Contract
EXHIBIT
10.01(e)
Amendment
No. 5 dated as of May 17, 2004 to Employment Agreement dated as of January
1, 1998 (the "Agreement") by and between Colonial Commercial Corp., a New York
corporation
(the "Company") and Xxxxxxx Xxxx (the "Employee").
PRELIMINARY
STATEMENT
The
Employee has been employed by the Company under the Agreement for a term
ending
at
the close of business on December 31, 2003. The Company desires to insure the
continuation
of the Employee's employment through December 31, 2008 and the Employee is
willing to insure such continuation under the terms of this amendment to the
Agreement.
Accordingly,
for good and valuable consideration, the Agreement is hereby amended as
follows:
1.
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Section
1.02 of the Agreement is amended to read as
follows:
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The
Employee's employment hereunder shall be for a term commencing as of January
1,
1998 (the "Commencement Date") and terminating at the close of business on
December 31, 2008 (the "Term").
2.
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Section
2.01 of the Agreement is amended to read as
follows:
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Compensation.
For all
services rendered by the Employee hereunder and all covenants
and conditions undertaken by him pursuant to this Agreement, the Company shall
pay and the Employee shall accept (i) a salary at the rate of $150,000 per
annum
from the date of this Amendment
until December 31, 2005, and (ii) a salary at the rate of $200,000 per annum
from January 1, 2006 to December 31, 2008. Compensation shall be payable not
less frequently than in bi-weekly installments. The Company may (but shall
not
be obligated to), at any time and from
time
to time, grant to the Employee an increase or increases in the compensation
otherwise payable
pursuant to this Section 2.01, but such increase or increases, if any, shall
not
be deemed to
alter,
modify, waive or otherwise affect any other term, covenant or condition of
this
Agreement.
Except
as
amended hereby, the Agreement is in full respects ratified and
confirmed.
IN
WITNESS WHEREOF, the parties have signed this Amendment as of the date set
forth
above.
By:
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/s/
Xxxxx X. Xxxxxxx
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Xxxxx
X. Xxxxxxx
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Executive
Vice President
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Employee:
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/s/
Xxxxxxx Xxxx
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Xxxxxxx
Xxxx
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