Second Amendment to Employment Agreement between Smurfit-Stone Container Corporation and Patrick J. Moore
This amendment updates the employment agreement between Smurfit-Stone Container Corporation and Patrick J. Moore, effective July 25, 2006. It changes Mr. Moore's title to Chairman and Chief Executive Officer, removes a section from the original agreement, and revises the non-competition clause. Under the new terms, Mr. Moore agrees not to compete with the company in certain regions for two years after his employment ends, unless he receives written consent from the company.
Exhibit 10.1
SECOND AMENDMENT
OF
EMPLOYMENT AGREEMENT OF PATRICK J. MOORE
This Amendment Agreement (the Amendment) is effective as of July 25, 2006 (the Amendment Date), as to the Employment Agreement (the Agreement) by and between Smurfit-Stone Container Corporation (the Company) and Patrick J. Moore (the Executive).
WHEREAS, the Company and the Executive entered into an Employment Agreement effective as of April 1, 1999, and amended as of January 4, 2002, (the Employment Agreement); and
WHEREAS, the Company and the Executive now desire to amend the Employment Agreement to reflect certain revised terms and conditions of his employment;
NOW, THEREFORE, in consideration of the mutual terms, covenants and conditions stated in this Amendment, the Company and the Executive hereby agree to amend the Employment Agreement, effective as of July 25, 2006, as follows:
1. By substituting the title Chairman and Chief Executive Officer following for the title President and Chief Executive Officer each place where the latter title appears in the Employment Agreement.
2. By deleting Section 6(e) of the Employment Agreement in its entirety.
3. By substituting the following for Section 7(f) of the Employment Agreement:
(f) Non-Competition. The Executive agrees that so long as he is employed by the Company and for a period of two (2) years thereafter (the Period), he shall not, without the prior written consent of the Company, participate or engage in, directly or indirectly (as an owner, partner, employee, officer, director, independent contractor, consultant, advisor or in any other capacity calling for the rendition of services, advice, or acts of management, operation or control), any business that, during the Period, is competitive with the Business Conducted by the Company or any of its Affiliates within the United States, Canada, Mexico, and China (hereinafter, the Geographic Area) and which business the Company was engaged (either actively as a going concern or in the process of developing to market) within the preceding two years of the Executives employment with the Company.
IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date first above written.
| SMURFIT-STONE CONTAINER CORPORATION | ||
|
|
| |
/s/ Patrick J. Moore |
| By: | /s/Craig A. Hunt |
Patrick J. Moore |
| Its: | Senior Vice President, General Counsel and Secretary |