AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.2
AMENDMENT
TO EMPLOYMENT AGREEMENT
This
Amendment to Employment Agreement (“Amendment”) is by and between Unico American
Corporation (“Company”) and Xxxxxx X. Xxxxx (“Emp1oyee”):
A. Paragraph
6 of the Employment Agreement between the Company and Employee which was
effective as of December 15, 2007 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,
2011. 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.
B. This Amendment is
effective April 1, 2009.
C. All
other terms and conditions of the Employment Agreement remain
unchanged.
COMPANY:
Unico
American Corporation
By /s/ Xxxx X.
Cheldin
Date: April 1,
2009
Xxxx X.
Cheldin, President & Chief Executive Officer
EMPLOYEE:
/s/
Xxxxxx X. Xxxxx
Date: April 1, 2009
Xxxxxx X.
Xxxxx