EXHIBIT 10.10
STEEL CITY PRODUCTS, INC.
AMENDMENT NO. 1
TO
XXXXXXXX X. XXXXX EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this "Agreement") is made as of
this 17th day of October 2002 by and between XXXXXXXX X. XXXXX (hereinafter
referred to as "Xx. Xxxxx") and STEEL CITY PRODUCTS, INC., a Delaware
corporation (hereinafter referred to as the "Company.")
1. BACKGROUND. Xx. Xxxxx and the Company entered into an employment agreement
dated as of May 1, 2000 (the "Employment Agreement.") Among other things,
the Employment Agreement provides (i) for Xx. Xxxxx'x entitlement to an
Annual Executive Bonus (the "Executive Bonus") and (ii) for Xx. Xxxxx'x
participation in the Company's Annual Management Bonus pool (the "the
Bonus Pool"). The parties now wish to amend the Employment Agreement in
certain respects all as more particularly set forth herein.
2. CONSIDERATION. The parties are entering into this Agreement for and in
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.
3. EXHIBIT A. The Section of Exhibit A of the Employment Agreement entitled
"Incentive Compensation" of Exhibit A of the Employment Agreement is
hereby amended in its entirety effective retroactively to January 1, 2002
to delete all references to Xx. Xxxxx'x entitlement to the Executive Bonus
or his participation in the Bonus Pool, and to read as follows:
INCENTIVE Xx. Xxxxx shall be entitled to incentive compensation in
COMPENSATION: accordance with the bonus plan or plans in effect from
time to time for senior managers of the Company. All
references in this Agreement to bonuses or incentive
compensation of any kind shall refer to such plan or
plans.
4. NO OTHER CHANGES. In all other respects, the Employment Agreement shall
remain as originally written.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.
STEEL CITY PRODUCTS, INC.
By /s/ Xxxxxxx X. Xxxxx /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx XXXXXXXX X. XXXXX
Chairman of the Board of Directors
