Attached files
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8-K - 8-K - PATTERSON COMPANIES, INC. | d904169d8k.htm |
Exhibit 10
AMENDMENT NO. 1
TO
EMPLOYMENT AGREEMENT
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this Amendment) is made and entered into as of April 17, 2020, by and between Patterson Companies, Inc., a corporation duly organized and existing under the laws of the State of Minnesota, with a place of business at 1031 Mendota Heights Road, St. Paul, MN 55120 (hereinafter referred to as the Company), and Mark S. Walchirk, a resident of Minnesota (hereinafter, referred to as Executive, together with the Company, the Parties and each, a Party).
RECITALS
The Company is currently employing Executive as the Companys President and Chief Executive Officer pursuant to an Employment Agreement made and entered into as of October 23, 2017 (the Agreement). Pursuant to the Agreement, the Parties agreed upon, among other things, a base salary, which is subject to review on an annual basis and may be increased as determined in the sole discretion of the Board of Directors of the Company (such amount as calculated pursuant to Section 3(a) of the Agreement and as in effect on the date of this Amendment, the Base Salary). In the context of the current COVID-19 pandemic, the Parties hereby wish to memorialize a temporary reduction in Executives Base Salary.
AGREEMENT
From May 1, 2020 through July 31, 2020, Executives Base Salary shall be reduced by 35% (the Reduction). The Reduction shall have no impact on Executives Non-Equity Incentive Plan Compensation under Section 3(b) of the Agreement, Executives Long-Term Incentives under Section 3(c) of the Agreement nor Executives benefits under Section 6 of the Agreement. If Executive becomes entitled to severance benefits under Section 10 or Section 11 of the Agreement, the Reduction shall be disregarded for purposes of the Base Salary computations required thereunder. Executive agrees that the Reduction will not constitute Good Reason or breach under the Agreement or any other agreement with the Company, and will not confer or trigger any additional rights or entitlements for Executive from the Company or any of its affiliates. The Parties further agree that the remainder of the Agreement shall continue in full force and effect.
SIGNATURES
IN WITNESS WHEREOF, the Parties have executed this Amendment the day and year first above written.
PATTERSON COMPANIES, INC. | ||
By: | /s/ John D. Buck | |
John D. Buck | ||
Chairman of the Board | ||
EXECUTIVE | ||
By: | /s/ Mark S. Walchirk | |
Mark S. Walchirk |
[Signature Page to Amendment No. 1 to Employment Agreement by and between Patterson Companies, Inc. and Mark S. Walchirk, dated April 17, 2020]
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