Document:

ex10-12.htm

    Exhibit
10.12.1

    
      
        	
                 

                 

                 

                 

                 

                 

                
                  
                    Robert
      S. Ehrlich

                    Chairman
      and Chief Executive Officer

                  

                

              	  

                Arotech
      Corporation

                 

                
                   

                  
                    

                     

                    1229
      Oak Valley Drive

                    Ann
      Arbor, Michigan 48108

                    Tel:  (800)
      281-0356   Fax:  (734) 761-5368

                    http://www.arotech.com

                    Nasdaq
      Global Market: ARTX

                    Writer’s direct dial:
      +972-2-990-6612

                    Writer’s direct fax:
      +972-2-990-6688

                    Writer’s e-mail: ehrlich@arotech.com

                  

                

              

      

    

     

    April 9,
2009

    

    Mr.
Thomas J. Paup

    c/o
Arotech Corporation

    1229 Oak
Valley Road

    Ann
Arbor, Michigan 48108

     

    Dear
Tom:

     

    Re:           Your Employment Agreement
dated April 14, 2008

     

    In
connection with your amended and restated employment with Arotech Corporation
dated April 14, 2008 (the “Company”), we wish to amend the above-referenced
employment agreement between you and the Company (the “Agreement”) in certain
respects. All capitalized terms used and not otherwise defined herein shall have
the meanings ascribed to such terms in the Agreement.

     

    
      	 	
              1.  

            	
              The
      first sentence of Section 5 of the Agreement is hereby deleted in its
      entirety, and in place and stead thereof the following language is hereby
      inserted:

            

    

     

    “This
Agreement shall be for a period of four years (the “Term”). Any failure of the
parties to extend the Term of this Agreement or to enter into a new employment
agreement on or before January 31, 2012 shall hereinafter be defined as a
“Non-Renewal.”

     

    
      	
               
      

            	
              2.

            	
              Throughout
      the Agreement. any and all references to the “Initial Term” or to an
      “Additional Term” shall be deemed to be references to the
      “Term.”

            

    

     

    
      	
               
      

            	
              3.

            	
              The
      following new subsection 5(d) is hereby
  inserted:

            

    

     

    “(d)           In
the event of a termination due to Change of Control, all of the Executive’s
stock options, whether or not they have yet vested, shall immediately vest and
shall be extended for a period of the later of (x) the expiration date thereof,
and (y) the second anniversary of such Change of Control, and all of the
Executive’s restricted stock shall immediately become unrestricted and freely
tradable (subject to applicable securities laws). In the event of termination
due to any other reason except for Termination for Cause, the Executive’s
then-vested stock options shall be extended for a period of the earlier of (x)
the expiration date thereof, and (y) two years after such termination. For the
avoidance of doubt, it is hereby clarified that if the Executive’s employment is
terminated by the Company other than for the reasons set forth in subsection (b)
above, including without limitation a Non-Renewal, the Executive will be
entitled to be paid upon Termination, in addition to and not instead of all
accrued compensation and all other compensation due to the Executive pursuant to
the provisions of Section 5(c) above, all Base Salary that the Executive would
have been paid through the end of the Term but for the
termination.”

     

    
      	
               
      

            	
              4.

            	
              Pursuant
      to the terms of the Agreement, your Base Salary is supposed to be
      increased by 6% each year to take account of inflation (irrespective of
      the actual inflation rate). You hereby agree to waive this increase in
      respect of 2009. Notwithstanding this waiver and any future waiver of this
      6% increase, your “Base Salary” for purposes of determining compensation
      upon Termination shall refer to the higher of (i) your actual monthly Base
      Salary at the highest rate in effect at any time within the ninety (90)
      day period ending on the Termination Date, and (ii) what your Base Salary
      at the Termination Date would have been had you not waived the 6%
      increase(s) referred to above.

            

    

     

    
      	
               
      

            	
              5.

            	
              In
      all other respects, the terms of the Agreement will govern the
      relationship between us.

            

    

     

    If the
foregoing is acceptable to you, kindly sign this letter in the space provided
for your signature below, whereupon this letter will become a binding amendment
to the Agree­ment.

     

    Sincerely
yours,

     

    AROTECH
CORPORATION

    

    By:_________________________________

    Robert S. Ehrlich

    Chairman and Chief Executive
Officer

     

    ACCEPTED
AND AGREED:

     

    ___________________________

    Thomas
J. PaupAmendment to Tax Separation Agreement

 Exhibit 10.15 
 EXECUTION VERSION 
 AMENDMENT 
 This AMENDMENT (this “Amendment”), dated as of April 8, 2009, is entered into by and between THE PHOENIX COMPANIES, INC., a
Delaware corporation (“PNX”), and VIRTUS INVESTMENT PARTNERS, INC., a Delaware corporation (“Spinco”). Capitalized terms used in this Amendment and not defined herein shall have the meanings that such terms have in
the Agreement (defined below). 
 W I T N E S S E T H: 
 WHEREAS, PNX and Spinco have entered into a Tax Separation Agreement, dated as of December 18, 2008 (the “Agreement”) in connection with a distribution by PNX of all the common shares of Spinco
to the shareholders of PNX (the “Distribution”); 
 WHEREAS, PNX and Spinco have determined that as a result of the
disposition of shares of Virtus Partners, Inc. there would be, absent an election to the contrary by PNX, a significant reduction of certain tax attributes (including tax basis and net operating losses) of Virtus Partners, Inc. and/or certain other
members of the consolidated group of which Virtus Partners, Inc. is a member immediately after the Distribution (Virtus Partners, Inc. and its subsidiaries sometimes referred to herein as “Virtus”) pursuant to Treas. regs. section
1.1502-36(d) (the “Tax Regulations”); 
 WHEREAS, PNX is the common parent of a consolidated group of corporations for U.S.
federal income tax purposes which files on the basis of a taxable year ending December 31; 
 WHEREAS, in light of the foregoing, PNX
and Spinco desire to amend the Agreement to provide that PNX will make any and all elections and waivers available to it under the Tax Regulations to (i) preserve the basis of Virtus in its “Section 197 intangibles” (as defined in
Section 197(d) of the Internal Revenue Code), and (ii) reattribute to PNX the net operating losses otherwise allocable to Virtus and which would otherwise be subject to reduction pursuant to the Tax Regulations; and 
 WHEREAS, PNX and Spinco have agreed to amend certain provisions of the Agreement in the above-referenced manner and as more fully set forth herein.

 NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, PNX and Spinco hereby agree as follows: 
 1. Amendment to Preamble. The Agreement is hereby amended by
adding the following paragraph to be inserted as the penultimate “WHEREAS” clause in the preamble section of the Agreement: 
 “WHEREAS, consistent with Section 3.9 of this Agreement, PNX intends to reattribute to itself the net operating loss carryforwards otherwise attributable to Virtus to the fullest extent possible under Treas. regs. section
1.1502-36(d)(6), and to elect to reduce PIMCO’s tax basis in the stock of Virtus Partners, Inc. (or the equivalent item not yet taken into account under the U.S. federal consolidated return regulations) pursuant to Treas. regs. section
1.1502-36(d)(6) in order to mitigate the reduction of tax attributes of Virtus referenced in Treas. regs. section 1.1502-36(d)(4)(i)(D) as a result of the application of the Tax Regulations; and” 

 2. Amendment to ARTICLE III. The Agreement is hereby amended by adding the following paragraph to
be inserted after Section 3.8 and before Section 4.1: 
 “SECTION 3.9. Certain Tax Elections. Consistent with, and in
reliance on, the information provided by Spinco to PNX (with the reasonable cooperation of PNX) regarding the “aggregate inside loss” (as defined in Treas. regs. section 1.1502-36(d)(3)(iii), PNX will file a “Section 1.1502-36
Statement” (as defined in Treas. regs. section 1.1502-36(e)(5)) with PNX’s timely filed U.S. federal consolidated income tax return for the consolidated tax return year that includes December 31, 2008 making elections to
(A) reattribute to itself, pursuant to Treas. regs. section 1.1502-36(d)(6), the net operating loss carryforwards otherwise attributable to Virtus, and (B) reduce PIMCO’s tax basis, pursuant to Treas. regs. section 1.1502-36(d)(6), in
the stock of Virtus Partners, Inc. (or the equivalent item not yet taken into account under the U.S. federal consolidated tax return regulations) by the lesser of (i) the smallest amount necessary to prevent Virtus from experiencing any
reduction of attributes described in Treas. regs. section 1.1502-36(d)(4)(i)(D) as a result of the application of Treas. regs. section 1.1502-36(d) and (ii) $400 million plus the amount, as determined by PNX, by which PIMCO’s basis in the
stock of Virtus Partners, Inc. for purposes of determining the taxable loss realized by PIMCO exceeds $1,080,131,287 (to the extent such excess would otherwise result in (i) allowable loss to PIMCO for federal income tax purposes and
(ii) a corresponding reduction of Virtus tax attributes pursuant to the Tax Regulations). To the extent permitted by law, and provided it is consistent with the elections described above, PNX will make similar elections for purposes of
(i) the alternative minimum tax imposed under the Code, and (ii) applicable state and local Income Taxes. For the avoidance of doubt, to the extent PNX reattributes to itself net operating loss carryforwards otherwise attributable to
Virtus pursuant to this Section 3.9, neither Spinco nor any of its subsidiaries (including Virtus Partners, Inc.) will take the position on any tax return or otherwise that such net operating losses continue to be tax attributes of Spinco or
any of its subsidiaries (including Virtus Partners, Inc), and to the extent PNX has agreed to reduce PIMCO’s tax basis in the stock of Virtus Partners, Inc. (or the equivalent item not yet taken into account under the U.S. federal consolidated
return regulations) pursuant to this Section 3.9, neither PNX nor any of its subsidiaries (including PIMCO) will take any contrary position on any tax return or otherwise.” 
 3. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ITS
CONFLICTS OF LAW RULES. 
 4. Consent to Jurisdiction Disputes. The Agreement is further amended by deleting Section 4.14 and in
its place inserting the following: 
 “Section 4.14. Consent to Jurisdiction; Disputes. Each of the Parties hereto (a) consents to
submit itself to the personal jurisdiction of the courts of the State of Connecticut or any federal court with subject matter jurisdiction located in the District of Connecticut (and any appeals court therefrom) in the event any dispute arises out
of this Agreement or any transaction contemplated hereby or thereby, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (c) agrees that it will not
bring any action relating to this Agreement or any transaction contemplated hereby or thereby in any court other than such courts. The Parties hereto agree that the dispute resolution procedure set forth in Section 13.15 of the Separation
Agreement, Plan of Reorganization and Distribution between PNX and Virtus dated as of December 18, 2008 shall be followed by the Parties.” 
 5. Counterparts. This Amendment may be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. 
 6. No Other Amendments; Confirmation. Except as expressly amended
hereby, the provisions of the Agreement are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. 
 7. Effectiveness. This Amendment shall be effective as of the date hereof. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as
of the day and year first above written. 
  

			
	THE PHOENIX COMPANIES, INC.
		
	By:	 	 /S/    PETER A.
HOFFMAN        

	Name:	 	Peter A. Hoffman
	Title:	 	 Sr. Executive Vice President and
 Chief Financial Officer

	
	VIRTUS INVESTMENT PARTNERS, INC.
		
	By:	 	 /S/    GEORGE R.
AYLWARD        

	Name:	 	George R. Aylward
	Title:	 	President and Chief Executive Officer

  
 [REST OF PAGE
INTENTIONALLY LEFT BLANK]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]