Exhibit 10.86
FIRST AMENDMENT
TO THE
SUPPLEMENTAL RETIREMENT BENEFITS AGREEMENT
WHEREAS, Xxxxxxx X. Xxxxxx (the "Executive") and Chromcraft Revington, Inc.
(the "Company") are parties to an Employment Agreement dated March 31, 1992 (the
"Employment Agreement); and
WHEREAS, Section 4 of the Employment Agreement provides that the Company
will establish a supplemental executive retirement plan for the Executive to
provide him with supplemental payments upon retirement; and
WHEREAS, to implement the provisions of Section 4 of the Employment
Agreement, the Company entered into the Supplemental Retirement Benefits
Agreement with the Executive on August 21, 1992 (the "SERP"); and
WHEREAS, Section 4.1 and Schedule A of the SERP provide that the Company
will pay annual premiums equal to $59,528 for an insurance policy issued by
Equitable Variable Life Insurance Company, policy number 42 324 430 (the
"Policy"), to fund the supplemental retirement payments provided for in Section
4 of the Employment Agreement, and payment of such premiums will fulfill the
entire obligation of the Company to provide such supplemental retirement
benefits to the Executive; and
WHEREAS, the Company and the Executive have determined to amend Section 4.1
of the SERP;
NOW, THEREFORE, BE IT RESOLVED, that, effective as of March 15, 2002, the
SERP is hereby amended such that the last sentence of Section 4.2 of the SERP is
deleted in its entirety and the parties hereto consent to such amendment. Other
than as amended hereby, the SERP shall remain in full force and effect in
accordance with its provisions.
IN WITNESS WHEREOF, the Company and the Executive have executed this First
Amendment this 15th day of March, 2002.
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
President
CHROMCRAFT REVINGTON, INC.
By: /s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx
Vice President-Finance