MODIFICATION AGREEMENT
MODIFICATION AGREEMENT made this 21st day of July, 1999, by and between
MEDICAL ACTION INDUSTRIES INC., a Delaware corporation (hereinafter the
"Company") and XXXX X. XXXXXXXXX (hereinafter the "Employee").
W I T N E S S E T H:
WHEREAS, the Company and Employee entered into an Employment Agreement
dated February 1, 1993 (hereinafter the "Employment Agreement"), as modified by
Modification Agreement dated February 5, 1996 and May 28, 1997 (the
"Modification Agreements"); and
WHEREAS, the Company and Employee desire to amend said Employment
Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Paragraph "3" of the Employment Agreement is hereby deleted and in
its place and stead shall be the following:
"3. TERM. Subject to earlier termination on the terms and conditions
hereinafter provided, the term of the Agreement shall be comprised of a period
commencing on April 1, 1999 hereof and ending March 31, 2004."
2. Paragraph "5(i)" of the Employment Agreement is hereby deleted and
in its place and stead shall be the following:
"(i) The Company shall pay Employee a salary at the rate of $210,000
per annum, payable in weekly installments, or in such other manner as shall be
agreeable to the Company and Employee."
3. The aforesaid Employment Agreement in all other respects is hereby
ratified and confirmed.
IN WITNESS WHEREOF, the undersigned have executed this Modification
Agreement as of the day and year first above written.
MEDICAL ACTION INDUSTRIES INC.
By: /s/ Xxxxxxx X. Satin
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Xxxxxxx X. Satin, Vice President
/s/ Xxxx X. Xxxxxxxxx
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Xxxx X. Xxxxxxxxx, Employee
