EXHIBIT A
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GANTOS, INC.
0000 XXXX XXXX XXXXXX, 0XX XXXXX
XXXXXXXX, XXXXXXXXXXX 00000
May 19, 1998
Xxxxxx X. Xxxxx
0 Xxxx Xxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Dear Xx. Xxxxx:
We have entered into a letter agreement, dated June 20, 1996, as amended by
the Termination Agreement dated as of May 12, 1998 (the "Agreement"), with
respect to your employment with Gantos, Inc. ("Gantos"). As a result of the
Company's fiscal 1997 financial results, you have offered to waive your minimum
bonus under the Agreement for fiscal 1997, and you and Gantos desire to revise
the Agreement to delete the requirement to pay such bonus for fiscal 1997. This
letter (the "Amendment") states our agreement with respect to the changes to the
Agreement and is entered into in exchange for good and valuable consideration,
the receipt and adequacy of which are acknowledged by both of us.
- SALARY AND BONUS. The Agreement is amended by substituting the
following for Paragraph 3(d) of the Agreement:
"(d) If you are employed by Gantos at the end of the applicable fiscal
year, you will receive a minimum bonus of $75,000 with respect to each of
fiscal 1996 and 1998. Therefore, if you are employed by Gantos at the end
of the applicable fiscal year, with respect to each of fiscal 1996 and
1998, Gantos will pay to you the excess, if any, of $75,000 over the amount
paid or payable to you pursuant to Paragraph 3.(b) and Paragraph 3.(c).
Conversely, if the amount paid or payable to you pursuant to
Paragraph 3.(b) and Paragraph 3.(c) is at least $75,000, no payment will be
made under this Paragraph 3.(d) with respect to that fiscal year."
- NO OTHER CHANGE. Except as modified by this Amendment, the Agreement
shall continue in full force according to its terms and is ratified.
Ms. Xxxxxx XX. Xxxxx
May 19, 1998
Page 2
- COUNTERPARTS. This Amendment may be signed in counterparts, both of
which together will be deemed an original of this Amendment. This Amendment
will also be effective if evidenced by signed copies transmitted by telecopier
or facsimile transmission.
If this letter correctly expresses our mutual understanding, please sign
and date the enclosed copy and return it to us.
Very truly yours,
GANTOS, INC.
By:
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Its:
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The terms of this agreement
are accepted and agreed to
on May 19, 1998:
Xxxxxx X. Xxxxx
