FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.1 | ||||
FIRST AMENDMENT
TO
This First Amendment is dated March 7, 2016 and is between Xxxxxx Xxxxxxx (“Executive”) and Haemonetics Corporation (the “Company”).
Introduction
A. | The Executive and the Company are parties to an Employment Agreement dated September 29, 2015. |
B. | The parties wish to supplement the Employment Agreement to encourage Executive’s continued service by the addition certain retention payments. |
C. | The parties therefore agree as follows: |
1. | To supplement Section 5 by adding the following subsections after subsection (d): |
(e) July Retention Payment. If Executive is Interim CEO on July 21, 2016, the Company shall pay Executive a $200,000 retention bonus on August 1, 2016.
(f) August Retention Payment. The Company shall pay Executive $715,000 on the earlier of August 31, 2016 or the termination of this Agreement pursuant to Section 6(a).
2. | Except as expressly amended, the Employment Agreement remains in full force and effect in accordance with its terms. |
IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer and the Executive has signed this Amendment.
HAEMONETICS CORPORATION
By:_/s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx
Chairman of the Board
EXECUTIVE
By: /s/ Xxxxxx Xxxxxxx
Xxxxxx Xxxxxxx
