EXHIBIT 10(a)(iv)
Amendment No. 4 dated as of October 29, 2002 to Employment Agreement dated as of
January 1, 1998 (the "Agreement") by and between Colonial Commercial Corp., a
New York corporation (the "Company") and Xxxxxxx Xxxx, residing at 0 Xxxxxxxx
Xxxx, Xxx. #0X, Xxxx Xxxxx, X.X. 11561)(the "Employee").
PRELIMINARY STATEMENT
Pursuant to an action by the Board of Directors of Colonial Commercial
Corp. on October 29, 2002, it was resolved that the Employment Agreement of
Xxxxxxx Xxxx be amended to provide for immediate full payment by Universal
Supply Group, Inc. of all compensation required pursuant to the Employment
Agreement for its full term as severance pay, in the event of a change of
ownership of Universal Supply Group. Inc. that shall not be approved by the
Directors of Colonial Commercial Corp. and Universal Supply Group, Inc.
Accordingly, for good and valuable consideration, a second paragraph to
Section 2.01 of the Agreement should be added to read as follows:
The Employee shall be entitled to full payment by Universal Supply
Group, Inc. of all compensation required pursuant to the Employment Agreement
for its full term as severance pay, the in the event of a change of ownership of
Universal Supply Group. Inc. that shall not be approved by the Directors of
Colonial Commercial Corp. and Universal Supply Group, Inc.
Except as amended hereby, the Agreement and any prior amendments is in
full respects ratified and confirmed.
IN WITNESS WHEREOF, the parties have signed this Amendment as of the
date set forth above.
COLONIAL COMMERCIAL CORP.
By: /S/ XXXXX X. XXXXXXX
----------------------------
Xxxxx X. Xxxxxxx
Executive Vice President
Employee:
/S/ XXXXXXX XXXX
----------------------------
Xxxxxxx Xxxx
