Exhibit 10.39
AMENDMENT OF EMPLOYMENT AGREEMENT
This AMENDMENT OF EMPLOYMENT AGREEMENT is dated as of August 9, 1996,
between Active Apparel Group, Inc., a Delaware corporation (the "Company"), and
Xxxxxx Xxxxxxxx (the
"Executive").
WITNESSETH
WHEREAS, the Company and the Executive entered into an Employment
Agreement dated August 1, 1994, and both the Company and the Executive now
desire to amend that Agreement;
NOW, Therefore, in consideration of the premises and other good and
valuable consideration received by both the Company and the Executive, the
sufficiency of which is hereby acknowledged, it is hereby agreed as follows:
1. Section 4(d) of the Employment Agreement between the Company and the
Executive dated August 1, 1994 is hereby amended to read as follows:
Section 4(d):
"The Executive shall be entitled to an allowance, payable monthly,
for an automobile commensurate with the Executive's position and
duties with the Company, which allowance shall include appropriate
insurance, and which allowance shall be reviewed by the Compensation
Committee of the Board of Directors.
2. Section 4(e) of the Agreement between the Company and the Executive
dated August 1, 1994 is hereby amended to read as follows:
Section 4(e):
"The Executive shall be entitled to reimbursement for garage parking
in New York City for one automobile, in such amount as is then
reasonably and customarily charged for monthly or annual parking in
the area of the Company's principal offices."
3. Except as hereinabove specifically modified, the Employment
Agreement between the Company and the Executive dated August 1, 1994 shall
remain in full force and effect as originally executed.
-1-
IN WITNESS WHEREOF, the parties have executed this Amendment of
Employment Agreement as of the date first written above.
ACTIVE APPAREL GROUP, INC. EXECUTIVE
By: /S/___________________ /S/_____________________
Xxxxx X. Xxxxxxxx Xxxxxx Xxxxxxxx
Vice Chairman of the Board
of Directors
Date: 8/12/96 Date: 8/20/96
