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EXHIBIT NO. 10.1
SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
BETWEEN
XXXXXX'X FURNITURE, INC.
AND
XXXXXX X. XXXXXX
This Second Amendment to Employment Agreement is effective as of January 28,
2001, between Xxxxxx'x Furniture, Inc. ("KFI") and Xxxxxx X. Xxxxxx, and is
entered into to amend the Employment Agreement between the parties hereto dated
as of August 26, 1996, as subsequently amended on February 13, 1998 (the
"Employment Agreement"), with reference to the following facts:
A. Xx. Xxxxxx has served as the Chairman of the Board and Chief Executive
Officer, the position of senior responsibility and authority within the KFI
Organization since his appointment pursuant to the Employment Agreement.
B. The purpose of this Agreement is to express the terms upon which KFI and
Xx. Xxxxxx agree to extend the term of employment of Xx. Xxxxxx as Chairman
of the Board and Chief Executive Officer of KFI.
C. Xx. Xxxxxx'x services to KFI as Chief Executive are extremely valuable to
KFI and the importance of his leadership and the extraordinary
responsibilities and demands of his role in the affairs of KFI warrant
contractual arrangements of the nature herein provided.
D. Each of KFI and Xx. Xxxxxx wishes to extend the term of Xx. Xxxxxx'x
employment by KFI in his current capacity as Chairman of the Board and
Chief Executive, subject to the provisions herein.
1. Amendment to Employment Agreement. The Employment Agreement shall be and it
hereby is amended as follows:
1.1. Extension of Employment Term. Section II.C. of the Employment
Agreement is hereby amended and restated in its entirety to read as
follows:
"II.C. Term. Xx. Xxxxxx is hereby employed for a period commencing on
August 26, 1996 and ending on December 31, 2001." Either party may
terminate the agreement at any time by providing the other party
ninety (90) days' prior written notice.
1.2. Other Termination. Section II.G. of the Employment Agreement is
amended to insert in the fourth line of the third paragraph thereof,
in place of the date "August 26, 1999", the date "January 1, 2002."
2. No Other Changes. Except as specifically modified and amended hereby, the
Employment Agreement and all terms, covenants and conditions therein shall
remain in full force and effect in the form in which executed.
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3. References to Employment Agreement. From and after the date hereof, any
reference in the Employment Agreement or in other materials to the
Employment Agreement and to any time from or after the date hereof shall
mean and refer to the Employment Agreement as modified and amended hereby,
unless otherwise specifically provided.
4. Entire Agreement. With respect to the matters covered herein the Employment
Agreement, as modified and amended by this Amendment, contains the entire
agreement and understanding between Xx. Xxxxxx and KFI and supersedes all
prior or and written agreements, understandings, commitments and practices
between the parties, including all prior employment agreements, whether or
not fully performed by Xx. Xxxxxx before the effective date hereof. No
amendments to this Employment Agreement or this Amendment may be made
except by a writing signed by both parties.
5. Titles and Headings. Title and headings in this Amendment are for ease of
reference and convenience and shall not be used to affect the meaning of
any provision of this Amendment or the Employment Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to
Employment Agreement as of the day and year first above written.
/s/ XXXXXX X. XXXXXX
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XXXXXX X XXXXXX
XXXXXX'X FURNITURE, INC.
By XXXXX XXXXXXXXX
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Name Xxxxx Xxxxxxxxx
Title Director, Chairman of
Compensation Comittee
