First Amendment to Employment Agreement between Tops Markets, LLC and Jack Barrett
Tops Markets, LLC and Jack Barrett have amended their original employment agreement, effective January 1, 2015. The amendment updates the compensation section, specifying that Jack Barrett will receive an annual base salary set by the 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 is determined and awarded.
Exhibit 10.24
FIRST AMENDMENT
TO THE
EMPLOYMENT AGREEMENT
BY AND BETWEEN
TOPS MARKETS, LLC & JACK BARRETT
WHEREAS, Tops Markets, LLC (the Company) and Jack Barrett entered into an Employment Agreement (the Agreement), effective August 20, 2014; and
WHEREAS, the Company and Jack Barrett 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/ Jack Barrett | ||
Jack Barrett |