Document:

First Amendment to Employment Agreement Exhibit 10.1

 

First Amendment
to Employment Agreement

FIRST AMENDMENT, dated July 12, 2005 (this "Amendment"),  to
Employment Agreement, dated as of the 30th day of September, 2003, and
effective as of October 1, 2003 (the "Effective Date") between Forward
Industries, Inc., a New York corporation with offices at 1801 Green Road, Suite
E, Pompano Beach, Florida 33064 (the "Company"), and Douglas W. Sabra, residing
at 7441 Brunswick Circle, Boynton Beach, Florida 33437  ("Executive").

WHEREAS, the Company and Executive entered into an Employment Agreement dated September 30, 2003 and effective as of October 1, 2003 (the "Agreement");
and
WHEREAS the Company and the Employee desire to extend the term of and amend the Agreement in accordance with the terms of this Amendment, as set forth below;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Agreement is hereby amended effective July 12, 2005 as follows:

1. Section 3:  "Employment Term" of the Agreement
is hereby amended to expire on December 31, 2008. 

2. Section 5(a): The term "Salary" as set forth in
Section 5(a) of the Agreement is hereby amended to read $185,000 in lieu of
$150,000.  All references to "Salary" in the Agreement (as it may be adjusted
in accordance with the terms thereof), as hereby amended, including without
limitation in Section 5(c) thereof, shall be conformed in accordance with the
terms hereof.

3. All other terms and conditions of the Agreement
shall remain unchanged and in full force and effect.

The Employment Agreement, as amended hereby, is
hereby reaffirmed and restated herein by the undersigned, and said Employment
Agreement is hereby incorporated herein by reference as fully as if set forth
in its entirety in this First Amendment. 

IN WITNESS WHEREOF, the Company has caused this
Amendment to be executed and Employee has hereunto set his hand this 12th
day of July, 2005, effective as of July 12, 2005.

		Company: 	/s/_______________________

			Jerome E. Ball

			Chairman and CEO	Executive:	/s/______________________

			Douglas W. Sabra

			Vice President, CFO

			Assistant SecretaryEXHIBIT 10.1

                  AMENDMENT 3 TO THE INDEMNIFICATION AGREEMENT
                  --------------------------------------------

                  THIS AMENDMENT (this "Amendment") is entered into as of the
11th day of July, 2005, by and among Atlantic Realty Trust ("Seller" ) and Kimco
Realty Corporation ("Buyer") and amends the Indemnification Agreement entered
into as of March 28, 2005 by and among the Seller and Buyer (as amended by those
certain Amendments dated May 12, 2005, June 14, 2005, and by this Amendment, the
"Indemnification Agreement").

                                    RECITALS

         A.       Buyer and Seller entered into the Indemnification Agreement
which, inter alia, provided for a 45 day Exclusivity Period;

         B.       On May 12, 2005, Buyer and Seller entered into an amendment to
the Indemnification agreement which extended the Exclusivity Period until June
12, 2005; and

         C.       On June 14, 2005, Buyer and Seller entered into an amendment
to the Indemnification agreement which extended the Exclusivity Period until
July 11, 2005; and

         D.       Buyer and Seller desire to further extend the Exclusivity
Period.

         NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which, are hereby acknowledged, the parties hereby agree as
follows:

                                    AGREEMENT

1.   The Indemnification Agreement is hereby amended to provide that all
     references therein to the Exclusivity Period shall refer to the period
     commencing on March 28th, 2005 and ending on August 5, 2005. All other
     provisions of the Indemnification Agreement shall remain in full force and
     effect in accordance with their terms.

2.   The  laws of the State of New York shall govern the validity, construction,
     enforcement, and interpretation, of this Amendment, except for the conflict
     of law provisions thereof which would result in the application of the laws
     of another jurisdiction. This Amendment may be executed in a number of
     identical counterparts. If so executed, each of such counterparts is to be
     deemed an original for all purposes and all such counterparts shall,
     collectively, constitute one agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

<PAGE>

         NOW WHEREFORE, the parties hereto have executed this Amendment as of
the date first set forth above.

                                        SELLER:
                                        -------

                                        ATLANTIC REALTY TRUST

                                        By: /s/ Joel Pashcow
                                            ------------------------------
                                            Name:  Joel Pashcow
                                            Title: CEO

                                            Address for notices:

                                            Atlantic Realty Trust
                                            747 3rd Avenue
                                            New York, New York 10017
                                            Attention: Joel, Pashcow

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

                                            Proskauer Rose LLP
                                            1585 Broadway
                                            New York, New York 10036-8200
                                            Attention: Peter M. Fass, Esq.

          [Signature Page to Amendment 2 to Indemnification Agreement]

<PAGE>

                                        BUYER:
                                        ------

                                        KIMCO REALTY CORPORATION

                                        By: /s/ Glenn G. Cohen
                                            ------------------------------
                                            Name:  Glenn G. Cohen
                                            Title: Vice President & Treasurer

                                            Address for notices:

                                            Kimco Realty Corporation
                                            3333 New Hyde Park Road
                                            New Hyde Park, New York 11042-0020
                                            Attention: General Counsel

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

                                            Wachtell, Lipton, Rosen & Katz
                                            51 West 52nd Street
                                            New York, NY 10019
                                            Attention: Adam O. Emmerich, Esq.

           [Signature Page to Amendment to Indemnification Agreement]EXHIBIT 10.8

THE STOCK OPTION REPRESENTED BY THIS CERTIFICATE AND THE SHARES OF COMMON STOCK
ISSUABLE UPON THE EXERCISE OF SUCH OPTION MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR (ii) AN EXEMPTION FROM REGISTRATION UNDER SAID ACT WHERE
THE HOLDER HAS FURNISHED TO THE COMPANY AN OPINION OF ITS COUNSEL THAT AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE.

THE TRANSFER OR EXCHANGE OF THIS STOCK OPTION IS RESTRICTED IN ACCORDANCE WITH
THE TERMS HEREOF.

                  INSTRUMENT OF GRANT OF INCENTIVE STOCK OPTION
                  ---------------------------------------------

         INSTRUMENT OF GRANT dated as of the 25th day of January, 2005 from The
Sagemark Companies Ltd., a New York corporation with offices at 1285 Avenue of
the Americas, 35th Floor, New York, New York 10019 (the "Company") to Elizabeth
Farrell Longton, an individual residing at 30 Old Short Hills Road, Milburn, New
Jersey 07041 ("Optionee").

                              W I T N E S S E T H:
                              --------------------

         WHEREAS, the Board of Directors of the Company has granted Optionee an
incentive stock option as defined in Section 422 of the Internal Revenue Code of
1986, as amended (the "Code") to purchase from the Company shares of the
Company's common stock, par value $.01 per share (the "Common Stock") pursuant
to the Company's 1999 Long-Term Incentive Plan (the "Plan"), subject to the
terms and conditions of this Stock Option and the Plan;

         WHEREFORE, the Company does hereby grant to Optionee the following
stock option:

         1.       Stock Option. Subject to the terms and conditions set forth in
this Instrument of Grant and the terms and conditions of the Plan, the Company
hereby grants to Optionee an incentive stock option (the "Option") to purchase
from the Company up to Thirty-Five Thousand (35,000) shares (the "Optioned
Shares") of Common Stock at an exercise price of Three Dollars and ninety-one
cents ($3.91) per share (the "Exercise Price"), being the closing price of the
publicly traded shares of the Common Sock on the date of grant of this Option.
The number of Optioned Shares being exercised hereunder at any particular time
multiplied by the Exercise Price shall be hereinafter referred to as the
"Purchase Price."
<PAGE>

         2.       Exercise Period; Vesting.
                  ------------------------

                  (a)      Subject to the vesting provisions of subparagraph
2(b) below, this Option is exercisable in whole at any time and in part from
time to time during the five (5) year period commencing on the date of this
Option and ending at 5:00 P.M. New York City time on January 24, 2010 (the
"Exercise Period"); provided, however, that if such date is a day on which banks
in the City of New York are required or permitted to be closed, then the
Exercise Period shall end at 5:00 P.M. New York City time on the next day which
is not a day on which such banks are required or permitted to be closed.

                  (b)      The Optioned Shares shall vest and become exercisable
as follows:

                           (i)      Seventeen Thousand Five Hundred (17,500) of
the Optioned Shares shall vest and become exercisable on January 24, 2006; and

                           (ii)     An additional Seventeen Thousand Five
Hundred (17,500) of the Optioned Shares shall vest and become exercisable on
January 24, 2007;

provided that this Option has not been terminated on or prior to any of such
dates in accordance with the provisions of Section 3 hereof. Subject to the
provisions of Section 5 hereof, the maximum number of shares of Common Stock
which shall be subject to exercise under this Option shall be Thirty Thousand
(35,000) shares.

         3.       Termination.
                  -----------

                  (a)      This Option shall terminate, and Optionee shall have
no further rights under this Option with respect to any of the Optioned Shares
which have not vested as of any date on which the Optionee ceases to be an
employee of the Company (or any subsidiary of the Company), except as provided
in subparagraph (b) of this Section in the event of Optionee's death or a
termination of Optionee's employment for a disability. Notwithstanding the
foregoing, in the event that Optionee's employment with the Company (or any
subsidiary of the Company) is terminated as a result of any breach or default by
the Company of the terms of any employment agreement between Optionee and the
Company, this Option will continue for the then remainder of the Exercise
Period.

                  (b)      In the event of Optionee's death or a termination of
Optionee's employment as a result of a disability during the Exercise Period and
while Optionee is still employed by the Company (or any subsidiary of the
Company), this Option may be exercised, to the extent exercisable on the date of
Optionee's death or the date of any such termination of employment, by
Optionee's legal representatives or Optionee, as applicable, during the twelve
month period following the date of death or the date of such termination, but
not subsequent to the expiration of the Exercise Period.

         4.       Manner of Exercise.
                  ------------------

                  (a)      This Option shall be exercised by written notice of
exercise in the form of Exhibit A to this Instrument of Grant addressed to the
Company and signed by Optionee (or Optionee's legal representative, if
applicable) and delivered to the Company along with the original of this

                                      - 2 -
<PAGE>

Instrument of Grant and payment in full of the Purchase Price of the Optioned
Shares as to which this Option is being exercised. If this Option is exercised
in part only, the Company will either issue a new Instrument of Grant with
respect to the unexercised portion of this Option or shall make a notation on
this Instrument of Grant reflecting the partial exercise and provide Optionee
with a copy of such new Instrument of Grant or noted document, as the case may
be.

                  (b)      The Purchase Price is payable by certified or
official bank check or by personal check, subject to collection; provided,
however, that if payment is made by personal check, no Optioned Shares shall be
issued to Optionee, and Optionee shall have no rights as a shareholder of the
Company, until such check has cleared and been collected by the Company's bank.
The Company shall deliver to Optionee certificates for any of the Optioned
Shares acquired by Optionee by virtue of the exercise of this Option as soon as
practical after the exercise of this Option and payment of the Purchase Price.

                  (c)      The Optioned Shares, when issued upon exercise of
this Option, will be duly and validly authorized and issued, fully paid and
non-assessable.

                  (d)      In connection with any exercise of this Option,
Optionee shall, contemporaneously with the exercise of this Option, pay or
provide for payment of any withholding or other taxes due as a result of such
exercise, if any.

                  (e)      If the exercise of this Option is accelerated as a
result of the change of control provisions of the Plan, any portion of this
Option which is not exercisable as an incentive stock option by reason of the
One Hundred Thousand Dollar ($100,000) limitation contained in Section 422(b) of
the Code shall be treated as a non-qualified stock option.

         5.       Adjustment Provisions. The number of shares of Common Stock
subject to this Option and the Exercise Price shall be adjusted in accordance
with generally accepted accounting principles in the event of a stock dividend,
stock split, stock distribution, reverse split or other combination of shares,
recapitalization or otherwise, which affects the Common Stock.

         6.       Transferability. This Option is not transferrable by Optionee
except that this Option may, in the event of Optionee's death or incompetence,
be exercised by Optionee's legal representative or by the persons to whom this
Option is transferred by will or the laws of descent and distribution.

         7.       No Rights As a Shareholder. Optionee shall have no interest in
and shall not be entitled to any voting rights or any dividend or other rights
or privileges of a shareholder of the Company with respect to any shares of
Common Stock issuable upon exercise of this Option prior to the exercise of this
Option and payment of the Purchase Price of the Optioned Shares in accordance
with the provisions of this Option.

                                     - 3 -
<PAGE>

         8.       No Rights to Continued Employment. Nothing in this Instrument
of Grant shall be construed as (a) an employment agreement or (b) a grant to
Optionee of any rights to continue as an employee, officer or director of the
Company or of any subsidiary or affiliate of the Company.

         9.       Restricted Securities. Optionee acknowledges that, unless the
Optioned Shares are registered pursuant to the Securities Act of 1933, as
amended, the Optioned Shares, if and when issued, will be restricted securities
as defined in Rule 144 of the Securities and Exchange Commission pursuant to the
Securities Act and shall be subject to the resale conditions and limitations of
such Rule.

         10.      Legality. Anything in this Option to the contrary
notwithstanding, Optionee agrees that Optionee will not exercise this Option,
and that the Company will not be obligated to issue any shares of Common Stock
pursuant to this Option, if the exercise of this Option or the issuance of such
shares shall constitute a violation by Optionee or the Company of any provisions
of any law or of any regulation of any governmental authority or of any
provision of the Plan. Any determination by either the Stock Option Committee of
the Company's Board of Directors or of the Board of Directors acting in lieu
thereof, in this connection, shall be final, binding and conclusive. The Company
shall not be obligated to take any affirmative action in order to cause the
exercise of this Option or the issuance of shares pursuant thereto to comply
with any such law or regulation or provision of the Plan.

         11.      Tax Status. In accepting this Option, Optionee understands
that in order to obtain the tax treatment provided for incentive stock options
under Section 422 of the Code, Optionee may not dispose of any shares issued
upon exercise of this Option until the expiration of the later of two years from
the date of grant or one year from the date of exercise. Optionee shall pay or
provide for payment of any withholding tax due as a result of a disposition of
the Optioned Shares in violation of Section 422(a)(1) of the Code.

         12.      Action by Company. The existence of this Option shall not
affect in any way the right or power of the Company or its shareholders to make
or authorize any or all adjustments, recapitalizations, reorganizations or other
changes in the Company's capital structure or its business, or any merger or
consolidation of the Company, or any issue of bonds, debentures, preferred or
prior preference stocks ahead of or affecting the Common Stock or the rights of
the holders thereof, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of the Company's assets or business, or any
other corporate act or proceeding, whether of a similar character or otherwise.

         13.      Notices. All notices, consents, requests, demands and other
communications required or permitted to be given under this Option (the
"Notices") shall be in writing and delivered personally, receipt acknowledged,
or mailed by registered or certified mail, postage prepaid, return receipt
requested, addressed to the parties hereto at their respective addresses set
forth below (or to such other address as either the Company or Optionee shall
specify by notice given in accordance with this provision)

                                     - 4 -
<PAGE>

                  (a)      If to the Company:
                           The Sagemark Companies Ltd.
                           1285 Avenue of the Americas, 35th Floor
                           New York, New York 10019

                           -and-

                           The Sagemark Companies Ltd.
                           Premier PET Imaging International, Inc.
                           2300 Glades Road
                           Suite 100W
                           Boca Raton, FL 33431
                           Attn: Chief Financial Officer

                  (b)      If to Optionee:

                           Elizabeth Farrell Longton
                           30 Old Short Hills Road
                           Milburn, New Jersey 07041

All such Notices shall be deemed given when personally delivered as aforesaid,
or, if mailed as aforesaid, on the third business day after the mailing thereof
or on the day actually received, if earlier, except for a notice of a change of
address which shall be effective only upon receipt.

         14.      Governing Law. This Instrument of Grant shall be construed and
governed in accordance with the laws of the State of New York without applying
its conflict of laws principles.

         15.      Interpretation. As a condition of the grant of this Option,
Optionee (and each person who succeeds to Optionee's rights hereunder) agrees
that any dispute or disagreement which may arise under or as a result of or
pursuant to this Option shall be determined by the Stock Option Committee of the
Company's Board of Directors, or the Board of Directors, acting in lieu thereof,
in their sole discretion and that any interpretation by such Committee or the
Board, acting in lieu thereof, of the terms of this Option shall be final,
binding and conclusive.

         16.      Binding Effect. This Option shall be binding upon and inure to
the benefit of the Company and Optionee and their respective successors, heirs,
personal representatives, administrators, executors and permitted assigns.

         17.      Waiver. No waiver of any provision of this Option or of any
breach thereof shall be effective unless in writing and signed by the party to
be bound thereby. The waiver by either the Company or Optionee, as the case may
be, of a breach of any provision of this Option shall not be construed as a
waiver of any subsequent breach or of any other provision of this Option, unless
the instrument of waiver expressly so provides.

         18.      Partial Invalidity. If one or more provisions of this Option
are held to be unenforceable under applicable law, such provision(s) shall be
excluded from this Option and the balance of this Option shall remain in full
force and effect.

                                     - 5 -
<PAGE>

         19.      The Plan. This Option is subject to the terms and conditions
of the Plan, the terms of which are incorporated by reference thereto. In the
event of any conflict or inconsistency between the discretionary terms and
provisions of the Plan and the provisions of this Option, this Option shall
govern and control. In all other instances, conflicts or inconsistencies, the
terms and provisions of the Plan shall govern and control. Optionee acknowledges
receipt of a copy of the Plan, represents that Optionee is familiar with the
terms and provisions thereof and hereby accepts this Option, subject to all of
the terms and provisions thereof.

                                     - 6 -
<PAGE>

         IN WITNESS WHEREOF, the Company has executed this Instrument of Grant
of Incentive Stock Option as of the date first above written.

                                       THE SAGEMARK COMPANIES LTD.

                                       By: /s/ THEODORE B. SHAPIRO
                                           -------------------------------------
                                           Theodore B. Shapiro,
                                           Chief Executive Officer

                                       OPTIONEE:

                                           /s/ ELIZABETH FARRELL LONGTON
                                           -------------------------------------
                                           Elizabeth Farrell Longton

                                     - 7 -
<PAGE>

                                    Exhibit A

                                                    Date:

The Sagemark Companies Ltd.
1285 Avenue of the Americas, 35th Floor
New York, New York 10019

         Re:   Stock Option Exercise - Instrument of Grant of Incentive
               Stock Option Dated as of __________________________

Gentlemen:

         I hereby exercise the above-referenced option to the extent of shares,
and I am tendering with this Notice full payment of the Purchase Price in the
manner provided in Section 4 of the Instrument of Grant of Incentive Stock
Option with respect to the Optioned Shares as to which this Option is being
exercised. I further represent and warrant to the Company that I am aware of the
tax consequences of my exercise of the option.

                                       Very truly yours,

                                       _________________________________________

                                       _________________________________________
                                       Print Name

                                     - 8 -

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