Document:

<PAGE>

                                                                   EXHIBIT 10.33

                    AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

     This Amendment No. 1 to Employment Agreement (this "Amendment") is made and
entered into as of the 31st day of January 2005 by and between Arlington
Hospitality Management, Inc. (the "Company") and Richard A. Gerhart
("Executive").

                                    RECITALS

     WHEREAS, the Company and Executive entered into that certain Employment
Agreement (the "Agreement") dated July 1, 2002 by and between the Company and
Executive;

     WHEREAS, pursuant to the Agreement, Executive is currently employed by the
Company as its Senior Vice President of Hotel Operations; and

     WHEREAS, the Company and Executive have agreed to modify the Agreement as
provided herein;

     NOW THEREFORE, in consideration of the premises and mutual covenants and
agreements of the parties herein contained, the parties agree as follows:

1.   Any capitalized term used but not defined herein shall have the meaning
     ascribed to such term in the Agreement.

2.   Amendment to Section 3. Section 3 of the Agreement is hereby amended by
     deleting it in its entirety and replacing it with the following:

     TERM. The initial term of Executive's employment under this Agreement shall
     commence July 1, 2002, and shall continue until December 31, 2005, unless
     earlier terminated as herein provided (the "Term").

3.   Amendment to Section 5. Section 5 of the Agreement is amended by, in the
     second sentence of such Section, deleting the term "Cash" and replacing it
     with "Base Salary."

4.   Amendment to Section 6. Section 6 of the Agreement is hereby amended by
     deleting it in its entirety and replacing it with the following:

     6. SEVERANCE UPON TERMINATION WITHOUT CAUSE. If the Company terminates
     Executive's employment without Cause, then Executive shall be entitled to
     receive an amount equal to: (i) his then-current Base Salary (as defined in
     Exhibit A), expense reimbursement, Benefits, Incentive Bonus (as defined in
     Exhibit A), and Transition, Performance and Retention Bonus (as defined in
     Exhibit A), each to the extent earned, accrued and unpaid through the date
     of termination, plus (ii) an amount equal to six (6) months of his
     then-current Base Salary, which

<PAGE>

     amounts shall be payable in intervals in accordance with the general
     payroll payment practice of the Company or as otherwise agreed to by the
     Company and Executive; provided, however, if Arlington Hospitality, Inc.,
     the parent of the Company ("Parent"), outsources its hotel management
     functions to a third party manager and this Agreement is terminated as a
     result thereof, and such third party manager (the "New Manager") does not
     offer employment to Executive on terms and conditions no less favorable to
     Executive in terms of compensation as those contained herein, then the
     severance payment described in (ii) above shall be extended from a period
     of six (6) months to a period of nine (9) months. For purposes of this
     Section, if Executive should accept any employment with the New Manager,
     Executive shall be deemed to have received an offer of employment from the
     New Manager and such offer shall be deemed to be on terms and conditions no
     less favorable to Executive than those provided herein.

5.   Amendment to Exhibit A. Exhibit A of the Agreement is hereby amended by
     deleting it in its entirety and replacing it with Exhibit A attached
     hereto.

6.   No Other Amendment. The Agreement has not been amended in any other way
     other than as set forth in this Amendment.

7.   Counterparts. This Amendment may be executed in separate counterparts, each
     of which when so executed and delivered shall be deemed an original, but
     all of which together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first set forth above.

THE COMPANY:                                  EXECUTIVE:

ARLINGTON HOSPITALITY
MANAGEMENT, INC.

                                              /s/ RICHARD A. GERHART
                                              --------------------------------
                                              RICHARD A. GERHART

By: /s/ STEPHEN K. MILLER
    --------------------------------
By: /s/ James B. Dale
    --------------------------------

<PAGE>

                                    EXHIBIT A

For the period commencing on the date of this Amendment No. 3 and continuing
through the Term:

1.   Base Salary. Base salary (the "Base Salary") shall be equal to One Hundred
     Forty Four Thousand Dollars ($144,000) per year, subject to increase from
     time to time as determined in the sole discretion of the Parent's Board of
     Directors.

2.   2004 Bonus. Executive shall be eligible to participate in the [2004 BONUS
     PLAN - INSERT APPROPRIATE NAME] of the Parent to the extent as approved by
     the Parent's Board of Directors.

3.   2005 Bonus. Executive will be eligible to participate in those bonus and
     incentive plans and other programs as determined from time to time in the
     sole discretion of the Parent's Board of Directors.exv10w14

 

Exhibit 10.14

Execution Version

EIGHTH AMENDMENT AND WAIVER TO

LOAN AND SECURITY AGREEMENT

          EIGHTH AMENDMENT AND WAIVER (this “Amendment”), dated as of February 25, 2005, to the
Loan and Security Agreement, dated as of May 31, 2001 (as amended by the First Amendment dated as
of March 18, 2002, by the Second Amendment dated as of May 15, 2002, by the Third Amendment dated
as of May 16, 2003, by the Fourth Amendment dated as of December 31, 2003, by the Fifth Amendment
dated as of June 29, 2004, by the Sixth Amendment dated as of November 18, 2004, by the Seventh
Amendment dated as of January 7, 2005 and as further amended and supplemented from time to time,
the “Loan Agreement”), by and among METALICO, INC., a Delaware corporation (the
“Parent”), certain subsidiaries of the Parent identified on the signature pages thereof
(such Subsidiaries, together with the Parent, are referred to hereinafter each individually as a
“Borrower”, and collectively, as the “Borrowers”), and WELLS FARGO FOOTHILL, INC.
(formerly known as Foothill Capital Corporation), as lender (the “Lender”).

          WHEREAS, Parent has requested that the Lender amend the Loan Agreement to, among other things,
establish EBITDA covenants for fiscal year 2005 and waive any Event of Default that has resulted
from Parent’s non-compliance with Section 6.3(c)(i) of the Loan Agreement, and the Lender has
agreed to such amendments and waiver subject to the terms and conditions of this Amendment.

          NOW, THEREFORE, in consideration of the premises and of the mutual covenants, agreements and
conditions hereinafter set forth, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

          1. All terms used herein which are defined in the Loan Agreement and not otherwise defined
herein are used herein as defined therein.

          2. The Lender hereby waives any Event of Default that would otherwise arise under Section 8.2
of the Loan Agreement by reason of the Parent failing to timely deliver to Lender copies of
Borrowers’ Projections for fiscal year 2005, in accordance with Section 6.3(c)(i) of the Loan
Agreement. This waiver shall be effective only in this specific instance and for the specific
purpose forth herein and does not allow for any other or further departure from the terms and
conditions of the Loan Agreement or any other Loan Document, which terms and conditions shall
continue in full force and effect.

          3. Junior Debt. Clause (ii)(B) of Section 7.1(g) of the Loan Agreement is hereby
amended by deleting the number “$700,000” set forth therein and inserting the number “$1,400,000”
in lieu thereof.

 

 

          4. Distributions. Section 7.11(b) of the Loan Agreement is hereby amended in its
entirety to read as follows:

               “(b) the aggregate amount paid to repurchase such shares of Stock plus the
aggregate amount of payments made to Carlos Aguero in respect of the Indebtedness subject to
the Subordination Agreement plus the aggregate amount of payments made to the
holders of the Junior Debt in accordance with Section 7.1(g) shall not exceed
$1,400,000 during any calendar year,”

          5. Minimum EBITDA. Clause (i) of Section 7.20(a) is hereby amended in its entirety to
read as follows:

               “(i) Minimum EBITDA. EBITDA, measured on a fiscal quarter-end basis, of not
less than the required amount set forth in the following table for the applicable period set
forth opposite thereto:

	 	 	 	 	 	 
	 	 	 
	 	Applicable Amount	 	 	Applicable Period	 
	 	 	 	 	 	 
	 	$12,791,291

	 	 	For the 12 month period ending

March 31, 2005	 
	 	 	 	 	 	 
	 	$14,640,453

	 	 	For the 12 month period ending

June 30, 2005	 
	 	 	 	 	 	 
	 	$15,524,122

	 	 	For the 12 month period ending

September 30, 2005	 
	 	 	 	 	 	 
	 	$15,081,745

	 	 	For the 12 month period ending

December 31, 2005	 
	 	 	 	 	 	 

          Lender shall establish required minimum amounts for each 12-month period ending on the last
day of each fiscal quarter after December 31, 2005 on such basis as Lender may determine in its
Permitted Discretion, consistent with methods employed to establish minimum amounts for prior
periods; provided, that if Lender and Borrowers cannot agree on such Projections, for purposes of
this Section 7.20(a)(i), Borrowers’ projected EBITDA for such 12 month period shall not be
less than $15,081,745.”

          6. Capital Expenditures. Clause (i) of Section 7.20(b) is hereby amended by deleting
the number “$4,000,000” set forth therein and inserting in lieu thereof the number “$5,000,000”.

          7. Release.

2

 

               (a) So long as the Borrower provides Lender with at least 3 Business Days prior written notice
requesting that Metalico Hartford, Inc. (“Hartford”) be released as a “Borrower” and
provided, further that Borrower certify to Lender that Hartford does not own any assets or
have any net operating losses at such time, Lender shall irrevocably release Hartford as a
“Borrower” under the Loan Agreement and the other Loan Documents and discharge and release Hartford
from all obligations and indemnities thereunder, or that otherwise relate, directly or indirectly,
to the Loan Agreement or the other Loan Documents (the “Hartford Release”) and the Lender
shall irrevocably release any security interest it may have in and lien on any and all assets of
Hartford without recourse, representation or warranty of any kind, express or implied, and the
Borrowers and Guarantors hereby release the Lender from any duty, liability or obligation (if any)
under the Loan Documents in respect of such released assets.

               (b) Except as expressly provided herein, the Hartford Release does not and shall not affect
any of the obligations or liabilities of any other Borrower or any other Guarantor under the Loan
Agreement or any other Loan Document. The Parent shall deliver to Lender a copy of the certificate
of dissolution or similar document evidencing the dissolution of Hartford promptly after the
effectiveness of such dissolution.

               (c) The Lender will at the request of the Borrowers and Guarantors execute such additional
instruments and other writings, and take such action, as the Borrowers and Guarantors may
reasonably request, to effect or evidence the release of the Lender’s lien on the assets described
in clause (a) above, but without recourse, representation or warranty of any kind, express or
implied, and at the sole cost and expense of the Borrowers and Guarantors.

          8. Conditions. This Amendment shall be deemed effective as of January 1, 2005 upon
satisfaction in full of the following conditions precedent (the first date upon which all such
conditions have been satisfied being herein called the “Amendment Effective Date”):

               (a) Representations and Warranties; No Event of Default. The representations and
warranties contained herein, in Section 5 of the Loan Agreement and in each other Loan Document and
certificate or other writing delivered to the Lender pursuant hereto on or prior to the Amendment
Effective Date shall be correct in all material respects on and as of the Amendment Effective Date
as though made on and as of such date (except to the extent that such representations and
warranties expressly relate solely to an earlier date in which case such representations and
warranties shall be true and correct on and as of such date), and no Default or Event of Default
shall have occurred and be continuing on the Amendment Effective Date or would result from this
Amendment becoming effective in accordance with its terms, unless any
such Event of Default has previously been waived in accordance with Section 15 of the Loan
Agreement.

3

 

               (b) Amendment Fee. Borrowers shall have paid to Lender, in immediately available
funds, a fully earned and nonrefundable amendment fee equal to $2,500, the payment of which shall
be effected by Lender charging such fee to Borrowers’ Loan Account.

               (c) Delivery of Documents. The Lender shall have received on or before the Amendment
Effective Date the following, each in form and substance reasonably satisfactory to the Lender and,
unless indicated otherwise, dated the Amendment Effective Date:

                    (i) counterparts of this Amendment, duly executed by Borrowers and the Lender;
and

                    (ii) such other agreements, instruments, approvals, opinions and other
documents as the Lender may reasonably request.

               (d) Proceedings. All proceedings in connection with the transactions contemplated by
this Amendment, and all documents incidental thereto, shall be reasonably satisfactory to the
Lender and its special counsel, and the Lender and such special counsel shall have received all
such information and such counterpart originals or certified copies of documents, and such other
agreements, instruments, approvals, opinions and other documents, as the Lender or such special
counsel may reasonably request.

          9. Representations and Warranties. Each of the Borrowers represent and warrant as
follows:

               (a) Except as previously disclosed in writing to the Lender: (i) the representations and
warranties made by such Borrower herein, in the Loan Agreement and in each other Loan Document and
certificate or other writing delivered to the Lender on or prior to the Amendment Effective Date
shall be correct and accurate on and as of the Amendment Effective Date as though made on and as of
such date (except to the extent that such representations and warranties expressly relate solely to
an earlier date in which case such representations and warranties shall be true and correct on and
as of such date); and (ii) subject to Section 2 hereof, no Default or Event of Default shall have
occurred and be continuing on the Amendment Effective Date or would result from this Amendment
becoming effective in accordance with its terms.

               (b) Each of the Borrowers (i) is a corporation, duly organized, validly existing and in good
standing under the laws of its state of organization, (ii) has all requisite power and authority to
execute, deliver and perform this Amendment, and to perform the Loan Agreement, as amended hereby,
and (iii) is duly qualified to do business and is in good standing
in each jurisdiction where the failure to be so qualified and in good standing reasonably
could be expected to have a Material Adverse Change.

4

 

               (c) The execution, delivery and performance by each Borrower of this Amendment, and the
performance by each such Borrower of the Loan Agreement, as amended hereby, (i) have been duly
authorized by all necessary action, (ii) do not and will not contravene such Borrower’s charter or
by-laws, any applicable law or any contractual restriction binding on or otherwise affecting it or
any of its properties, (iii) do not and will not result in or require the creation of any lien or
other encumbrance (other than pursuant to any Loan Documents) upon or with respect to any of its
properties, and (iv) do not and will not result in any suspension, revocation, impairment,
forfeiture or nonrenewal of any permit, license, authorization or approval applicable to its
operations or any of its properties.

               (d) No authorization or approval or other action by, and no notice to or filing with, any
Governmental Authority or agency or other regulatory body is required in connection with the due
execution, delivery and performance by such Borrower of this Amendment, or for the performance of
the Loan Agreement, as amended hereby.

               (e) This Amendment, the Loan Agreement, as amended hereby, and each other Loan Document to
which such Borrower is a party is a legal, valid and binding obligation of such Borrower,
enforceable against such Borrower in accordance with its terms, except as such enforceability may
be limited by equitable principles or by or subject to any bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally.

          10. This Amendment (i) shall be effective as of January 1, 2005, (ii) shall be effective only
in this specific instance and for the specific purposes set forth herein, and (iii) does not allow
for any other or further departure from the terms and conditions of the Loan Agreement or any other
Loan Document, which terms and conditions shall continue in full force and effect.

          11. (a) Except as otherwise expressly provided herein, the Loan Agreement and the other Loan
Documents are, and shall continue to be, in full force and effect and are hereby ratified and
confirmed in all respects, except that on and after the date hereof, (i) all references in the Loan
Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words of like import referring to
the Loan Agreement shall mean the Loan Agreement as amended by this Amendment and (ii) all
references in the other Loan Documents to the “Loan Agreement”, “thereto”, “thereof”, “thereunder”
or words of like import referring to the Loan Agreement shall mean the Loan Agreement as amended by
this Amendment.

               (b) Borrowers hereby acknowledge and agree that this Amendment constitutes a “Loan Document”
under the Loan Agreement. Accordingly, it shall be an Event of Default under the Loan Agreement if
any representation or warranty made by Borrowers under
or in connection with this Amendment shall have been untrue, false or misleading in any material
respect when made.

5

 

          12. Borrowers shall pay all reasonable out-of-pocket costs and expenses of the Lender
(including, without limitation, the reasonable fees and charges of counsel to the Lender) in
connection with this Amendment.

          13. (a) This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement. Delivery of an executed counterpart of
this Amendment by telefacsimile shall be equally as effective as delivery of an original executed
counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by
telefacsimile also shall deliver an original executed counterpart of this Amendment but the failure
to deliver an original executed counterpart shall not affect the validity, enforceability, and
binding effect of this Amendment.

               (b) Section and paragraph headings herein are included for convenience of reference only and
shall not constitute a part of this Amendment for any other purpose.

               (c) This Amendment shall be governed by, and construed in accordance with, the laws of the
State of New York.

[Remainder of Page Intentionally Left Blank.]

6

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written.

	 	 	 
	

	 	METALICO, INC.,
	

	 	a Delaware corporation
	

	 	METALICO-COLLEGE GROVE, INC.,
	

	 	a Tennessee corporation
	

	 	HHP CORPORATION,
	

	 	a Tennessee corporation
	

	 	METALICO-EVANS, INC.,
	

	 	a Georgia corporation
	

	 	METALICO-GRANITE CITY, INC.,
	

	 	an Illinois corporation
	

	 	WEST COAST SHOT, INC.,
	

	 	a Nevada corporation
	

	 	METALLICO LYELL ACQUISITIONS, INC.,
	

	 	a New York corporation
	

	 	LAKE ERIE RECYCLING CORP.,
	

	 	a New York corporation
	

	 	METALICO HARTFORD, INC.,
	

	 	a Connecticut corporation
	

	 	SANTA ROSA LEAD PRODUCTS, INC., a
	

	 	California corporation
	

	 	GULF COAST RECYCLING, INC.,
	

	 	a Florida corporation
	

	 	METALICO ALUMINUM RECOVERY, INC.,
	

	 	a New York corporation
	

	 	BUFFALO HAULING CORP.,
	

	 	a New York corporation
	

	 	MAYCO INDUSTRIES, INC.,
	

	 	an Alabama corporation

	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Michael J. Drury
	 	 	 	 	 
	

	 	 	 	Name:
	 	Michael J. Drury
	

	 	 	 	Title:
	 	Authorized Representative

7

 

Accepted and agreed to

as of the date first above written:

WELLS FARGO FOOTHILL, INC.

	 	 	 	 	 	 	 
	By:	 	/s/ Douglas Tindle	 	 
	 	 	 	 	 
	

	 	Name:
	 	Douglas Tindle	 	 
	

	 	Title:
	 	Vice President	 	 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]