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EXHIBIT 10.40
FIRST AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT (this "Amendment") to the Employment Agreement
dated October 18, 1994 (the "Agreement"), between Redhook Ale Brewery,
Incorporated ("Employer") and Xxxx Xxxxxxx ("Employee"), is made effective as of
the date this Amendment has been signed by the Employer and the Employee.
Capitalized terms used but not defined in this Amendment will have the meanings
given those terms in the Agreement.
1. Section 7(d) of the Agreement is amended to read as follows in
its entirety:
d. Restriction on Stock Transfers. Employee shall continuously maintain
ownership of a minimum of two hundred fifty thousand (250,000) shares of
Employer's common stock until the earlier of (i) two (2) years following the
termination of this Agreement, or (ii) September 30, 2001. The number of
restricted shares shall be counted by assuming any stock split, stock dividend,
combination, recapitalization, reclassification or other change in the terms of
common stock occurring after the effective date of this Agreement had not
occurred.
2. Except as amended hereby, the Agreement shall remain in
full force and effect.
3. This Amendment may be executed in more than one
counterpart, by facsimile signature, each counterpart deemed an original
instrument and such counterparts in the aggregate constituting one and the same
instrument.
IN WITNESS WHEREOF, the undersigned have executed this First Amendment,
pursuant to Section 12(b) of the Agreement.
"Employer"
Date: May 6, 1999 By: /s/ XXXXXXX X. XXXX
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Xxxxxxx X. Xxxx
Its: Executive Vice President
"Employee"
Date: May 6, 1999 By: /s/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx
