AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.1
AMENDMENT
TO EMPLOYMENT AGREEMENT
This
Amendment to Employment Agreement (“Amendment”) is by and between Unico American
Corporation (“Company”) and Xxxx X. Cheldin (“Emp1oyee”):
A. Paragraph
1 of the Employment Agreement between the Company and Employee which was
effective as of December 15, 2007 (“Employment Agreement”) is amended in its
entirety to read as follows:
1. EMPLOYMENT. Company
shall employ Employee as Chairman of the Board, President & Chief Executive
Officer of Company. Employee shall provide to Company the following
services: Duties as needed including day to day management of Company and its
subsidiaries; and serve as President, Vice President or other officer of all
Company subsidiaries, as required by Company. Employee accepts and
agrees to such employment, and agrees to be subject to the general supervision,
advice and direction of Company by Company’s Board of Directors. This
Employment Agreement supersedes all prior Employment Agreements between the
parties hereto.
B. Paragraph
6 of the Employment Agreement is amended in its entirety to read as
follows:
6. TERM/TERMINATION. Employee’s
employment under this Agreement shall be for a term beginning on April 1, 2009
and ending December 31, 2013. Notwithstanding the foregoing, this Agreement may
be terminated at any time by Company for Cause or by Employee for other than
breach of this Agreement by the Company upon thirty days written notice. This
Agreement may also be terminated by Company without Cause upon thirty days
written notice or by the Employee at any time on account of the breach of this
Agreement by Company; however, in either of such events, subject to the
limitation described in Section 3.6, the Company shall pay Employee, as and in
the manner provided in Section 3.4, all salary, bonuses and benefits as provided
herein for the remainder of the term of this Agreement.
C. This Amendment is
effective April 1, 2009.
D. All other terms and
conditions of the Employment Agreement remain unchanged.
COMPANY:
Unico
American Corporation
By /s/ Xxxxxx X.
Xxxxx
Date: April 1,
2009
Xxxxxx X.
Xxxxx, Treasurer & Chief Financial Officer
EMPLOYEE:
/s/ Xxxx X.
Cheldin
Date: Aporil 1, 2009
Xxxx X.
Cheldin
