First Amendment to Employment Agreement between Tops Markets, LLC and Ron Ferri
Tops Markets, LLC and Ron Ferri have amended their original employment agreement, effective January 1, 2015. The amendment updates the compensation section, specifying that Ron Ferri will receive an annual base salary set by the company's Board of Directors and will be eligible for an annual cash bonus determined under the company's General Manager Incentive Plan. The amendment is signed by both parties and reflects changes to how compensation and bonuses are determined.
Exhibit 10.18
FIRST AMENDMENT
TO THE
EMPLOYMENT AGREEMENT
BY AND BETWEEN
TOPS MARKETS, LLC & RON FERRI
WHEREAS, Tops Markets, LLC (the Company) and Ron Ferri entered into an Employment Agreement (the Agreement), effective October 23, 2014; and
WHEREAS, the Company and Ron Ferri wish to amend the Agreement.
NOW, THEREFORE, the Agreement is amended in the following respect:
1. Effective January 1, 2015 (the Effective Date), Section 2 of the Agreement is hereby deleted and the following paragraph substituted in its place:
2. Compensation
In addition to your annual base salary as set by the Board of Directors of the Company (Board) from time to time (Annual Base Salary), for so long as you are employed by the Company, you will be eligible to receive an annual cash bonus (the Annual Bonus) in a target amount set by the Board from time to time, determined and payable under and in accordance with the General Manager Incentive Plan of the Company as in effect from time to time.
*******
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to the Agreement this 11th day of November, 2014.
TOPS MARKETS, LLC | ||
By: | /s/ Frank Curci | |
Name: | Frank Curci | |
Title: | Chairman | |
Ron Ferri Ron Ferri | ||