First Amendment to Employment Agreement between Tops Markets, LLC and John Persons
This amendment updates the employment agreement between Tops Markets, LLC and John Persons, effective January 1, 2015. It changes the compensation section to specify that John Persons will receive an annual base salary set by the Board of Directors and may also be eligible for an annual cash bonus, determined according to the company's General Manager Incentive Plan. All other terms of the original agreement remain unchanged.
Exhibit 10.23
FIRST AMENDMENT
TO THE
EMPLOYMENT AGREEMENT
BY AND BETWEEN
TOPS MARKETS, LLC & JOHN PERSONS
WHEREAS, Tops Markets, LLC (the Company) and John Persons entered into an Employment Agreement (the Agreement), effective August 20, 2014; and
WHEREAS, the Company and John Persons 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.
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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 | |
/s/ John Persons | ||
John Persons |