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FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

Employment Agreement

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT | Document Parties: Cardtronics, LP | Cardtronics, Inc. | Parent Company You are currently viewing:
This Employment Agreement involves

Cardtronics, LP | Cardtronics, Inc. | Parent Company

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Title: FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
Date: 1/20/2006

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Exhibit 10.17

FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT

      THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“ Amendment ”) is entered into by and between Cardtronics, LP, a Delaware limited partnership (the “ Company ”), Cardtronics, Inc. (the “ Parent Company ”) and Chris Brewster (the “ Employee ”) effective as of January 1, 2005.

      WHEREAS , the Company and the Employee have heretofore entered into that certain Employment Agreement dated as of March 31, 2004 (the “ Employment Agreement ”); and

      WHEREAS , the Company and the Employee desire to amend the Employment Agreement in certain respects;

      NOW, THEREFORE , in consideration of the premises set forth above and the mutual agreements set forth herein, the Company and the Employee hereby agree, effective as of the date first set forth above, that the Employment Agreement shall be and is hereby amended as hereafter provided:

     1. Subparagraph (a) of the definition of the term “Change of Control” in Exhibit A to the Employment Agreement shall be deleted and the following shall be substituted therefore:

(a) prior to the date of an IPO, (i) any transaction or event pursuant to which the CapStreet Investors (formerly the Summit Investors) and TA Associates, Inc. or their respective affiliates cease collectively to own fifty percent (50%) or more the Company’s common stock equivalents, or (ii) all or substantially all of the assets of Cardtronics, Inc.; and”

     2. Section 2.1 of the Employment Agreement shall be deleted and the following shall be substituted therefor:

     “ 3.1 Employment Term . The term of the Employee’s employment with the Company shall commence on the Effective Date and end on January 31, 2008 (the “ Stated Term ”) unless earlier terminated in accordance with this Agreement (the Employee’s actual period of employment, whether extending through the Stated Term or terminated earlier in accordance with this Agreement, is referred to herein as the “ Employment Term ”).”

     3. The first sentence of Section 4.1 of the Employment Agreement shall be deleted and the following shall be substituted therefor:

“From and after January 1, 2005, the Company shall pay the Employee an annual gross base salary of $236,250.00 (the “ Base Salary ”) (as such may be adjusted from time to time pursuant to the following sentence), which the Company shall pay to the Employee in bi-weekly installments in accordance with the Company’s regular payroll practice for management employees.”

 


 

     4. Section 4.3(b) of the Employment Agreement shall be deleted and the following shall be substituted therefor:

“(b) Effective upon the 1 st anniversary date of the Employment Agreement, the Employee shall be entitled to four weeks paid vacation for each 12-month period during the Employment Term and sick leave in accordance with the Company’s prevailing policy for its executives.”

     5. Section 5.2 of the Employment Agreement shall be deleted and the following shall be substituted therefor:

     “ 5.2 Disclosure to the Employee. The Company has and will disclos


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