EXHIBIT 10.11
AMENDMENT NO. 1 TO
EMPLOYMENT (CHANGE IN CONTROL) AGREEMENT
This Amendment made as of November 1, 2002 between WSI Industries, Inc.,
a Minnesota corporation (hereinafter called the "Company"), and Xxxx Xxxxxx (the
"Executive").
WHEREAS, the Company and Executive entered into an Employment (Change in
Control) Agreement dated as of January 11, 2001 (the "Change in Control
Agreement"); and
WHEREAS, the Company and Executive desire to amend the Change in Control
Agreement as provided in this Amendment.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth and for other good and valuable consideration, the parties hereby agree as
follows:
3. Section 1 of the Change in Control Agreement is hereby amended in its
entirety as follows:
"1. Term of Agreement. This Agreement shall commence on the
date hereof and shall continue in effect until January 11,
2005. After January 11, 2005, this Agreement shall
automatically renew for successive one-year periods unless WSI
notifies the Executive of termination of the Agreement at
least sixty (60) days prior to the end of the initial term or
any renewal term. Notwithstanding the preceding sentence, if a
Change in Control occurs, this Agreement shall continue in
effect for a period of 12 months from the date of the
occurrence of a Change in Control. Notwithstanding anything
herein to the contrary, the Executive's employment shall be at
all times at the will of WSI, and nothing in this Agreement
shall prohibit or limit the right of WSI or Executive, prior
to a Change in Control, to terminate the employment of
Executive for any reason or for no reason"
4. All other terms of the Change in Control Agreement shall remain
unchanged.
IN WITNESS WHEREOF, the Company and the Executive have executed this
Amendment as of the date first written above.
WSI INDUSTRIES, INC.
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------
Xxxxxxx X. Xxxxx, President
/s/ Xxxx Xxxxxx
---------------------------------
Xxxx Xxxxxx
