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
