Document:

ex10_1.htm

Exhibit 10.1

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is effective as of May 26, 2011, by and between ORBIT INTERNATIONAL CORP., a Delaware corporation (the “Company”) and BRUCE REISSMAN (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and Executive entered into an employment agreement dated as of December 14, 2007 as amended by a certain First Amendment to Employment Agreement dated as of December 31, 2010 (collectively, the “Employment Agreement”) pursuant to which the Executive was employed by the Company upon the terms and conditions contained therein; and

 

WHEREAS, the parties desire to extend the term of the Employment Agreement through and including June 30, 2011, as set forth below.

 

NOW, THEREFORE, in consideration of the mutual promises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the parties agree with the others as follows:

 

1.             The first sentence of Paragraph 9 of the Employment Agreement is hereby deleted in its entirety, and a new sentence reading in its entirety as follows is hereby inserted in its place:

 

“The Term and Executive’s employment hereunder shall continue from the effective date of this Agreement through June 30, 2011, unless terminated earlier by the Company or by Executive pursuant to this Paragraph 9.”

2.              Except as herein amended, the Employment Agreement shall remain in full force and effect.

 

  

  

  

 

3.             This Amendment may be executed in one or more counterparts, each of which shall be considered an original, and all of which, when taken together, shall be considered one and the same agreement and shall become effective when such counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

 

[Signature page follows.]

 

  

  

  

 

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

 

	 	
ORBIT INTERNATIONAL CORP.

	 	 	 
	
 

	
By: 

	/s/ Mitchell Binder
	 	 	Mitchell Binder
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	
/s/ Bruce Reissman

	 	
BRUCE REISSMANex10_2.htm

Exhibit 10.2

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

 

This THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is effective as of June 29, 2011, by and between ORBIT INTERNATIONAL CORP., a Delaware corporation (the “Company”) and BRUCE REISSMAN (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and Executive entered into an employment agreement dated as of December 14, 2007, as amended (the “Employment Agreement”), pursuant to which the Executive is employed by the Company upon the terms and conditions contained therein; and

 

WHEREAS, the parties desire to extend the term of the Employment Agreement through and including July 31, 2011, as set forth below.

 

NOW, THEREFORE, in consideration of the mutual promises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the parties agree with the others as follows:

 

1.             The first sentence of Paragraph 9 of the Employment Agreement is hereby deleted in its entirety, and a new sentence reading in its entirety as follows is hereby inserted in its place:

 

“The Term and Executive’s employment hereunder shall continue from the effective date of this Agreement through July 31, 2011, unless terminated earlier by the Company or by Executive pursuant to this Paragraph 9.”

2.             Except as herein amended, the Employment Agreement shall remain in full force and effect.

 

  

  

  

 

3.             This Amendment may be executed in one or more counterparts, each of which shall be considered an original, and all of which, when taken together, shall be considered one and the same agreement and shall become effective when such counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

 

[Signature page follows.]

 

  

  

  

 

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

 

	 	
ORBIT INTERNATIONAL CORP.

	 	 
	 	 	 
	
Date

	
By: 

	/s/ Mitchell Binder
	 	Name:	Mitchell Binder
	 	Title: 	Chief Executive Officer
	 	 	 
	 	/s/ Bruce Reissman
	 	BRUCE REISSMANex10_3.htm

Exhibit 10.3

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is effective as of August 1, 2011, by and between ORBIT INTERNATIONAL CORP., a Delaware corporation (the “Company”) and BRUCE REISSMAN (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company and Executive entered into an employment agreement dated as of December 14, 2007, as amended (the “Employment Agreement”), pursuant to which the Executive is employed by the Company upon the terms and conditions contained therein; and

 

WHEREAS, the parties desire to extend the term of the Employment Agreement through and including July 31, 2012 and to amend certain other provisions in the Employment Agreement, as set forth below.

 

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

 

1.             The first sentence of Paragraph 9 of the Employment Agreement is hereby deleted in its entirety, and a new sentence reading in its entirety as follows is hereby inserted in its place:

 

“The Term and Executive’s employment hereunder shall continue from the effective date of this Agreement through July 31, 2012, unless terminated earlier by the Company or by Executive pursuant to this Paragraph 9.”

2.             Except as herein amended, the Employment Agreement shall remain in full force and effect.

 

  

  

  

 

3.             This Amendment may be executed in one or more counterparts, each of which shall be considered an original, and all of which, when taken together, shall be considered one and the same agreement and shall become effective when such counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

 

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

 

	 	
ORBIT INTERNATIONAL CORP.

	 	 	 
	
 

	
By: 

	/s/ Mitchell Binder
	 	Name:	Mitchell Binder
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	/s/ Bruce Reissman
	 	BRUCE REISSMANex10_4.htm

Exhibit 10.4

AMENDMENT TO CREDIT AGREEMENT

 

This Amendment to Credit Agreement (this "Amendment") is dated as of the 10th day of August, 2011 and is by and between Orbit International Corp., Behlman Electronics, Inc., Tulip Development Laboratory, Inc. and Integrated Consulting Services, Inc. d/b/a Integrated Combat Systems (each a "Borrower" and collectively, the "Borrowers"), and Capital One, National Association ("Bank") (this "Amendment").

WHEREAS, on March 10, 2010 the Bank made available to the Borrowers a line of credit in the amount of $3,000,000.00 and a term loan in the amount of $4,654,761.84 pursuant to a Credit Agreement dated as of March 10, 2010 between the Borrowers and the Bank (as amended from time to time, the "Credit Agreement") and evidenced by, respectively, a Line of Credit Note dated March 10, 2010 from the Borrowers to the Bank (as amended from time to time, the "Line of Credit Note") and the Term Loan Note dated March 10, 2010 from the Borrowers to the Bank (as amended from time to time, the "Term Loan Note") and secured by a Security Agreement dated March 10, 2010 from the Borrowers to the Bank (the "Security Agreement") (the Credit Agreement, the Line of Credit Note, the Term Loan Note, the Security Agreement, and all other documents executed and delivered in connection therewith, collectively, the "Financing Documents");

WHEREAS, the Borrowers have requested that the Bank extend the maturity of the Line of Credit to which the Bank has agreed provided the Borrowers enter into this Amendment;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrowers and the Bank hereby agree as follows:

1.             Capitalized terms not defined herein shall have the meaning set forth in the Credit Agreement.

2.             The definition of "Line of Credit Maturity Date" set forth in Section 1.01 of the Credit Agreement is hereby amended to read in its entirety as follows:

 

    "Line of Credit Maturity Date" means October 1, 2011.

3.             The obligation of the Bank to enter into this Amendment is subject to the following:

(a)           Receipt by the Bank of a fully executed counterpart of this Amendment from the Borrowers;

 

  

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(b)           No later than August 22, 2011, the Bank shall have received the financial statements and 10Q Report required to be delivered to the Bank pursuant to Section 5.10(1) of the Credit Agreement together with the certificate required pursuant to Section 5.10(3) of the Credit Agreement;

(c)           The Borrowers shall pay to the Bank all of its out-of-pocket fees and disbursements incurred by the Bank in connection with this Amendment, including legal fees incurred by the Bank in the preparation, consummation, administration and enforcement of this Amendment.

4.              The Borrowers ratify and reaffirm the Financing Documents and the Financing Documents, as hereby amended, shall remain in full force and effect.

5.             The Borrowers represent and warrant that (a) the representations and warranties contained in the Credit Agreement are true and correct in all material respects as of the date of this Amendment, (b) no condition, at, or event which could constitute an event of default under the Credit Agreement, the Notes or any other Financing Documents exists, and (c) no condition, event, act or omission has occurred, which, with the giving of notice or passage of time, would constitute an event of default under the Credit Agreement, the Notes or any other Financing Document.

6.             The Borrowers acknowledge that as of the date of this Amendment they have no offsets or defenses with respect to all amounts owed by it to the Bank arising under or related to the Financing Documents on or prior to the date of this Amendment.  The Borrowers fully, finally and forever release and discharge the Bank and its successors, assigns, directors, officers, employees, agents and representatives from any and all claims, causes of action, debts and liabilities, of whatever kind or nature, in law or in equity, whether now known or unknown to them, which they may have and which may have arisen in connection with the Financing Documents or the actions or omissions of the Bank related to the Financing Documents on or prior to the date hereof.  The Borrowers acknowledge and agree that this Amendment is limited to the terms outlined above and shall not be construed as an agreement to change any other terms or provisions of the Financing Documents.  This Amendment shall not establish a course of dealing or be construed as evidence of any willingness on the Bank’s part to grant other or future agreements, should any be requested.

7.             This Amendment is a modification only and not a novation.  Except for the above-quoted modifications, the Financing Documents, any loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, instruments or documents executed in connection with the Financing Documents, and all the terms and conditions thereof, shall be and remain in full force and effect with the changes herein deemed to be incorporated therein.  This Amendment is to be considered attached to the Financing Documents and made a part thereof.  This Amendment shall not release or affect the liability of any guarantor of the Notes or credit facility executed in reference to the Financing Documents, if any, or release any owner of collateral granted as security for the Financing Documents.  The validity, priority and enforceability of the Financing Documents shall not be impaired hereby.  To the extent that any provision of this Amendment conflicts with any term or condition set forth in the Financing Documents, or any document executed in conjunction therewith, the provisions of this Amendment shall supersede and control.  The Bank expressly reserves all rights against all parties to the Financing Documents.

  

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8.             This Amendment shall be governed and construed in accordance with the laws of the State of New York

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

  

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

 

	  	
BORROWERS:

	  	
ORBIT INTERNATIONAL

	  	
CORP.

	  	
By:

	
/s/ David Goldman

	  	
Name:

	
David Goldman

	  	
Title:

	
Chief Financial Officer

	  	  	  
	  	
BEHLMAN ELECTRONICS, INC.

	  	  	  
	  	
By:

	
/s/ David Goldman

	  	
Name:

	
David Goldman

	  	
Title:

	
Chief Financial Officer

	  	  	  
	  	
TULIP DEVELOPMENT LABORATORY, INC.

	  	  	  
	  	
By:

	
/s/ David Goldman

	  	
Name:

	
David Goldman

	  	
Title:

	
Chief Financial Officer

	  	  	  
	  	
INTEGRATED CONSULTING SERVICES, INC.

	  	  	  
	  	
By:

	
/s/ David Goldman

	  	
Name:

	
David Goldman

	  	
Title:

	
Chief Financial Officer

	  	  	  
	  	
BANK:

	  
	  	  	  
	  	
CAPITAL ONE,

	  	
NATIONAL ASSOCIATION

	  	  	  
	  	
By:

	
/s/ Dawn N. Juliano

	  	
Name:

	
Dawn N. Juliano

	  	
Title:

	
Vice President

 

 

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