Exhiit 10T.1
AMENDMENT TO EMPLOYMENT AGREEMENT
MADE AND ENTERED INTO this 29th day of July, 2003, by and between
DECORATOR INDUSTRIES, INC., a Pennsylvania corporation, with offices at Suite
201, 00000 Xxxxx Xxxxxxxxx, Xxxxxxxx Xxxxx, Xxxxxxx 00000 (hereinafter called
"Decorator" or "Employer") and XXXXXXX XXXXXXX, residing at 0000 X.X. 00xx
Xxxxx, Xxxxx Xxxxxxx, Xxxxxxx 00000 (hereinafter called the "Employee").
W I T NE S S E T H:
WHEREAS, the parties hereto entered into an employment agreement dated
August 2, 1994 (hereinafter called the "Employment Agreement"); and
WHEREAS, the parties desire to amend the Employment Agreement as
hereinafter provided.
NOW, THEREFORE, in consideration of the mutual covenants, promises,
warranties and agreements hereinafter set forth, the parties, intending to be
legally bound hereby, each for themselves and their respective heirs, successors
and assigns, covenant, warrant, promise and agree as follows:
1. The term set forth in paragraph 1 of the Employment Agreement is
extended to December 31, 2007 (hereinafter the "1st Term"). Commencing January
1, 2008, for a period of five (5) years terminating December 31, 2012, the
Employee shall be employed as an employee/consultant and adviser to devote such
time and perform such duties requested by the Board of Directors as he deems
reasonably necessary for the benefit of the Employer (hereinafter the "2nd
Term"). Included in Employee's duties during the 2nd Term shall be assistance
and advice to his successor; search for acquisitions; and as reasonably
requested by the Board of Directors, negotiate the terms of such purchase and
aid in the due diligence in connection therewith, and review financial reports
of the Employer.
2. Paragraph 3 of the Employment Agreement pertaining to compensation
is deleted in its entirety and the following paragraphs are agreed upon, adopted
and inserted in lieu thereof:
"3. Compensation During the 1st Term. The Employee shall
receive remuneration for his services during the 1st
Term at an annual base salary of at least Three
Hundred Thirty-Six Thousand Dollars ($336,000) per
annum, payable not less frequently than in equal
monthly installments commencing January 1, 2003. The
Employee will be eligible for annual increases and
bonuses commensurate with his and the Employer's
performance during the preceding year, the payment
and amount of which is to be at the discretion of the
Employer's Compensation Committee and the Board of
Directors.
3.1 Compensation during the 2nd Term. The Employee shall
receive remuneration for his services hereunder at an
annual base salary of sixty percent (60%) of either
the salary paid to the Employee during the year ended
December 31, 2007 or the average of such salary for
the years 2005, 2006 and 2007, whichever shall be
greater, payable not less frequently than in equal
monthly installments commencing January 1, 2008."
3. Paragraph 4 is amended by changing the caption to read "Other
Benefits During the 1st and 2nd Term." Paragraphs 4C and 4D of the Employment
Agreement are deleted in their entirety and Paragraph 4C is inserted in lieu
thereof:
C. Employer shall continue, maintain and pay the
premiums on a long-term care insurance policy
covering the Employee and spouse (with the Employee
to pay all additional premiums charged in excess of
$1,000 annually over the premiums heretofore charged
for Employee's disability insurance policies).
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Paragraph 4.1 is added to the Employment Agreement to provide as
follows:
A. Employer shall continue, maintain and pay the
premiums on the $1,000,000 split dollar policy and a
$1,000,000 key man insurance policy on the life of
the Employee, the proceeds of which key man insurance
less the death benefits payable pursuant to Paragraph
5A below, shall be payable to Employee, Employee's
personal representative or named beneficiary.
4.2 Other Benefits During the 2nd Term.
A. Employer shall provide Employee with a computer for
use at his home tied into the Employer's computer
network.
B. In addition, the Employer shall continue to pay
fringe benefits as heretofore but not in excess of
$35,000 per annum."
Paragraph 4.3 is added to the Employment Agreement to provide as
follows:
"4.3 Other Benefits after the 2nd Term. During the life of
the Employee and his wife, the Employer shall
continue, maintain and pay the premiums on their long
term care policy (with Employee to pay $1,000 per
annum if required per Paragraph 4C) and the
cost/premiums for Medicare and Medicare Supplement
coverage."
4. Paragraphs 5A and 5B of the Employment Agreement are deleted in
their entirety and the following paragraphs are substituted in lieu thereof:
"5A. If Employee shall die or be permanently disabled
during the 1st Term, the Employer shall pay the
Employee, the Employee's personal representative or
his named beneficiary, the Employee's then current
compensation for the balance of the year in which the
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Employee's death or disability occurred, plus a
benefit equal to two times the annual remuneration
paid to the Employee for the year prior to his death
or permanent disability. If the Employee shall die or
be permanently disabled during the 2nd Term, the
Employer shall pay the Employee, the Employee's
personal representative or named beneficiary the
balance of the compensation due the Employee under
the 2nd Term of his employment."
5. Except as provided herein, all the other terms of the Employment
Agreement shall remain as heretofore.
ATTEST: DECORATOR INDUSTRIES, INC.
By: The Compensation Committee
/s/ Xxxxxxx Xxxxxxx /s/ Xxxxxx Xxxxxx
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Vice President
/s/ Xxxxxx Xxxxx
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/s/ Xxxxxx Xxxxxxxxx
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/s/ Xxxxx Xxxxxx
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/s/ Xxxxxxx Xxxxxxx
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XXXXXXX XXXXXXX
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