Exhibit 10(u)
AMENDMENT
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THIS AMENDMENT is entered into as of the 3rd day of April, 2002,
between Lesco, Inc., an Ohio corporation ("Lesco"), and Xxxxxxx X. Xxxxx
("Executive").
WITNESSETH:
WHEREAS, Lesco and Executive entered into an employment agreement dated
as of the first day of July, 1998 (the "Employment Agreement," capitalized terms
used herein shall have the respective meanings ascribed thereto in the
Employment Agreement); and
WHEREAS, Lesco and Executive desire to amend the Employment Agreement
in certain respects as set forth in this Amendment;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. For all purposes of the Employment Agreement, the voluntary
resignation on or before April 3, 2002, by Executive of his employment with
Lesco shall be treated as if his employment were terminated without Cause.
2. If Executive voluntarily resigns from his employment with Lesco on
or before April 3, 2002, then in addition to the severance benefits set forth in
the Employment Agreement, Executive shall receive for a period ending on the
first anniversary of the date of his resignation (a) an executive level
outplacement program at a firm to be selected by Executive, with the services
to be provided pursuant to such program to be mutually agreed upon by Lesco and
Executive, (b) use of a Lesco laptop computer, (c) use of a Lesco cell phone at
the current rate plan and (d) use of Executive's voicemail #2201. In addition to
the indemnification to be provided by Lesco pursuant to the Employment
Agreement, Lesco shall indemnify Executive to the full extent described in
Section 1701.13(E) of the Ohio Revised Code. If permitted by the terms of the
policy, Lesco shall promptly sell to Executive the keyman term life insurance
policy held by Lesco pursuant to the Employment Agreement for the then unexpired
portion of the current premium.
3. On and after the date of this Amendment, each reference in the
Employment Agreement to "this Agreement," "hereunder," "hereof," or words of
like import referring to the Employment Agreement shall mean the Employment
Agreement as amended by this Amendment. The Employment Agreement, as amended by
this Amendment, is and shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed.
4. This Amendment shall be governed by and construed according to the
laws of the State of Ohio.
IN WITNESS WHEREOF, the parties have executed this Amendment as of
the day and year previously set forth.
LESCO, INC.
By: /s/ Xxxxxxx X. XxXxxx 4/3/02
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Xxxxxxx X. XxXxxx
President
/s/ Xxxxxxx X. Xxxxx 4/3/02
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Xxxxxxx X. Xxxxx
