50 of the Top 250 law firms use our Products every day
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS
FIRST AMENDMENT, by and between American Processing Company, LLC, a
Michigan limited liability company (the “Company”); and
David A. Trott (“Employee”), is entered into on this
29th day of December 2008, but effective as of the applicable
dates set forth below.
A.
Employment Agreement . The Company and Employee have entered
into a written Employment Agreement (the “Employment
Agreement”), dated as of March 14, 2006 (the
“Original Effective Date”), which remains in effect.
Since then, Employee has served as President of the Company until
September 20, 2008 (the “Second Effective Date”)
when he began serving the Company as Chairman and Chief Executive
Officer of the Company, pursuant to the Employment Agreement. Any
capitalized terms used in this Amendment, and not defined herein,
shall have the meanings specified in the Employment
Agreement.
B.
Purpose of Amendment . The Company and Employee desire to
minimize the risk to Employee of premature income taxation and
unnecessary penalties under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), by
amending certain provisions of the Employment Agreement to comply
with Section 409A of the Code or applicable guidance or
regulations thereunder and to reflect the change to
Employee’s title occurring on the Second Effective
Date.
NOW,
THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree to amend
the Employment Agreement as follows:
1.
As of the Original Effective Date, two new sentences are hereby
added at the end of Section 1, reading as follows:
Further,
Employee shall not be entitled to Severance Pay pursuant to this
Section 1 unless Employee’s termination witho
|
