EXHIBIT 10.23
[G+G Retail, Inc. letterhead]
January 18, 2000
Xx. Xxxxx Xxxxx
Dear Xxxxx:
This letter constitutes a further amendment to your employment
agreement (your "Employment Agreement with G+G Retail, Inc. (the "Company")
dated August 28, 1998 as amended on November 18, 1998 and reflects our further
understanding and agreement with respect to your continued employment with the
Company as set forth below.
1. Capitalized terms which are not otherwise defined herein shall have
the meanings ascribed to those terms in your Employment Agreement.
2. Paragraph 3.1 of your Employment Agreement is hereby amended to
increase your Salary, effective as of February 1, 2000, to $625,000 per annum.
Such Salary shall also be subject to further periodic increases on each
anniversary of the commencement of the Employment Period and at other times as
provided in said Paragraph.
3. All other terms and conditions of your Employment Agreement shall
remain in full force and effect in accordance with its terms.
If the foregoing is in accordance with your agreement and
understanding, please sign below under the words "Agreed to and Accepted".
Very truly yours,
G+G Retail, Inc.
By: /s/ Xxx Xxxxx
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Xxx Xxxxx
Chairman and Chief Executive Officer
Agreed to and Accepted:
/s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
