EXHIBIT 10.4
GANTOS, INC.
0000 XXXX XXXX XXXXXX, 0XX XXXXX
XXXXXXXX, XXXXXXXXXXX 00000
March 16, 1999
Xx. Xxxxxx Xxxxxxxx
0000 Xxxx Xxxx Xxxxxx, 0xx Xxxxx
Xxxxxxxx, Xxxxxxxxxxx 00000
Dear Xxxxxx:
We have entered into a letter agreement, dated November 1, 1996 (the
"Agreement"), with respect to your employment with Gantos, Inc. ("Gantos"). In
connection with your continued employment by Gantos, you and Gantos desire to
extend the severance provisions of the Agreement by two years. 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.
1. SEVERANCE. The Agreement is amended by substituting the following for
the first and second to last sentences of Paragraph 5 of the Agreement:
"You will receive twelve (12) months separation pay as your exclusive
severance benefits in the event that your employment is terminated without
cause (and other than pursuant to your death or disability) on or before
December 2, 2000."
"Payment on account of death or disability or for termination without cause
after December 2, 2000 will be in accordance with the Company's policies
concerning these areas."
2. NO OTHER CHANGE. Except as modified by this Amendment, the Agreement
shall continue in full force according to its terms and is ratified.
3. 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:
Its:
The terms of this agreement
are accepted and agreed to
on ____________________:
Xxxxxx Xxxxxxxx
