Exhibit 10.17
AMENDMENT NUMBER ONE TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT (this
“Amendment”) dated and effective as of the 31st day of
December, 2008, is entered into by and between Michael W. Patrick
(“Executive”) and Carmike Cinemas, Inc.
(“Company”).
WITNESSETH
:
WHEREAS, Executive and Company
entered into an Employment Agreement dated as of January 31,
2002 (“Employment Agreement”);
WHEREAS, Executive and Company
desire to amend the Employment Agreement to avoid the imposition of
any additional tax under Section 409A of the Internal Revenue
Code (“Code”);
NOW, THEREFORE, in consideration of
the premises and the mutual covenants and agreements set forth in
this Amendment, the parties hereto covenant and agree as
follows:
§1
By amending §2 to delete the
next to the last sentence, which prior to deletion read as follows,
from such section to have the document reflect the way the
Employment Agreement has operated in light of §409A of the
Internal Revenue Code:
“Notwithstanding the
installment delivery dates set forth above, Executive may at his
option extend any such installment delivery date to a later date or
dates selected by Executive provided that the Executive gives the
Company written notice of such extension date(s) no later than
twelve months prior to the date then scheduled or such installment
delivery, and such extension date or dates shall thereafter be
treated for all purposes as though it or they were the installment
date or dates originally set forth in this
Agreement.”
§2
By amending §4(a) to read in
its entirety as follows:
“In addition to the
compensation to be paid to the Executive, the Company shall, during
the Employment Period, reimburse the Executive for all reasonable
and necessary expenses actually incurred by him in performance of
his duties, subject to any recordkeeping and reporting requirements
required by the Company in its standard expense reimbursement
policy. All such expenses shall be submitted in accordance with the
Company’s standard expense reimbursement policy; provided,
however, the Company s
