AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Reference is made to the Employment Agreement between Arrow Automotive
Industries, Inc., a Massachusetts corporation (the "Company") and Xxxxx X.
Xxxxxxxxxx (the "Executive") dated as of June 28, 1993 (the "Agreement").
WHEREAS, the Company and Executive desire to amend the Agreement as
hereinafter set forth;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Executive
hereby agree as follows:
1. Section 2 of the Agreement is hereby deleted in its entirety, and
the following is substituted therefor:
2. TERM. The term of the Executive's employment pursuant to this
Agreement shall commence on the date hereof and shall continue until June 27,
1998, subject to the earlier termination as provided in Section 7 and 8
hereof. Thereafter, the term of the Executive's employment hereunder shall be
automatically extended for up to two (2) additional successive terms of one
year each unless terminated in accordance with Section 7 or 8 hereof or unless
terminated by the Company by notice in writing at least 6 months before the
end of the initial term or any such one year continuation, as the case may be.
2. Section 3 of the Agreement is hereby deleted in its entirety, and
the following is substituted therefor:
3. DUTIES. (a) During the term of the Executive's employment
hereunder, the Executive shall be employed by the Company to serve as Chairman
of the Board of Directors or in such other executive capacity as the Board may
reasonably prescribe. As such, he shall use his best efforts to promote the
business and affairs of the Company and shall perform all duties normally
inherent in his position and such other duties and responsibilities consistent
with his position as may be reasonably assigned to him by the Board of
Directors of the Company from time to time.
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(b) For a period of five (5) years following the expiration
of the term of the Executive's employment hereunder, the Executive shall make
himself available from time to time, at the request of the Company upon
reasonable advance notice, to consult with and advise senior management of the
Company with respect to the business and operations of the Company. Such
consultations shall take place at times which are mutually convenient to the
Company and the Executive and may be by telephone, in person or in any other
manner that may reasonably be agreed upon by the parties hereto.
3. Except as hereby amended, the Agreement shall remain unchanged and
in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to the
Agreement effective as of August, 1995.
The Company: ARROW AUTOMOTIVE INDUSTRIES, INC.
By:/S/ XXX X. XXXXXX
Xxx X. Xxxxxx, President
The Executive:
/S/ XXXXX X. XXXXXXXXXX
Xxxxx X. Xxxxxxxxxx
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