1
EXHIBIT 10.17
AMENDMENT TO EMPLOYMENT AGREEMENT
WHEREAS, Xxxxxxxx'x, Inc. (the "Employer") and Xxxxxx X. Xxxxxxx
("Employee") entered into an employment agreement effective as of February 1,
1997 (the "Agreement"); and
WHEREAS, Employee's title has been revised since the execution of the
Agreement; and
WHEREAS, the Agreement makes certain assumptions regarding the future
capitalization of the Employer, which assumptions did not prove accurate; and
WHEREAS, the Employer and Employee now desire to amend the Agreement to
reflect Employee's revised title and to reflect the correct capitalization of
the Employer.
NOW THEREFORE, the Agreement is hereby amended as follows:
1. Effective as of February 2, 1998, the first Recital is amended to
state: "Employer desires to continue to employ Employee as its Director of
Finance ("Director of Finance")."
2. Effective as of February 2, 1998, each reference within the
Agreement to the term "CFO" is replaced with a reference to the term "Director
of Finance."
3. Effective as of June 27, 1997, footnote 1 is deleted.
4. Effective as of June 27, 1997, Sections 4(c), 4(d) and 4(e) are
deleted in their entirety and replaced with the following:
(c) stock options to purchase 230 shares of the Employer's common stock at
$95.00 per share, subject to the terms of the Stock Option Agreement under
the Xxxxxxxx'x, Inc. 1996 Executive Incentive and Non-Qualified Stock
Option Plan dated June 27, 1997 between the Employer, certain affiliated
companies and Employee.
5. Effective January 1, 1998, the annual base salary was changed from
$75,000 to $87,000.
THE AGREEMENT, as amended by the foregoing changes, is hereby ratified and
confirmed in all respects.
IN WITNESS WHEREOF, the parties have executed this Amendment on July 8,
1998, effective as of the dates above set forth.
XXXXXX X. XXXXXXX XXXXXXXX'X, INC.
/s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxxx X. Xxxxxxxx
---------------------------- ----------------------------
Date: July 8, 1998 Title: President
Date: July 8, 1998
