AMENDMENT NO. 1 TO
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO EXECUTIVE EMPLOYMENT AGREEMENT (the Amendment) is made and entered into as of September 20, 2019 by and among NN, Inc., a Delaware corporation (the Company), and Warren A. Veltman (the Executive), and amends that certain Executive Employment Agreement dated as of September 9, 2014 by and among the Company and the Executive (the Employment Agreement).
In consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this Amendment, the parties hereto, intending to be legally bound, hereby agree that the Employment Agreement is hereby amended as follows:
1. Section 3 of the Employment Agreement is hereby amended by deleting said Section 3 in its entirety and inserting in lieu thereof the following:
Position and Duties. The Executive shall serve as the interim President and Chief Executive Officer of the Company with responsibilities and authority as may from time to time be assigned by the Board of Directors of the Company. Executive agrees to perform faithfully and industriously the duties which the Company may assign to him. The Executive shall devote substantially all of his working time and efforts to the business affairs of the Company, to the exclusion of all other employment or business interest other than passive personal investments, charitable, religious or civic activities. Executive may not engage, directly or indirectly, in any other business or businesses, whether or not similar to that of the Company, except with the consent of the Board of Directors of the Company.
2. Section 4(a) of the Employment Agreement is hereby amended by deleting said subsection in its entirety and inserting in lieu thereof the following:
(a) Base Salary. Effective as of September 16, 2019, the Company shall pay to the Executive an aggregate base salary at a rate of Six Hundred Thousand Dollars ($600,000.00) per annum, payable in accordance with the Companys normal payroll practices. Such base salary may be changed from time to time in accordance with the normal business practices of the Company.
3. The Executives annual non-equity incentive opportunity shall be increased to 90% of the Executives base salary in effect from time to time. The Company will grant the Executive 28,130 Restricted Shares (as defined in the Companys 2019 Omnibus Incentive Plan), which Restricted Shares shall vest on September 20, 2020.
4. Section 27(e) of the Employment Agreement is hereby amended by deleting said subsection in its entirety and inserting in lieu thereof the following: