EX-10.49 2 arc-06302022xex1049.htm EX-10.49 Document
AMENDMENT NO. 4 TO AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
ARC DOCUMENT SOLUTIONS, INC. (“ARC”) and JORGE AVALOS (“Executive”) agree to enter into this AMENDMENT NO. 4 TO AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (“Amendment No. 4”) dated as of June 29, 2022 (“Effective Date”).
WHEREAS, ARC and Executive entered into an Employment Agreement, dated May 1, 2014, as amended and restated on February 1, 2015 and June 9, 2015, as subsequently amended (“Executive Agreement”), under which Executive was employed as Chief Financial Officer. All capitalized terms in this Amendment No. 4 not otherwise defined herein shall have the meanings ascribed to them in the Executive Agreement.
WHEREAS, the parties now wish to amend certain terms of the Executive Agreement as of the Effective Date.
Now, therefore, in consideration of the promises, covenants and agreements set forth in this Amendment No. 4, the parties agree as follows:
(a)Section 5 as set forth below is hereby added to Appendix B to the Executive Agreement:
5.Annual Long Term Equity Incentive Award. Executive shall be eligible to receive Annual Long Term Equity Incentive Awards of $100,000 per fiscal year, payable in the form of a stock option award to Executive under ARC's 2021 Incentive Plan, to be approved by the Compensation Committee of ARC's Board of Directors at the first meeting of the Compensation Committee following the close of each fiscal year. The number of shares subject to such option shall be determined based on the Black-Scholes valuation model (taking into account the closing price of ARC's common stock on the New York Stock Exchange on the date of grant) and shall vest in equal installments of twenty-five percent (25%) on each of the first four anniversaries of the date of grant, subject to Executive's continued employment with ARC on each vesting date.
Except as specifically set forth in this Amendment No. 4, the Executive Agreement remains in full force and effect without modification.
IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 4 as of the date first hereinabove set forth.
ARC DOCUMENT SOLUTIONS, INC.
Title: President and Chief Operating Officer