Document:

exv10w10

 

Exhibit 10.10

AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT (this “Amendment”) to the Employment Agreement (the “Agreement”), dated as of
February 9, 2001, between Health Fitness Corporation (“HFC”), and Wesley Winnekins (“Executive”),
is made and entered into between HFC and Executive as of December 21, 2006.

WHEREAS, HFC and Executive have agreed to increase severance amounts and to add provisions for
severance due to Change of Control;

WHEREAS, HFC and Executive wish to amend the Agreement accordingly.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is specifically
acknowledged by the parties, the Company and Executive agree as follows:

	 	1.	 	Paragraph 2.02 (b) of the Agreement shall be amended by deleting the term “three (3)
months” and replacing it with “nine (9) months”.
	 
	 	2.	 	Paragraph 2.01 of the Agreement shall be amended by adding the following subparagraphs
(h) and (i):
	 
	 	 	 	“(h) May be terminated by HFC immediately upon written notice to Executive within (6) months
of a Change in Control as defined in Paragraph 2.03 below;”
	 
	 	 	 	“(i) May be terminated by Executive upon thirty (30) days’ written notice to HFC for
Good Reason within (6) months of a Change in Control (as defined in Paragraph 2.03 below) if
the Company has not cured within the thirty (30) day notice period. “Good Reason” shall
mean a reduction in the Executive’s responsibilities or compensation in connection with or
following a Change in Control;”
	 
	 	3.	 	A New Paragraph 2.03 of the Agreement shall be added as follows:
	 
	 	 	 	2.03 Termination in the Event of a Change of Control.
	 
	 	 	 	(a)Change of Control Payments.  If termination occurs pursuant to
subparagraph 2.01 (h) or (i),
Executive’s receipt of annual base
salary and fringe benefits shall
terminate as of the date of
termination or as required by law.
However, Executive shall receive as
separation pay the equivalent of
nine (9) months of his/her then
current annual base salary. Any
separation pay due to the Executive
under this subparagraph 2.03(a)
shall be payable to Executive, at
the sole discretion of HFC, either
in a lump sum or in installments in
accordance with HFC’s standard
payroll practices. Executive shall
be required to execute a general
release of any and all claims in
favor of HFC in exchange for his/her
receipt of separation pay under this
subparagraph 2.03(a).
Notwithstanding the foregoing, if
any of the payments described in
this Paragraph 2.03 are subject to
the requirements of Section 409A of
the Code, and the Company determines
that Executive

 

 

	 	 	 	is a “specified employee” as defined in Section 409A of the Code, such payments shall not be
made earlier than the date that is six (6) months after Executive’s termination, but shall
be paid during the calendar year following the year in which such termination occurs and
within thirty (30) days of the earliest possible date permitted under Section 409A of the
Code.
	 
	 	 	 	(b)Limitation on Change of Control Payments. Executive shall not be entitled to
receive any Change of Control Action (as defined below), which would constitute an “excess
parachute payment” for purposes of Section 280G of the Code, or any successor provision, and
the regulations thereunder. In the event that any Change of Control Action payable to
Executive would constitute an “excess parachute payment,” then the acceleration of the
exercisability of any stock options and the payments to Executive pursuant to this Paragraph
2.03 shall be reduced to the largest amount as will result in no portion of such payments
being subject to the excise tax imposed by Section 4999 of the Code. For purposes of this
Paragraph 2.03, a “Change of Control Action” shall mean any payment, benefit or transfer of
property in the nature of compensation paid to or for the benefit of Executive under any
arrangement which is considered contingent on a Change of Control for purposes of Section
280G of the Code, including, without limitation, any and all salary, bonus, incentive,
restricted stock, stock option, compensation or benefit plans, programs or other
arrangements, and shall include benefits payable under this Agreement.
	 
	 	 	 	(c)Definition. For purposes of this Agreement, a “Change of Control” shall mean
any of the following events occurring after the date of this Amendment:

(1) A merger or consolidation to which the Company is a party, an acquisition by the
Company involving the issuance of the Company’s securities as consideration for the
acquired business, or any combination of fully closed and completed mergers,
consolidations or acquisitions during any consecutive twenty-four (24) month period,
if the individuals and entities who were shareholders of the Company immediately
prior to the effective date of such merger, consolidation, or acquisition (or prior
to the effective date of the first of a combination of such transactions) have,
immediately following the effective date of such merger, consolidation or
acquisition (or following the effective date of the last of a combination of such
transactions), beneficial ownership (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934) of less than fifty percent (50%) of the total combined voting
power of all classes of securities issued by the surviving corporation for the
election of directors of the surviving corporation; or

(2) The purchase or other acquisition by any one person, or more than one person
acting as a group, of substantially all of the total gross value of the assets of
the Company during the twelve (12) month period ending on the date of the most
recent purchase or other acquisition by such person or persons. For purposes of
this subparagraph 2.03(c), “gross value” means the value of the assets of the
Company or the value of the assets being disposed of, as the case may be, determined
without regard to any liabilities associated with such assets.

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	 	4.	 	This Amendment shall be effective on December 21, 2006.
	 
	 	5.	 	Except as expressly amended by this Amendment, all of the terms and provisions of the
Agreement shall remain in full force and effect.
	 
	 	6.	 	This amendment may be executed in one or more counterparts, all of which shall be
considered one and the same agreement, and shall become a binding agreement when one or
more counterparts have been signed by each party and delivered to the other party.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on behalf of
each as of the date first above written.

	 	 	 	 	 
	HEALTH FITNESS CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Gregg Lehman
 

Name: Gregg Lehman
	 	 
	 

	 	Title: President and Chief Executive Officer	 	 

	 	 	 
	/s/ Wesley Winnekins
 

WESLEY WINNEKINS

	 	 

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Exhibit 10.12

AMENDMENT TO EMPLOYMENT AGREEMENT

THIS AMENDMENT (this “Amendment”) to the Employment Agreement (the “Agreement”), dated as of
March 1, 2003, between Health Fitness Corporation (“HFC”), and Jeanne Crawford (“Executive”), is
made and entered into between HFC and Executive as of December 21, 2006.

WHEREAS, HFC and Executive have agreed to increase severance amounts and to add provisions for
severance due to Change of Control;

WHEREAS, HFC and Executive wish to amend the Agreement accordingly.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein and for
other good and valuable consideration, the receipt and sufficiency of which is specifically
acknowledged by the parties, the Company and Executive agree as follows:

	 	1.	 	Paragraph 2.02 (b) of the Agreement shall be amended by deleting the term “three (3)
months” and replacing it with “nine (9) months”.
	 
	 	2.	 	Paragraph 2.01 of the Agreement shall be amended by adding the following subparagraphs
(h) and (i):
	 
	 	 	 	“(h) May be terminated by HFC immediately upon written notice to Executive within (6) months
of a Change in Control as defined in Paragraph 2.03 below;”
	 
	 	 	 	“(i) May be terminated by Executive upon thirty (30) days’ written notice to HFC for
Good Reason within (6) months of a Change in Control (as defined in Paragraph 2.03 below) if
the Company has not cured within the thirty (30) day notice period. “Good Reason” shall
mean a reduction in the Executive’s responsibilities or compensation in connection with or
following a Change in Control;”
	 
	 	3.	 	A New Paragraph 2.03 of the Agreement shall be added as follows:
	 
	 	 	 	2.03 Termination in the Event of a Change of Control.
	 
	 	 	 	(a) Change of Control Payments. If termination occurs pursuant to
subparagraph 2.01 (h) or (i),
Executive’s receipt of annual base
salary and fringe benefits shall
terminate as of the date of
termination or as required by law.
However, Executive shall receive as
separation pay the equivalent of
nine (9) months of his/her then
current annual base salary. Any
separation pay due to the Executive
under this subparagraph 2.03(a)
shall be payable to Executive, at
the sole discretion of HFC, either
in a lump sum or in installments in
accordance with HFC’s standard
payroll practices. Executive shall
be required to execute a general
release of any and all claims in
favor of HFC in exchange for his/her
receipt of separation pay under this
subparagraph 2.03(a).
Notwithstanding the foregoing, if
any of the payments described in
this Paragraph 2.03 are subject to
the requirements of Section 409A of
the Code, and the Company determines
that Executive is a “specified
employee” as defined in Section 409A
of the Code, such payments shall

 

 

	 	 	 	not be made earlier than the date that is six (6) months after Executive’s termination, but
shall be paid during the calendar year following the year in which such termination occurs
and within thirty (30) days of the earliest possible date permitted under Section 409A of
the Code.
	 
	 	(b)	 	Limitation on Change of Control Payments. Executive shall not be entitled to
receive any Change of Control Action (as defined below), which would constitute an “excess
parachute payment” for purposes of Section 280G of the Code, or any successor provision, and
the regulations thereunder. In the event that any Change of Control Action payable to
Executive would constitute an “excess parachute payment,” then the acceleration of the
exercisability of any stock options and the payments to Executive pursuant to this Paragraph
2.03 shall be reduced to the largest amount as will result in no portion of such payments
being subject to the excise tax imposed by Section 4999 of the Code. For purposes of this
Paragraph 2.03, a “Change of Control Action” shall mean any payment, benefit or transfer of
property in the nature of compensation paid to or for the benefit of Executive under any
arrangement which is considered contingent on a Change of Control for purposes of Section
280G of the Code, including, without limitation, any and all salary, bonus, incentive,
restricted stock, stock option, compensation or benefit plans, programs or other
arrangements, and shall include benefits payable under this Agreement.
	 
	 	(c)	 	Definition. For purposes of this Agreement, a “Change of Control” shall mean
any of the following events occurring after the date of this Amendment:

     (1) A merger or consolidation to which the Company is a party, an acquisition by the
Company involving the issuance of the Company’s securities as consideration for the
acquired business, or any combination of fully closed and completed mergers,
consolidations or acquisitions during any consecutive twenty-four (24) month period,
if the individuals and entities who were shareholders of the Company immediately
prior to the effective date of such merger, consolidation, or acquisition (or prior
to the effective date of the first of a combination of such transactions) have,
immediately following the effective date of such merger, consolidation or
acquisition (or following the effective date of the last of a combination of such
transactions), beneficial ownership (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934) of less than fifty percent (50%) of the total combined voting
power of all classes of securities issued by the surviving corporation for the
election of directors of the surviving corporation; or

     (2) The purchase or other acquisition by any one person, or more than one person
acting as a group, of substantially all of the total gross value of the assets of
the Company during the twelve (12) month period ending on the date of the most
recent purchase or other acquisition by such person or persons. For purposes of
this subparagraph 2.03(c), “gross value” means the value of the assets of the
Company or the value of the assets being disposed of, as the case may be, determined
without regard to any liabilities associated with such assets.

	 	4.	 	This Amendment shall be effective on December 21, 2006.

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	 	5.	 	Except as expressly amended by this Amendment, all of the terms and provisions of the
Agreement shall remain in full force and effect.
	 
	 	6.	 	This amendment may be executed in one or more counterparts, all of which shall be
considered one and the same agreement, and shall become a binding agreement when one or
more counterparts have been signed by each party and delivered to the other party.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed on behalf of
each as of the date first above written.

	 	 	 	 	 
	HEALTH FITNESS CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Gregg Lehman
 

Name: Gregg Lehman
	 	 
	 

	 	Title: President and Chief Executive Officer	 	 

	 	 	 
	/s/ Jeanne Crawford
 

JEANNE CRAWFORD

	 	 

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