AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit
10.1
AMENDMENT
TO
THIS
AMENDMENT is made effective as of the 12th day
of August, 2010 (this “Amendment”), by and
among CPG International Holdings LP (“CPG LP”), a Delaware
limited partnership, and its wholly owned subsidiaries, CPG International Inc.,
a Delaware corporation (“Employer”), CPG
International I Inc., a Delaware corporation (“CPG”), AZEK Building
Products, Inc., a Delaware corporation (“AZEK”) and Scranton
Products Inc., a Delaware corporation (“Scranton,” together
with CPG LP, Employer, CPG and AZEK, the “Companies” and each
individually a “Company”), and Xxxxx
Xxxxxxx (the “Executive,” together
with the Companies, the “Parties”).
WHEREAS,
on March 26, 2009, the Parties entered into an Employment Agreement, which sets
forth the terms of the Executive’s employment with Employer (the “Employment
Agreement”); and
WHEREAS,
the Parties hereby desire to amend the terms of the Employment Agreement as set
forth herein.
NOW,
THEREFORE, in consideration of the mutual covenants contained herein, the
parties hereto agree as follows:
1.
|
Termination of
Employment. Section 5(a) of the Employment Agreement is
hereby deleted in its entirety and replaced with the following new Section
5.5(a).
|
|
5.
|
Termination of
Employment.
|
(a)
If, during the Term, the Executive’s employment is terminated for any reason,
the Employer shall be obligated to pay the Executive all earned but unpaid Base
Compensation, unpaid expense reimbursements and accrued but unused vacation (the
“Accrued
Amounts”). If, during the Term, the Executive’s employment is
terminated by the Employer other than for Cause, Employer shall be obligated, in
addition to the payment of the Accrued Amounts, to continue to pay the
Executive’s Base Compensation at the rate then in effect for a period of twelve
(12) months following the termination date (the “Termination
Payments”). Employer’s obligation to make the Termination
Payments shall be conditioned upon (i) the absence of a breach by the Executive
of the Noncompetition Agreement and (ii) Executive’s execution, delivery and
non-revocation of a valid and enforceable general release of claims in a form
reasonably acceptable to Employer (the “Release”). Subject
to Section 5(b), the Termination Payment shall be paid in installments on
Employer’s regular payroll dates occurring during the twelve (12) month period
immediately following the effectiveness of the Release. The Accrued
Amounts shall be paid within thirty (30) days following the termination
date.
2.
|
Confirmation of
Employment Agreement. In all other respects the
Employment Agreement shall remain in effect and is hereby confirmed by the
parties.
|
3.
|
Governing
Law. The validity, interpretation, construction,
performance and enforcement of this Amendment shall be governed by the
laws of the State of New York, without application of conflict of laws
principles.
|
4.
|
Counterparts. This
Amendment may be executed in several counterparts, each of which is an
original and all of which shall constitute one instrument. It
shall not be necessary in making proof of this Amendment or any
counterpart hereof to produce or account for any of the other
counterparts.
|
|
[signature
page follows]
|
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment, effective as
of the date hereof.
CPG
INTERNATIONAL HOLDINGS LP
|
CPG
INTERNATIONAL INC.
|
|||
By:
|
CPG
Holding I LLC
|
|
|
|
Its
General Partner
|
|
|||
By:
|
/s/ Xxx X. Xxxxxxxx
|
By:
|
/s/ Xxx X. Xxxxxxxx
|
|
Name: Xxx
X. Xxxxxxxx
|
Name: Xxx
X. Xxxxxxxx
|
|||
Title: Vice
President
|
Title: Vice
President
|
|||
CPG
INTERNATIONAL I INC.
|
AZEK
BUILDING PRODUCTS, INC.
|
|||
|
||||
By:
|
/s/ Xxx X. Xxxxxxxx
|
By:
|
/s/ Xxx X. Xxxxxxxx
|
|
Name: Xxx
X. Xxxxxxxx
|
Name: Xxx
X. Xxxxxxxx
|
|||
Title: Vice
President
|
Title: Vice
President
|
|||
SCRANTON
PRODUCTS INC.
|
EXECUTIVE
|
|||
By:
|
/s/ Xxx X. Xxxxxxxx
|
/s/ Xxxxx
Xxxxxxx
|
||
Name: Xxx
X. Xxxxxxxx
|
Xxxxx
Xxxxxxx
|
|||
Title: Vice
President
|
||||