EXHIBIT 10.3
AMENDMENT TO AGREEMENT
WHEREAS, the undersigned Federal Screw Works, a Michigan corporation
(the "Corporation"), and ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (the "Employee") entered into a certain
Agreement dated January 7, 1994 (the "Agreement"); and
WHEREAS the Board of Directors of the Corporation did, at its Annual
meeting held October 25, 2001, authorize the following amendments to the
Agreement, all of which amendments are concurred in by the Employee;
NOW, THEREFORE, the Agreement is amended as follows:
1. Article II, captioned "Consultation Services," is amended by
the last sentence of Article III and adding at the end of said
Article II the following: The term of this Agreement shall
continue after January 31, 2002 for a period of five (5) years
commencing February 1, 2002. The term of this Agreement shall
automatically terminate upon Employer's death or "Disability"
(as hereinafter defined). For purposes of this Agreement,
"Disability" shall mean the determination of the Board of
Directors, in good faith, that Employee is unable to perform
the essential functions of his position, with reasonable
accommodation, because of any physical or mental injury or
disability and that it is reasonably unlikely that Employee
will be able, after six (6) months from the date of such
physical or mental injury or disability, to resume performing
such essential functions of his position with reasonable
accommodation on substantially the terms and conditions set
forth under this Agreement.
2. Article III, captioned "Consultation Payments," is amended by
adding at the end of the first sentence of said Article III
the following: Commencing February 1, 2002, in consideration
of the consultation services to be rendered hereunder, the
Corporation agrees to pay Employee for the balance of the term
of this Agreement, in equal monthly installments, the yearly
amount of $95,200.00.
3. Except as hereinabove amended, the Agreement is hereby
ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
25th day of October, 2001.
ATTEST: FEDERAL SCREW WORKS
/s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ ▇.▇. ▇▇▇▇▇▇▇▇▇▇▇, ▇▇.
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▇.▇. ▇▇▇▇▇▇▇▇▇▇▇, ▇▇.
Its Chairman
WITNESS:
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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