EXHIBIT 10.15.2
AMENDMENT TO EMPLOYMENT SEVERANCE AGREEMENT
THIS FIRST AMENDMENT, dated as of March 29, 2001 (the "Amendment"), to the
Employment Severance Agreement, dated July 22, 1999, between Cost Plus, Inc., a
California corporation, and Xxxx Xxxxxxxxxxx (the "Employee") (the "Employment
Agreement").
W I T N E S S E T H :
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WHEREAS, the parties hereto desire to amend certain provisions of the
Employment Agreement as provided herein;
NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other valuable consideration the receipt of which is
hereby acknowledged, the parties hereto hereby agree as follows:
1. Amendment of Section. Section 3(a) and 3(b) of the Employment Agreement
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are hereby amended in their entirety to read as follows:
3. Severance Benefits.
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(a) Benefits upon Termination. Except as provided in Section 3(b), if
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the Executive's employment terminates as a result of Involuntary
Termination prior to June 15, 2002 and the Executive signs a Release of
Claims, then the Company shall pay Executive's Base Compensation to the
Executive for nine (9) months from the Termination Date with each
monthly installment payable on the last day of such month. Executive
shall not be entitled to receive any payments if Executive voluntarily
terminates employment other than as a result of an Involuntary
Termination.
(b) Benefits upon Termination After a Change of Control. If after a
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Change of Control the Executive's employment terminates as a result of
Involuntary Termination prior to June 15, 2002 and the Executive signs a
Release of Claims, then the Company shall pay Executive's Base
Compensation to the Executive for twelve (12) months from the
Termination Date with each monthly installment payable on the last day
of such month. Executive shall not be entitled to receive any payments
if Executive voluntarily terminates employment other than as a result of
an Involuntary Termination.
2. Counterparts. This Amendment may be signed in any number of
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counterparts, all of which counterparts, taken together, shall constitute one
and the same instrument.
3. Governing Law. This Amendment and the rights and obligations of the
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parties hereto shall be governed by, and constructed and interpreted in
accordance with, the law of the State of California.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.
COST PLUS, INC.
By: /s/ X. Xxxxx
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Name: X. Xxxxx
Title: CEO
XXXX XXXXXXXXXXX
/s/ Xxxx Xxxxxxxxxxx
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SIGNATURE PAGE OF AMENDMENT TO THE EMPLOYMENT AGREEMENT
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