1 EXHIBIT 10.4.1 --------------- AMENDMENT TO EMPLOYMENT AGREEMENT --------------------------------- THIS AMENDMENT is made and entered into on this 20th day of July, 1994 at Medina, Ohio, by and between RPM, INC. (hereinafter referred to as the "Company") and JOHN H. MORRIS, JR. (hereinafter referred to as "Morris"): W I T N E S S E T H: -------------------- WHEREAS, Morris is considered a key employee of the Company; and WHEREAS, Morris and the Company entered into a certain Employment Agreement, originally dated as of July 19, 1988 and last amended as of July 21, 1993 (the "Employment Agreement"), to insure Morris's continued employment with the Company; and WHEREAS, it is the desire of the Company and Morris to amend the Employment Agreement in accordance with the terms hereof; and WHEREAS, Paragraph 11 of the Employment Agreement requires that any such Amendment be in writing and properly executed; NOW, THEREFORE, in consideration of the premises and the mutual understandings of the parties, IT IS AGREED, as follows: 1. EMPLOYMENT TERM. Paragraph 1 of the Employment Agreement shall be deleted in its entirety and amended and restated to provide in its entirety as follows: 2 TERM OF EMPLOYMENT. The Company hereby agrees to continue to employ Morris, and Morris hereby agrees to continue to serve the Company, on the terms and conditions set forth herein for the period commencing retroactive to June 1, 1994 (the "Effective Date"), and expiring on July 31, 1995 (unless sooner terminated as hereinafter set forth). 2. COMPENSATION. Paragraph 4(a) of the Employment Agreement shall be deleted in its entirety and amended and restated to provide in its entirety as follows: BASE SALARY. Morris shall receive a base salary at the rate of not less than Three Hundred Twenty Thousand Dollars ($320,000) per annum ("Base Salary"), payable in substantially equal monthly installments at the end of each month during the period of Morris' employment hereunder. It is contemplated that annually in July of each year the Compensation Committee of the Board of Directors will review Morris' Base Salary and other compensation during the period of his employment hereunder and, at the discretion of the Compensation Committee, it may increase his Base Salary and other compensation based upon his performance, then generally prevailing industry salary scales, the Company's results of operation, and other relevant factors. Any increase in Base Salary or other compensation shall in no way limit or reduce any other obligation of the Company hereunder and, once established at an increased specified rate, Morris' Base Salary hereunder shall not be reduced without his written consent. 3. EFFECTIVE DATE. The effective date of this Amendment shall be June 1, 1994, and as such, the increase in compensation set forth in Paragraph 2 shall be retroactively applied. -2- 3 IN WITNESS WHEREOF, the parties have executed this Amendment to the Employment Agreement on the date and at the place first above written. IN THE PRESENCE OF: RPM, INC. ____________________________ By:/s/ Thomas C. Sullivan ---------------------------- Thomas C. Sullivan, Chairman and Chief Executive Officer And:/s/ Paul A. Granzier --------------------------- Paul A. Granzier, Secretary The "Company" ____________________________ /s/ John H. Morris, Jr. --------------------------- John H. Morris, Jr. "Morris" 373/06821CVA.350 -3-