Amendment to Employment Agreement between Servotronics, Inc. and Nicholas D. Trbovich, Jr. (July 6, 2007)
This amendment updates the employment agreement between Servotronics, Inc. and Nicholas D. Trbovich, Jr., Executive Vice President. The changes extend the agreement's term to July 1, 2012, and increase Mr. Trbovich's annual salary to $250,000, effective May 1, 2007. Both parties have agreed to these modifications as confirmed by their signatures. All other terms of the original agreement remain in effect.
July 6, 2007
Nicholas D. Trbovich, Jr.
28 Tanglewood Drive, West
Orchard Park, NY 14127
Dear Mr. Nicholas D. Trbovich, Jr.:
You and Servotronics, Inc. (the "Company") are parties to an Amended Employment Agreement, dated July 1, 2005 and ratified on June 30, 2006 pursuant to which you are employed by the Company. This letter confirms such Amended Employment Agreement and subsequent ratification and subsequent Amendments dated August 4, 2006 (the "Amended Agreement").
This letter will also confirm your agreement and that of the Company (pursuant to resolutions of the Board of Directors passed at a meeting held on June 29, 2007) to (i) amend Paragraph 1 of the Amended Agreement to delete "July 1, 2011" and insert in its place "July 1, 2012" and (ii) amend Paragraph 3 of the Amended Agreement to delete "$188,820" and insert in its place "$250,000" (to be effective May 1, 2007) subject to your acceptance which will be indicated by your signature below.
If the foregoing meets with your approval and you are willing to become bound hereby, please sign and return to the undersigned the enclosed copy of this letter.
Very truly yours,
SERVOTRONICS, INC.
/s/ Michael D. Trbovich
Michael D. Trbovich,
Corporate Secretary
ACCEPTED AND AGREED
| /s/ Nicholas D. Trbovich, Jr. | 7/6/07 |
