Amendment to Employment Agreement of John Rooney, dated July 11, 2019
AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment to Employment Agreement dated as of July 11, 2019, between Evergreen Packaging Inc. (the Company) and John Rooney (Executive).
A. Executive is currently employed by the Company with an employment agreement dated as of February 20, 2017 (the Agreement).
B. The Company and Executive desire to amend the Agreement, as follows:
1. Paragraph 2 of the Agreement is amended by replacing the first sentence thereof with the following: Executive shall serve as Chief Executive Officer of the Company.
2. Paragraph 5(b)(ii) of the Agreement is amended by replacing the first sentence thereof with the following: Notwithstanding Section 5(b)(i), if (i) a Sale of Business (as defined below) occurs and (ii) within 12 months following the closing of such Sale of Business either (A) Executive is terminated without Cause, or (B) Executives position is materially reduced in remuneration or scope of duties and Executive terminates Executives employment, then the Severance Amount shall be (i) two times Executives Base Salary plus (ii) Executives Annual Bonus, at target, prorated through the Date of Termination, and will be paid over a period of 24 months following the Date of Termination. All other terms of Section 5(b)(i) will apply. For purposes of this Section 5(b)(ii):
3. All other terms of the Agreement continue unchanged.
IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date set forth above.
|EVERGREEN PACKANGING INC.|
|Name: Joseph E. Doyle|
|Title: Group Legal Counsel|
|Name: John Rooney|