Document:

exhibit10-28.htm

    Exhibit
      10.28

    

    AMENDMENT
      TO EMPLOYMENT AGREEMENT

    

    THIS
      AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made as of the ____ day
      of ____ 2007, by and between Burlington Coat Factory Warehouse Corporation,
      a
      Delaware corporation (the “Company”), and ____________________
      (“Executive”).

    

    WHEREAS,
      the Company and the Executive
      entered into an EMPLOYMENT AGREEMENT dates as of ______________ (the “Employment
      Agreement”); and

    

    WHEREAS,
      the Company and the Executive
      desire to amend the Employment Agreement on the terms and conditions hereinafter
      set forth;

    

    NOW,
      THEREFORE, in consideration of the
      premises and the mutual covenants contained herein and for other good and
      valuable consideration, the receipt and sufficiency of which are acknowledged,
      the parties hereto agree as follows:

    

    1.  Section
      1,
Definitions, of the Employment Agreement is hereby amended to add the
      following to the end of the definition of “Good Reason”:

    

    “;
      provided, however, no condition enumerated in the preceding shall be deemed
      to
      be “Good Reason” unless within thirty (30) days of the initial existence of such
      condition, Executive shall have given the Company written notice thereof
      specifically describing the condition giving rise to “Good Reason” and allowing
      the Company a period of at least thirty (30) days from the date of receipt
      of
      the notice to remedy such condition.  Notwithstanding the foregoing,
      in no event will a condition give rise to “Good Reason” hereunder unless within
      ten (10) days after the expiration of the period provided in the Executive’s
      notice for the Company to remedy said condition but in no event later than
      one
      hundred and twenty (120) days initial existence of said condition, Executive
      shall have actually terminated his employment with the Company by giving written
      notice of resignation for failure of the Company to remedy such
      condition.

    

    2.  The
      following Subsection
      (g) is hereby added to the Section 4 of the Employment Agreement:

    

    “(g)  Notwithstanding
      anything herein to the contrary, if, at the time any payment is payable to
      Executive pursuant to the provisions of Section 4(b)(i) above as a result of
      Executive’s “separation from service” (within the meaning of Section 409A of the
      Internal revenue Code of 1986, as amended (the “Code”) and the regulations
      promulgated thereunder, the Company or any company in the affiliate group in
      which the Company’s financial statements are consolidated in accordance with
      generally accepted accounting principles has a class of equity securities traded
      on an established domestic or foreign securities market or otherwise including,
      without limitation, trading on an American exchange only as American Depositary
      receipts (“ADR’S”) and Executive is designated a “specified person” (as such
      term is defined in Section 409A of the Code and the regulations promulgated
      thereunder) on a list prepared by the Company periodically pursuant to Section
      409A of the Code and the regulations promulgated thereunder, then during the
      six
      month period from and after the date of Executive’s “separation from service”
the amount payable to Executive pursuant to the provisions of Section 4(b)(i)
      of
      the Employment Agreement shall not exceed the lesser of (x) two times
      Executive’s annual base compensation or (y) two times the amount determined
      pursuant to Section 401(a)(17) of the Code, and any excess amount which accrues
      to Executive during such period shall be withheld during such period and paid
      to
      Executive in a lump sum upon the expiration of six months after the date of
      “separation from service” (or , if earlier than the end of such six month
      period, upon Executive’s death).  Any further amounts payable
      to

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Executive
      pursuant to Section 4(b)(i) thereafter accruing shall be paid on their scheduled
      payment dates.”

    

    3.  Except
      as modified or
      amended hereby or inconsistent herewith, the Employment Agreement is hereby
      confirmed and ratified.

    

    IN
      WITNESS WHEREOF, the parties have executed this Amendment on the day and year
      first above written.

    

    

    
      	
              BURLINGTON
                COAT FACTORY WAREHOUSE CORPORATION

            
	 
	
              By:

            	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	
              EXECUTIVE:

            	 
	 	
              Name:

            
	 
	 

    

    

    

    

    
      
         

      

      
        2August 31, 2007

             

             

            Robert
            C. Stempel

            2956
            Waterview Dr.

            
            Rochester Hills, Michigan 48309

             

            Dear
            Bob:

             

            
            This letter is intended to confirm our understanding regarding your
            desire to retire from your management positions at Energy Conversion Devices, Inc.
            (“ECD”), effective August 31, 2007. As used in this letter, we may
            sometimes refer to you as “RCS.”

             

            
                	
                            
                             

                        	
                            
                            Our mutual agreement and understanding is as
                            follows:

                        

            

             

            
            1.            
            RCS will, effective August 31, 2007, retire from all management
            positions at ECD, and from all board and management positions with ECD’s
            affiliates. RCS is continuing as non-executive Chairman of ECD’s Board of
            Directors and a member of the Finance Committee of ECD’s Board of Directors. RCS
            and ECD confirm that RCS will not be entitled to receive compensation as a nonemployee
            director of ECD until such time as he is deemed to be “independent” in
            accordance with ECD’s Corporate Governance Principles and the rules of the NASDAQ
            Stock Market.

             

            
            2.            
            The parties hereby terminate the Executive Employment Agreement dated as
            of January 15, 1999, between ECD and RCS, as amended January 15, 1999 and subject to
            the waiver dated June 27, 2005 (the “Employment Agreement”), as of
            August 31, 2007, and neither party will have any further rights or obligations
            thereunder; provided that the covenants set forth in Section 6 of the Employment
            Agreement that are intended to survive termination will so survive for the periods set
            forth in the applicable section. ECD will pay RCS a lump sum of $750,000, on or before
            September 30, 2007, in lieu of the compensation to which RCS would have otherwise
            been entitled in connection with his continued employment through September 30, 2010 as
            provided in the Employment Agreement.

            
             

            
            3.            
            ECD is amending certain terms under stock options and restricted stock
            granted to RCS as they apply in connection with his retirement, as follows:

            
             

            
            (a)          
            All outstanding options to acquire shares of ECD securities under the
            Energy Conversion Devices, Inc. 2000 Stock Option Plan (the “2000 Plan”),
            presently covering 171,056 shares of stock at various exercise prices, 3,633 shares of
            which are presently unvested: (a) will fully vest as of August 31, 2007, and
            (b)

            
             

            
            

            

            

            Robert
            C. Stempel

            August
            31, 2007

            Page
            2

             

             

            
            will be exercisable for the period ending ten years after the date of
            the respective option grants except that, in the event of RCS’s death without
            having fully exercised such options, such options shall be exercisable until the
            earlier of 12 months following the date of RCS’s death or ten years after the
            date of option grant.

             

            
            (b)          
            Section 5(a) of the Restricted Stock Agreement dated as of
            January 15, 1999, between ECD and RCS, as amended September 22, 2005 (the
            “Restricted Stock Agreement”), is amended to read as follows: “The
            Restricted Stock shall vest in accordance with the vesting schedule set forth in
            Section 5(a). The Restricted Stock shall fully vest upon the occurrence of a Change of
            Control.”

             

            
            4.            
            ECD will, to the full extent permitted under law and the respective
            company’s governance documents, indemnify, defend and hold harmless RCS with
            respect to all acts and omissions of RCS that occur on or before August 31, 2007 in his
            capacity as an officer, director or employee of ECD, to the full extent that would
            apply if RCS continued as an officer, director or employee of RCS.

             

            
            The parties acknowledge and agree that (a) this letter constitutes the
            complete and entire agreement between the parties relating to RCS’ retirement and
            the subject matter described herein and supersedes any prior or contemporaneous
            agreements between the parties with respect to RCS’ retirement and the subject
            matter herein, (b) all existing agreements by and between the parties will continue in
            accordance with their respective terms, except as amended herein, until terminated in
            accordance with their terms, (c) to the extent that that there is any conflict between
            the terms set forth in this letter and the terms set forth in any existing agreement
            between the parties, the terms set forth in this letter will control, and (d) all
            amounts payable by ECD or any of its affiliates under this letter will be subject to
            all taxes and other amounts required to be withheld according to applicable federal,
            state and local laws.

            
             

            
            Please sign and return a copy of this letter to confirm that this letter
            conforms to your understanding of our agreement in connection with your
            retirement.

            
             

            
             

            
             

            
                	
                        	
                        
	
                        	
                            
                            ENERGY CONVERSION DEVICES, INC.

                        
	
                            
                             

                        	
                            
                            By:  /S/ Jay B.
                            Knoll                                               

                        
	
                            
                             

                        	
                            
                            Jay B. Knoll

                        
	
                            
                             

                        	
                            
                            Its: Vice President and General Counsel

                        

            

            
             

            Agreed
            and accepted as of the date written above:

             

             

            /S/
            ROBERT C.
            STEMPEL               

            ROBERT
            C. STEMPEL

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