AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
EXHIBIT 10.6
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (this “Amendment”) is made effective March 16, 2015 (the “Effective Date”) by and between Xxxx Stores, Inc., a Delaware corporation (“Ross” or “the Company”), and Xxxxxxx X'Xxxxxxxx (the “Executive”), and is made in consideration for Executive’s continued eligibility for future equity awards (the sufficiency of such consideration is acknowledged by the parties). The parties hereby amend the Executive Employment Agreement between the Company and the Executive previously executed effective June 1, 2014 (the “Agreement”), as follows:
1. | Paragraph 6(c) (Termination for Cause) is hereby deleted in its entirety and replaced with the following new Paragraph 6(c): |
(c) For Cause. The Company may terminate the Executive’s employment for Cause. For this purpose, “Cause” means the occurrence of any of the following (i) the Executive’s continuous failure to substantially perform the Executive’s duties hereunder (unless such failure is a result of a Disability as defined in Section 6(b)); (ii) the Executive’s theft, dishonesty, breach of fiduciary duty for personal profit or falsification of any documents of the Company; (iii) the Executive’s material failure to abide by the applicable code(s) of conduct or other policies (including, without limitation, policies relating to confidentiality and reasonable workplace conduct) of the Company; (iv) knowing or intentional misconduct by the Executive as a result of which the Company is required to prepare an accounting restatement; (v) the Executive’s unauthorized use, misappropriation, destruction or diversion of any tangible or intangible asset or corporate opportunity of the Company (including, without limitation, the Executive’s improper use or disclosure of confidential or proprietary information of the Company); (vi) any intentional misconduct or illegal or grossly negligent conduct by the Executive which is materially injurious to the Company monetarily or otherwise; (vii) any material breach by the Executive of the provisions of Section 9 [Certain Employment Obligations] of this Agreement; or (viii) the Executive’s conviction (including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral turpitude, or which materially impairs the Executive’s ability to perform his or her duties with the Company. A termination for Cause shall not take effect unless: (1) the Executive is given written notice by the Company of its intention to terminate the Executive for Cause; (2) the notice specifically identifies the particular act or acts or failure or failures to act which are the basis for such termination; and (3) where practicable, the notice is given within sixty days of the Company’s learning of such act or acts or failure or failures to act.
2. | Paragraph 9(b) (Non-Compete) is hereby deleted in its entirety and Paragraphs 9(c), (d) and (e) are re-designated Paragraphs 9(b), (c) and (d), respectively. |
Except as specifically provided above, all other provisions of the Agreement shall remain in full force and effect.
EXHIBIT 10.6
IN WITNESS WHEREOF, the parties have executed this Executive Employment Agreement effective as of the date and year first above written.
XXXX STORES, INC. | EXECUTIVE | |
/s/Xxxxxxx Xxxxxxx | /s/ Xxxxxxx X'Xxxxxxxx | |
By: Xxxxxxx Xxxxxxx | By: Xxxxxxx X'Xxxxxxxx | |
Chief Executive Officer | President and Chief Operating Officer | |
