Acknowledgement and Amendment to Employment Agreement between John A. Swainson and Company (April 2005)
This agreement between John A. Swainson and the Company confirms the termination of the Company's Long Term Performance program as of March 31, 2005, and its replacement with a new stock-based incentive program. Mr. Swainson agrees to waive any rights to payments under the old program for periods after that date, and a specific sentence in his prior employment agreement is deleted. All other terms of his employment agreement remain unchanged. The agreement is effective upon signing by both parties.
Exhibit 10.1
April 11, 2005
ACKNOWLEDGEMENT
As we discussed, the Company has determined to terminate its Long Term Performance program (the “Old Program”) for all performance periods ending after March 31, 2005. Effective April 1, 2005, the Old Program is being replaced with a combination of stock-based incentives which the Company believes better serves its strategic objectives (the “New Program”). Your employment agreement dated November 22, 2004 (your “Employment Agreement”) makes reference to the Old Program in section 3(c) and this will confirm that you and we agree that such references are to be considered references to the New Program and any successor program that the Company may adopt from time to time. Further, in consideration of your eligibility to participate in the New Program, you agree that:
1. You hereby waive any and all rights to any payments under the Old Program for any performance period ending after March 31, 2005; and
2. The last sentence of section 3(c) of your Employment Agreement is hereby deleted.
Except as modified by this letter, the terms of your Employment Agreement remain unchanged. Please acknowledge your agreement to the terms of this letter and the modifications of your Employment Agreement by signing and dating the enclosed copy of this letter.
| Sincerely, | ||
| /s/ Andrew Goodman | ||
| Andrew Goodman | ||
| Senior Vice President, Human Resources | ||
Agreed to and accepted by: | ||
/s/ John Swainson | ||
John Swainson |
