ADDENDUM TO SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Exhibit 10.1
ADDENDUM
TO
SECOND
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS
ADDENDUM TO SECOND AMENDED AND RESTATED EMPLOYMENT
AGREEMENT
(the
“Addendum”)
is
made as of the 13th
day of
November, 2007 by and between UNIVERSAL
SECURITY INSTRUMENTS, INC.,
a
Maryland corporation (the “Company”)
and
XXXXXX
X. XXXXXXXXXX (the
“Executive”).
INTRODUCTORY
STATEMENT
The
Company and Executive entered into a Second Amended and Restated Employment
Agreement dated as of July 18, 2005, (the “Original
Agreement”).
The
parties desire to extend the term of the Original Agreement for an additional
one-year term.
NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency
of
which are hereby acknowledged, the parties agree as follows:
A. All
capitalized terms not otherwise defined in this Addendum shall have the meanings
set forth in the Original Agreement.
B. The
first
sentence of Section 1(b) of the Original Agreement is hereby amended in it
entirety to read as follows:
Subject
to Section 7, the Company shall employ the Executive pursuant to the terms
hereof for the period commencing as of the date hereof and ending on July
31,
2009.
C. In
all
other respects, the Original Agreement, as amended hereby, shall remain in
full
force and effect.
IN
WITNESS WHEREOF, the parties have executed this Addendum as of the day and
year
first above written.
| UNIVERSAL SECURITY INSTRUMENTS, INC. | ||
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| By: | /s/ Xxxxx X. Xxxx | |
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Xxxxx X. Xxxx, Vice President |
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| /s/ Xxxxxx X. Xxxxxxxxxx | ||
|
Xxxxxx X. Xxxxxxxxxx |
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