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Exhibit 10.1
AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT
Reference is
made that certain Employment Agreement dated as of January 1, 2007
by and between Vermont Pure Holdings, Ltd. (together with any
subsidiaries, the “Company”) and Peter K. Baker (the
“Executive”). This Amendment No. 1 to
Employment Agreement is dated as of September 10,
2009. Capitalized terms used in this Amendment No. 1 but
not otherwise defined shall have the respective meanings ascribed
to them in the Employment Agreement.
Section
1 . The
parties to the Employment Agreement hereby amend the Employment
Agreement by deleting Section 3.2.2 of the Employment Agreement in
its entirety and substituting in place thereof the following new
text, which shall constitute Section 3.2.2 of the Employment
Agreement:
3.2.2
Fiscal Year 2009 and 2010 Budgeted EBITDA Bonus.
With respect to the Company’s fiscal years ending
October 2009 (“FY 2009”) and October 2010
(“FY2010”), the following definitions shall
apply: “EBITDA” shall mean annual earnings
before interest, taxes, depreciation and
amortization. “Adjusted EBITDA” shall mean
EBITDA calculated without regard to any items of non-operating
income or loss or goodwill impairment. If the Company
has ac
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