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EXHIBIT 10.3
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
This Amendment No. 1 to Employment Agreement ("Amendment") dated as of
January 1, 1999, amends the Employment Agreement dated as of January 1, 1997
(the "Original Agreement") between WEYCO GROUP, INC., a Wisconsin corporation
("the "Company") and XXXX X. XXXXXXXXX ("Florsheim").
Background
The Company and Florsheim are parties to the Original Agreement, pursuant to
which Florsheim is employed as the Executive Vice President of the Company at an
annual salary of $200,000, or such greater amount as the Board of Directors of
the Company may fix. The Company and Florsheim have now agreed that Florsheim
will serve as the Executive Vice President and Chief Operating Officer of the
Company at a salary of $260,000 or such greater amount as the Board of Directors
may fix. The purpose of this Amendment is to revise the Original Agreement to
reflect these changes and to extend its term through December 31, 2003.
Agreement
1. The second sentence of Paragraph 1 of the Original Agreement is amended to
read as follows:
"Florsheim shall have such title and responsibilities as the
Company's Board of Directors shall from time to time assign to
him, but the duties which he shall be called upon to render
hereunder shall not be of a nature substantially inconsistent
with those he has rendered and is currently rendering to the
Company as its Executive Vice President and Chief Operating
Officer."
2. The first sentence of Paragraph 2 of the Original Agreement is hereby
amended to read as follows:
"As compensation for his services to the Company during the
term of this Agreement in whatever capacity or capacities
rendered, the Company shall, subject to the provisions of
Paragraph 3 hereof, pay Florsheim a salary of $260,000 (Two
Hundred Sixty Thousand Dollars) per annum, or such greater
amount per annum as the
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Board of Directors of the Company may, in its discretion, fix;
said salary to be payable in equal, or approximately equal,
biweekly installments.
3. The first sentence of Paragraph 3 of the Original Agreement is hereby
amended to extend the term of the Agreement to and including December
31, 2003.
4. Except as revised herein, the Original Agreement is hereby confirmed in all
respects.
IN WITNESS WHEREOF, Florsheim has duly executed that this Amendment and the
Company has caused this Amendment to be executed by its duly authorized officers
and its corporate seal to be affixed hereunto, all as of the day and year first
above written.
WEYCO GROUP, INC.
a Wisconsin corporation
By: /s/ Xxxxxx X. Xxxxxxxxx
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Name: Xxxxxx X. Xxxxxxxxx
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Title: Chairman of the Board
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Attest: /s/ Xxxx Xxxxxxxxxx
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Name: Xxxx Xxxxxxxxxx
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Title: Secretary
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/s/ Xxxx X. Xxxxxxxxx
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Xxxx X. Xxxxxxxxx
