First Amendment to Executive Employment Agreement between Chesapeake Corporation and John F. Gillespie
This amendment updates the employment agreement between Chesapeake Corporation and John F. Gillespie. It clarifies the definition of "Cause" for termination, specifying actions such as felony conviction, dishonesty, fraud, breach of obligations, or willful failure to perform duties. It also removes a section and renumbers others. All other terms of the original agreement remain unchanged. The amendment is effective as of July 11, 2001, and is signed by both parties.
FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT,
dated as of July 11, 2001, between Chesapeake Corporation, a Virginia corporation (the "Company"), and John F. Gillespie (the "Executive").WHEREAS, the Company and the Executive entered into an Executive Employment Agreement (the "Agreement") dated March 1, 2000;
WHEREAS, pursuant to Section 10 of the Agreement, the Agreement may be amended by mutual consent of the Company and the Executive; and
WHEREAS, the Company and the Executive desire to amend the Agreement;
NOW THEREFORE, the Agreement is hereby amended in the following respects:
FIRST: The following new Section 2 (d) is added to the Agreement:
(d) For purposes of this Section 2, "Cause" means the Executive's conviction by a court of competent jurisdiction for, or pleading no contest to, a felony.
SECOND: The following new Section 3 (c) is added to the Agreement:
(c) For purposes of this Section 3, "Cause" means: (a) conduct involving dishonesty or fraud or activities that may reasonably be expected to have a materiel adverse effect on the property, business or reputation of the Company; (b) conviction or admission of, or a plea of guilty or no contest to, a felony; (c) breach of any material obligation to the Company; or (d) willful failure to perform duties to the Company which is not corrected within thirty (30) days of prior written notice by the Company to the Executive or willful misconduct in the performance of such duties.
THIRD: Section 8 (a) is deleted and Sections 8 (b), 8 (c), and 8 (d) are renumbered as 8 (a), 8 (b) and 8 (c), respectively.
Except as provided above, the terms of the Agreement shall remain in effect.
IN WITNESS WHEREOF
, the Company has caused this First Amendment to Executive Employment Agreement to be duly executed on its behalf and the Executive has duly executed this First Amendment to Executive Employment Agreement, all as of the date first above written.
| Chesapeake Corporation | |||
| /s/ John F. Gillespie | By: | /s/ Thomas A. Smith | |
| John F. Gillespie | Thomas A. Smith | ||
| Date: July 23, 2001 | Title: | Vice President - Human Resources | |
