Exhibit 10.02.1
Modification Agreement
Modification Agreement made as of this 1st day of March, 1997 by and
between Eastco Industrial Safety Corp., a New York corporation with offices at
000 Xxxx 00xx Xxxxxx, Xxxxxxxxxx Xxxxxxx, Xxx Xxxx 00000 (hereinafter referred
to as the "Employer") and Xxxxxxxx Xxxxxx, an individual residing at 0 Xxxx
Xxxx, Xxxxxxxx, Xxx Xxxx 00000, (hereinafter referred to as the "Employee").
Whereas, the Employee has entered into an employment agreement with the
Employer dated as of July 1, 1995 (the "Agreement"); and
Whereas, the parties desired to amend the Agreement.
Now Therefore, in consideration of the promises and mutual covenants
hereinafter set forth, it is agreed as follows:
1. The first "Whereas" clause and Section 1 of the Agreement is hereby
amended to change the corporate position of the Employee from Senior Vice-
President to President and Chief Executive Officer.
2. Section 4 a.(i) of the Agreement is amended to change the first
sentence in the Agreement to provide that the Employee shall be paid a minimum
of $125,000 pro-rated for the last four (4) months of the fiscal year ending
June 30, 1997.
3. Section 10 of the Agreement is amended to provide that the first
sentence of Section 10 a.(ii) is amended to change 120 days during any twelve-
month period to any 6 months in any consecutive 24 month period.
4. Except as modified hereunder the Employment Agreement of July 1, 1995
shall continue in full force and effect.
In Witness Whereof, the undersigned have executed this Agreement as of the
day and year first above written.
EASTCO INDUSTRIAL SAFETY CORP.
By: /s/ XXXXXXX X. XXXXXX
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XXXXXXX X. XXXXXX
By:/s/ XXXXXXXX XXXXXX
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XXXXXXXX XXXXXX, Employee
