Exhibit 10.2
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AMENDMENT TO THE AGREEMENT BETWEEN
XXXXXXXX'X HOLDINGS, INC.
AND
XXXXXX XXXXX
This Amendment (this "Amendment") to the Employment Agreement (the
"Agreement") made and entered into as of January 1, 2001 between Xxxxxxxx'x
Holdings, Inc., a Delaware corporation (the "Company"), and Xxxxxx Xxxxx, an
individual residing at ____________________________________________ (the
"Executive"), is dated as of May 10, 2002. Terms not defined herein are defined
in the Agreement.
WHEREAS, the Company and the Executive wish to extend the term of the
Agreement subject to the provisions contained in this Amendment;
NOW, THEREFORE, it is agreed:
1. Section 2 of the Agreement is hereby amended to read as follows:
"2. TERM OF EMPLOYMENT. The Company agrees to employ the Executive,
and the Executive agrees to render personal services to the Company
and its Subsidiaries as Chief Operating Officer of the Company until
October 31, 2006 (the "Initial Term"), which Initial Term shall be
automatically extended for successive 12 month periods on the same
terms and conditions, unless one Party provides to the other party a
notice of non-renewal at least six (6) months prior to the expiration
of the Initial Term or any extension thereof (hereinafter, the Initial
Term, as the same may be extended, shall be referred to as the
"Term"). Executive shall not be required to hold any position or to
perform any duty or assignment materially inconsistent with those
positions or his experience and qualifications, it being agreed and
understood that the personal services to be rendered by Executive to
the Company and its Subsidiaries hereunder are of a special and unique
character."
2. Section 5 of the Agreement is hereby amended to read as follows:
"5. PERFORMANCE CASH BONUSES.
(i) With respect to each Fiscal Year ending during the Term,
Executive will be eligible to receive a cash bonus equal to a
percentage of his Base Salary upon the Company's achievement of
certain performance thresholds as determined by the Board of Directors
(the "Board of Directors").
(ii) The Board of Directors shall determine the performance
threshold and the amount of the bonus to be received for achieving
each performance threshold prior to the commencement of each fiscal
year.
(iii) If such bonus is earned with respect to any Fiscal Year,
such bonus will be paid to Executive within 30 days following receipt
by the Company of its certified consolidated financial statements for
the relevant year, but no later than 125 days after the end of the
Fiscal Year to which such bonus relates.
3. The remaining terms of the Agreement remain in full force and effect.
4. This Amendment may be executed in one or more counterparts, and all such
counterparts shall constitute one Amendment.
IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment on
the day and year first above written.
XXXXXXXX'X HOLDINGS, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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Name: Xxxxxx X. Xxxxxxxx
Title: Chief Executive Officer
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
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