UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
MARCH 12, 2007
Date of Report (Date of earliest event reported)
COLONIAL COMMERCIAL CORP.
(Exact name of Registrant as Specified in Charter)
NEW YORK 1-6663 11-2037182
(State or other Jurisdiction (Commission File (IRS Employer
of Incorporation) Number) Identification No.)
275 WAGARAW ROAD, HAWTHORNE,
NEW JERSEY 07506
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: 973-427-8224
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 12, 2007, Universal Supply Group, Inc. ("Universal"), a wholly owned
subsidiary of the Company, amended its employment agreement with William Pagano
to remove a clause that would have entitled Mr. Pagano to receive payments by
reason of a change of ownership (as defined) of Universal. Mr. Pagano is the
President and a Director of Universal and the Chief Executive Officer and a
Director of the Company.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
(e) Reference is made to Item 1.01 for an amendment to an employment agreement
between Universal and William Pagano.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit No. Description
10.01 Employment Agreement dated as of June 25,
1999 between Universal Supply Group, Inc.
and William Pagano, incorporated herein by
reference from Exhibit 10(a)(iii) to the
Company's Form 8-K filed on July 9, 1999.
10.02 Amendment Number 1 dated October 29, 2002
to Employment Agreement dated as of June 25,
1999 between Universal Supply Group, Inc.
and William Pagano, incorporated herein by
reference from Exhibit 10.02 to the Company's
Form 8-K filed on November 2, 2005.
10.03 Amendment Number 2 dated as of June 15,
2005 to Employment Agreement dated as of
June 25, 1999 between Universal Supply
Group, Inc. and William Pagano, incorporated
herein by reference from Exhibit 99.1 to the
Company's Form 8-K filed on June 20, 2005.
10.04 Amendment Number 3 dated as of March 12,
2007 to Employment Agreement dated as of
June 25, 1999 between Universal Supply
Group, Inc. and William Pagano, filed
herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COLONIAL COMMERCIAL CORP.
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(Registrant)
Date: March 12, 2007 /s/ William Salek
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William Salek
Chief Financial Officer
Exhibit No. Description
10.01 Employment Agreement dated as of June 25,
1999 between Universal Supply Group, Inc.
and William Pagano, incorporated herein by
reference from Exhibit 10(a)(iii) to the
Company's Form 8-K filed on July 9, 1999.
10.02 Amendment Number 1 dated October 29, 2002
to Employment Agreement dated as of June 25,
1999 between Universal Supply Group, Inc.
and William Pagano, incorporated herein by
reference from Exhibit 10.02 to the Company's
Form 8-K filed on November 2, 2005.
10.03 Amendment Number 2 dated as of June 15,
2005 to Employment Agreement dated as of
June 25, 1999 between Universal Supply
Group, Inc. and William Pagano, incorporated
herein by reference from Exhibit 99.1 to the
Company's Form 8-K filed on June 20, 2005.
10.04 Amendment Number 3 dated as of March 12,
2007 to Employment Agreement dated as of
June 25, 1999 between Universal Supply
Group, Inc. and William Pagano, filed
herewith.