FIRST AMENDMENT TO EMPLOYMENT AND POST-EMPLOYMENT CONSULTING AGREEMENTS
WHEREAS, Central Garden & Pet Company (Company) and George Yuhas (Executive) entered into an Employment Agreement effective March 1, 2011 (Employment Agreement) and associated Post-Employment Consulting Agreement (Consulting Agreement);
WHEREAS, the parties now want to amend such agreements in a manner that accommodates the interests of both parties; and
WHEREAS, Executive and Company recognize that each party has been provided adequate consideration for entering into this First Amendment to the Employment and Post-Employment Consulting Agreements (First Amendment).
IT IS HEREBY AGREED AS FOLLOWS:
1. Executives employment under the Employment Agreement shall continue through December 31, 2022 for the compensation and at the level of commitment provided in paragraph 2 below.
2. Commencing April 4, 2022, Executive shall have the title Senior Counsel and shall no longer serve as the Companys General Counsel. Executive shall continue to devote full time to his Services for the Company through June 30, 2022 both to continue existing duties as directed by the General Counsel and to facilitate a smooth transition of responsibilities. Executive shall continue to receive his existing base salary through June 30, 2022. The period during which Executive continues to devote full time to his services may be extended by mutual written agreement of the parties.
3. For the period July 1, 2022 through December 31, 2022, Executive shall be paid on a bi-weekly basis at a rate of 60% of his current base monthly salary compensation. Executive shall be eligible to participate in Companys bonus plan for the 2022 fiscal year at a target bonus rate of 40% applied to the aggregate actual salary paid in fiscal 2022. Executive shall not be entitled to additional option or other equity grants by reason of his employment during this period, nor shall he accrue vacation. The expected work commitment from Executive during this period shall be reduced in proportion to the reduction in base compensation and Executive shall perform Services as directed by the General Counsel at such times and in a manner as are mutually agreed by the parties. The period of Executives part-time employment may be extended by mutual written agreement of the parties.
4. Absent any extension, Executives employment shall terminate as of December 31, 2022. No further notice of employment termination by either Executive or the Company shall be required.
5. Effective upon the termination of his employment, Executive will become a consultant to the Company and shall provide continuing legal counsel and strategic advice to the Company, including with respect to litigation, employment law, ethics and compliance (including internal investigations), mergers and acquisitions and any other projects Executive was involved in while employed by the Company and other mutually agreed subject matter areas or projects (Legal Consulting Services). Legal Consulting Services shall be performed at such times and in such a manner as is mutually agreed at the commitment levels and for