EXHIBIT 10.13
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
AMENDMENT NO. 1, dated as of September 1, 1998, to the Employment Agreement
between Golden Books Publishing Company, Inc. (The "Company") and Xxxxxxx
Xxxxxxx ("Xxxxxxx").
WHEREAS, the Company and Xxxxxxx entered into an Employment Agreement,
dated as of July 28, 1997 (the "Employment Agreement"); and
WHEREAS, the Company and Xxxxxxx now desire to enter into this Amendment to
amend the Employment Agreement upon the terms, and subject to the conditions,
set forth herein;
NOW, THEREFORE, based on the above premises and in consideration of the
mutual covenants and agreements contained herein, the parties agree as follows:
1. TITLE. Section (a) of the Agreement shall be amended to provide that
effective June 8, 1998, Collin's new title was changed to Chief Operating
Officer.
2. COMPENSATION. Section (a) of the Employment Agreement shall be amended
to provide that effective February 9, 1998, Annual Base Salary was raised to
$300,000.
3. OBLIGATIONS OF THE COMPANY UPON TERMINATION. The first sentence of
section 5 (a)(i) of the Agreement shall be amended in its entirety to read as
follows: "The Executive shall (a) continue to receive his Annual Base Salary for
the longer of (i) two years or (ii) the balance of the term of this Agreement
(the "Continuation Period") and (b) receive a payment, no later than 30 days
following the Date of Termination, equal to any compensation previously deferred
by the Executive (together with any accrued interest or earnings thereon) and
any accrued vacation pay, in each case to the extent not theretofore paid."
4. Except as set forth herein, all terms and provisions of the Employment
Agreement are continued in full force and effect and shall remain unaffected and
unchanged except as specifically amended hereby.
IN WITNESS WHEREOF, Xxxxxxx has hereunder set his hand and the Company has
caused this Amendment to be executed in its name on its behalf, all as of the
date first set forth above.
GOLDEN BOOKS PUBLISHING COMPANY, INC.
By: __________________________________
Xxxxxxx Xxxxx
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Xxxxxxx Xxxxxxx
