Exhibit 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment made as of this 20th day of May, 2002, to Employment
Agreement dated November 18, 1999, is made between American Locker Group
Incorporated, a Delaware corporation (the "Company") and XXXXXX X. XXXXXXXXXX,
an individual residing in Pittsburgh, Pennsylvania, (the "Executive").
WITNESSETH:
WHEREAS, the Company and the Executive are parties to an Employment
Agreement dated November 18, 1999 (the "Agreement").
WHEREAS, the parties hereto wish to amend the Agreement to make certain
changes as set forth herein.
NOW THEREFORE, for good and valuable consideration and intending to be
bound hereby, the parties hereto agree as follows:
1. Section 2 of the Agreement is amended to delete "November 18,
2002" and to insert in lieu thereof "November 18, 2005";
2. Section 3(a) is amended to delete "$14,583" and to insert in lieu
thereof "$15,620";
3. Section 9 of the Agreement is amended to label the existing first
paragraph as subsection "(a)" and to add the following section
(b) and (c):
(b) In the event of a Sale of the Company during the term of
this Agreement, the Company shall pay to the Executive a
special bonus, in addition to all other compensation
hereunder, equal to one year's base salary at the rate in
effect on the closing of such Sale. Such bonus shall be
payable promptly after the consummation of such Sale but
shall be disregarded in the computation of benefits under
profit sharing or any other benefit or incentive plan of the
Company. For the purposes of this Section 9(b), a Sale of
the Company shall mean any merger or sale of substantially
all assets of the Company or the sale or exchange to or with
one entity or group acting in concert or more than a
majority of the outstanding shares if the Company entitled
to vote upon the election of directors.
(c) In the event that the payment conditions of Section 9(a) and
Section 9(b) are met at the same time, payment shall be made
under Section 9(a). In the event that payment is made under
Section 9(a) hereof, section 9(b) shall be of no further
force or effect. In the event that payment is made under
Section 9(b) hereof and thereafter the payment conditions of
Section 9(a) are met, the amount of the payment under
Section 9(a) shall be reduced by the amount of the payment
made under Section 9(b).
4. Except as expressly set forth herein, the Agreement shall remain
unamended and in full force and effect.
WITNESS the due execution hereof.
COMPANY:
American Locker Group Incorporated
By/s/XXX X. XXXXXXX
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Title: President and Chief Operating
Officer
EXECUTIVE:
/s/ XXXXXX X. XXXXXXXXXX
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Xxxxxx X. Xxxxxxxxxx
