EXHIBIT 10
MODIFICATION AGREEMENT
MODIFICATION AGREEMENT made this 2nd day of June, 2003, 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, May 28, 1997, July 21, 1999 and
May 31, 2000 (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, 2003 hereof and ending March 31, 2008."
2. 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
