To: Unico American Corporation January 10, 2000
00000 Xxxxxxxxxx Xxxxx
Xxxxxxxx Xxxxx, XX 00000
Attention: Xxxxx Cheldin, President
From: Xxxx Cheldin
00000 Xxxxxxxxxx Xxxxx
Xxxxxxxx Xxxxx, XX 00000
Re: Amendment to Employment Agreement
Pursuant to Sections 8.1 and 8.3 of the "Employment Agreement" entered into on
the 27th day of November, 1996, between myself and Unico American Corporation,
I, Xxxx Cheldin, hereby agree to waive certain rights as described below. These
waivers are retroactive to December 1, 1996, and shall remain effective from
December 1, 1996, until the expiration of the Employment Agreement on December
1, 2001. Nothing contained in the following waivers shall be construed to
require me to reimburse the company for any compensation, however defined, which
has already been paid to me.
Waivers:
1. I, Xxxx Cheldin, hereby waive my right to the minimum annual salary increase
provided under Section 3.1 of the Employment Agreement, provided however, that
the annual salary in effect on December 31, 1999, is not decreased during the
remaining term of the agreement.
2. I, Xxxx Cheldin, hereby waive my right to protection against the company's
decision, if any, to decrease my annual bonus, as provided under Section 3.2 of
the Employment Agreement.
By Executive: /s/ Xxxx Cheldin
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Xxxx Cheldin
Date: 1-11-00
By Unico American Corporation: /s/ Xxxxx Cheldin
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Xxxxx Cheldin
Date: 1-11-00
By Unico American Corporation: /s/ Xxxxx Xxxxxxx
-----------------
Xxxxx Xxxxxxx
Date: 1-11-00
