Amendment to Executive Employment Agreement, dated as of September 23, 2019, by and between Playa Management USA, LLC, and Kevin Froemming
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the Amendment) is entered into as of September 23, 2019 by and between Playa Management USA, LLC, a Delaware limited liability company with an address at 3950 University Drive, Suite 301, Fairfax, Virginia 22030 (Playa Management), and Kevin Froemming (Executive).
WHEREAS, the Executive and Playa Management have previously entered into an Executive Employment Agreement dated December 28, 2018 (the Employment Agreement); and
WHEREAS, the Executive and Playa Management now desire to make an amendment to the Employment Agreement to change the amount of potential severance payments under the Employment Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties agree as follows:
The reference to one and one-half (1.5) times Executives Base Salary in Section 6(g)(i) of the Employment Agreement shall be replaced with two (2.0) times Executives Base Salary.
Except as provided in this Amendment, the Employment Agreement will remain in full force and effect.
[Signatures on the following page]
IN WITNESS WHEREOF, Executive and the Company have executed this Amendment on the 23rd day of September, 2019.
PLAYA MANAGEMENT USA, LLC
/s/ Kevin Froemming
/s/ Bruce D. Wardinski
Bruce D. Wardinski
Its Authorized Representative