EXHIBIT 10.11
STEEL CITY PRODUCTS, INC.
AMENDMENT NO. 2
TO
XXXXXXXX X. XXXXX EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 2 TO XXXXXXXX X. XXXXX EMPLOYMENT AGREEMENT (this
"Agreement") is made as of the 24th day of May 2004 by and between XXXXXXXX X.
XXXXX (hereinafter referred to as "Xx. Xxxxx") and STEEL CITY PRODUCTS, INC., a
Delaware corporation (hereinafter referred to as the "Company.")
1. BACKGROUND. Xx. Xxxxx and the Company entered into an employment agreement
dated as of May 1, 2000 (the "Employment Agreement.") The Employment
Agreement was amended in certain respects by Amendment No. 1 in October
2002. The parties now wish to further amend the Employment Agreement as
more particularly set forth below.
2. CONSIDERATION. The parties are entering into this Agreement for and in
consideration of the foregoing recitals, the mutual covenants contained
herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged.
3. EXHIBIT A. The Section of Exhibit A of the Employment Agreement entitled
"Annualized Base Salary" is hereby amended in its entirety to read as
follows:
ANNUALIZED
BASE SALARY: $133,000 effective on the date hereof;
$140,000 effective September 1, 2001;
$145,000 effective September 1, 2002 through September 30,
2004
$150,000 effective October 1, 2004 and thereafter
4. NO OTHER CHANGES. In all other respects, the Employment Agreement shall
remain as originally written, as the same was amended by Amendment No.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.
STEEL CITY PRODUCTS, INC.
By /s/ Maarten X. Xxxxxxx /s/ Xxxxxxxx X. Xxxxx
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Maarten X. Xxxxxxx XXXXXXXX X. XXXXX
Chief Financial Officer
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