Amendment to Employment Agreement between Liggett Group LLC and Ronald J. Bernstein (October 29, 2013)

Contract Categories: Human Resources › Employment Agreements
Summary

This letter agreement amends the existing Employment Agreement between Liggett Group LLC and Ronald J. Bernstein. Effective January 1, 2014, Mr. Bernstein's base salary is set at $1,000,000 per year, payable at regular intervals. All other terms of the original agreement remain unchanged. The amendment is confirmed by signatures from both parties and is considered part of the original agreement.

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EX-10.1 2 ex101.htm EXHIBIT 10.1 Ex 10.1
Exhibit 10.1

LIGGETT GROUP LLC
100 Maple Lane
Mebane, NC ###-###-####





October 29, 2013




Mr. Ronald J. Bernstein
329 Circle Park Place
Chapel Hill, NC 27517

Dear Ron:

This letter agreement constitutes an amendment to the Employment Agreement dated as of November 11, 2005 and as amended on January 14, 2011, (the “Agreement”), between Liggett Group Inc. (the “Company”) and Ronald J. Bernstein (“Executive”). The Company and Executive wish to further amend the Agreement as set forth below. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Agreement.

A.
The Agreement is amended in the following respects:

1.
Section 3(a) of the Agreement is deleted and replaced by the following:
 
(a) Salary. Effective January 1, 2014, the Company shall pay Executive a base salary of $1,000,000 per annum, as the same may be increased from time to time as provided herein (the “Salary”), payable in installments at such regular intervals as the Company customarily pays its other executives (but in no event less often than monthly).

B.
This letter agreement constitutes an amendment to and a modification of the Agreement and shall for all purposes be considered a part of the Agreement. Except as amended hereby, the Agreement is confirmed and ratified in all respects and shall remain in full force and effect.

Please indicate your agreement with the foregoing by countersigning two copies of this letter agreement in the space provided below and returning one of such copies to us.

Very truly yours,

LIGGETT GROUP LLC and LIGGETT VECTOR BRANDS LLC
 
 


By:
 
/s/ John R. Long
 
 
John R. Long
Vice President, General Counsel and Secretary
 
 
 






Exhibit 10.1


The foregoing letter agreement
is consented and agreed to as
of the date first above written.
 
 


By:
 
/s/ Ronald J. Bernstein
 
 
Ronald J. Bernstein


Vector Group Ltd.
(as to Sections 3(c), 3(d), 3(f) and 7 only)
 
 
 
By:
 
/s/ J. Bryant Kirkland III
 
 
J. Bryant Kirkland III
Vice President, Treasurer & Chief Financial Officer