Exhibit 10.3
AMENDMENT made this 28th day of September, 2023, to be effective as of March 1, 2024 (the “Effective Date”) to Employment Agreement (the “Employment Agreement” or “Agreement”) dated July 8, 2019, as amended, between Voxx International Corporation, 180 Marcus Blvd., Hauppauge, New York 11788 (the “Company”) and Charles M. Stoehr, an individual residing at 262 Sunset Avenue, Westhampton Beach, New York 11978 (the “Executive”). All capitalized terms used herein but not defined herein are as defined in the Employment Agreement unless indicated otherwise.
WHEREAS, Section 4.2A of the Employment Agreement requires that the Company provide the Executive with at least six (6) months’ notice of its desire to extend the Employment Period beyond February 29, 2024; and
WHEREAS, the Company desires to extend Executive’s employment with the Company and the Company and Executive have discussed and agreed in principle on an extension and modification of the Employment Agreement, primarily with respect to the Term of the Agreement, Executive’s title and duties and compensation.
NOW, THEREFORE, IT IS AGREED BY THE PARTIES AS FOLLOWS:
“3.2 Annual Cash Bonus. As of the Effective Date, the Executive shall be paid an Annual Cash Bonus up to a maximum of twenty (20%) percent of his annual Base Salary, with ten (10%) percent based on financial performance and ten (10%) percent based on performance metrics, both of which shall be determined by and at the discretion of the Company’s CEO from time to time. The Annual Cash Bonus shall be due and payable not later than sixty (60) days following the closing of the fiscal year of the Company and filing of the associated Form 10-K.
4.1F Post-Employment Benefits. In addition to the Accrued Obligations, if the Company terminates the Executive’s employment hereunder without Cause (other than due to death or disability) or if the Executive terminates his employment hereunder for Good Reason or if the Executive voluntarily retires (and is not then subject to termination for Cause), the Executive, upon execution of mutual releases reasonably satisfactory to the Executive and the Company (and the non-revocation of such release by the Executive), and provided the Executive is in compliance with his duties and obligations under Section 5 hereof, shall be entitled to receive only:
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Signature page follows.]
IN WITNESS WHEREOF, the Parties have executed and delivered this Amendment as of the date first written above.
EMPLOYER:
VOXX INTERNATIONAL CORPORATION
By: /s/ Patrick M. Lavelle
Printed: Patrick M. Lavelle
Title: Chief Executive Officer
EXECUTIVE:
/s/ Charles M. Stoehr
Charles M. Stoehr