First Amendment to Employment Agreement between Universal Stainless & Alloy Products, Inc. and Paul A. McGrath

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Universal Stainless & Alloy Products, Inc. and Paul A. McGrath. The company will no longer pay for Mr. McGrath’s corporate membership dues at Southpointe Golf Club. Instead, Mr. McGrath will convert to a personal Senior Master Membership, and his monthly salary will be increased, effective January 1, 2020, to cover the cost of the new membership dues. All other terms of the original employment agreement remain unchanged.

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EX-10.23 4 usap-ex1023_180.htm EX-10.23 usap-ex1023_180.htm

Exhibit 10.23

 

First amendment to EMPLOYMENT AGREEMENT

THIS AMENDMENT, dated as of the   18th day of February 2020 to the employment agreement made as of the 21st day of February 2008, by and between UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC., a Delaware corporation (the "Company"), and Paul A. McGrath (the "Executive").

WITNESSETH:

In consideration of the covenants and agreements herein contained, and intending to be legally bound hereby, the Company and Executive agree as follows:

Amendment:

WHEREAS, the Company desires to eliminate the corporate membership at the Southpointe Golf Club, 360 Southpointe Boulevard, Canonsburg, PA  15317; and

WHEREAS, the Executive is an employee designated as a corporate member of the Southpointe Golf Club pursuant to the Company’s corporate membership, and

WHEREAS, the Executive wishes to convert the Southpointe Golf Club corporate membership to a personal Senior Master Membership, and

WHEREAS, the Executive’s employment agreement made as of the 21st day of February 2008 provides for in Section 3.3 Participation in Plans,  …the Company shall pay the membership dues for Executive at Southpointe Golf Club.  Charges related to the use of the Club shall be the responsibility of the Executive.

NOW, THEREFORE, the Executive’s employment agreement made as of the 21st day of February 2008 will be so amended to eliminate the reference to: the Company shall pay the membership dues for Executive at Southpointe Golf Club in Section 3.3 Participation in Plans. The Executive’s current monthly salary will be adjusted effective January 1, 2020, to cover the monthly dues payment of the Senior Master Membership.

No other changes are made to the Executive’s employment agreement made as of the 21st day of February 2008.

IN WITNESS WHEREOF, the Company and the Executive have duly executed this Agreement as of the day and year first written above.

UNIVERSAL STAINLESS & ALLOY

   PRODUCTS, INC.

 

By:/s/ Dennis M. Oates

 

Title:President and Chief Executive Officer

 

EXECUTIVE

 

 

/s/ Paul A. McGrath

Paul A. McGrath