June 29, 1995
Federal Express
Xx. Xxxxxxx X. Xxxxxxxxx
00 Xxxx Xxx
Xxxxxx Xxxxxx, Xxx Xxxx 00000
Dear Xxxx:
This letter will constitute an amendment to your employment
agreement with Xxxxxx Brothers, Inc. dated as of July 1, 1991.
Specifically, we agree to amend paragraph 2 of the agreement to read
as follows:
2. Term. Subject to the provisions for earlier termination as
hereinafter provided in Paragraph 7 of this Agreement, the term of this
Agreement shall be the period commencing on the date hereof and
terminating on December 31, 1995; provided however that such term shall be
automatically extended for an additional period of six months (i.e.,
until June 30, 1996) and again for a further period of three months
(i.e., until September 30, 1996) unless on or before a date 120 days
prior to the original termination date or any subsequent termination
date, the Employer or the Employee provides written notice to the
other party of the intention not to extend the Agreement.
It is agreed that your Base Salary will be increased to $285,000
per year, at such time as the Company hires a President and Chief
Operating Officer for the Apparel Textile Group, payable in equal
semi-monthly installments on the first and fifteenth days of each
month, subject to adjustment pursuant to the Company's salary
administration program.
We further agree to amend the first sentence of paragraph 6 of
the agreement to read as follows:
6. Duties. The Employee shall be employed as Chief Executive
Officer of the Apparel Textile Group of the Employer and shall have the
authority and powers to perform all duties as are customary to such
office, subject to the control and direction of the Board of Directors
of the Employer.
In addition, Exhibit A to the employment agreement, a listing
of "Additional Fringe Benefits", shall be modified so that item 1
thereof reads as follows:
1. Supplemental Executive Retirement Plan (SERP for 401(a)(17)
and 415)
Except as modified by the foregoing, the employment agreement
shall remain in full force and effect.
If this letter correctly sets forth our understanding, please
execute the enclosed copy of this letter and return it to me.
Please call me if you have any questions.
Sincerely,
Xxxxxx Brothers, Inc.
By: /s/ Xxxxx X. Xxxx, Xx.
---------------------
Xxxxx X. Xxxx, Xx.
President and
Chief Executive Officer
Accepted and agreed:
/s/ Xxxxxxx X. Xxxxxxxxx
________________________
Xxxxxxx X. Xxxxxxxxx
Date: 6/30/95
______________
