ADDENDUM TO SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Exhibit
10.1
ADDENDUM
TO
SECOND
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS ADDENDUM TO SECOND AMENDED AND
RESTATED EMPLOYMENT
AGREEMENT (the “Addendum”) is made as of the
11th
day of March, 2010 by and between UNIVERSAL SECURITY INSTRUMENTS,
INC., a Maryland corporation (the “Company”) and XXXXXX X. XXXXXXXXXX (the
“Executive”).
INTRODUCTORY
STATEMENT
The Company and Executive entered into
a Second Amended and Restated Employment Agreement dated as of July 18, 2005, as
amended (the “Original
Agreement”). The parties desire to extend the term of the
Original Agreement for an additional two-year term and amend certain provisions
of the “Bonus Formula” set forth therein.
NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:
A. All
capitalized terms not otherwise defined in this Addendum shall have the meanings
set forth in the Original Agreement.
B. The
first sentence of Section 1(b) of the Original Agreement is hereby amended in it
entirety to read as follows:
Subject
to Section 7, the Company shall employ the Executive pursuant to the terms
hereof for the period commencing as of the date hereof and ending on July 31,
2012.
C. With
respect to any Bonus to which the Executive is entitled with respect to the
fiscal year of the Company beginning April 1, 2010, the Bonus Threshold as set
forth on Exhibit
A to the Original Agreement shall be the amount of Pre-Tax Net Income
equal to 4% of shareholders’ equity as of April 1, 2010. With respect
to any Bonus to which the Executive is entitled with respect to the fiscal year
of the Company beginning April 1, 2011, the Bonus Threshold as set forth on
Exhibit
A to the Original Agreement shall determined by the Compensation
Committee of the Board of Directors of the Company prior to the beginning of
such fiscal year.
D. In
all other respects, the Original Agreement, as amended hereby, shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties have
executed this Addendum as of the day and year first above written.
UNIVERSAL
SECURITY INSTRUMENTS, INC.
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By:
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/s/ Xxxxx
X. Xxxx
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Xxxxx X. Xxxx, Vice President | |||
/s/
Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx |