Exhibit 10.1
Second Amendment, dated as of March 1, 2006 (the “Second Amendment”) to the
Employment
Agreement dated September 29, 1998 between VSI Acquisition II Corporation (currently known as
Centerplate, Inc.) and Xxxxx X. Xxxxxxxxxx (the “Agreement”).
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1. |
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Capitalized terms used herein and not defined have the meanings set forth in the
Agreement. |
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2. |
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Section 2(a) of the Agreement shall be amended to reflect that the Executive shall
serve as President and Chief Executive Officer, reporting to the Board of Directors, and as
a director of the Company and shall have such functions, duties, authority and
responsibilities at the Company as are consistent with those positions with the Company.
The second to last sentence of Section 2(a), which indicated that the Executive would only
be required to work two to three days per week, shall be deleted. |
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3. |
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The first sentence of Section 3(a) of the Agreement shall be deleted and replaced with
a sentence to read as follows: “During the Term, the Company shall pay the Executive an
annual base salary of $650,000.” |
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4. |
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Section 3(b) of the Agreement shall be amended to reflect that the Executive shall
participate in the annual bonus plan of the Company with a target bonus of 50% of annual
base salary. |
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5. |
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Section 4(d) (ii) of the Agreement shall be amended to refer to her position,
responsibilities or duties as President and Chief Executive Officer and as a director of
the Company. |
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6. |
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Section 5(b) (ii) shall be deleted and replaced with the following: “an amount equal
to two times (2X) the Executive’s annual base salary then in effect, paid in twelve equal
monthly installments.” |
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7. |
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Section 5(c) (a) of the Agreement shall be deleted and replaced with the following:
“payments pursuant to Section 3(a) of compensation through the date of termination plus a
payment equal to two times (2X) the Executive’s annual base salary then in effect.” |
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8. |
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The name of the Company in the introductory paragraph shall be amended to reflect the
change of the Company’s name to Centerplate, Inc. and the notice address in Section 7(a)
shall be changed to read: |
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9. |
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The terms of this Second Amendment to Employment Agreement shall supersede the
Amendment to Employment Agreement dated September 7, 2005, which shall be of no further
force and effect. Except as specifically amended herein, the Agreement shall remain in
full force and effect. |
IN WITNESS WHEREOF, the parties have executed and delivered this Second Amendment as of the
date first written above.
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/s/
Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx |
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