EXHIBIT 10.3
July 8, 2004
Home Interiors & Gifts, Inc.
0000 Xxxxxxxxx Xxxx Xxxx
Xxxxxxxxxx, Xxxxx 00000
Attention: Legal Department
Ladies and Gentlemen:
Reference is hereby made to that certain Executive Employment
Agreement (the "Employment Agreement"), dated as of June 23, 2004, by and
between Home Interiors & Gifts, Inc., a Texas corporation (the "Company"), and
Xxxxxxx X. Xxxxxx ("Executive").
Executive hereby acknowledges and agrees that he has selected to
join the Vaquero Country Club (the "Club") and that, notwithstanding paragraph
2(b)(xi)(A) of the Employment Agreement, he will pay the requisite initiation
fee without reimbursement from the Company. However, the Company hereby agrees
to reimburse Executive for (i) the transfer fee of $19,000 paid by Executive for
his membership in the Club and (ii) during the term of Executive's employment,
Executive's monthly dues related to such membership. The Company shall include
in Executive's annual salary payments made in accordance with this letter
agreement and will gross up such payments in accordance with the Company's
policy of grossing up Executive salaries as a result of payments made by the
Company on behalf of Executives.
This letter agreement (i) shall be governed by the laws of the State
of Texas without giving effect to the conflict of laws provisions thereof and
(ii) may be executed in counterparts, each of which shall be deemed an original
and all of which together shall constitute one and the same instrument.
Very Truly Yours,
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
AGREED AND ACKNOWLEDGED,
this 8th day of July, 2004:
HOME INTERIORS & GIFTS, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
Title: Sr. Vice President and CFO
