AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment (this “Amendment”)
to the Employment Agreement by and between Target Logistics Management, LLC, a Massachusetts limited liability company (the “Company”), and Xxxxx Xxxxxxx Xxxxxx
(the “Executive”), dated as of January 29, 2019 (the “Employment Agreement”),
is entered into as of January 1, 2022.
WITNESSETH:
WHEREAS, the Company and the Executive previously entered into the Employment Agreement; and
WHEREAS, the Company has determined that it is prudent to amend the Employment Agreement’s terms to reflect changes
to the Executive’s compensation arrangements and to revise the term of the Agreement; and
WHEREAS, the Company and the Executive desire to so amend the Employment Agreement as set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants set forth in this Amendment, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
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1.
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AMENDMENTS TO THE EMPLOYMENT
AGREEMENT.
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a. Section 2 of the Employment Agreement shall be and hereby is amended by revising the first sentence to read “The initial term of employment under this Agreement, as amended, shall
commence on January 1, 2022 and extend for 36 months (the “Initial Term”).”
b. Section 9(d) of the Employment Agreement shall be and hereby is amended by revising the reference to “(C) continued Base Salary for 12 months following the Date of Termination
(the “Severance Period”)” to be and to read “(C) an amount equal to 1.25x the sum of the Executive’s annual Base Salary and Target Bonus for the year, each
determined as of the Date of Termination, which shall be paid over the 15 months following the Date of Termination (the “Severance Period”)”.
c. Section 9(e)(ii) of the Employment Agreement shall be and hereby is amended by revising the reference to “the sum of 1.5x” to be and to read “2.5x the sum of”.
d. Section 9(e)(ii) of the Employment Agreement shall be and hereby is further amended by revising the reference to “(B) the Continued Coverage Payment” to be and to read “(B) an
amount equal to 1.2x the Continued Coverage Payment”.
2. AFFIRMATION. This Amendment is to be read and
construed with the Employment Agreement as constituting one and the same agreement. Except as specifically modified by this Amendment, all remaining provisions, terms and conditions of the Employment Agreement shall remain in full force and effect.
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3. DEFINED TERMS. All terms not herein defined
shall have the meaning ascribed to them in the Employment Agreement.
4. RATIFICATION AS AMENDED. Except as amended by
this Amendment, the terms and conditions of the Employment Agreement are confirmed, approved, and ratified, and the Employment Agreement, as amended by this Amendment, shall continue in full force and effect. Any reference to the Agreement in the
Employment Agreement as amended by this Amendment shall mean the Employment Agreement as amended by this Amendment.
5. COUNTERPARTS. This Amendment may be executed in
one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the undersigned have
duly executed and delivered this Amendment or have caused this Amendment to be duly executed and delivered on their behalf.
TARGET LOGISTICS MANAGEMENT, LLC
By: /s/ Xxxxx X. Xxxxx
Name: Xxxxx X.
Xxxxx
Title: EVP, General Counsel &
Secretary
XXXXX XXXXXXX XXXXXX
/s/ Xxxxx X. Xxxxxx
