Document:

Exhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement
(the “Agreement”) is made between Summer
Infant, Inc., a Delaware corporation (the “Company”)
and Jason Macari (the “Executive”) as
of February 1, 2010 (the “Effective Date”).

 

RECITALS

 

WHEREAS, the Company desires
to be assured of the association and services of Executive; and

 

WHEREAS, Executive is
willing and desires to continue to be employed by the Company, and the Company
is willing to employ Executive, upon the terms, covenants and conditions
hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the mutual terms, covenants and conditions hereinafter set
forth, the parties hereto agree as follows:

 

1.             Employment.  The
Company hereby employs Executive, and Executive hereby accepts such employment,
effective as of the Effective Date, upon the mutual terms, covenants and
conditions set forth herein.

 

2.             Term.

 

2.1.         Initial Term. The
initial term of this Agreement shall be for a period of three (3) years
commencing on the Effective Date hereof, unless terminated earlier pursuant to Section 8
hereof; provided, however, that Executive’s obligations in Sections 5 and 7
hereof shall, except as otherwise set forth in Section 5.6 hereof,
continue in effect after such termination.

 

2.2.         Additional Terms. This
Agreement shall be renewed for successive periods of one (1) year unless
either party shall give notice of non-renewal, within sixty (60) days of the
expiration of the initial three-year term or any such one- year renewal term.

 

3.             Duties. Executive shall serve as Chief Executive Officer of
the Company with such duties and responsibilities as may from time to time be
assigned to Executive by the Board of Directors of the Company (the “Board”), commensurate with Executive’s title and position
described in this sentence. The duties and services to be performed by
Executive under this Agreement are collectively referred to herein as the “Services”.
Executive shall report directly to the Board. Executive agrees that he shall at
all times conscientiously perform all of the duties and obligations assigned to
him under the terms of this Agreement to the best of his ability and experience
and in compliance with law. Executive shall perform his duties out of the
Company’s Rhode Island office (as same may be relocated in the same
metropolitan area from time to time) or at such other location as shall be
agreed to by the Company and Executive; provided, that, Executive’s duties will
include reasonable travel in the United States and abroad, including but not limited
to travel to offices of Company and its subsidiaries and affiliates and current
and prospective customers as is reasonably necessary and appropriate to the
performance of 

 

 

Executive’s duties hereunder. Executive will comply with and
be bound by Company’s operating policies, procedures, and practices from time
to time in effect during Executive’s employment.

 

4.             Exclusive
Service. Executive agrees to use his best
efforts to promote the interests of the Company and to devote his full business
time and energies to the business and affairs of the Company and the
performance of his duties hereunder. Executive may, however, (i) engage in
civic and not-for-profit activities for which no compensation (other than
reimbursement of his actual expenses incurred in performance of such activities
if allowed by the Company’s travel and expense reimbursement policy in effect
at the time such expenses were incurred allows for such reimbursement) is paid
to him and (ii) manage his passive investments, so long as such activities
do not materially interfere with the performance of his duties to the Company
or directly conflict with the Company’s business interests.

 

5.             Non-Competition
and Other Covenants.

 

5.1.         Non-Competition Agreement. For
so long as the Executive is employed by the Company and for twenty-four (24)
months following the termination date of Executive’s employment under this
Agreement, Executive will not, directly or indirectly, individually or as an
employee, partner, officer, director or shareholder (except to the extent
permitted in Section 4 above) or in any other capacity whatsoever of or
for any person, firm, partnership, company or corporation other than Company or
its subsidiaries or affiliates:

 

(a)           Own, manage, operate, sell,
control or participate in the ownership, management, operation, sales or
control of or be connected in any manner, including as an employee, advisor or
consultant or similar role, with any business engaged, in the geographical
areas referred to in Section 5.2 below, in the design, research,
development, marketing, sale, or licensing of products or services that are
substantially similar to or competitive with the business of Company and any of
its subsidiaries or affiliates; or

 

(b)           Recruit, attempt to hire,
solicit, or assist others in recruiting or hiring, in or with respect to the
geographical areas referred to in Section 5.2 below, any person who is an
employee of Company or any of its subsidiaries or affiliates or induce or
attempt to induce any such employee to terminate his employment with Company or
any of its subsidiaries or affiliates.

 

5.2.         Geographical Areas. The
geographical areas in which the restrictions provided for in this Section 5
apply include all cities, counties and states of the United States, and all other
countries in which the Company (or any of its subsidiaries or affiliates)  conducted business during the time of
Executive’s employment or during the twenty-four (24) months
following the termination date of Executive’s employment,
whether or not the Company has an actual physical presence in such location.
Executive acknowledges that the scope and period of restrictions and the
geographical area to which the restrictions imposed in this Section 5
applies are fair and reasonable and are reasonably required for the protection
of Company and that this Agreement accurately describes the business to which
the restrictions are intended to apply.

 

2

 

5.3.         Non-Solicitation of Customers. In
addition to, and not in limitation of, the non-competition covenants of
Executive set forth above in this Section 5, Executive agrees with Company
that, for as long as the Executive is employed by the Company and for
twenty-four (24) months
following the termination date of Executive’s employment under this Agreement,
Executive will not, either for Executive or for any other person or entity,
directly or indirectly (other than for Company and any of its subsidiaries or
affiliates), solicit business from, or attempt to sell, license or provide the
same or similar products or services, as are then provided by Company or any
subsidiary of Company, to any past or present customer of Company.

 

5.4.         Non-Solicitation of Executives or Consultants. In
addition to, and not in limitation of, the non-competition covenants of
Executive set forth above in this Section 5, Executive agrees with Company
that, for as long as the Executive is employed by the Company and for
twenty-four (24) months
following the termination date of Executive’s employment under this Agreement,
Executive will not, either for Executive or for any other person or entity,
directly or indirectly, solicit, induce or attempt to induce any employee,
consultant or contractor of Company or any affiliate of Company, to terminate
his or her employment or his, her or its services with, Company or any
subsidiary or affiliate of Company or to take employment with another party.

 

5.5.         Amendment to
Retain Enforceability. It is the
intent of the parties that the provisions of this Section 5 will be
enforced to the fullest extent permissible under applicable law. If any
particular provision or portion of this Section is adjudicated to be
invalid or unenforceable, this Agreement will be deemed amended to revise that
provision or portion to the minimum extent necessary to render it enforceable.
Such amendment will apply only with respect to the operation of this paragraph
in the particular jurisdiction in which such adjudication was made.

 

5.6.         Breach by the Company. The restrictive covenants
contained in this Section shall terminate and have no further force or
effect in the event that the Company shall (i) breach any of the payment
obligations owed to the Executive as set forth in this Agreement, or (ii) breach
any material non payment provision of this Agreement, and under (i) or (ii) above,
fail to cure such breach upon written notice from Executive of such breach
within a reasonable period of time of such notice, not to exceed thirty (30)
days, or (iii) terminate the Executive’s employment hereunder “without
cause” or Executive terminates his employment with the Company for “good reason”;
provided, however, all of the covenants
contained in this Section 5 shall remain in force so long as the Company
is making payments to Executive pursuant to Section 8.2(b).

 

5.7.         Other
Provisions. Notwithstanding
the foregoing, in the event that Executive voluntarily resigns from the Company
without “good reason” or is terminated with “cause” during the Initial Term,
the noncompetition, nonsolicitation of customers and nonsolicitation of
executives or consultants provisions as set forth above shall not expire until
five (5) years from the Effective Date. It is further acknowledged and
agreed that the provisions of this Section 5 are integral components of the
consideration being provided to the Company for its agreement to enter into
this Agreement.

 

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6.             Compensation and Benefits.

 

6.1.         Salary. During
the term of this Agreement, Company shall pay Executive an initial salary of
$375,000 per annum (the “Base Salary”).
Executive’s salary shall be payable as earned at Company’s customary payroll
periods in accordance with Company’s customary payroll practices. Executive’s
salary shall be subject to review and adjustment annually by the Compensation
Committee of the Company’s Board of Directors.

 

6.2.         Employee Benefits; Bonus
and Stock Plans. Executive will be eligible to
participate in Company’s employee benefit plans of general application as they
may exist from time to time, including without limitation those plans covering
pension and profit sharing, stock purchases, stock options, and those plans
covering life, health, and dental insurance in accordance with the rules established
for individual participation in any such plan and applicable law. In addition
and without limitation the Executive will participate in an annual “Summer
Infant, Inc. Employee Performance Incentive Plan” (the “Plan”). As a participant in the Plan, the Executive will be
paid a minimum bonus of 100% of his salary if specified financial targets and
performance criteria (as set forth annually in the Plan) are achieved.
Executive will receive such other benefits, including vacation, holidays and
sick leave, as Company generally provides to its employees holding similar
positions as that of Executive. The Company reserves the right to change or
otherwise modify, in its sole discretion, the benefits offered herein to
conform to the Company’s general policies as may be changed from time to time
during the term of this Agreement. All health and dental insurance benefits
shall continue at the Company’s expense after termination of the Executive’s
employment by the Company “without cause” or termination by Executive for “good
reason” for a period of two (2) years from such termination, except where
comparable health and dental insurance is available from a subsequent employer.

 

6.3.         Expenses. Company
will reimburse Executive for all expenses incurred by Executive in connection
with Company’s business to the extent permitted by the Company’s then current
Travel and Expense Reimbursement Policy.

 

6.4.         Indemnification and Directors and Officers Insurance. The Company shall indemnify Executive to the extent
that the Company indemnifies its officers and directors under its charter and
bylaws or to the extent provided by any separate indemnification agreement that
the Company and Executive may enter into.  The Company shall purchase and
maintain in full force and effect at all times during Executive’s employment
and for a period of twenty four (24) months thereafter, policies of directors
and officers insurance covering Executive for all actions Executive takes on
the Company’s behalf during Executive’s employment.

 

7.             Confidentiality
and Proprietary Rights.

 

7.1.         Confidentiality.  Executive acknowledges that as a result of his
employment with the Company, Executive has obtained and will obtain secret and
confidential information concerning the business of the Company and its
subsidiaries and affiliates (all of such entities referred to collectively in
this Section 7, as the “Company”).
Other than in the performance of his duties hereunder, Executive agrees not to
disclose, either during the Term of his employment with the Company or at any
time thereafter, to any person, firm or corporation any confidential
information concerning the Company which is not in the public domain including
trade secrets, budgets, strategies, operating plans, marketing plans, patents,
copyrights, 

 

4

 

supplier lists, company agreements, employee lists, or the
customer lists or similar information of the Company.

 

7.2.         Proprietary
Rights. All records, files, memoranda, reports, price lists,
customer lists, drawings, plans, sketches, documents and the like (together
with all copies thereof) relating to the business of the Company, which
Executive shall use or prepare or come in contact with in the course of, or as
a result of, his employment shall, as between the parties, remain the sole property
of the Company. Upon termination of his employment with the Company, Executive
agrees to immediately return all such materials and shall not thereafter cause
removal thereof from the premises of the Company. Further, the Executive agrees
to disclose and assign to the Company as its exclusive property, all ideas,
writings, inventions, discoveries, improvements and technical or business
innovations made or conceived by the Executive, which the parties acknowledge
shall be considered “work for hire” under applicable intellectual property law,
whether or not patentable or copyrightable, either solely or jointly with
others during the course of his employment with the Company, which are along
the lines of the business, work or investigations of the Company or its
subsidiaries or affiliates.

 

8.             Termination.

 

8.1.         Bases for Termination.

 

(a)           Executive’s
employment hereunder may be terminated at any time by mutual agreement of the
parties.

 

(b)           This Agreement
and Executive’s employment with the Company shall automatically terminate on
the date on which Executive dies or becomes permanently incapacitated. “Permanent
incapacity” as used herein shall mean mental or physical incapacity, or both,
reasonably determined by the Company based upon a certification of such incapacity
by, in the sole discretion of the Company, either Executive’s regularly
attending physician or a duly licensed physician selected by the Company,
rendering Executive unable to perform substantially all of his duties hereunder
and which appears reasonably certain to continue for at least six consecutive
months without substantial improvement. Executive shall be deemed to have “become
permanently incapacitated” on the date 30 days after the Company has determined
that Executive is permanently incapacitated and so notifies Executive.

 

(c)           Executive’s
employment may be terminated by the Company “with cause”, effective upon
delivery of written notice to Executive given at any time (without any
necessity for prior notice) in the event of any of the following actions by
Executive: (i) conviction of any felony or any other crime involving moral
turpitude, (ii) fraud against the Company or any of its subsidiaries or
affiliates or theft of or maliciously intentional damage to the property of the
Company or any of its subsidiaries or affiliates, (iii) willful or
reckless breach of Executive’s fiduciary duties to the Company or willful
misconduct as an employee of the Company that results in material economic
detriment to the Company, (iv) neglect or unreasonable refusal to perform
the material duties and responsibilities assigned to Executive by the Board or
under this Agreement, or (v) breach by Executive of any provision of this
Agreement; provided, however, that with respect to clauses (iv) and (v) above,
in order for Executive to be terminated “with cause”, the Company must give
Executive written notice 

 

5

 

thereof
and such breach must not have been cured by Executive within 30 days of receipt
of such notice.

 

(d)           Executive’s
employment may be terminated by the Company “without cause”, effective upon
delivery of written notice to Executive given at any time (without any
necessity for prior notice) provided that the Company complies with all
provisions of this Agreement related to severance, vesting of options and
continuation of benefits as set forth herein.

 

(e)           Executive may
terminate his employment hereunder for “good reason”, effective upon delivery
of written notice to Company given at any time (without any necessity for prior
notice) in the event of any of the following: (i) the assignment to
Executive of duties materially inconsistent with this Agreement or a material
diminution in title or authority, (ii) any failure by the Company to pay
Executive the compensation and benefits to which Executive is entitled in any
material way, including any reduction in compensation including Executive’s
Base Salary, or payments and benefits to which Executive is entitled under this
Agreement including, without limitation, the obligation to purchase and keep in
force a policy of directors and officers liability insurance, (iii) any
material breach by the Company of the material terms of this Agreement, or (iv) the
requirement that Executive relocate to a location more than fifty (50) miles
outside of Woonsocket, Rhode Island; provided, however,
that with respect to clauses (ii) and (iii) above, in order for
Executive to terminate his employment for “good reason”, the Executive must
give the Company written notice thereof and such breach must not have been
cured by the Company within 30 days of receipt of such notice.

 

(f)            Executive may
terminate his employment without “good reason” by giving the Company no less
than 30 days prior written notice of such termination.

 

8.2.         Payment Upon Termination.

 

(a)           Upon
termination of Executive’s employment pursuant to Section 8.1, the Company
shall pay to Executive, within ten (10) days after the effective date of
such termination, an amount equal to Executive’s then Base Salary accrued as of
such date plus any unreimbursed expenses then owed by the Company to Executive
pursuant to the terms of this Agreement, and Executive shall not be entitled to
any other consideration or compensation except as provided in Section 8.2(b) below.

 

(b)           Upon
termination of Executive’s employment by the Company “without cause,” due to
the death of the Executive, due to the disability of the Executive or a
termination by the Executive for “good reason,” then the Company shall continue
to pay Executive’s Base Salary in accordance with normal payroll procedures for
a period of 24 months from the date of termination. After any such termination,
the Company shall not be obligated to further compensate Executive nor provide
the benefits to Executive described in Article 6 hereof, except for
continuation of health and dental insurance benefits as is required by Section 6.2,
which shall continue for a period of 24 months from the date of termination or
as may be required by law

 

6

 

(c)           Nothing
contained in this Section 8.2 shall affect the terms of any employee stock
options that may have been issued by the Company to Executive, which in the
event of termination of Executive’s employment with the Company shall continue
to be governed by their own terms and conditions; provided however that if
Executive’s employment is terminated by the Company “without cause” or by
Executive for “good reason”, any and all options granted to Executive shall
then immediately vest.

 

9.             Change of
Control.  If prior to the last day of the 12th full calendar
month following the date of occurrence of an event constituting a Change of
Control (it being recognized that more than one event constituting a Change of
Control may occur in which case the 12-month period shall run from the date of
occurrence of each such event) (i) the Company terminates Executive’s
employment other than (A) “with cause” or (B) because of the
Executive’s disability or death, or (ii) Executive terminates his
employment for “good reason” (any such termination in clauses (i) or (ii) being
referred to as a “Payment Event”), then, within ten (10) business days after
such termination (the “Payment Date”) Executive shall be entitled to receive from the
Company a cash payment (the “Payment”) in one lump sum equal to the sum of: (i) an
amount equal to two (2) times the Executive’s Base Salary for the previous
12 months  and (ii) the average of the
Executive’s annual cash bonuses from the Company for the two fiscal years
(whether or not paid so long as accrued and declared by the Company) preceding
the fiscal year in which such termination occurs.  In addition, all health and dental insurance
benefits shall continue at the Company’s expense after termination of the
Executive’s employment by the Company for a period of two (2) years from
such termination, except where comparable health and dental insurance is
available from a subsequent employer (the “Severance
Benefits”). The Executive shall not be
entitled to any Payment or any Severance Benefits if the Company terminates
Executive’s employment “with cause” or if Executive terminates his employment
without “good reason.”

 

Notwithstanding any provision herein to the
contrary, the Company shall not have any obligation to pay any Payment or to provide any Severance
Benefits  unless and until the Executive executes, within
sixty (60) days after a Payment Event, a release of the Company and its
Affiliates and related parties, in such form as the Company may reasonably
request, of all claims against the Company and its Affiliates and related
parties relating to the Executive’s employment and termination thereof and
unless and until any  revocation period applicable to such release
has expired.

 

For the purposes of this Section 9, the following terms
shall have the meanings ascribed below:

 

“Affiliate”
shall mean any Person that, directly or indirectly, controls, is controlled by
or is under common control with such Person, and with respect to any natural
person, includes the members of such person’s immediate family (spouse,
children and parents, whether by blood, marriage or adoption, or anyone
residing in such person’s home).

 

“Change of Control” shall mean (i) individuals who, as
of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of
the Board, provided that any individual becoming a director subsequent to the
Effective Date whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of 

 

7

 

at
least a majority of the directors then comprising the Incumbent Board (other
than an election or nomination of an individual whose initial assumption of
office is in connection with an actual or threatened election contest relating
to the election of the directors of the Company, as such terms are used in Rule 14a-11
of Regulation 14A promulgated under the Securities Exchange Act of 1934) shall
be considered as though such individual was a member of the Incumbent Board; or
(ii) the approval by the shareholders of the Company of a reorganization,
merger, consolidation or other form of corporate transaction or series of
transactions (but not including  an
underwritten public offering of the Company’s common stock or other voting
securities (or securities convertible into voting securities of the Company)
for the Company’s own account registered under the Securities Act of 1933), in
each case, with respect to which Persons who were shareholders of the Company
immediately prior to such reorganization, merger, consolidation or other
corporate transaction do not, immediately thereafter, own more than fifty
percent (50%) of the combined voting power entitled to vote generally in the
election of directors of the reorganized, merged or consolidated entity’s then
outstanding voting securities, or a liquidation or dissolution of the Company
or the sale of all or substantially all of the assets of the Company (unless
such reorganization, merger, consolidation or other corporate transaction,
liquidation, dissolution or sale is subsequently abandoned or terminated prior
to being consummated); or (iii) the acquisition by any Person, entity or “group”, within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, of more than thirty
percent (30%) of either the then outstanding shares of the Company’s common
stock or the combined voting power of the Company’s then outstanding voting
securities entitled to vote generally in the election of directors (hereinafter
referred to as a “Controlling Interest”)
excluding any acquisitions by (x) the Company or any of its Affiliates, (y) any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any of its Affiliates or (z) any Person, entity or “group” that as of
the Effective Date owns beneficially (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act of 1934) a Controlling Interest.

 

“Person” shall mean any natural person or entity with legal
status.

 

10.          Miscellaneous.

 

10.1.       Transfer and Assignment. This
Agreement is personal as to Executive and shall not be assigned or transferred
by Executive. This Agreement shall be binding upon and inure to the benefit of
all of the parties hereto and their respective permitted heirs, personal
representatives, successors and assigns.

 

10.2.       Severability. Nothing
contained herein shall be construed to require the commission of any act
contrary to law. Should there be any conflict between any provisions hereof and
any present or future statute, law, ordinance, regulation or other
pronouncement having the force of law, the latter shall prevail, but the
provision of this Agreement affected thereby shall be curtailed and limited
only to the extent necessary to bring it within the requirements of the law,
and the remaining provisions of this Agreement shall remain in full force and
effect.

 

10.3.       Governing Law.
This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of Rhode Island.

 

8

 

10.4.       Injunctive Relief. If
Executive commits a breach, or threatens to commit a breach, of any of the
provisions of Sections 5 or 7, the Company shall have the right and remedy to
seek to have the provisions of this Agreement specifically enforced by any
court having equity jurisdiction, it being acknowledged and agreed by Executive
that the services being rendered hereunder to the Company are of a special,
unique and extraordinary character and that any such breach or threatened
breach may cause irreparable injury to the Company and that money damages  may not provide an adequate remedy to the
Company. The rights and remedies enumerated in this Section 10.4 shall be
in addition to, and not in lieu of, any other rights and remedies available to
the Company under law or equity. In connection with any legal action or
proceeding arising out of or relating to this Agreement, the prevailing party
in such action or proceeding shall be entitled to be reimbursed by the other
party for the reasonable attorneys’ fees and costs incurred by the prevailing
party.

 

10.5.       Dispute Resolution. All claims
for monetary damages between the Company and Executive with respect to this
Agreement shall be resolved by binding arbitration, with all proceedings
conducted in Providence, Rhode Island, administered under the rules and
regulations of the American Arbitration Association with the Federal Rules of
Evidence applicable in all respects thereto. Neither the Company nor Executive
shall be limited to arbitration with respect to claims for specific performance
or equitable relief hereunder.

 

10.6.       Counterparts. This
Agreement may be executed in several counterparts and all documents so executed
shall constitute one agreement, binding on all of the parties hereto,
notwithstanding that all of the parties did not sign the original or the same
counterparts.

 

10.7.       Entire Agreement. This
Agreement constitutes the entire agreement and understanding of the parties
with respect to the subject matter hereof and supersedes all prior oral or
written agreements, arrangements and understandings with respect thereto. No
representation, promise, inducement, statement or intention has been made by
any party hereto that is not embodied herein, and no party shall be bound by or
liable for any alleged representation, promise, inducement, or statement not so
set forth herein.

 

10.8.       Modification. This
Agreement may be modified, amended, superseded or cancelled, and any of the
terms, covenants, representations, warranties or conditions hereof may be
waived, only by a written instrument executed by all of the parties hereto.

 

10.9.       Attorneys’ Fees and Costs. In
the event of any dispute arising out of the subject matter of this Agreement,
the prevailing party shall recover, in addition to any other damages assessed,
its attorneys’ fees, legal expenses and court costs incurred in litigating,
arbitrating or otherwise attempting to enforce this Agreement or resolve such
dispute. In construing this Agreement, no party hereto shall have any term or
provision construed against such party solely by reason of such party having
drafted or written such term or provision.

 

10.10.     Waiver. The waiver
by either of the parties, express or implied, of any right under this Agreement
or any failure to perform under this Agreement by the other party, shall not
constitute or be deemed as a waiver of any other right under this Agreement or
of any other failure to perform under this Agreement by the other party,
whether of a similar or dissimilar nature.

 

9

 

10.11.     Cumulative Remedies. Each and
all of the several rights and remedies provided in this Agreement, or by law or
in equity, shall be cumulative, and no one of them shall be exclusive of any
other right or remedy, and the exercise of any one of such rights or remedies
shall not be deemed a waiver of, or an election to exercise, any other such
right or remedy.

 

10.12.     Headings.  The
section and other headings contained in this Agreement are for reference
purposes only and shall not in any way affect the meaning and interpretation of
this Agreement.

 

10.13.     Notices. Any notice
under this Agreement must be in writing and may be: (i) telecopied, (ii) sent
by overnight courier, (iii) hand-delivered, or (iv) sent by United
States mail, to the party to be notified at the following address:

 

	
  If
  to the Company, to:

  	
   

  	
  Summer
  Infant, Inc.

  1275
  Park East Drive

  Woonsocket,
  Rhode Island 02895

  
	
   

  	
   

  	
   

  
	
  If
  to the Executive, to:

  	
   

  	
  Jason
  Macari

  10
  Hannah Drive

  Cumberland,
  Rhode Island 02864

  

 

10.14.     Survival. Any
provision of this Agreement which imposes an obligation after termination of
employment or termination or expiration of this Agreement (including but not
limited to the obligations set forth in Sections 5 and 7 hereof) shall, unless
otherwise specified, survive the termination of employment or termination or
expiration of this Agreement and be binding on Executive and the Company.

 

[Remainder of Page Left
Intentionally Blank]

 

10

 

IN WITNESS WHEREOF, Company
and Executive have executed this Agreement as of the date first above written.

 

	
   

  	
  Summer
  Infant, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Richard Wenz

  
	
   

  	
  Name:

  	
  Richard
  Wenz

  
	
   

  	
  Title:

  	
  Compensation
  Committee Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jason Macari

  
	
   

  	
  Jason
  MacariExhibit 10.3

 

Summer
Infant, Inc.

1275
Park East Drive

Woonsocket,
RI 02895

 

February 1, 2010

 

Joseph Driscoll

5 DiCarlo Road

Hopkinton, MA 01748

 

Dear Joe:

 

Reference is made to that
certain Employment Agreement dated on or about September 1, 2006 between
Summer Infant, Inc. (the “Company”) and
you (the “Officer”) (the “Employment
Agreement”).  In consideration
of entering into that certain Change of Control Agreement between the Officer
and the Company on the date hereof, the Officer and Company hereby agree that
effective immediately the Employment Agreement is terminated.

 

This letter agreement may be
executed in two or more counterparts, and by different parties hereto on
separate counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.  Counterparts executed and exchanged by
facsimile or electronic mail transmission shall be fully enforceable.

 

 

	
   

  	
  SUMMER
  INFANT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jason Macari

  
	
   

  	
  Name:

  	
  Jason
  Macari

  
	
   

  	
  Title:

  	
  President and CEO

  

 

 

ACKNOWLEDGED AND AGREED TO:

 

 

	
  /s/ Joseph Driscoll

  	
   

  
	
  Joseph Driscoll

  	
   

  
	
  Date:  February 1, 2010

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]