Waiver of 2007 Stock Option Grant under Employment Agreement between Marty Albertson and Guitar Center, Inc.
This letter agreement between Marty Albertson and Guitar Center, Inc. confirms that Mr. Albertson has agreed to waive his right to receive options to purchase 32,000 shares of the company's common stock for fiscal year 2007, as originally provided in his employment agreement. By signing this letter, both parties acknowledge and accept this waiver, modifying the company's obligation for the 2007 equity incentive grant.
EXHIBIT 10.1
August 6, 2007
Mr. Marty Albertson
Dear Marty:
I am writing with reference to the Second Amended and Restated Employment Agreement (as amended, the “Agreement”), dated as of October 8, 2004, between you and Guitar Center, Inc. (the “Company”). Section 4(f)(ii) of the Agreement provides that for fiscal 2007 the Company’s obligations under Section 4(f) to grant an annual equity incentive to you shall be satisfied by granting to you options to purchase 32,000 shares of the common stock of the Company. It is our understanding that you have agreed to waive the Company’s obligation to grant the 2007 options. Please confirm that our understanding is correct by signing this letter in the space indicated below.
Best regards,
| GUITAR CENTER, INC. |
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| /s/ LELAND P. SMITH |
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| Leland P. Smith |
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| Executive Vice President of Corporate |
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| Development and General Counsel |
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| Confirmed: |
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| /s/ MARTY ALBERTSON |
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| Marty Albertson |
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