Amendment No. 1 to Employment Agreement between Precision Partners, Inc. and Richard A. Buccarelli

Summary

This amendment updates the employment agreement between Precision Partners, Inc. and Richard A. Buccarelli, effective March 22, 2001. It modifies the vesting schedule for certain stock options and grants Mr. Buccarelli the opportunity to purchase additional investment units in the company’s LLC, subject to the board’s discretion. All other terms of the original agreement remain unchanged.

EX-10.19 11 pr642225-ex10_19.txt AMENDMENT NO. 1 TO EMPLOYMENT AGMT EXHIBIT 10.19 AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT This Amendment No. 1 (the "AMENDMENT") to the Employment Agreement (the "AGREEMENT"), dated as of December 27, 2000, entered between Richard A. Buccarelli, residing at 209 High Tor Drive, Watchung, New Jersey 07060 ("EXECUTIVE"), and Precision Partners, Inc., a Delaware corporation (the "COMPANY"), is entered into as of March 22, 2001. Capitalized terms used but not defined herein will have the meanings assigned to them in the Agreement. RECITALS A. The Executive is currently the Vice President, General Counsel and Secretary of the Company and Precision Partners Holding Company, a Delaware corporation ("PPHC", and together with the Company collectively, "PRECISION"). B. Each of Executive and Precision desires to amend the Agreement as follows. Accordingly, the parties hereby agree as follows: Section 1: Amendments. The Agreement is hereby amended as set forth below: (a) Section 1.5(a) is amended by adding after the word "vest" in line thirteen thereof; "on the seventh (7th) anniversary of the Effective Date. Notwithstanding the foregoing, the Performance-Based Options shall accelerate and become exercisable", by replacing the word "such" in line thirteen thereof with "a" and by replacing the word "Such" at the beginning of the fourth sentence in the twenty-fourth line thereof with "Except as set forth in the preceding sentence, such". (b) Section 1.5(b) is amended by adding after the first sentence in the eighteenth line thereof; "In addition, the Company will cause there to be granted to Executive the opportunity to purchase additional Investment Units in LLC consisting of Preferred Interests and Class A Equity in connection with future additional equity investments in LLC in an amount to be determined by the Company Board in its discretion." Section 2. Effectiveness. This Amendment will be deemed effective as of March 22, 2001. Section 3. Counterparts. This Amendment may be executed in separate original or facsimile counterparts, each of which will be deemed to be an original instrument and all of which taken together will constitute a single instrument. IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written. PRECISION PARTNERS, INC. By:/s/ Frank R. Reilly -------------------------------------- Frank R. Reilly Executive Vice President and Chief Financial Officer EXECUTIVE /S/ Richard A. Buccarelli ----------------------------------------- Richard A. Buccarelli