FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
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Human Resources
- Employment Agreements
EX-10.1 2 g11302exv10w1.htm EX-10.1 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT WITH STEPHEN E. MACADMAN EX-10.1 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT 10.1
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the Amendment) is entered into as of January 8, 2008, between BLUELINX CORPORATION, a Georgia Corporation (the Company) and STEPHEN E. MACADAM (Executive).
WHEREAS, Executive and Company entered into an Employment Agreement (the Agreement) dated October 20, 2005; and
WHEREAS, the Executive desires to postpone his contractual right under Section 4(b) of the Agreement to an increase in his Base Salary of $50,000 in 2008 in recognition of the Companys decision to not provide salary increases to its officers in 2008 as part of its cost cutting initiatives in response to the severe housing market in which it currently operates; and
WHEREAS, the Executives Employment Period under the Agreement expires on December 31, 2008 as provided under Section 5 (a) of the Agreement, subject to a one-year extension; and
WHEREAS, the Company is in agreement with postponing Executives contractual right to a salary increase in 2008 until 2009 and to extending Executives Employment Period for an additional year;
NOW THEREFORE, the Executive and Company agree to extend the Employment Period under the Agreement for an additional year until December 31, 2009 and further agree that Executives Base Salary shall remain $750,000 for 2008 and shall be increased to $800,000 per year in 2009 rather than in 2008.
The parties are signing this First Amendment to the Agreement as of the date stated in the introductory clause.
EXECUTIVE | BLUELINX CORPORATION | |
/s/ Stephen E. Macadam | /s/ Barbara Tinsley | |
Stephen E. Macadam | Barbara Tinsley Senior Vice President, General Counsel, & Secretary |