Amendment to Employment Agreement for Kenneth C. Budde
This amendment corrects an error in Kenneth C. Budde's Employment Agreement regarding his base salary. The revised agreement sets Budde's base salary at $550,000 effective September 21, 2005, and $600,000 effective September 21, 2006. The amendment is agreed to and signed by both Kenneth C. Budde and James W. McFarland, Chairman of the Compensation Committee, on July 7, 2005.
Exhibit 10.1
Date: | July 7, 2005 | |
To: | James W. McFarland, Compensation Committee Chairman Ken Budde | |
From: | Phil Sprick | |
Subject: | Ken Budde’s compensation |
Gentlemen,
As I discussed with you both, Ken Budde’s Employment Agreement contains an error on page A-1, section 1 (see attached). I understand that the intention of the Compensation Committee was for Ken to receive a Base Salary according to the following schedule:
Effective on September 21, 2005: $550,000
Effective on September 21, 2006: $600,000
In order to document this correction, please sign below, and also correct and initial the references on the attached page A-1, section 1.
Thank you,
Phil Sprick
Senior Administrative Officer
I agree to the correction described above.
/s/JAMES W. MCFARLAND | July 7, 2005 | |
James W. McFarland | Date | |
Compensation Committee Chairman | ||
/s/KENNETH C. BUDDE | July 7, 2005 | |
Kenneth C. Budde | Date |
