Document:

EX-10.1 MODIFICATION DATED JULY 19, 2007

 

EXHIBIT 10.1

EXECUTIVE EMPLOYMENT AGREEMENT MODIFICATION

     The purpose of this letter is to modify and amend the Executive Employment Agreement (the
“Agreement”) by and between Manhattan Associates, Inc, a Georgia corporation (“Company”), and Peter
F. Sinisgalli (“Executive”) that was entered into the 25th day of February, 2004. This
modification to the Agreement (the “Modification) shall be effective as of July 19, 2007. In the
event of a conflict between this Modification and the Agreement, the terms of this Modification
shall control. Capitalized terms not defined herein shall have the meanings ascribed to them in
the Agreement.

     Executive has agreed to continue in the position of President and Chief Executive Officer
through April 12, 2012. In consideration of this, Company has agreed to modify the Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the
parties agree as follows:

     1. Employment and Duties.

          A. Company shall continue to employ Executive as President and Chief Executive Officer.
Executive hereby accepts employment on the terms set forth herein and in the Agreement as modified
hereby. Executive shall continue to report to the Board of Directors.

          B. Executive shall continue with the duties that have been established and as are normally
associated with the duties of President and Chief Executive Officer. Specifically, Executive shall
have overall primary responsibility for the functions of the Company.

     2. Compensation.

          A. Base Salary. During his employment hereunder, Company shall continue to pay
Executive a base salary (“Base Salary”) of $18,333.33 semi-monthly ($440,000.00 annualized),
subject to all standard employment deductions. Company and Executive agree that this amount shall
be reviewed on an annual basis.

          B. Performance-Related Bonus. Executive shall continue to be eligible to receive a
performance-related bonus as determined by the Compensation Committee in its discretion.

          C. Stock Options. In consideration of Executive’s continued duties and
responsibilities, Executive shall receive an option pursuant to the Manhattan Associates, Inc.
Option Plan (the “Option Plan”) and the terms of the Agreement to purchase 200,000 shares of the
Company’s common stock with a seven year term at an exercise price of $28.52 (which is the closing
price of the Company’s common stock for the day preceding the effective date of this Modification)
and a grant of 66,667 restricted shares, on the date of this Modification. All of the options and
restricted shares set forth above will vest in 16 equal quarterly installments beginning April 4,
2008. Executive will continue to receive restricted shares and the option to purchase additional
shares of the Company’s common stock on an annual basis as determined by the Compensation
Committee. All options and restricted shares will be subject to the other terms in accordance with
the stock option and restricted certificates or award agreements, respectively, provided for each
grant.

          In the event of a Change of Control and provided Executive is terminated other than for Cause
or is terminated by a Constructive Termination and such termination or Constructive Termination
occurs within two (2) years of such Change of Control, all options granted under this Modification
whether vested or non-vested shall vest as of the date of the termination.

Definitions:

Change of Control shall mean the happening of an event that shall be deemed to have occurred
upon the earliest to occur of the following events: (i) the date the stockholders of the
Company (or the Board, if stockholder action is not required) approve a plan or other
arrangement pursuant to which the Company will be dissolved or liquidated; (ii) the date the
stockholders of the Company (or the Board, if stockholder action is not required) approve a
definitive agreement to sell or otherwise dispose of all or substantially all of the assets of
the Company; or (iii) the date the stockholders of the Company (or the Board, if stockholder
action is not required) and the

 

 

stockholders of the other constituent corporations (or their respective boards of directors, if
and to the extent that stockholder action is not required) have approved a definitive agreement
to merge or consolidate the Company with or into another corporation, other than, in either
case, a merger or consolidation of the Company in which holders of shares of the Company’s
voting capital stock immediately prior to the merger or consolidation will have at least fifty
percent (50%) of the ownership of voting capital stock of the surviving corporation immediately
after the merger or consolidation (on a fully diluted basis), which voting capital stock is to
be held by each such holder in the same or substantially similar proportion (on a fully diluted
basis) as such holder’s ownership of voting capital stock of the Company immediately before the
merger or consolidation.

Cause shall include but not be limited to an act or acts or an omission to act by the Executive
involving (i) willful and continual failure to substantially perform his duties with the
Company (other than a failure resulting from the Executive’s Disability) and such failure
continues after written notice to the Executive providing a reasonable description of the basis
for the determination that the Executive has failed to perform his duties, (ii) indictment for
a criminal offense other than misdemeanors not disclosable under the federal securities laws,
(iii) breach of this Agreement in any material respect and such breach is not susceptible to
remedy or cure or has not already materially damaged the Company, or is susceptible to remedy
or cure and no such damage has occurred, is not cured or remedied reasonably promptly after
written notice to the Executive providing a reasonable description of the breach, or (iv)
conduct that the Board of Directors of the Company has determined, in good faith, to be
dishonest, fraudulent, unlawful or grossly negligent or which is not in compliance with the
Company’s Code of Conduct or similar applicable set of standards or conduct and business
practices set forth in writing and provided to the Executive prior to such conduct.

Constructive Termination For purposes of this Agreement, Constructive Termination shall mean a
situation after a Change of Control where the failure by the Company to provide the Executive
with compensation and benefits substantially comparable, in the aggregate, to those provided
for under the employee benefit plans, programs and practices in effect immediately prior to the
Change of Control.

          All other terms of the “Terms and Conditions for Stock Options” shall remain the same. This
provision is in addition to, and not in lieu of any provision in your Agreement relating to
options.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement on July 19, 2007.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	Manhattan Associates, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John Huntz
 

	 	 
	 

	 	Name:
	 	John Huntz	 	 
	 

	 	Title:
	 	Chairman	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:
	 	7/19/07	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Peter F. Sinisgalli	 	 
	 	 	 	 	 
	 	 	Peter F. Sinisgalli	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:
	 	7/19/07ex10-1.htm

    Mr.
      Ricardo Salas

    64
      Ritz Cove Drive

    Monarch
      Beach, CA 92629

    

    July
      17,
      2007

    Theater
      Xtreme Entertainment Group, Inc.

    250
      Corporate Boulevard, Suites E&F

    Newark,
      DE 19702

    Attention:
      Scott R. Oglum, President

    

    Re:           Purchase
      of $100,000 Promissory Note and Warrants

    

    Dear
      Mr.
      Oglum:

    

    In
      connection with the sale by Theater
      Xtreme Entertainment Group, Inc. (the "Company") to the undersigned today of
      a
      Promissory Note in the face amount of $100,000 and a Warrant to purchase up
      to
      50,000 shares of the common stock, par value $0.001 per share of the Company,
      the undersigned hereby represents and warrants to the Company as
      follows:

    

    (a)           Advice.
      The undersigned has either consulted with the undersigned's own investment
      adviser, attorney and/or accountant about the proposed investment and its
      suitability for the undersigned or chosen not to do so, despite the
      recommendation of that course of action by the Company. The undersigned
      understands the risks of, and other considerations relating to, a purchase
      of
      such Promissory Note and the Warrant (collectively, the "Securities"). The
      undersigned acknowledges that the undersigned has been given access to, and
      prior to the execution of this letter the undersigned was provided with an
      opportunity to ask questions of and receive answers from, the Company concerning
      the terms and conditions of the offering of the Securities, and to obtain any
      other information which the undersigned and the undersigned's professional
      advisors requested with respect to the Company and the undersigned's proposed
      investment in the Company in order to evaluate the investment and verify the
      accuracy of all information furnished to the undersigned regarding the Company.
      All such questions, if asked, were answered satisfactorily and all information
      or documents provided were found to be satisfactory.

    

    (b)           Investment
      Representation and Warranty. The undersigned is acquiring the Securities for
      his, her or its own account as principal not with a view to or for sale in
      connection with any distribution of all or any part of such Securities. The
      undersigned hereby agrees that the undersigned will not, directly or indirectly,
      assign, transfer, offer, sell, pledge, hypothecate or otherwise dispose of
      all
      or any part of such Securities (or solicit any offers to buy, purchase or
      otherwise acquire or take a pledge of all or any part of the Securities) except
      in accordance with the registration provisions of the Securities Act or an
      exemption from such registration provisions, and any applicable state or other
      securities laws.

    

    (c)           Representation
      of Investment Experience and Ability to Bear Risk. The undersigned (i) is
      knowledgeable and experienced with respect to the financial, tax and business
      aspects of the ownership of investments such as the Securities and of the
      business contemplated

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    by
      the
      Company and is capable of evaluating the risks and merits of purchasing
      Securities and, in making a decision to proceed with this investment, has not
      relied upon any representations, warranties or agreements of the Company other
      than as set forth in the documentation executed by the Company in connection
      with the purchase of the Securities, and (ii) can bear the economic risk of
      an
      investment in the Company and can afford to suffer the complete loss
      thereof.

    

    (d)           Accredited
      Investor. The undersigned is an accredited investor within the meaning of
      Rule 501(a) of Regulation D promulgated under the Securities Act by reason
      of
      clause 5 thereof.

    

    (e)           Suitability.
      The undersigned has evaluated the risks involved in investing in the Securities
      and has determined that the Securities are a suitable investment for the
      undersigned. Specifically, the aggregate amount of the investments the
      undersigned has in, and the undersigned's commitments to, all similar
      investments that are illiquid is reasonable in relation to the undersigned's
      net
      worth, both before and after the purchase of the Securities.

    

    (f)           Transfers
      and Transferability. The undersigned understands and acknowledges that the
      Securities have not been registered under the Securities Act or any state
      securities laws and are being offered and sold in reliance upon exemptions
      provided in the Securities Act and state securities laws for transactions not
      involving any public offering and, therefore, cannot be resold or transferred
      unless they are subsequently registered under the Securities Act and such
      applicable state securities laws or unless an exemption from such registration
      is available. The undersigned also understands that the Company does not have
      any obligation or intention to register the Securities for sale under the
      Securities Act or any state securities laws or of supplying the information
      which may be necessary to enable the undersigned to sell the Securities and
      that
      the undersigned has no right to require the registration of the Securities
      under
      the Securities Act, any state securities laws or other applicable securities
      regulations.

    

    The
      undersigned represents and warrants
      further that the undersigned has no contract, understanding, agreement or
      arrangement with any person to sell, transfer or pledge to such person or anyone
      else any of the Securities (in whole or in part) and that the undersigned has
      no
      present plans to enter into any such contract, undertaking, agreement or
      arrangement.

    

    The
      undersigned understands that there
      is no public market for the Securities and that any disposition of the
      Securities may result in unfavorable tax consequences to the
      undersigned.

    

    The
      undersigned is aware and
      acknowledges that, because of the substantial restrictions on the
      transferability of the Securities, it may not be possible for the undersigned
      to
      liquidate the undersigned's investment in the Company readily, even in the
      case
      of an emergency.

    

    (g)           Address.
      If the undersigned is an individual, the undersigned maintains a domicile at
      the
      address shown on the signature page of this letter and the undersigned is not
      merely a transient or temporarily resident there. If the undersigned is an
      entity, the undersigned maintains its principal place of business at the address
      shown on the signature page of this letter.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (h)           Power,
      Authority; Valid Agreement. The undersigned has (i) all requisite power and
      authority to execute, deliver and perform the obligations of the undersigned
      under this letter and the obligation to purchase the Securities and to subscribe
      for and purchase or otherwise acquire the Securities, (ii) the undersigned's
      execution of this letter has been authorized by all necessary corporate or
      other
      action on the undersigned's behalf and (iii) this letter is valid, binding
      and
      enforceable against the undersigned in accordance with its terms.

    

    (l)           No
      Conflict; No Violation. The execution and delivery of this letter by the
      undersigned and the performance of the undersigned's duties and obligations
      hereunder (i) do not and will not result in a breach of any of the terms,
      conditions or provisions of or constitute a default under (A) any charter,
      by-laws, trust agreement, partnership agreement or other governing instrument
      applicable to the undersigned or (B)(1) any indenture, mortgage, deed of trust,
      credit agreement, note or other evidence of indebtedness or any lease or other
      agreement or understanding or (2) any license, permit, franchise or certificate,
      in either case to which the undersigned is a party or by which the undersigned
      or any of them is bound or to which the undersigned's or any of their properties
      is subject, (ii) do not require any authorization or approval under or pursuant
      to any of the foregoing and (iii) do not violate any statute, regulation, law,
      order, writ, injunction or decree to which the undersigned is
      subject.

    

    

    Sincerely,

    

    /s/
      Ricardo Salas

    

    Ricardo
      Salas

    64
      Ritz
      Cove Drive

    Monarch
      Beach, CA 92629

     

     

     

     

    3

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