legal right to enter into this Agreement and to
perform all of the obligations on his part to be performed hereunder in
accordance with its terms and that he is not a party to any agreement or
understanding, written or oral, which could prevent him from entering into this
Agreement or performing all of his obligations hereunder.

        

        18. COUNTERPARTS.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which shall constitute one and the same
instrument.

        

        

        [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

         

         

         

        
          
            
            

          

          
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    IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date first written
above.

    

    

    CLEAR-LITE
HOLDINGS, INC.

     

    /s/
Thomas J.
Irvine                           

    By:   Thomas
J. Irvine

    Title:
Chief Executive Officer

     

    EXECUTIVE

     

    /s/
David
Briones                               

    By:  David
Briones

    

    

     

     

     

    -9-EX-10.1

GSI Commerce, Inc.

935 First Avenue

King of Prussia, PA 19406

July 31, 2009

Stephen J. Gold

15 Jonathan Smith Rd.

Morristown, NJ 07960

Dear Steve:

Reference is made to the Offer Letter, dated January 31, 2005 (the “Offer Letter”), between
GSI Commerce Solutions, Inc. (the “Company”) and you. Intending to be legally bound, the Company
and you agree to the following amendments to the Offer Letter:

	 	•	 	You will report to either the Chief Executive Officer of the Company (the “CEO”) or
such other executive in such manner as you and the CEO agree upon (the “agreed upon
executive”). If the Company (i) changes your reporting so that you report to someone
other than the CEO or the agreed upon executive in the agreed upon manner or (ii)
materially reduces your job responsibilities and duties in effect immediately prior to
such reduction or materially changes your role in a manner that is substantially
inconsistent with your roles and responsibilities immediately prior to such reduction
such that your role has been diminished , then provided that upon the first occurrence
of any event or condition specified in clause (i) or (ii), you shall have given the
Company notice that you are resigning your employment with the Company due to the
occurrence of such event or condition and the Company shall not have corrected the
situation within ten (10) days after you give such notice, you may resign your
employment with the Company and receive the severance and healthcare benefits as
provided in this letter so long as you in good faith continue to provide your services
to the Company for a transition period of 3 months.

	 	•	 	Subject to approval of the Compensation Committee of the Company’s Board of
Directors, you will be eligible for an incentive arrangement in addition to the
Company’s current LTAIP. The arrangement would provide you with the opportunity for
each fiscal year to earn an additional cash incentive of up to 50% of your base salary
for that fiscal year based on the achievement of individual and departmental goals and
objectives to be determined in good faith by you and Michael Rubin, with support from
Jim Flanagan. It is the Company’s expectation that you will achieve the agreed upon
goals and objectives and earn the full incentive opportunity. Any amounts earned under
this incentive arrangement would be paid in March following the fiscal year to which
the incentive opportunity related. You agree that should you resign for any reason or
the Company terminates your employment for “cause” (as defined in the Offer Letter)
within nine (9) months after receiving payment of any amounts earned under this
incentive arrangement, you will repay to the Company all such amounts paid to you
within the prior nine (9) months. For the avoidance of doubt, this “claw-back”
provision only applies to amounts paid under this incentive arrangement and not to
amounts paid under the Company’s LTAIP. The details on this incentive arrangement will
be drafted in July and presented for approval at the Compensation Committee meeting
scheduled for August 11, 2009.

	 	•	 	Subject to your satisfactory performance of your job responsibilities and duties,
you will be entitled to work an average of up to two (2) days per week (measured over
each fiscal quarter) from your home office.

	 	•	 	If the Company terminates your employment without “cause” (as defined in the Offer
Letter) or you terminate your employment in accordance with the first bullet of this
letter, the Company will pay to you severance in an amount equal to the number of
months of your base salary set forth below:

	 	 	 
	Date of Severance
	 	Number of Months of Base Salary

	 
	 	 

	7/1/2009 – 6/30/2010

7/1/2010 – 6/30/2011

7/1/2011 and thereafter
	 	24 months

18 months

12 months

Any severance to which you become entitled under this bullet, less payroll deductions
and all required withholdings, will be payable in accordance with the Company’s normal
payroll practices over the period of such severance. If for any year during your
employment with the Company, the Company agrees to pay severance to Senior Executives
generally that would be for a greater number of months than the number of months of
severance you would be entitled to you for the year in question, then you would be
entitled to receive the same number of months of severance for that year. For the
avoidance of doubt, the immediately preceding sentence is intended to cover severance
the Company agrees to pay to Senior Executives as part of an offer letter, employment
agreement or similar employment arrangement and not as part of a negotiated termination
of employment or as required by a judgment or order of a court or other governmental
body. Notwithstanding the foregoing, you will not receive any of the payments set forth
in this bullet or the next bullet, unless upon your termination of employment you
furnish the Company with an effective waiver and release of claims in the form attached
hereto as Exhibit “A” within the time period set forth therein, but in no event later
than forty-five (45) days following termination of your employment.

	 	•	 	If the Company terminates your employment without “cause” (as defined in the Offer
Letter) or you terminate your employment in accordance with the first bullet of this
letter, to the extent Company is able to do so under applicable law and the Company’s
healthcare plan, the Company will continue to provide health care coverage for you and
your family under the Company’s healthcare plan in effect immediately prior to your
termination for the lesser of thirty-six (36) months after such termination or until
you obtain other health care coverage. The cost of such healthcare coverage will be
deducted from your severance payments. If you do not obtain other healthcare coverage
during, and the Company is unable under applicable law or the Company’s healthcare plan
to continue to provide such coverage after, the first eighteen (18) months following
the termination of your employment, the Company will use all commercially reasonable
efforts to help you obtain comparable healthcare coverage from another plan or provider
for the second eighteen months following the termination of your employment or, if
earlier, until you obtain other health care coverage. In the event it is necessary for
you to obtain such comparable coverage, you will be responsible for paying the same
amount you were paying under the Company’s healthcare plan immediately prior to such
termination, and the Company will be responsible for paying the incremental cost above
that amount.

	 	•	 	Benefits payable under this letter will be subject to the distribution requirements
of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”),
including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code
that payment to you be delayed until 6 months after separation from service if you are
a “specified employee” within the meaning of the aforesaid section of the Code at the
time of such separation from service.

	 	•	 	The Company will pay the reasonable costs for you to rent an apartment, condominium
or house in the King of Prussia, PA area. The Company will also purchase furniture
reasonably selected by you to furnish such apartment, condominium or house. All
furniture purchased by the Company will be the property of the Company. These costs
will be subject to applicable payroll deductions and all required withholdings.

	 	•	 	The Company will purchase or lease such office equipment and technology, including
video conferencing equipment, reasonably selected by you to enable you to work remotely
from your house in Northern New Jersey as frequently as may be reasonably determined by
you and the Company.

Except as otherwise specifically modified in this letter, all terms and conditions of the
Offer Letter will continue in full force and effect.

Please indicate your agreement with the forgoing by signing and dating this letter where
indicated below.

Sincerely,

/s/ Michael G. Rubin

Michael G. Rubin

President and Chief Executive Officer

AGREED TO AND ACCEPTED:

/s/ Stephen J. Gold

Stephen J. Gold

8/4/09  

Date

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