Amendment to Employment Agreement between Norcraft Holdings, L.P. and Mark Buller
This letter amends the employment agreement between Norcraft Holdings, L.P. and Mark Buller. The amendment removes the previous cap on Mr. Buller's bonus, allowing it to be determined by the company's senior executive bonus plans at the discretion of the General Partner. The bonus amount will still be based on financial performance objectives set annually in consultation with Mr. Buller. All other terms of the original employment agreement remain unchanged.
Exhibit 10.10
NORCRAFT HOLDINGS, L.P.
3020 Denmark Ave. Suite 100
Eagan, Minnesota 55121
August 17, 2004
Mr. Mark Buller
4005 Henderson Highway
East St. Paul
Manitoba, R2E1B3
Canada
Re: Amendment to Employment Agreement
Dear Mark:
Reference is made to the October 21, 2003 letter (the Employment Agreement) setting forth the terms of the employment agreement between you and Norcraft Holdings, L.P., a Delaware limited partnership (Holdings). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Employment Agreement.
This letter, when countersigned by you, shall amend the Employment Agreement as set forth herein.
Notwithstanding Section 3 of the Employment Agreement, effective as of the date hereof your bonus will no longer be capped at 50% of your base salary, but will instead be determined pursuant to senior executive bonus plans of Holdings and the Company as in effect from time to time in the discretion of the General Partner of Holdings. The magnitude of the bonus will continue to be tied to certain financial performance objectives to be set by the General Partner of Holdings for each fiscal year at the close of the preceding year, in consultation with you.
Except as set forth expressly in this letter, the terms and conditions of the Employment Agreement shall remain in full force and effect.
Sincerely,
NORCRAFT HOLDINGS, L.P. | ||
By: | NORCRAFT GP, L.L.C. | |
Its General Partner | ||
By: | ||
Name: | ||
Title: | ||
ACCEPTED AND AGREED TO: | ||
Mark Buller |
-2-