EXHIBIT 10.20
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January 8, 1996
Xx. Xxxxxx X. Xxxxxxx
00 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx 00000
Re: Employment Agreement Dated December 15, 1993
Dear Xxx:
This letter is in reference to the Employment Agreement dated
December 15, 1993 between Action Industries, Inc. (the "Company")
and you. This will confirm our mutual understanding that the
Employment Period (as defined in Section 1 of the Employment
Agreement) shall be extended from January 3, 1996 until January 3,
1997 and that Section 6.3 of the Employment Agreement is hereby
amended and restated in its entirety to read as follows:
6.3 Without Cause. In the event Executive's employment is
terminated by the Company prior to the expiration of the
Employment Period, other than for cause, the Company shall
continue to provide to Executive (or Executive's estate in the
event of Executives's death subsequent to termination) the
following: (I) the base salary set forth in Section 3.1 for a
six-month period following the date of such termination,
payable monthly; (ii) continuation of health care benefits
during such six-month period, provided that Executive
continues to make timely payment to the Company for his
portion of the premium for the health care benefit he selected
and (iii) continuation during such six-month period of all
other employee benefits made available to Executive by the
Company as of the date of such termination. No compensation
other than that specifically provided above shall be payable
on account of any such termination.
Please indicate your agreement with the foregoing amendments to the
Employment Agreement by executing two copies of this letter and
returning one fully signed copy hereof to the undersigned,
whereupon this letter shall be a binding agreement between you and
the Company.
Very truly yours,
ACTION INDUSTRIES, INC.
By T. XXXXXX XXXXXX
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T. Xxxxxx Xxxxxx
President
TRC/pap
ACKNOWLEDGED AND AGREED:
XXXXXX X. XXXXXXX
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Xxxxxx X. Xxxxxxx
