Amendment to Employment Agreement between Servotronics, Inc. and Dr. Nicholas D. Trbovich (May 1, 2006)
Servotronics, Inc. and Dr. Nicholas D. Trbovich, the company's Chief Executive Officer, have agreed to amend Dr. Trbovich's existing employment contract. Effective May 1, 2006, Dr. Trbovich's annual salary is increased from $397,400 to $412,300. This amendment is confirmed by both parties' signatures and follows a resolution by the company's Board of Directors. All other terms of the original employment agreement remain unchanged.
Exhibit 10(A)(2)
[Servotronics, Inc. Letterhead]
August 4, 2006
Dr. Nicholas D. Trbovich (Nicholas D. Trbovich, Sr.)
28 Tanglewood Drive, West
Orchard Park, NY 14127
Dear Dr. Nicholas D. Trbovich (Nicholas D. Trbovich, Sr.):
You and Servotronics, Inc. (the "Company") are parties to an Employment Agreement, dated July 1, 2005 and ratified on June 30, 2006 (the "Agreement") pursuant to which you are employed by the Company. This letter confirms such "Agreement" and subsequent ratification.
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 June 30, 2006) to amend Paragraph 3 of the Agreement to delete "$397,400" and insert in its place "$412,300" (to be effective May 1, 2006) 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/ Dr. Nicholas D. Trbovich | August 4, 2006 |
