Employment Letter



 Exhibit 10.1 
  

							
	AMF Bowling Worldwide, Inc.	 	Worldwide Headquarters	 	Post Office Box 15060	  	804 / 730-4000 Telephone
	 	 	 8100 AMF Drive
 Mechanicsville, Virginia
23111
	 	Richmond, Virginia 23227	  	 

  
 October 27, 2004

  
 Mr. Anthony J. Ponsiglione II 
 1030 Manakin Road 
 Manakin-Sabot, VA 23103 
  
 Dear Tony: 
  
 This letter confirms our offer and your acceptance of the position of Vice President, Human Resources with AMF Bowling
Worldwide, Inc. (“AMF”). This position will report directly to Frederick R. Hipp, President and CEO. 
  

	 	1.	Compensation. 

  
 You will be classified as an exempt-level executive employee. You will be compensated at a rate of $240,000 per year annualized, payable on a bi-weekly
basis at a rate of $9,230.77. 
  
 Each year you will be eligible
to participate in AMF’s incentive bonus plan with a target bonus equal to 40% of your base salary. This bonus will be based on your individual performance and the performance of AMF and otherwise subject to the terms of the incentive plan for
the year. For FY 2005, the bonus will be prorated for the partial year based on your start date. 
  

	 	2.	Equity. 

  
 AMF will pay you a signing bonus of $25,000, the net proceeds of which ($16,970) must be invested in the equity units of Kingpin Holdings, LLC
(“Kingpin”), AMF’s parent company, at a price of $10 per share, the same price paid by Code Hennessy & Simmons IV LP in its recent acquisition of AMF. These 1,697 units will be subject to three year cliff vesting based on
continued employment for this period. If you voluntarily resign or are terminated with cause before the end of three years, Kingpin will be entitled to repurchase these 1,697 equity units for $1 in total for all units purchased with the proceeds of
this hiring bonus. These equity units will be subject to a pledge to secure your obligation to convey them to Kingpin if you voluntarily resign or are terminated with cause and will also be subject to the terms and conditions of the equity purchase
program that Kingpin has made available to its other senior managers (the “Equity Program”). 
  
 Additionally, you will be eligible to participate in the Equity Program on the same basis as other senior managers, including Kingpin loaning you up to
50% of the purchase price of equity units that you purchase. The $16,970 invested pursuant to the signing bonus will count as an investment made by you for purposes of calculating the maximum amount of loan available. 
  









 Mr. Anthony J. Ponsiglione, II 
 August 2, 2004 
 Page 2 
  
 Finally, you will be eligible to participate in Kingpin’s proposed stock option program. Grants will be made based on the CEO’s recommendation
and Board approval. Your initial option grant will be for 5,000 units. 
  

	 	3.	Benefits. 

  
 During your employment, you will be eligible to participate in such benefit programs as are generally offered to senior managers who are direct reports of
the CEO. These benefits are commonly referred to as Tier 1 Benefits, and you will receive a copy of these benefits as an attachment to this offer letter. In this regard, in accordance with the Senior Manager Severance Plan, in the event of a
termination without cause, your base salary would be continued for 12 months. You will also be entitled to three weeks vacation until your vacation accrual according to the standard benefit program reaches that level of accrual. During your first
year, this benefit will be prorated based upon your start date. 
  

	 	4.	Relocation. 

  
 In connection with your relocation to Richmond, you are eligible to reimbursement for a full service move, any commissions paid to realtors in selling
your current home, two house hunting trips to Richmond for you and your immediate family, temporary living expenses and closing costs on a home you purchase in Richmond. You will also receive a lump sum payment of $20,000 to cover incidental
expenses associated with your relocation. 
  
 Enclosed is a
summary of benefits, Tier 1 summary of benefits, an employee handbook and documents necessary to establish your personnel file. Please review and complete the required documents and return to me. 
  
 This letter supersedes any prior correspondence or discussions between you
and AMF relating to your employment with AMF and your purchase of Kingpin equity units or its option program. 
  
 Tony, we look forward to your joining our team! Please feel free to contact me at 804-730-4371 if you have any questions. 
  

					
	  	 	 	 	 Sincerely,

			
	  	 	 	 	 /s/ Chris Caesar

	 	 	 	 	 Chris Caesar

	 	 	 	 	 Chief Financial Officer

			
	 /s/ Anthony J. Ponsiglione, II
	 	 	 	 27 October 2004

	 Anthony J. Ponsiglione, II
	 	 	 	 Date