Amendment of the Employment Agreement. The Parties hereby acknowledge the accuracy of the foregoing Background Information and hereby agree as follows:
Amendment of the Employment Agreement. 4.01 The Executives agree to continue employment under the terms of the Agreement until 2002 as if no breach of the Agreement occurred.
4.02 The Agreement is hereby amended. All provisions creating stock options and the promise of the Company to adopt an incentive stock option as part of the Agreement is deleted. All references to compensation due the Executives before January 1, 2000 is deleted. The Company acknowledges that the compensation paid the Executives was duly earned and paid. The Executives waive the right to any further deferred compensation earned before January 1, 2000 under the terms of the Agreement.
4.03 The Company still intends to purchase life insurance on the Executives. The Executives agree that the Company is required to purchase insurance only after the Company has a positive Total Assets, Net Assets, and Net Income. All other provisions of the Agreement still apply, and will continue to apply throughout the remainder of the Agreement's term.
Amendment of the Employment Agreement. The Parties hereto hereby agree that the Employment Agreement shall be amended as follows, effective as of the IPO Closing Date, subject to the closing of the IPO:
Amendment of the Employment Agreement. Section 4 of the Employment Agreement is deleted in its entirety.
Amendment of the Employment Agreement. The Employment Agreement is hereby amended as follows:
(a) Section 3.A. of the Employment Agreement is hereby amended to increase the Executive’s annual Base Salary to $240,000 subject to applicable withholding and authorized deductions, which shall be paid in equal installments, in accordance with the usual and customary payroll practices of the Employer.
(b) Section 5 of the Employment Agreement is hereby amended to extend the Termination Date to March 15, 2027, subject further extension by the Board in accordance with the terms of the Employment Agreement.
Amendment of the Employment Agreement. The Employment Agreement is hereby amended, effective as of the Merger Effective Date, as set forth below, and the Company will not be obligated to pay, and the Employee will not be entitled to receive, any payments that were set forth previously under the provisions of the Employment Agreement that are being deleted hereby. Capitalized terms used and not otherwise defined herein shall have the same meaning as provided for in the Employment Agreement.
(a) Section 1 of the Employment Agreement is hereby amended by deleting Section 1 in its entirety and inserting the following in lieu thereof: “The Corporation hereby employs Employee, and Employee hereby accepts employment by the Corporation, on the terms and conditions herein contained, to perform the duties described in paragraph 2 for the term (the “Employment Term”) commencing on the Merger Effective Date (as defined in the Agreement and Plan of Merger among the Company, Xxxxx Accessories Leather Goods LLC, Swing Acquisition LLC and Swing Merger Sub, Inc. dated February 3, 2012) and, subject to the remaining provisions of this Agreement, ending on the second anniversary of the Merger Effective Date.”
(b) Section 4(a) of the Employment Agreement is hereby amended by deleting the second and third sentences of Section 4(a) and inserting the following in lieu thereof: “In case of such termination, Employee shall be entitled to receive accrued but unpaid Base Salary and bonus compensation, if any, accrued but not paid prior to Employee’s termination.”
(c) Section 4(b) of the Employment Agreement is hereby amended by deleting Section 4(b) in its entirety and inserting the following in lieu thereof: “If, during the Employment Term, Employee shall die, Employee’s legal representatives shall be entitled to receive accrued but unpaid Base Salary and bonus compensation, if any, accrued but not paid prior to Employee’s death.”
(d) Section 5(b) of the Employment Agreement is hereby deleted, and the following new Section 5(b) is hereby inserted in its place: “Employee shall not be required to mitigate the amount of any payment the Corporation becomes obligated to make to Employee in connection with this Agreement, or the amount of damages Employee may incur if the Corporation were to breach this Agreement. The amount of any payment provided for in this Agreement, or for which the Corporation may become liable under this Agreement, shall not be reduced, offset or subject to recovery by the Corporation by reason of any ...
Amendment of the Employment Agreement. In consideration of Employee's surrender of the Options, the Company hereby extends Employee's employment with the Company in accordance with the Amendment to Employment and Noncompetition Agreement in the form attached hereto as EXHIBIT C.
Amendment of the Employment Agreement. Section 1.1 of the Employment Agreement is hereby amended and restated to read in its entirety as follows:
Amendment of the Employment Agreement. The Company and the Employee hereby agree that, promptly after this Release has become final and irrevocable, the Company and the Employee shall enter into an amendment to the Employment Agreement, which amendment shall be substantially in the form attached hereto as Exhibit A.
Amendment of the Employment Agreement. The Employment Agreement is hereby amended as follows:
(a) Section 2.02 (b) is deleted and replaced in full with the following text: "All Unvested Shares will automatically become vested immediately prior to a Significant Transaction."
(b) The definition of "Stockholders Agreement" is amended by adding the following text to the end thereof: ", as amended from time to time."
(c) The definition of "Tag-Along Transaction" is deleted and replaced in full with the following text:
