Amendment to Employment Agreement Between Tire Kingdom, Inc. and Orland Wolford Dated April 29, 2005
Tire Kingdom, Inc. and Orland Wolford have agreed to extend the term of their existing employment agreement, originally dated May 8, 2000. The amendment changes the agreement's expiration date to December 31, 2005. All other terms of the original agreement remain unchanged and in effect. This amendment ensures that Orland Wolford will continue his employment with Tire Kingdom, Inc. until the new termination date, unless otherwise specified in the agreement.
EXHIBIT 10.1
AMENDMENT EXTENDING EMPLOYMENT AGREEMENT
THIS AMENDMENT is being executed as of the 29th day of April, 2005, by and between TIRE KINGDOM, INC. (Tire Kingdom) and ORLAND WOLFORD (the Executive), under the following circumstances:
A. TBC Corporation, Tire Kingdoms parent corporation (TBC), and the Executive entered into an Employment Agreement, dated May 8, 2000 (the Agreement).
B. Effective as of June 5, 2000 and with the consent of the Executive, TBC assigned its rights under the Agreement to Tire Kingdom and Tire Kingdom assumed and agreed to satisfy and discharge all of TBCs obligations under the Agreement.
C. The parties desire to extend the term of the Agreement, which presently expires on May 8, 2005.
NOW, THEREFORE, the parties hereby agree that Section 2 of the Agreement shall be revised to read as follows:
2. Term: Subject to paragraphs 4 and 5 hereof, the term of the Executives employment hereunder shall be for a period commencing on the Effective Date and terminating on December 31, 2005 (the Termination Date).
THE PARTIES ACKNOWLEDGE that the Agreement, as amended hereby, remains in full force and effect on the date hereof.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.
TIRE KINGDOM, INC.
By | /s/LAWRENCE C. DAY | /s/ORLAND WOLFORD | ||
Lawrence C. Day, | Orland Wolford | |||
Chairman of the Board |
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