Document:

Exhibit 10.1

 

EXHIBIT 10.1

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

          This First Amendment (the “Amendment”) to that certain Employment Agreement dated as of
December 15, 2004 (the “Employment Agreement”) by and between Joseph Fortunato (the “Executive”)
and General Nutrition Centers, Inc., a Delaware corporation (the “Company”), is entered into as of
the 22nd day of June 2005 (the “Effective Date”) among the Executive and the Company.

          The Employment Agreement is hereby amended to the extent set forth below, such amendment to be
effective upon the execution hereof by the Company and the Executive. All other provisions of the
Employment Agreement shall remain in full force and effect.

     1. The Title section of the Employment Agreement is hereby amended to read in its entirety as
follows:

Title. During the “Employment Period” (as defined in Section 2 hereof), the Executive
shall serve as the Senior Executive Vice President and Chief Operating Officer of the Company.
The Executive shall have the normal duties, responsibilities and authority commensurate with
such positions.

     2. The Term of Employment section of the Employment Agreement is hereby amended to read in
its entirety as follows:

     Employment Period. The employment of the Executive hereunder shall continue until the
later to occur of (i) December 31, 2007, or (ii) the applicable expiration date of any extension of
this Agreement as provided in Section 2.2 hereof, unless terminated earlier in accordance with the
provisions of this Agreement (the “Employment Period”).

     Extension. On December 15, 2006, and on each December 15th thereafter, the
Employment Period shall be extended for an additional one-year period unless the Company or the
Executive notifies the other in writing prior to such date of its or his election, in its or his
sole discretion, not to extend the Employment Period.

3. The first paragraph of the Base Salary section is hereby amended to read in its entirety
as follows:

Base Salary.

As of the Effective Date, during the remainder of the Employment Period, the Company agrees to
pay to the Executive an annual base salary in an amount equal to Four Hundred Twenty-Five
Thousand Dollars ($425,000) (such base salary, as adjusted from time to time pursuant to Section
3.1(b), is referred to herein as the “Base Salary”). The Executive’s Base Salary, less amounts
required to be withheld under applicable law, shall be payable in equal installments in
accordance with the practice of the Company in effect from time to time for the payment of
salaries to officers of the Company, but in no event less frequently than monthly.

4. The Bonus section is hereby amended to read in its entirety as follows:

Bonus. With respect to the 2005 calendar year and with respect to each calendar year
that commences during the Employment Period, the Executive shall be eligible to receive from the
Company an annual performance bonus (the “Annual Bonus”) based upon the Company’s attainment of
annual goals established by the Board or the Compensation Committee. Executive’s target Annual

 

 

Bonus shall be forty percent (45%) of Executive’s Base Salary with a maximum of one hundred
percent (110%) of Executive’s Base Salary if the Company exceeds the annual goal determined by
the Board or the Compensation Committee for the applicable year. Any Annual Bonus earned shall
be payable in full within forty-five (45) days following the determination of the amount thereof
and in accordance with the Company’s normal payroll practices and procedures. Any Annual Bonus
payable under this Section 3.2 shall not be payable unless the Executive is employed by the
Company on the last day of the period to which such Annual Bonus relates.

5. Stock Options.

As of the Effective Date, pursuant to the GNC Corporation (f/k/a General Nutrition Centers
Holding Company) 2003 Omnibus Stock Incentive Plan (the “Plan”), the Executive shall be granted
an additional option to purchase a total of 50,000 shares of Common Stock, par value $0.01 per
share (the “Common Stock”), with a per share exercise price equal to $6.00 per share (the
“Option”). The Option shall have a term of 7 years from the date of grant. The Option shall
become vested and exercisable in equal installments of 25% on each anniversary of the Effective
Date, subject to the Executive’s continued employment with GNC. Except as otherwise provided
herein, the Option shall be subject to the terms and conditions of the Plan and the form of
option agreement applicable for other senior executives of the Company approved by the Plan
administrator. In the event of a Change of Control (as defined in Section 4.3 (h) of the
Employment Agreement, all of Executive’s stock options granted pursuant to the Plan shall vest
in full and become immediately exercisable, but in no event shall such options be exercisable
following their expiration date.

               IN WITNESS WHEREOF, the parties have duly executed this Agreement, intending it as a document
under seal, as of the date first above written.

	 	 	 	 	 
	 	GENERAL NUTRITION CENTERS, INC.

 	 
	 	By:  	/s/Bruce E. Barkus
 	 
	 	 	Name:  	Bruce E. Barkus 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 	 	 
	WITNESS/ATTEST:

	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	/s/Corrine Fortunato

	 	 	 	/s/Joseph Fortunato	 	 
	

	 	 
	 	

	 	 
	 

	 	 	 	Joseph FortunatoExhibit 10.42

 

Exhibit 10.42

WARRANT CERTIFICATE

to Purchase Shares of the Common Stock

of

TRANSCAT, INC.

     1. 
THIS IS TO CERTIFY that, for value received, [___] (the “Warrant Holder”) is
entitled to purchase [___] shares of the Common Stock, par value $.50 per share (the “Common
Stock”), of TRANSCAT, INC., an Ohio corporation (the “Company”) (the “Shares”), at a purchase price
of $[___] per share, that being the closing price per share of the Common Stock reported by
The Nasdaq Stock Market on [___], the date of grant of the warrant represented by this
Warrant Certificate (the “Warrant”), all in accordance with and subject to the terms of the
Transcat, Inc. Amended and Restated Directors’ Warrant Plan, effective August 21, 1984 and as
subsequently amended and restated and as further amended (the “Plan”).

     2. The Warrant shall vest and become exercisable pro rata with respect to one-third of the
shares subject to such warrant on the first, second and third anniversaries of the date of
grant.

     3. The Warrant shall expire on [___]; provided, however, that, if earlier:

     (a)
the Warrant shall lapse and terminate on the 90th day after the date on which the
Warrant Holder ceases to serve as a member of the Board of Directors of the Company; and

     (b) upon the death of the Warrant Holder while serving as a member of the Board of
Directors of the Company, the Warrant shall be exercisable only by the Warrant Holder’s
legal representative and only to the extent that it has vested by the date of death, and
must be exercised within 90 days after the date of death (but in no event after the
expiration of the Warrant), whereupon the Warrant shall expire and be of no further force or
effect.

     4. In exercising the Warrant, in whole or in part, the Warrant Holder shall do so by giving
written notice to the Company at the principal office of the Company, 35 Vantage Point Drive,
Rochester, New York 14624, accompanied by this Warrant Certificate, together with a purchase form,
in form specified by the Company, duly executed, and payment, in cash, of the purchase price for
the number of Shares then to be purchased by the Warrant Holder. If the Warrant shall be exercised
in part only, the Company shall, upon surrender of this Warrant Certificate as aforesaid, execute
and deliver to the Warrant Holder a new Warrant Certificate evidencing the right of the Warrant
Holder to purchase the balance of the Shares which are not the subject of exercise. The Warrant
shall not be exercised for less than one whole Share.

     5. The Warrant Holder shall not, by virtue of this Warrant Certificate, be entitled to any
rights of a shareholder of the Company.

 

 

     6. The Company shall, at all times during which the Warrant may be exercised, keep available
for issue upon exercise of the Warrant such number of authorized but unissued shares of Common
Stock, or shares of Common Stock held in the treasury of the Company, as will be sufficient to
permit the exercise in full of the Warrant.

     7. The Warrant Holder acknowledges and agrees that the Warrant may not be offered for sale,
sold, pledged, hypothecated or otherwise transferred or disposed of in any manner inconsistent with
this Warrant Certificate or the Plan. The Warrant is not transferable other than by will or the
laws of descent and distribution, and during the Warrant Holder’s lifetime the Warrant may be
exercised only by him.

     The Warrant Holder represents to the Company that the Warrant is being, and (unless a
Registration Statement with respect thereto shall then be effective under the Securities Act of
1933, as amended (the “Act”)) any Shares acquired by the Warrant Holder upon exercise of the
Warrant shall be, acquired by the Warrant Holder solely for investment and not with a view to, or
for sale in connection with, any distribution thereof, nor with any present intention of selling,
transferring or disposing of the same. The Warrant Holder acknowledges and agrees that any Shares
acquired upon exercise of the Warrant may not be offered for sale, sold or otherwise transferred or
disposed of unless (i) a Registration Statement with respect thereto shall then be effective under
the Act, and the Warrant Holder shall have provided proof satisfactory to counsel for the Company
that he has complied with all applicable state securities laws, or (ii) the Company shall have
received an opinion of counsel in form and substance satisfactory to counsel for the Company that
the proposed offer for sale, sale or transfer of the Shares is exempt from the registration
requirements of the Act and may otherwise be effected in compliance with any other applicable law,
including all applicable state securities laws. The Warrant Holder agrees that unless a
Registration Statement with respect thereto shall then be effective under the Act, a legend to this
effect may be placed on each certificate, and in any case a stop transfer order may be placed
against his account, relating to the Shares. In addition, each such certificate shall bear such
additional legends and statements as the Company deems advisable to assure compliance with the
provisions of the Plan as well as all Federal and state laws and regulations, including securities
laws and regulations.

     The Warrant Holder confirms that the Company is relying upon his representations contained in
this Section 7 in connection with the issuance to him of this Warrant Certificate. The Warrant
Holder undertakes to notify the Company immediately of any change in any representation or other
information relating to him set forth in this Section 7, and agrees that such representations and
his agreements, undertakings and acknowledgements contained herein shall survive the exercise of
the Warrant. In consideration of the issuance to the Warrant Holder of the Warrant and the Shares
upon any exercise of the Warrant, the Warrant Holder hereby indemnifies and holds harmless the
Company, and the officers, directors, employees and agents thereof, from and against any and all
liability, losses, damages, expenses and attorneys’ fees which they may hereafter incur, suffer or
be required to pay by reason of the falsity of, or his failure to comply with, any representation
or agreement contained in this Section 7.

     8. All shares of Common Stock issued upon exercise of the Warrant shall be validly issued,
fully paid and non-assessable, and the Company shall pay all taxes and other governmental charges
(other than taxes with respect to the Warrant Holder’s gain or income) that may be imposed in
respect of the issue and delivery thereof. The Company shall not be required, however, to pay any
tax or other charge imposed in connection with any transfer involved in the issue of any shares of
Common Stock in any name other than that of the Warrant Holder, and in

2

 

such case the Company shall not be required to issue or deliver any stock certificate until
such tax or other charge has been paid or it has been established to the Company’s satisfaction
that no tax or other charge is due.

     9. All the terms and provision of the Plan, a copy of which has been previously provided to
the Warrant Holder, are hereby expressly incorporated into this Warrant Certificate and made a part
hereof as if printed herein.

     10. Upon receipt by the Company of evidence satisfactory to it of the ownership, and the loss,
theft, destruction or mutilation, of this Warrant Certificate, and (in the case of loss, theft or
destruction) receipt of indemnity satisfactory to it, or (in the case of mutilation) upon surrender
and cancellation thereof, the Company will execute and deliver in lieu thereof a new Warrant
Certificate of like tenor.

     11. All notices and other communications from the Company to the Warrant Holder shall be in
writing and sent to such address as may have been furnished to the Company in writing by the
Warrant Holder. If mailed, such notice shall be deemed to have been given when deposited in the
United States mail, postage paid. All notices to the Company shall be addressed to its principal
place of business.

     12. Neither this Warrant Certificate nor any term hereof may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party against which
enforcement of the change, waiver, discharge or termination is sought.

     13. This Warrant Certificate shall be construed and enforced in accordance with and governed
by the laws of the State of Ohio (without regard to its conflict of laws rules).

     14. As used herein, the masculine pronoun shall include the feminine and the neuter, as
appropriate in the context.

Dated: [___]

	 	 	 	 	 
	 	TRANSCAT, INC.

 	 
	 	By:  	 	 

Attest:

 

The undersigned Warrant Holder hereby makes the representations, and acknowledges and affirms the
agreements, contained in Section 7 of the foregoing Warrant Certificate.

	 	 	 	 	 
	 	  	 	 

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