Exhibit 10.22
CELADON GROUP, INC.
AMENDMENT TO SEPARATION AGREEMENT DATED MARCH 3, 2000
DATED AS OF SEPTEMBER 30, 2001
The following modification will be applied to the base salary clause of the
original agreement dated March 3, 2000 between Xxxx Will and Celadon Group, Inc.
Any subsequent salary increases will not apply to the aforementioned separation
agreement. The employee's annual salary, which was $135,000 as of March 3, 2000,
will automatically increase for purposes of the defined base salary calculation
within the separation agreement by 5% each year beginning March 3, 2001 and
continue increasing by 5% each year thereafter. However, the defined base salary
will never be less than $155,000.
Any stock option grants issued subsequent to the date of this amendment
agreement will not apply to the aforementioned separation agreement. Any stock
option grants issued subsequent to the date of this amendment agreement will
vest in the normal course per the individual stock option agreement and will not
be accelerated if the employee separates his employment from the Company.
IN WITNESS WHEREOF, the parties hereto have each executed and delivered
this Agreement as of the day and year first above written.
EMPLOYEE
/s/ Xxxx Will
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By: Xxxx Will
Executive Vice President
CELADON GROUP, INC.
/s/ Xxxxxxx Xxxxxxx
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By: Xxxxxxx Xxxxxxx
Chief Executive Officer
