EX-99.1 2 v177092_ex99-1.htm
Exhibit 10.1

 
ADDENDUM TO
SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT


THIS ADDENDUM TO SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Addendum”) is made as of the 11th day of March, 2010 by and between UNIVERSAL SECURITY INSTRUMENTS, INC., a Maryland corporation (the “Company”) and HARVEY B. GROSSBLATT (the “Executive”).

INTRODUCTORY STATEMENT

The Company and Executive entered into a Second Amended and Restated Employment Agreement dated as of July 18, 2005, as amended (the “Original Agreement”).  The parties desire to extend the term of the Original Agreement for an additional two-year term and amend certain provisions of the “Bonus Formula” set forth therein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

A.           All capitalized terms not otherwise defined in this Addendum shall have the meanings set forth in the Original Agreement.

B.           The first sentence of Section 1(b) of the Original Agreement is hereby amended in it entirety to read as follows:

Subject to Section 7, the Company shall employ the Executive pursuant to the terms hereof for the period commencing as of the date hereof and ending on July 31, 2012.

C.           With respect to any Bonus to which the Executive is entitled with respect to the fiscal year of the Company beginning April 1, 2010, the Bonus Threshold as set forth on Exhibit A to the Original Agreement shall be the amount of Pre-Tax Net Income equal to 4% of shareholders’ equity as of April 1, 2010.  With respect to any Bonus to which the Executive is entitled with respect to the fiscal year of the Company beginning April 1, 2011, the Bonus Threshold as set forth on Exhibit A to the Original Agreement shall determined by the Compensation Committee of the Board of Directors of the Company prior to the beginning of such fiscal year.

D.           In all other respects, the Original Agreement, as amended hereby, shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have executed this Addendum as of the day and year first above written.
 
 
 
 
UNIVERSAL SECURITY INSTRUMENTS, INC.
 
 
 
       
 
By:
/s/ James B. Huff
 
    James B. Huff, Vice President  
       
       
       
   
/s/ Harvey B. Grossblatt
 
    Harvey B. Grossblatt