Amendment No. 1 to Employment Agreement between Eagle Family Foods, Inc. and Craig A. Steinke
This amendment, dated March 29, 2007, modifies the original employment agreement between Eagle Family Foods, Inc. and Craig A. Steinke. It changes the terms of Section 8.4(b) to provide that, upon termination, Mr. Steinke will receive a lump sum payment of $1,000,000 as liquidated damages instead of any other salary or incentive compensation. All other terms of the original agreement remain unchanged.
Exhibit 10.1
EAGLE FAMILY FOODS, INC.
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 to the Employment Agreement (the Amendment) is made as of March 29th, 2007, by and between Eagle Family Foods, Inc., a Delaware corporation (the Company), and Craig A. Steinke (Executive).
WHEREAS, the Company and Executive are parties to an Employment Agreement dated as of November 23, 2004 (the Employment Agreement); and
WHEREAS, the Company and Executive desire to amend the Employment Agreement.
NOW, THEREFORE, the parties agree as follows:
1. Section 8.4(b) shall be amended in its entirety to read as follows:
(b) In lieu of all other salary an incentive compensation payments which Executive would have earned under this Agreement but for his termination, the Company shall pay in a lump sum to Executive, as liquidated damages, an amount equal to $1,000,000, plus
2. To the extent not amended hereby, the Employment Agreement shall continue with full force and effect in accordance with its terms.
IN WITNESS WHEREOF, this Amendment has been entered into as of the date first set forth above.
EAGLE FAMILY FOODS, INC. | CRAIG A. STEINKE | |||||
/s/ Michael P. Conti | /s/ Craig Steinke | |||||
By: | Michael P. Conti | Signature | ||||
Title: | Vice-President Finance | |||||
Craig Steinke | ||||||
Printed Name |