Amendment No. 1 to Amended and Restated Employment Agreement between Alamosa Holdings, Inc. and Loyd I. Rinehart

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Alamosa Holdings, Inc. and Loyd I. Rinehart. It extends the employment term to September 30, 2006, increases the base salary to $210,000, sets an annual bonus target of $110,000, and revises the schedule for granting stock options through 2006. The amendment is effective as of January 1, 2004, and both parties have agreed to these changes.

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EX-10.60 11 file005.htm EMPLOYMENT AGREEMENT AMENDMENT 
  Exhibit 10.60 AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT AMENDMENT (this "Amendment") made as of March 8, 2004 by and between Alamosa Holdings, Inc., a Delaware corporation ("Alamosa"), and Loyd I. Rinehart (the "Employee"). This Amendment amends the Amended and Restated Employment Agreement (the "Employment Agreement") made as of October 1, 2002 between Alamosa and the Employee. 1. The Employment Agreement is hereby amended by deleting the reference to "September 30, 2005" that appears in Section 2(b) and by replacing it with "September 30, 2006". 2. The Employment Agreement is hereby amended by restating the first sentence of Section 3 in its entirety to read as follows: Employee shall receive from Alamosa a Base Salary, payable in accordance with regular payroll practices of Alamosa, of $210,000. 3. The Employment Agreement is hereby amended by restating the first sentence of Section 4 in its entirety to read as follows: Employee shall be eligible to receive an annual bonus, which shall have a target of $110,000. 4. The Employment Agreement is hereby amended by restating the first and second sentences of Section 6(b) in their entirety to read as follows: In addition, the Committee shall grant Employee additional options according to the following schedule: 2003 - 70,000 options, 2004 - 150,000 options, 2005 - 125,000 options and 2006 - 100,000 options. Except in respect of 2003, one half of the annual options will be granted in January and one half in July and for 2004 one half of the annual options will be granted prior to July 2004. 5. Employee hereby acknowledges that Exhibit A to the Employment Agreement is attached as Exhibit A hereto.  IN WITNESS WHEREOF, the parties have duly executed this Amendment effective as of January 1, 2004. ALAMOSA HOLDINGS, INC. By: /s/ David E. Sharbutt ------------------------------------ EMPLOYEE /s/ Loyd I. Rinehart ----------------------------------------