Exhibit 10.1
Pittway Corporation
March 31, 1999
Form 10-Q
AMENDMENT
TO
EMPLOYMENT AGREEMENT
AMENDMENT made as of March 18, 1999 between Pittway
Corporation, a Delaware corporation (the "Company"), and Xxxx X.
Xxxxxxxx ("Executive").
The Company and Executive are parties to an Employment
Agreement made as of January 1, 1998 (the "Existing Employment
Agreement"). The Company and Executive desire to amend the Existing
Employment Agreement.
Accordingly, the Company (pursuant to authorization from the
Compensation Committee of its Board of Directors) and Executive agree as
follows:
Clause (iii) of paragraph 3(g) of the Existing Employment
Agreement is amended and restated to read as follows:
(iii) participation in the Pittway Corporation Supplemental
Executive Retirement Plan effective January 1, 1996 (the "SERP"), a copy
of which, as currently in effect, is attached hereto as Exhibit A, with
the beginning date for accrual of a benefit being January 1, 1995.
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the date first written above.
PITTWAY CORPORATION
By /s/ King Harris
Its President
/s/ Xxxx X. Xxxxxxxx
XXXX X. XXXXXXXX
