Amendment to Employment Agreement Clause Samples
An Amendment to Employment Agreement clause establishes the process by which changes or modifications can be made to an existing employment contract. Typically, this clause requires that any alterations to the terms of employment, such as salary adjustments, changes in job responsibilities, or updates to benefits, must be documented in writing and agreed upon by both the employer and the employee. Its core function is to ensure that all parties are aware of and consent to any changes, thereby preventing misunderstandings and maintaining the integrity of the original agreement.
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Amendment to Employment Agreement. The Employment Agreement is hereby amended as follows:
(a) Section 4.7 of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
Amendment to Employment Agreement a. For purposes of the Employment Agreement, the defined term “Bargain Holdings” means Ollie’s Bargain Outlet Holdings, Inc., a Delaware corporation, formerly known as Bargain Holdings, Inc.
Amendment to Employment Agreement. Section 8(d)(iv) of the Employment Agreement is amended and restated in its entirety to read as follows:
Amendment to Employment Agreement. Effective as of the date of this Agreement, the term of the Employment Agreement shall be until March 4, 2020.
Amendment to Employment Agreement. The last sentence of Paragraph 3(a) of the Employment Agreement is hereby amended to read in full as follows:
Amendment to Employment Agreement. The Employment Agreement is hereby amended by adding a new Section 4.8 which shall read in its entirety as follows:
Amendment to Employment Agreement. Subject to and effective immediately prior to the Closing (as defined in the Purchase Agreement), the first sentence of Section 3.9(a) of the Employment Agreement is replaced and superseded with the following: “In the event that, during the Initial Term or any Renewal Term, (1) your employment is terminated by the Company without Cause, (2) you voluntarily terminate your employment for Good Reason or (3) the Company elects not to renew the term of this Agreement and you thereafter resign your employment effective upon the expiration of the then current Initial Term or Renewal Term, as applicable, then, in addition to the Accrued Obligations (as described in Section 3.9(b)), the Company shall pay you an amount equal to $750,000.00, less all applicable withholding and other applicable taxes and deductions (“Severance Amount”); provided that (x) you execute and deliver to the Company, and do not revoke, a release of all claims against the Company substantially in the form attached hereto as Exhibit A (“Release”) and (y) you have not materially breached as of the date of such termination any provisions of this Agreement and do not materially breach such provisions at any time during the Relevant Period (as defined below). In addition, you agree to provide transition services to the Company of up to twenty (20) hours per month, which services would include being available by video conference or at the Company’s offices, as reasonably requested, for management meetings, customer meetings and similar transition meetings for a period of six months following the date on which such termination occurs (the “Transition Services”). As compensation for such Transition Services, the Company agrees to pay you an amount equal to $750,000.00 (the “Advisory Compensation”) at the end of the six-month period. During such period, you will not be eligible to participate in the Company’s employee benefits plans, incentive plans and other compensatory arrangements. The parties agree that the Advisory Compensation will be payable regardless of whether or not the Company requests that you render any Transition Services during the six months following the date of your termination.”
Amendment to Employment Agreement. The Employment Agreement is amended effective as of the Effective Date as follows:
(a) Section 4.4(a)(ii) is amended by inserting the phrase “under the Target Incentive Payment Plan” immediately after the first place the phrase “Target Incentive Payment” appears.
(b) Section 4.5(a)(ii) is amended and restated in its entirety to read as follows:
(ii) The Executive shall be entitled to receive an additional lump sum payment no later than March 15 of the calendar year following the calendar year in which the Termination Date occurs in an amount equal to $1,250,000.”
(c) Section 4.6(a) is amended by inserting the phrase “under the Target Incentive Payment Plan” immediately after the first place the phrase “Target Incentive Payment” appears.
Amendment to Employment Agreement. Section 3.1 of the Employment Agreement is hereby amended such that the Executive’s Base Salary is increased from $275,000 to $350,000.
Amendment to Employment Agreement. (A) Section 2.2 of the Employment Agreement is hereby amended in its entirety to read as follows: