AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Exhibit
10.1
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
Amendment
No. 1, dated as of December 30, 2009 (this “Amendment”), to the Employment
Agreement (the “Agreement”), dated as of October 12, 2004 but
effective as of June 1, 2004 by and among SYSTEMAX INC., a Delaware corporation
(the "Parent" or the "Company") and XXXXXXX XXXXXXXXXX (the
"Executive").
RECITALS
WHEREAS,
the Company and the Executive desire to amend the Agreement as set forth in this
Amendment.
NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein set
forth, the parties hereby agree as follows:
1.
Additional
Provisions. The following provisions shall be added as
Sections 5.12 and 5.13 of the Agreement:
5.12 DELAY
IN PAYMENTS. Notwithstanding anything else herein to the contrary,
any payment scheduled to be made to the Executive after Executive’s termination
of employment shall not be made until the date six months after the date of the
termination of employment to the extent necessary to comply with Section
409A(a)(B)(i) and applicable Treasury Regulations.
5.13 IMMEDIATE
PAYMENT. Any payment or delivery of shares that is made within 30
days after the occurrence of an event shall be deemed to have been made
immediately upon the occurrence of such event.
2.
Effectiveness. This
Amendment shall be deemed effective as of the date first above written, as if
executed on such date. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Agreement, all of which are ratified and affirmed in all
respects and shall continue in full force and effect and shall be otherwise
unaffected.
3.
Governing
Law. This Amendment shall be deemed to be a contract made
under the laws of the State of Florida and for all purposes shall be governed by
and construed in accordance with the laws of such state applicable to contracts
to be made and performed entirely within such state.
4.
Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall for
all purposes be deemed an original, and all of which together shall constitute
but one and the same instrument.
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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to
Employment Agreement to be duly executed by their respective authorized officers
as of the date first above written.
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By:
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Name:
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Title:
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By:
Xxxxxxx Xxxxxxxxxx
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[Signature
Page to Amendment No. 1 to Employment Agreement]
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