Exhibit 10.1
PREMIERE GLOBAL SERVICES, INC.
SECOND AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Second Amendment to the Amended and Restated Employment Agreement
(the "Second Amendment") is made and entered into by and between PREMIERE GLOBAL
SERVICES, INC., a Georgia corporation (the "Company"), and XXXXXXXX X. XXXXXXXX
(the "Employee"), dated as of January 23, 2008.
BACKGROUND STATEMENT:
WHEREAS, the Company and the Employee entered into that certain Amended
and Restated Employment Agreement on September 15, 2006, to be effective as of
July 20, 2006, which agreement was further amended on December 21, 2007 (the
"Original Agreement"); and
WHEREAS, the Company and the Employee have determined that it is in their
best interests to amend the Original Agreement as set forth herein to increase
the Employee's annual base salary and target bonus opportunity for each calendar
year during the term of Employee's employment under the Original Agreement
beginning in 2008;
NOW, THERERFORE, in consideration of and reliance upon the foregoing and
other good and valuable consideration, the adequacy and sufficiency of which are
hereby acknowledged, the Company and the Employee hereby amend the Original
Agreement as follows:
1. Section 2.1 of the Original Agreement is hereby deleted in its entirety
and amended and restated as follows:
Section 2.1 Base Salary. Effective as of January 28, 2008, during the term
of Employee's employment under this Agreement, the Company will pay the
Employee an annual base salary of five hundred thousand dollars
($500,000.00), payable in accordance with the Company's standard payroll
practices.
2. The second sentence in Section 2.2 of the Original Agreement is hereby
amended and restated as follows:
Unless the Compensation Committee determines otherwise prior to the end of
the first quarter of a given calendar year, the Employee's target bonus
for each calendar year will be equal to one hundred fifty percent (150%)
of his annual base salary for such year, with eighty percent (80%) of the
target bonus allocated to achievement of quarterly targets (i.e., twenty
percent (20%) per quarter) and twenty percent (20%) allocated to
achievement of annual targets.
3. Except as otherwise provided herein, the terms and conditions of the
Original Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment
on the date hereof.
PREMIERE GLOBAL SERVICES, INC.
By: /s/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Chief Executive Officer
EMPLOYEE
/s/ Xxxxxxxx X. Xxxxxxxx
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Xxxxxxxx X. Xxxxxxxx
