EXHIBIT 10.22
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of the 9th day of June, 2008 (the “Effective Date”), by and between Spectrum Brands, Inc. (“the “Company”) and Amy J. Yoder (the “Executive”).
WHEREAS, the Company and the Executive previously entered into an Employment Agreement dated March 27, 2007 (the “Agreement”); and
WHEREAS, the Company and the Executive wish to amend certain provisions of the Agreement in recognition of the Executive’s past services to the Company and the importance to the future success of the Company of the Executive’s continued services; and
NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein (promises that include benefits to which the Executive would not otherwise be entitled), and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows:
1. Capitalized Terms not defined herein shall have the meanings given those terms in the Agreement.
2. The target on which the Executive’s Bonus, payable pursuant to Section 3(b) of the Agreement, is based is increased from 75% of the Executive’s annual base salary to 100% of the Executive’s annual base salary, effective with the bonus payable to the Executive for the Company’s 2008 fiscal year.
3. Except as modified by this Amendment, the Agreement remains in full force and effect, and the execution of this Amendment shall not affect the rights of the Company or the Executive under the terms of the Agreement as in effect immediately prior to the Effective Date with respect to events occurring before the Effective Date.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
| SPECTRUM BRANDS, INC | ||
/s/ Kent J. Hussey | ||
By: | Kent J. Hussey, CEO | |
| EXECUTIVE: | ||
/s/ Amy J. Yoder | ||
Name: | Amy J. Yoder | |
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