AMENDMENT TO G&K SERVICES EXECUTIVE EMPLOYMENT AGREEMENT
Exhibit 10.1
AMENDMENT TO
G&K SERVICES EXECUTIVE EMPLOYMENT AGREEMENT
G&K SERVICES EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment to G&K Services Executive Employment Agreement is entered into as of the close
of business on May 7, 2009 (the “Effective Time”) and amends that Executive Employment
Agreement by and between G&K Services, Inc. (“G&K Services”) and Xxxxxxx X. Xxxxxx
(“Executive”), dated as of November 16, 2007 and as amended as of April 10, 2009 (the
“Employment Agreement”).
INTRODUCTION
A. Executive has been employed by G&K Services as President, Direct Purchase and Business
Development, pursuant to the Employment Agreement.
B. G&K Services desires to promote Executive to the position of Chief Executive Officer, appoint
Executive to the Board of Directors of G&K Services and award Executive additional compensation in
connection with such promotion and appointment, subject to the additional terms and conditions set
forth in this Amendment.
AMENDMENT
NOW, THEREFORE, in consideration of the facts recited above, and the parties’ mutual
undertakings, G&K Services and Executive agree to the following:
1. As of the Effective Time, Section 2.1 of the Employment Agreement is hereby amended
by deleting the second sentence of said section and inserting in lieu thereof the following:
“Executive will serve in the capacity of Employer’s Chief Executive Officer.”
2. As of the Effective Time, Section 4.1 of the Employment Agreement is hereby amended
by adding the following sentence at the end of said section:
“Immediately upon termination of Executive’s employment with Employer for any
reason, Executive will submit a written resignation from all positions then held by
him as a director or officer of Employer and of any subsidiary, parent or affiliated
entity of Employer, such resignations to be effective as of the Date of
Termination.”
3. As of the Effective Time, Section 5.3(a) of the Employment Agreement is hereby
amended by deleting the first sentence of said section and inserting in lieu thereof the following:
“Employer will pay to Executive, as separation pay, which Executive has not earned
and to which Executive is not otherwise entitled, an amount equal to 1.99 times
Executive’s annual Base Salary in effect as of the Date of Termination, in addition
to the Base Salary due during the thirty (30) day Notice of Termination period set
forth in Section 4.1.”
4. As of the Effective Time, Section 6.2(b) of the Employment Agreement is hereby
amended by deleting the first sentence of said section and inserting in lieu thereof the following:
“Except as set forth in Section 6.2(a), Employer will pay to Executive, as
separation pay, which Executive has not earned and to which Executive is not
otherwise entitled, an amount equal to 1.99 times Executive’s annual Base Salary in
effect as of the Date of Termination, in addition to the Base Salary due during the
thirty (30) day Notice of Termination period set forth in Section 4.1.”
5. The capitalized terms used in this Amendment not defined herein shall have the meanings set
forth in the Employment Agreement. Except as expressly amended and restated herein, the Employment
Agreement, as hereby amended, remains in full force and effect.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered as of
the 7th day of May, 2009.
EMPLOYER | G&K SERVICES, INC . |
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/s/ Xxxxxxxxx X. Punch | ||||
By Xxxxxxxxx X. Punch | ||||
SVP, HR | ||||
EXECUTIVE | /s/ Xxxxxxx X. Xxxxxx | |||
Xxxxxxx X. Xxxxxx | ||||