Exhibit 10.1
FIRST AMENDMENT
GLOBALOPTIONS GROUP,
INC.
EMPLOYMENT
AGREEMENT
This First
Amendment to the Employment Agreement (the "Agreement"), made as of
and effective as of April 1, 2009 by and between GlobalOptions
Group, Inc., a Delaware corporation, with its principal place of
business at 75 Rockefeller Plaza, 27 th Floor, New York, NY 10019 (“Company"), and
Howard Safir (the "Executive").
WHEREAS
The Company and
the Executive entered into an Employment Agreement, dated May 12,
2006 (the “Original Agreement”) and the parties hereto
desire to amend such Original Agreement as set forth
herein.
In consideration of the mutual covenants and
promises contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, the parties hereto agree as
follows:
|
|
|
Section 2 shall
be restated in its entirety as follows:
|
Subject to the provisions contained in
paragraphs 6 and 7, the Executive's employment by the Company shall
be for an initial term commencing May 12, 2006 and expiring on the
close of business on March 31, 2010 (the “ Initial
Term ”). Thereafter, the Company will declare its
intention to renew your employment by written notice to you at
least thirty (30) days prior to the expiration of the Initial Term
(the Extended Term”) of this Agreement, and at least thirty
(30) days prior to the end of each one year term thereafter, unless
either party shall give the other 30 days advance written notice of
expiration of the term (a “ Notice of Termination
”). The Initial Term and the Extended Term, if any,
thereafter, during which the Executive's employment shall continue
are collectively referred to as the “ Term
”). The Company shall have the right at any time
during such 30 day notice period, to relieve the Executive of his
offices, duties and responsibilities and to place him on a paid
leave-of-absence status, provided that during such 30 day notice
period the Executive shall remain a full-time employee of the
Company and shall continue to receive his then current salary
compensation and other benefits as provided in this Agreement, for
said 30 day period. The date on which the Executive
ceases to be employed by the Company, regardless of the reason
therefore is referred to in this Agreement as the “ Date
of Termination ”.
|
|
|
Section 4 shall
be restated in its entirety as follows:
|
As compensation for his services
hereunder, the Company shall continue to pay the Executive in
accordance with its normal payroll practices, and effective May 12,
2009, the annualized base salary shall be $375,000 for
the remainder of the Term of this Agreement. In addition to the
base salary, effective April 1, 2009, the Executive shall be
eligible for a targeted performance bonus as set forth in Exhibit 1
to this Agreement.
