FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.13
FIRST AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT
FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT, dated as of January 3, 2005, between Chesapeake Corporation, a Virginia corporation (the "Company"), and Xxxx X. Xxxxxxx (the "Executive").
WHEREAS, the Company and the Executive entered into an Executive Employment Agreement (the "Agreement") dated September 13, 1999, amended on July 11, 2001, and amended and restated on April 22, 3003; and
WHEREAS, pursuant to the Agreement, the Agreement may be amended by mutual consent of the Company and the Executive; and
WHEREAS, the Company and the Executive desire to amend the Agreement;
NOW THEREFORE, the Agreement is hereby amended in the following respects:
Section 2 of the Agreement is amended to read as follows:
2. Employment Duties. The Company agrees to employ the Executive throughout the Term as Senior Vice President & Chief Financial Officer, with a job description, responsibilities and duties commensurate with such position, or a position of substantially similar or greater responsibilities and duties.
Section 3 (a) is amended to read as follows:
(a) Pay the Executive as compensation for his services hereunder a cash amount on an annual base salary as last approved by the Executive Compensation Committee, which base salary shall be reviewed on an annual basis for possible increase in light of business conditions, competitive considerations, increases given to other employees of the Company and the Executive's performance, provided that such salary shall not be reduced below the salary in effect immediately prior to such review.
Section 3 (c) is amended to read as follows:
(c) Permit the Executive to participate in the Company's Annual Incentive Program (or such comparable successor program that may be in effect from time to time), with a target incentive amount of not less than 50% of base salary.
Except as provided above, the terms of the Agreement, dated April 22, 2003, shall remain in effect.
IN WITNESS WHEREOF, the Company has caused this First Amendment to Executive Employment Agreement to be duly executed on its behalf and the Executive has duly executed this First Amendment to Executive Employment Agreement, all as of the date first above written.
EXECUTIVE |
CHESAPEAKE CORPORATION |
_/s/ Xxxx X. Mostrom____________________ |
_/s/ X.X. Xxxxxx Xx.______________________ |
Xxxx X. Xxxxxxx |
X.X. Xxxxxx Xx. |
Executive Vice President & General Counsel |