Amendment to Employment Agreement between Servotronics, Inc. and Nicholas D. Trbovich, Jr.
Servotronics, Inc. and Nicholas D. Trbovich, Jr., the Chief Operating Officer and Executive Vice President, have agreed to amend their existing employment agreement. The changes extend the contract's term by one year, now ending July 1, 2013, and increase Mr. Trbovich's annual salary from $250,000 to $275,000, effective May 1, 2008. Both parties have accepted these amendments as confirmed by their signatures.
Exhibit 10(A)(5)
[Servotronics, Inc. Letterhead]
July 9, 2008
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 and July 6, 2007 (the "Amended Agreement").
This letter will also confirm your agreement and that of the Company (pursuant to a resolution of the Board of Directors passed at a meeting held on July 3, 2008) to (i) amend Paragraph 1 of the Amended Agreement to delete "July 1, 2012" and insert in its place "July 1, 2013" and (ii) amend Paragraph 3 of the Amended Agreement to delete "$250,000" and insert in its place "$275,000" (to be effective May 1, 2008) 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, will you 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.
Nicholas D. Trbovich, Jr.
July 9, 2008
Date
