Contract
Exhibit
10.1
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00
Xxxx 0xx
Xx
0xx
Xxxxx
Xxx
Xxxx, XX 00000
T:
x0 (000) 000-0000
F:
x0 (000) 000-0000
www.The
Xxxxxxx.xxx
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February
18, 2010
Xxxx
Xxxxx
000 Xxxx
00xx
Xxxxxx, Xxxxxxxxx 0X
Xxx Xxxx,
XX 00000
Dear
Xxxx;
Reference
is hereby made to that certain Amended and Restated Employment Agreement (the
“Agreement”) between The Orchard and you dated February 28,
2008. This letter constitutes an amendment to the Agreement and
reflects our further understanding and agreement with respect to your continued
employment as CEO of The Orchard, as set forth below. All capitalized terms used
herein but not defined shall have the meaning ascribed to them in the
Agreement.
The
Orchard would like, and the Board of Directors shall take such actions
reasonably necessary, to appoint you to serve as its Chief Executive Officer,
effective immediately. In connection with your service as Chief
Executive Officer, you will receive an annual base salary of $275,000, paid in
accordance with The Orchard’s customary payroll practices. Your annual bonus for
fiscal 2010 will be based on the cash bonus targets and performance criteria
established by the Compensation Committee for performance-based cash awards to
The Orchard’s management for fiscal 2010 (“2010 Management Bonus
Plan”). Your fiscal 2010 bonus target will be $125,000 and will be
payable in accordance with the 2010 Management Bonus Plan.
In
addition, prior to the expiration of the Agreement, but no later than August
2010, the Board of Directors of The Orchard will authorize one of its members to
enter into good faith negotiations with you regarding the material terms of your
employment as CEO with The Orchard.
Notwithstanding
anything to the foregoing, the Agreement is and shall remain in full force and
effect until terminated by its terms.
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Sincerely
yours,
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By:
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/s/ Xxxxxx Xxxx | |
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Xxxxxx
Xxxx
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Chief
Financial Officer
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Agreed
and Accepted
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By:
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/s/ Xxxx Xxxxx | |
| Xxxx Xxxxx | ||
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| Date: | 2/18/10 | |
