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EXECUTIVE EMPLOYMENT AGREEMENT
AMENDMENT
THIS EXECUTIVE
EMPLOYMENT AGREEMENT AMENDMENT (the “Amendment”) is
made and entered into as of April 24, 2008, by and between
LANCE, INC., a North Carolina corporation (the
“Company”), and DAVID V. SINGER (the
“Executive”).
The Company and
Executive entered into an Executive Employment Agreement dated
May 11, 2005 (the “Employment Agreement”). The
purposes of this Amendment are to amend the Employment Agreement
for compliance with Section 409A of the Internal Revenue Code
and to modify the terms of the Guaranteed LTIP Amount as defined in
the Employment Agreement and in this Amendment.
NOW, THEREFORE, in
consideration of the premises and mutual covenants contained
herein, the parties hereto hereby agree that the Employment
Agreement is amended effective as of the date hereof as
follows:
1. Section 7(b)(iii)
of the Employment Agreement is amended in its entirety to read as
follows:
“A single
cash payment in an amount equal to the sum of two (2) times
the Executive’s annual Base Salary in effect on the
Termination Date plus two (2) times the Executive’s
target bonus under the Company’s Annual Corporate Performance
Incentive Plan for Officers (or any successor plan thereto) in
effect on the Termination Date.”
2. The
following sentence is added to the end of the first paragraph of
Section 7(b)(iv) of the Employment Agreement:
“Commencing with the end of the
Executive’s COBRA period and until the end of the
(24) month benefit continuation pe
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