Exhibit 10.1
NORTEK, INC. and XXXXXXX X. XXXXXX
EMPLOYMENT AGREEMENT
Amendment No. 2
The Employment Agreement between Nortek, Inc. and Xxxxxxx X. Xxxxxx
dated as of February 26, 1997, as amended by the Amendment thereto dated June
13, 1997, is hereby amended as follows:
1. Section 2.(a) is restated in its entirety to read:
"During the Employment Period, Employee shall receive a basic
annual salary of not less than $975,000 subject to increase as
hereinafter provided and subject to annual increases as determined
by the compensation committee of the board of directors of the
Employer (the "Committee") in their discretion (hereinafter called
the "Basic Salary"), payable in equal monthly installments on the
15th day of each month."
2. The last paragraph of Section 2.(c)(i) is restated in its entirety to
read:
"Payment of Incentive Compensation in stock shall be in shares of
Employer's common stock or special common stock as determined by
the Committee with such shares valued at fair market value as
determined by the Committee."
IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as
of June 30, 1998.
ATTEST NORTEK, INC.
/s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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Secretary Xxxxxxx X. Xxxxxx
Vice President and Treasurer
WITNESS:
/s/ Xxxxx X. Xxxxxxxx /s/ Xxxxxxx X.Xxxxxx
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Xxxxxxx X.Xxxxxx,Employee
