Document:

bkti_ex101.htm

 EXHIBIT 10.1
  
 FIRST AMENDMENT TO
 EMPLOYMENT AGREEMENT
  
 THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of June 23, 2022, by and between BK Technologies, Inc., a Nevada corporation (the “Company”), and John M. Suzuki (the “Executive”).
  
 RECITALS
  
 	 A. 
	 The Company and the Executive are parties to that certain Employment Agreement dated effective July 19, 2021 (the “Employment Agreement”). Unless otherwise indicated, all capitalized terms herein shall have the meanings assigned to them in the Employment Agreement.

	  
	  

	 B.
	 The Company and the Executive each desire to amend the Employment Agreement pursuant to the terms and conditions of this Amendment.

  
 AGREEMENT
  
 NOW, THEREFORE, in consideration of the covenants and conditions set forth herein, and for other good and valuable consideration, the Company and the Executive hereby agree as follows:
  
 	  
	 1.
	 A new Section 4.5 is hereby added to the Employment Agreement to read as follows:

	  
	  
	  

	  
	  
  
	 “4.5 Acceleration of Vesting. Notwithstanding the terms of the Company equity plan or plans under which the Executive’s equity awards are granted or any applicable award agreements, upon the occurrence of a Change in Control (as defined under the 2017 Plan), all of the Executive’s outstanding unvested time-based equity awards shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term, and all of the Executive’s outstanding unvested equity awards with performance-based vesting shall be deemed achieved at target levels with respect to performance goals or other vesting criteria.”

	  
	  
	  

	  
	 2.
	 All other provisions of the Employment Agreement shall remain in full force and effect.

  
 [Signature page follows]
  
 	 
	 1

	

	 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth above.
  
 	 BK TECHNOLOGIES, INC.
	  
	 THE EXECUTIVE
	  

	  
	  
	  
	  
	  

	 By:
	 /s/ E. Gray Payne
	  
	 /s/ John M. Suzuki
	  

	 Name:
	 E. Gray Payne
	  
	 Name: John M. Suzuki
	  

	 Title:
	 Board of Directors - Chairman
		 Date: June 24, 2022
	  

	 Date:
	 June 24, 2022
	  
	  
	  

  
 	 
	 2bkti_ex102.htm

EXHIBIT 10.2
  
 FIRST AMENDMENT TO
 EMPLOYMENT AGREEMENT
  
 THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of June 23, 2022, by and between BK Technologies, Inc., a Nevada corporation (the “Company”), and Timothy A. Vitou (the “Executive”).
  
 RECITALS
  
  	 A. 
	 The Company and the Executive are parties to that certain Employment Agreement dated effective March 5, 2019 (the “Employment Agreement”). Unless otherwise indicated, all capitalized terms herein shall have the meanings assigned to them in the Employment Agreement.

	  
	  

	 B.
	 The Company and the Executive each desire to amend the Employment Agreement pursuant to the terms and conditions of this Amendment.

 
  
 AGREEMENT
  
 NOW, THEREFORE, in consideration of the covenants and conditions set forth herein, and for other good and valuable consideration, the Company and the Executive hereby agree as follows:
  
  	  
	 1.                    
	 Section 4.4 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

	  
	  
	  

	  
	  
  
	 “4.4 Change in Control Bonus. Upon the occurrence of a Change in Control, as defined under the Company’s 2017 Incentive Compensation Plan (“2017 Plan”), the Executive shall be entitled to receive a lump sum payment equal to fifty percent (50%) of the Executive’s most recent annual salary, payable within thirty (30) days following the effective date of such Change in Control. Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company (including for purposes of this Section 4.4 all persons with whom the Company would be considered a single employer under Internal Revenue Code Section 409A), a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A.”

 
  
  	  
	 2.
	 A new Section 4.5 is hereby added to the Employment Agreement as follows:

	  
	  
	  

	  
		 “4.5 Acceleration of Vesting. Notwithstanding the terms of the Company equity plan or plans under which the Executive’s equity awards are granted or any applicable award agreements, upon the occurrence of a Change in Control (as defined under the 2017 Plan), all of the Executive’s outstanding unvested time-based equity awards shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term, and all of the Executive’s outstanding unvested equity awards with performance-based vesting shall be deemed achieved at target levels with respect to performance goals or other vesting criteria.”

	  
	  
	  

	  
	 3.
	 All other provisions of the Employment Agreement shall remain in full force and effect.

 
  
 [Signature page follows]
  
  	 
	 1

	

	 

 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth above.
  
  	 BK TECHNOLOGIES, INC.
	  
	 THE EXECUTIVE
	  

	  
	  
	  
	  
	  

	 By:
	 /s/ John Suzuki
	  
	 /s/ Timothy A. Vitou
	  

	 Name:
	 John Suzuki
	  
	 Name: Timothy A. Vitou
	  

	 Title:
	 Chief Executive Officer
	  
	 Date: June 24, 2022
	  

	 Date:
	 June 24, 2022
	  
	  
	  

 
     
  	 
	 2bkti_ex103.htm

  EXHIBIT 10.3
  
 FIRST AMENDMENT TO
 EMPLOYMENT AGREEMENT
  
 THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into as of June 23, 2022, by and between BK Technologies, Inc., a Nevada corporation (the “Company”), and Henry R. (Randy) Willis (the “Executive”).
  
 RECITALS
  
 	 A.
	The Company and the Executive are parties to that certain Employment Agreement dated effective March 5, 2019 (the “Employment Agreement”). Unless otherwise indicated, all capitalized terms herein shall have the meanings assigned to them in the Employment Agreement.
	 
	 

	 B. 
	The Company and the Executive each desire to amend the Employment Agreement pursuant to the terms and conditions of this Amendment.

  
 AGREEMENT
  
 NOW, THEREFORE, in consideration of the covenants and conditions set forth herein, and for other good and valuable consideration, the Company and the Executive hereby agree as follows:
  
 	 
	 1.
	A new Section 4.4 is hereby added to the Employment Agreement to read as follows:
	 
	 
	 

	 
	 
	 “4.4 Change in Control Bonus. Upon the occurrence of a Change in Control, as defined under the Company’s 2017 Incentive Compensation Plan (“2017 Plan”), the Executive shall be entitled to receive a lump sum payment equal to fifty percent (50%) of the Executive’s most recent annual salary, payable within thirty (30) days following the effective date of such Change in Control. Notwithstanding the foregoing, a Change in Control shall not occur unless such transaction constitutes a change in the ownership of the Company (including for purposes of this Section 4.4 all persons with whom the Company would be considered a single employer under Internal Revenue Code Section 409A), a change in effective control of the Company, or a change in the ownership of a substantial portion of the Company’s assets under Section 409A.”

	 
	 
	 

	 
	 2.
	 A new Section 4.5 is hereby added to the Employment Agreement to read as follows:

	 
	 
	 

	 
	 
	 “4.5 Acceleration of Vesting. Notwithstanding the terms of the Company equity plan or plans under which the Executive’s equity awards are granted or any applicable award agreements, upon the occurrence of a Change in Control (as defined under the 2017 Plan), all of the Executive’s outstanding unvested time-based equity awards shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term, and all of the Executive’s outstanding unvested equity awards with performance-based vesting shall be deemed achieved at target levels with respect to performance goals or other vesting criteria.”

	 
	 
	 

	 
	 3.
	 All other provisions of the Employment Agreement shall remain in full force and effect.

  
 [Signature page follows]
  
 	 
	 2

	

	 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date set forth above.
  
 	 BK TECHNOLOGIES, INC.
	  
	 THE EXECUTIVE
	  

	  
	  
	  
	  
	  

	 By:
	 /s/ John Suzuki
	  
	 /s/ Henry R. Willis
	  

	 Name:
	 John Suzuki
	  
	 Name: Henry R. Willis
	  

	 Title:
	 Chief Executive Officer
	  
	 Date: June 24, 2022
	  

	 Date:
	 June 24, 2022
	  
	  
	  

    
 	 
	 2Exhibit 10.1

  

   

  

  
    EXECUTION VERSION

    

    

    

    

    AMENDMENT NO. 1 TO THE EQUITY PURCHASE AGREEMENT

    

    

    This AMENDMENT NO. 1 TO THE EQUITY PURCHASE AGREEMENT is entered into as of June 30, 2022 (this “Amendment”), by and between Endeavor Operating Company, LLC, a Delaware limited liability company (“Buyer”), Light & Wonder, Inc. (formerly
      known as Scientific Games Corporation), a Nevada corporation (“Parent”), and Endeavor Group Holdings, Inc., a Delaware corporation (collectively, the “Parties”).  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Equity Purchase Agreement (as defined below).

    

    

    WHEREAS, the Parties entered into that certain Equity Purchase Agreement, dated as of September 27, 2021 (as it may be amended, amended and restated,
      supplemented or otherwise modified from time to time, the “Equity Purchase Agreement”);

    

    

    WHEREAS, pursuant to Section 9.04 of the Equity Purchase Agreement, the Equity Purchase Agreement (including the Parent Disclosure Letter) may be
      amended or modified by a written instrument signed by the Parties; and

    

    

    WHEREAS, each of the Parties wishes to amend and modify the Equity Purchase Agreement and Parent Disclosure Letter as set forth herein.

    

    

    NOW, THEREFORE, the Parties agree as follows:

    

    

    	

          	1.	
            Amendments.

          

    

    

    (a)          Annex 1.01(b) of the Parent Disclosure Letter is hereby
        amended and restated in its entirety as set forth on Exhibit A hereto.

    

    

    (b)          Article V of the Equity Purchase Agreement is hereby
        amended by adding the following as Section 5.27 of the Equity Purchase Agreement:

    

    

    “SECTION 5.27. Commercial Arrangement. Following
      Closing, Buyer and Parent shall enter into the commercial arrangement set forth on Section 5.27 of the Parent Disclosure Letter.”

    

    

    (c)          The Parent Disclosure Letter is hereby amended by
        adding Exhibit B hereto as Section 5.27 of the Parent Disclosure Letter.

    

    

    (d)          Section 7.01(b)(i) of the Equity Purchase Agreement is
        hereby amended and restated in its entirety as follows:

    

    

    “(i) subject to Section 7.01(b)(i) of the Parent Disclosure Letter, the Closing has not occurred on or before September 27, 2022
      (the “Outside Date”); provided that (i) the conditions set forth in Sections 6.01(a), 6.01(b) or 6.01(c)
      (with respect to the approvals contemplated by Section 6.01(a) or Section 6.01(b)) are not
      satisfied as of such date, the Outside Date shall automatically be extended to December 30, 2022 and (ii) a party shall not have the right to terminate this Agreement pursuant to this Section 7.01(b)(i)
      if such party has failed to perform any covenant or agreement in this Agreement which failure has been the proximate cause of the failure of the Closing to occur; or”

    

    

    
      
        

    

    

    

    

    

    (e)          Section 7.01(b)(i) of the Parent Disclosure Letter is
        hereby amended and restated in its entirety as set forth on Exhibit C hereto.

    

    

    (f)          The defined term “Cash Consideration” in Section 9.02
        of the Equity Purchase Agreement is hereby amended and restated in its entirety as follows:

    

    

    “Cash Consideration” means $750,000,000.

    

    

    (g)          The defined term “Stock Consideration” in Section 9.02
        of the Equity Purchase Agreement is hereby amended and restated in its entirety as follows and relocated to appear in appropriate alphabetical order:

    

    

    “Stock Consideration” means 2,305,794 Buyer Pubco
      Class A Common Shares (as may be equitably adjusted for any stock split, reverse stock split or extraordinary dividend (excluding for the avoidance of doubt, any tax-related distributions and regular quarterly cash dividends in respect of Buyer Pubco
      Class A Common Shares which dividends, for the avoidance of doubt, may be increased or decreased in amount from quarter to quarter at the discretion of the board of directors of Buyer)).

    

    

    (h)          The Parent Disclosure Letter is hereby amended by
        adding Exhibit D hereto as Section 9.02(g) of the Parent Disclosure Letter.

    

    

    (i)          The Parent Disclosure Letter is hereby amended by
        adding Exhibit E hereto as Section 9.14 of the Parent Disclosure Letter.

    

    

    (j)          Section 9.02 of the Buyer Disclosure Letter is hereby
        amended and restated in its entirety as set forth on Exhibit F hereto.

    

    

    	

          	2.	
            Effectiveness.  This Amendment shall become effective as of the date hereof.

          

    

    

    	

          	3.	
            Effect of Amendment.  This Amendment shall not constitute a waiver, amendment or modification of any
              provision of the Equity Purchase Agreement or the Parent Disclosure Letter not expressly referred to in Section 1 of this Amendment.  Except as specifically modified and amended hereby, the Equity Purchase Agreement shall remain unchanged and
              in full force and effect. References in the Equity Purchase Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall refer to the Equity Purchase Agreement as amended hereby, and references to
              the date of the Equity Purchase Agreement, and references to the “date hereof”, “the date of this Agreement” or words of similar meaning in the Equity Purchase Agreement, shall continue to refer to September 27, 2021.

          

    

    

    
      
        

    

    

    

    

    

    	

          	4.	
            Waiver of Accounting Principles.  By its execution of this Amendment, Buyer hereby consents, pursuant to
              Section 4.01(b)(xiii) of the Equity Purchase Agreement, to Parent’s use of the accounting principles set forth on Section 9.02(g) of the Parent Disclosure Letter.

          

    

    

    	

          	5.	
            Release.  By their execution of this Amendment, Buyer and Parent hereby agree to the release set forth on
              Section 9.14 of the Parent Disclosure Letter.

          

    

    

    	

          	6.	
            Waiver and Consent of Buyer.  Buyer hereby (i) unconditionally and irrevocably waives, and consents to,
              any actions taken, or failure to take action, of Parent or any of its Affiliates prior to the date of this Amendment that may constitute an inaccuracy under, a breach or violation of or a failure to comply with the Equity Purchase Agreement,
              in each case to the extent known to the Knowledge of Buyer as of the date of this Amendment, including the matters occurring prior to the date of this Amendment set forth in Section 9.14 of the Parent Disclosure Letter, for all purposes, and
              (ii) unconditionally and irrevocably waives each of the conditions set forth in Section 6.02(a) and Section 6.02(b) of the Equity Purchase Agreement with respect to any such inaccuracy, breach, violation or failure; provided that, clause (i) shall not apply to any actions taken, or failure to take action, of Parent or any
              of its Affiliates relating to the Specified Matters (as defined in Section 9.14 of the Parent Disclosure Letter).

          

    

    

    	

          	7.	
            Waiver and Consent of Parent.  Parent hereby (i) unconditionally and irrevocably waives, and consents to,
              any actions taken, or failure to take action, of Buyer or any of its Affiliates prior to the date of this Amendment that may constitute an inaccuracy under, a breach or violation of or a failure to comply with the Equity Purchase Agreement,
              in each case to the extent known to the Knowledge of Parent as of the date of this Amendment, including the matters occurring prior to the date of this Amendment set forth in Section 9.14 of the Parent Disclosure Letter, for all purposes, and
              (ii) unconditionally and irrevocably waives each of the conditions set forth in Section 6.03(a) and Section 6.03(b) of the Equity Purchase Agreement with respect to any such inaccuracy, breach, violation or failure; provided that, clause (i) shall not apply to any actions taken, or failure to take action, of Buyer or any of
              its Affiliates relating to the Specified Matters (as defined in Section 9.14 of the Parent Disclosure Letter).

          

    

    

    	

          	8.	
            Miscellaneous.  The provisions of the Confidentiality Agreement and Sections, 8.06 (Exclusivity, No Duplicate Recovery), 9.01 (Notices), 9.03 (Interpretation), 9.04 (Amendment), 9.05 (Extension; Waivers), 9.06 (Severability), 9.07 (Counterparts), 9.08 (Entire Agreement; Third-Party Beneficiaries), 9.09 (Governing Law), 9.10 (Assignment), 9.11 (Enforcement) and 9.12 (Jurisdiction; Consent to Service of Process) of the Equity Purchase Agreement are incorporated herein by reference mutatis
                mutandis and shall be binding upon the Parties.

          

    

    

    

    

    [Signature Pages Follow]

    

    

    

    

    
      
        

    

    

    

    IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed as of the date first written above.

    

    

    

    

    	 	
            ENDEAVOR OPERATING COMPANY, LLC

          
	 	 
	 	
            By:

          	/s/ Jason Lublin 
	 	
            Name:

          	Jason Lublin
	 	
            Title:

          	
            Chief Financial Officer

          

    

    

    

    

    	 	
            LIGHT & WONDER, INC.

          
	 	 
	 	
            By:

          	/s/ James Sottile 
	 	
            Name:

          	
            James Sottile

          
	 	
            Title:

          	
            Executive Vice President and Chief Legal Officer

          

    

    

    

    

    	 	
            ENDEAVOR GROUP HOLDINGS, INC.

          
	 	 
	 	
            By:

          	/s/ Jason Lublin 
	 	
            Name:

          	Jason Lublin
	 	
            Title:

          	Chief Financial Officer

    

    

    

    

    

    

    

    

    

    

    [Signature Page to Amendment No. 1 to Equity Purchase Agreement]

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