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Servotronics, Inc. and Subsidiaries
Exhibit 10(A)(2)
As of October 6, 1998
Xx. Xxxxxxxx X. Xxxxxxxx
0000 Xxxxx Xxxxxx
Xxxx, XX 00000
Subject: Amendment to Employment Agreement
Dear Xx. Xxxxxxxx:
The following amendment is made to the Amended and Restated Employment Agreement
dated August 8, 1986 between Servotronics, Inc., ("Employer") and Xx. Xxxxxxxx
X. Xxxxxxxx ("Employee"), and as subsequently amended as of October 1, 1986,
October 1, 1987, July 20, 1988, October 1, 1988, October 1, 1989, May 1, 1990,
May 1, 1991, May 1, 1992, May 1, 1993, March 28, 1994, May 1, 1994, May 1, 1995,
May 1, 1996, May 1, 1997, March 9, 1998, and May 1, 1998 (the "Agreement").
Recitals
Employee has and is serving as Founder, Chairman of the Board, President and
Chief Executive Officer of Employer for over 39 years. In consideration of his
exemplary services to Employer, the parties desire to continue certain
Employee's benefits for the period after termination of Employee's employment by
the Company.
Terms of Amendment
14-A After termination of Employee's employment hereunder for any reason,
Employer shall provide and pay for, at a minimum, the Employee's Post Employment
disability, medical, hospital and other health care benefits and life insurance
benefits that are no less than the maximum benefits which were provided to
Employee during the term of Employee's employment and which do not require
Employee to assume co-pay or employee contribution costs greater than he had
been required to assume (if any) during that period of his employment when
maximum benefits were provided to him. Employer shall pay the cost of all Post
Employment Benefits. If Employer is unable to provide the Post Employment
Benefits as part of the plan or plans which provide benefits to other employees
of the Employer, it shall create a special or individual plan or plans to
provide the benefits to Employee; and if Employer is unable to provide such
benefits through a special or individual plan, it shall pay Employee monthly an
amount which will equal the sum of the cost to Employee of his obtaining
benefits equivalent to the Post Employment Benefits plus any additional federal
and state income tax cost to Employee of receiving such payments in lieu of Post
Employment Benefits. This amendment is effective as of October 6, 1998.
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Servotronics, Inc. and Subsidiaries Page 2
Exhibit 10(A)(2)
If the foregoing meets with your approval and you are willing to become bound
hereby, will you please sign and return to the undersigned the enclosed copy of
this letter.
Very truly yours,
SERVOTRONICS, INC.
/S/Xxx X. Xxxxx
Xxx X. Xxxxx,
Treasurer/Secretary
ACCEPTED AND AGREED
/s/ Xx. Xxxxxxxx X. Xxxxxxxx
-----------------------------
Xx. Xxxxxxxx X. Xxxxxxxx
