EX-10.1 2 c51299exv10w1.htm EX-10.1 exv10w1
Exhibit 10.1
AMENDMENT TO
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 Douglas A. Milroy (“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 .
 
 
  /s/ Jacquelyn T. Punch    
  By Jacquelyn T. Punch   
  SVP, HR   
 
     
EXECUTIVE  /s/ Douglas A. Milroy    
  Douglas A. Milroy