TENTH AMENDMENT TO EMPLOYMENT AGREEMENT

Exhibit 10.1

TENTH AMENDMENT

TO

EMPLOYMENT AGREEMENT

This Tenth Amendment to Employment Agreement is made and entered into effective as of January 1, 2009, by and between WATSCO, INC., a Florida corporation (hereinafter called the “Company”), and ALBERT H. NAHMAD (hereinafter called the “Employee”).

RECITALS

WHEREAS , the Company and the Employee entered into an Employment Agreement effective as of January 31, 1996 (the “Employment Agreement”) pursuant to which the Employee renders certain services to the Company; and

WHEREAS, the Compensation Committee of the Company’s Board of Directors amended the Employment Agreement effective as of January 1, 2001, January 1, 2002, January 1, 2003, January 1, 2004, January 1, 2005, January 1, 2006, January 1, 2007, January 1, 2008 and December 10, 2008; and

WHEREAS, the Compensation Committee of the Company’s Board of Directors has set the targets for the performance based compensation payable by the Company to the Employee for the year 2009; and

WHEREAS , the Company and the Employee now desire to amend the Employment Agreement and Exhibit A-1 to the Employment Agreement to specify the performance based compensation amount payable by the Company to the Employee for the calendar year 2009.

NOW , THEREFORE , in consideration of the mutual promises and covenants set forth in this Tenth Amendment, and other good and valuable consideration, the parties to this Tenth Amendment agree as follows:

1. All capitalized terms in this Tenth Amendment shall have the same meaning as in the Employment Agreement, unless otherwise specified.

2. The Employment Agreement is hereby amended by replacing “Exhibit A-1 — 2008 Performance Goals and Performance Based Compensation” with the attached “Exhibit A-1 — 2009 Performance Goals and Performance Based Compensation” thereto.

3. All other terms and conditions of the Employment Agreement shall remain the same.

IN WITNESS WHEREOF , the parties have caused this Tenth Amendment to be duly executed effective as of the day and year first above written.

EXHIBIT A-1

2009 Performance Goals and Performance Based Compensation