Amendments to the Employment Agreement. Effective as of the Amendment Date, the Employment Agreement is hereby amended as follows:
(a) Section 2(a) of the Employment Agreement is amended to read in full as follows:
Amendments to the Employment Agreement. 1.1 Section 1 of the Employment Agreement is deleted in its entirety and replaced with the following:
Amendments to the Employment Agreement. The following Amendments to the Employment Agreement shall be effective as of the Effective Date:
Amendments to the Employment Agreement. The following portions of the Employment Agreement are amended as follows:
1.1. The entire Section 1 of the Employment Agreement entitled "EMPLOYMENT SERVICES AND DUTIES" is hereby deleted and the following is substituted in its place:
Amendments to the Employment Agreement. The Parties hereby agree to the following amendments to the Employment Agreement, which amendments shall be effective as of the Amendment Effective Date:
(a) References in Section 2 (Position and Duties) of the Employment Agreement to “Senior Vice President –Chief Creative Officer” are hereby deleted and replaced with “Executive Vice President - Chief Merchandising and Creative Officer.”
(b) The phrase “As of the Effective Date, the gross annual salary payable to Executive shall be Five Hundred Thousand Dollars ($500,000) per year” in Section 3(a) (Base Salary) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: “The gross annual salary payable to Executive shall be (i) as of the Effective Date, Five Hundred Twenty Two Thousand Five Hundred Dollars ($522,500) per year and (ii) as of the Amendment Effective Date, Five Hundred Seventy Five Thousand Dollars ($575,000.00) per year”.
(c) The third sentence of Section 3(b) (Annual Bonus) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: “If all performance objectives are fully met, the target amount of the Annual Bonus shall be equal to (i) for fiscal year 2015, the sum of (x) forty-five percent (45%) of Executive’s Base Salary received from the beginning of fiscal year 2015 through the Amendment Effective Date plus (y) sixty percent (60%) of Executive’s Base Salary received from the Amendment Effective Date through the end of such fiscal year and (ii) for fiscal year 2016 and thereafter, sixty percent (60%) of Executive’s Base Salary received during such fiscal year (pro-rated for partial years), but, in either case, a higher bonus shall be possible for exceptional performance.”
(d) Reference in clause (i) of Section 6(d) (Termination by Executive For Good Reason) of the Employment Agreement to “Senior Vice President” is hereby deleted and replaced with “Executive Vice President.”
(e) The last sentence of Section 6(f) (Payment Through Termination) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: “No other compensation or benefits will be due or payable to Executive after such termination, except as provided by this paragraph 6(f), the Rollover Agreement, the Grant Agreement, any other grant agreements subsequently entered into by and between Parent and Executive, the Incentive Equity Plan of Parent or as otherwise required under the terms of the Company’s employee benefit plans a...
Amendments to the Employment Agreement. Sections 11.4 and 11.5 of the Employment Agreement are hereby deleted in their entirety and the following new Sections are substituted therefor:
Amendments to the Employment Agreement. (a) Section 2 of the Employment Agreement is hereby amended by inserting the bold, underlined, italicized text and deleting the stricken through text as follows:
Amendments to the Employment Agreement a. Section 2 of the Employment Agreement shall be and hereby is amended by revising the first sentence to read “The initial term of employment under this Agreement, as amended, shall commence on January 1, 2022 and extend for 36 months (the “Initial Term”).”
b. Section 9(d) of the Employment Agreement shall be and hereby is amended by revising the reference to “(C) continued Base Salary for 12 months following the Date of Termination (the “Severance Period”)” to be and to read “(C) an amount equal to 1x the sum of the Executive’s annual Base Salary and Target Bonus for the year, each determined as of the Date of Termination, which shall be paid over the 12 months following the Date of Termination (the “Severance Period”)”.
c. Section 9(e)(ii) of the Employment Agreement shall be and hereby is amended by revising the reference to “the sum of 1x” to be and to read “2x the sum of”.
d. Section 9(e)(ii) of the Employment Agreement shall be and hereby is further amended by revising the reference to “(B) the Continued Coverage Payment” to be and to read “(B) an amount equal to 1.5x the Continued Coverage Payment”.
Amendments to the Employment Agreement. Effective as of the Amendment Date, the Executive Employment Agreement is hereby amended in its entirety as follows: Section “1.7” of the Executive Employment Agreement is amended to read as follows:
Amendments to the Employment Agreement. Sections 2, 3, and 4(a) of the Employment Agreement are hereby amended and restated in their entirety to read as follows:
