Amendment to Employment Agreement by and between the Company and Matt Henson, dated July 7, 2023
Exhibit 10.72a
AMENDMENT TO
EMPLOYMENT AGREEMENT
Amendment to the Employment Agreement of Matt Henson (this Amendment) entered on July 7th, 2023, and effective as of May 11th, 2022 (the Effective Date), between Monro, Inc. (the Company) and Matt Henson (the Executive).
WHEREAS, the Company and the Executive entered into that certain Employment Agreement dated July 6th, 2021 (the Agreement)
WHEREAS, the Company and the Executive desire to amend the Agreement to reflect certain changes in annual bonus percentages used to calculate the Executives annual bonus under the Companys annual bonus plan; and
WHEREAS, Section 9.4 of the Agreement provides that modifications and amendments to the Employment Agreement may only be made by a written agreement executed by both the Company and the Executive;
NOW, THEREFORE, the Company and the Executive hereby amend the Agreement as follows, effective as of the Effective Date:
1. Section 3.2 is amended and restated in its entirety to read as follows:
3.2 Annual Bonus. Pursuant to the Companys bonus plan (the Bonus Plan), the Company shall pay the Executive, within 120 days of its fiscal year-end, a bonus in respect of each prior fiscal year during the Term, of 30% of the Base Salary if the Company achieves its threshold performance levels and 60% of Base Salary if the Company achieves its target level of performance set by the Committee with respect to such fiscal year, increased up to a maximum of 90% of Base Salary if the Company exceeds such performance targets by amounts to be determined by the Committee (the Annual Bonus). If this Agreement terminates other than at the end of a fiscal year either: (i) upon the expiration of the Term; or (ii) pursuant to Section 4, and the Executive is entitled to a pro rata bonus for such partial fiscal year pursuant to Section 5 or Section 6 hereof, such pro rata bonus shall be equal to the bonus the Executive would have received under the Bonus Plan, based on the Companys actual performance during such fiscal year, had he been employed by the Company for the entire fiscal year, multiplied by a fraction, the numerator of which shall be the number of days during such fiscal year he was so employed and the denominator of which shall be the number of days in such fiscal year (the Pro Rata Bonus).
The Executive may be entitled to the Annual Bonus for the fiscal year prior to the fiscal year in which the Executives employment is terminated, to the extent not yet paid (the Preceding Bonus). The Executive shall be entitled to receive the Preceding Bonus and/or the Pro Rata Bonus, as applicable: (a) at the same time the annual bonuses for the same periods are paid to other senior executives of the Company; and (b) only to the extent the Board or the Committee determines to pay such bonus to the other senior executives of the Company. The Annual Bonus shall, in all respects, be subject to the terms of the Bonus Plan.
IN WITNESS WHEREOF, the parties have executed this Amendment on the date first set forth above.
MONRO, INC. | ||
By: | /s/ Michael Broderick | |
Mike Broderick President, and Chief Executive Officer | ||
/s/ Matt Henson | ||
Matt Henson |