Amendment to Agreement Among Lynch Corporation, Ralph R. Papitto, and Mario J. Gabelli (February 7, 2002)

Summary

Lynch Corporation, Ralph R. Papitto, and Mario J. Gabelli have agreed to amend their original agreement dated August 17, 2001. This amendment removes Sections 2, 5, 6, and 7 from the original agreement, ending all related obligations, including the company's obligation to grant an option to Mr. Papitto. All other terms of the original agreement remain in effect. The amendment was signed by all parties on February 7, 2002.

EX-10.(X) 11 b42124lcex10-x.txt EX-10.(X) AMENDMENT OF AGREEMENT Exhibit 10(x) AMENDMENT OF AGREEMENT Reference is made to an Agreement (the "Agreement") dated as of August 17, 2001 among Lynch Corporation (the "Company"), Ralph R. Papitto ("Mr. Papitto") and Mario J. Gabelli ("Mr. Gabelli"). WHEREAS, the parties to the Agreement wish to amend it to terminate certain of their respective obligations thereunder. NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties agree as follows: 1. Sections 2, 5, 6 and 7 of the Agreement shall be, and they hereby are, deleted therefrom, and the parties shall have no further obligations under or in respect of said Sections 2, 5, 6 and 7. The parties acknowledge and agree that this Amendment terminates the Company's obligation to grant the Option (as defined in Section 2 of the Agreement) which was intended to be granted to Mr. Papitto but which had not been accepted by Mr. Papitto or submitted to the shareholders of the Company for their approval. 2. All other terms and provisions of the Agreement are hereby ratified and confirmed. IN WITNESS WHEREOF, the parties have signed this Amendment as of this 7th day of February, 2002. /s/ RALPH R. PAPITTO ---------------- RALPH R. PAPITTO /s/ MARIO J. GABELLI ---------------- MARIO J. GABELLI LYNCH CORPORATION By: /s/ RAYMOND H. KELLER ----------------- RAYMOND H. KELLER