SECOND AMENDMENT TO CHAMPION EMPLOYMENT AGREEMENT
Exhibit 10.9
SECOND AMENDMENT TO
CHAMPION EMPLOYMENT AGREEMENT
CHAMPION EMPLOYMENT AGREEMENT
This is a SECOND AMENDMENT (“Second Amendment”), effective as of this 31st day of December,
2005, to that certain Employment Agreement dated as of June 16, 2003, as amended by that certain
First Amendment dated August 1, 2005 (as so amended, the “Employment Agreement”), by and between
XXXXXXX X. XXXXXXXX (the “Executive”) and XXXXXX.XXX, INC., a Delaware corporation (the “Company”)
(collectively, the “Parties”).
WHEREAS, the Company and the Executive desire to amend the provisions of the Employment
Agreement.
NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the Company
and the Executive hereby agree as follows:
1. Employment; Duties and Acceptance. Paragraph 1 of the Employment Agreement is
amended by deleting the “Location of Employment” paragraph, and substituting the following in lieu
thereof:
“Location of Employment. Executive shall render his services primarily from the
Company’s headquarters in Southern California, provided, however, that the
Company recognizes and agrees that from time to time Executive may need to travel to
Pennsylvania to fulfill certain personal responsibilities.”
2. Fringe Benefits. The Executive acknowledges and agrees that the Company’s prior
payments on account of, and the Company’s agreement to continue to pay the premiums due under,
Executive’s existing $9 million term life insurance policy satisfies the Company’s obligation to
pay the premiums for a “whole life” insurance policy, as set forth in Paragraph 4(a) of the
Employment Agreement.
3. Duplicate Living Expenses. Paragraph 4(d) of the Employment Agreement shall be
amended to read as follows: “The Company agrees that it will continue to reimburse Executive for
his living expenses, at the existing per annum rate of $60,000 per year, in order to maintain his
additional home in Pennsylvania, for the extended period commencing June 17, 2005, and ending upon
the earliest to occur of the sale of Executive’s Pennsylvania residence (in which event such
reimbursement shall be prorated on a monthly basis) or June 30, 2006, provided,
however, that if such reimbursement is to continue beyond said date, the approval of the
Compensation Committee shall be required.”
4. This Second Amendment will be effective as of the date first written
above.
5. Except to the extent noted, and as may be necessary to give full force and
effect to the foregoing, the Employment Agreement shall continue unchanged, and in full force and
effect.
IN WITNESS WHEREOF, each of the Parties has executed this Second
Amendment on the date(s) indicated below.
XXXXXX.XXX, INC. | XXXXXXX X. XXXXXXXX | ||||
By:
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/s/ Xxxx Xxxxxxx | /s/ Xxxxxxx Xxxxxxxx | |||
Name:
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Xxxx Xxxxxxx | Date: January 11, 2006 | |||
Title:
|
Chief Financial Officer | ||||
Date:
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January 11, 2006 |