May 5, 2009 Corrado DeGasperis
EXHIBIT
10.1
May 5,
0000
Xxxxxxx
XxXxxxxxxx
000
Xxxxxxxxxxx Xxxx
Xxxxxxxxxx
Xxxxx, XX 00000
Re: Amendment to Employment
Agreement
Dear
Corrado,
The Board
of Directors of Barzel Industries Inc. (the “Corporation”) has determined that
it is in the best interests of the Corporation to temporarily decrease salaries
of our executives and other employees of the Corporation. Your
employment agreement with the Corporation contemplates that your salary will be
at least $800,000. The Corporation would like to amend your
employment agreement to provide for a temporary reduction of your salary to
$480,000 effective as of May 11, 2009. Such reduction shall remain in
effect until the Corporation elects to terminate this temporary reduction or you
give notice to the Corporation that such reduction is no longer
acceptable. Upon the occurrence of either such event, your salary
shall return to the amount in effect before the
reduction. Notwithstanding the foregoing, for all other purposes of
the employment agreement (including Section 5) and all benefit plan purposes,
the term “Salary” shall mean the amount of annual salary in effect before the
reduction.
By
signing this letter below, you consent to the amendment of your employment
agreement as provided herein. We look forward to your continued
contributions to the Corporation.
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Respectfully
Yours,
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By: /s/ Xxxx Xxxxx
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Name: Xxxx
Xxxxx
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Title: Chairman
Compensation Committee
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Acknowledged
and Agreed to by:
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/s/ Xxxxxxx Xx Xxxxxxxx
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XXXXXXX
XX XXXXXXXX
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