Exhibit 10.17
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
First Amendment dated as of June 24, 1999 (the "First Amendment") to the
Amended and Restated Employment Agreement by and between Specialty Catalog
Corp., a Delaware corporation ("Specialty"), SC Corporation, a Delaware
Corporation ("SC"; together with Specialty, sometimes referred to as the
"Corporation"), each having its offices at 00 Xxxxxxx Xxxxx, Xxxxx Xxxxxx,
Xxxxxxxxxxxxx, and Xxxxxx X. Xxxx, an individual having an address at 00
Xxxxxxxxx Xxxx, Xxxxxx, Xxxxxxxxxxxxx (the "Executive"), dated as of October 15,
1996 (as further amended and in effect from time to time, the "Employment
Agreement"). Terms not otherwise defined herein which are defined in the
Employment Agreement shall have the same respective meanings herein as therein.
WHEREAS, the Corporation and Executive have agreed to modify certain terms
and conditions of the Employment Agreement as specifically set forth in this
First Amendment;
NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. Amendments to Section 1(c) of the Employment Agreement, Section 1(c) of
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the Employment Agreement is hereby amended and restated in its entirety by
inserting the following new Section 1(c):
(c) Subject to earlier termination as hereinafter provided, the term
of this Agreement shall commence on the Effective Date and shall end
(unless notice of expiration shall not have been timely given by the
Corporation or Executive, as hereinafter provided in this Section 1(c)) at
the close of business on December 31, 1999 (as such term may be extended or
earlier terminated, the "Term"). The Corporation may cause the Term to
expire at December 31, 1999 by giving notice of expiration in writing to
Executive on or before June 30, 1999. Executive may cause the Term to
expire at December 31, 1999 by giving notice of expiration in writing to
the Corporation on or before July 31, 1999. Either the Corporation or
Executive may cause the Term to expire at the end of any calendar year
ending on or after December 31, 2000 by giving not less than six months'
notice of expiration in writing to the other party. For purposes of the
Employment Agreement, a "Term Year" shall be a period during the Employment
Term commencing on January 1, 1997 (or any anniversary thereof) and ending
on the date immediately preceding the next anniversary of such date, it
being understood that, for purposes of this Agreement, the portion of any
calendar year following the last full calendar year of the Term shall be
deemed a Term Year, except that vacation pursuant to Section 2.(d) for any
Term Year of less than a full calendar year in duration shall be prorated.
2. Ratification, Etc. Except as expressly amended hereby, the Employment
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Agreement and all documents, instruments and agreements related thereto, are
hereby ratified and confirmed in all respects and shall continue in full force
and effect. The Employment Agreement and this First Amendment shall be read and
construed as a single agreement. All references in the Employment Agreement or
any related agreement or instrument to the Employment Agreement shall hereafter
refer to the Employment Agreement as amended hereby.
IN WITNESS WHEREOF, the parties hereto have executed the First Amendment as
a document under seal as of the date first above written.
SPECIALTY CATALOG CORP.
By: /s/ D.E. Cicurel
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Name: D.E. Cicurel
Title: Director
SC CORPORATION
By: /s/ D.E. Cicurel
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Name: D.E. Cicurel
Title: Director
/s/ Xxxxxx X. Xxxx
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Xxxxxx X. Xxxx
