March 3, 2000
Xx. Xxxxxxx X. Xxxxxx
0000 Xxxxxxxxx Xxxxx
Xxxxxx, XX 00000
Re: Letter Agreement
Dear Herb:
The purpose of this letter is to make certain amendments to the Employment
Agreement dated as of July 27, 1997 between you and HomeBase, Inc., (the
"Employment Agreement") with such amendments to be effective March 3, 2000, as
follows:
1. Paragraph 2 (a) of the Employment Agreement shall be amended and
restated in full to read as follows:
(a) Nature of Services. Executive shall diligently perform the duties
and the responsibilities of Chairman of the Board of Directors,
President, and Chief Executive Officer of the Company and such
additional duties and responsibilities as an employee of the Company as
shall from time to time be agreed by him and the Board.
2. The first sentence of Paragraph 2(b) of the Employment Agreement shall
be amended and restated in full to read as follows:
Executive shall devote approximately one-half (1/2) of his working time
and attention and his best efforts to the performance of his duties and
responsibilities under this Agreement, provided that, to the extent of
any conflicts between the time required to be devoted under this
Agreement and under the BJI Employment Agreement, the Employee shall
allocate his time between the Company and BJI in such manner as he and
the Company's Executive Compensation Committee deem reasonably
appropriate under the circumstances.
In all other respects the Employment Agreement is ratified, confirmed and
approved.
Sincerely,
HomeBase, Inc.
By: /s/ Xxxx X. Xxxx
---------------------------
Xxxx X. Xxxx
Chairman, Executive Compensation Committee,
on behalf of the Board of Directors
ACCEPTED AND AGREED TO:
/s/Xxxxxxx X Xxxxxx
---------------------------
Xxxxxxx X Xxxxxx
Dated: March 3, 2000
