THIRD AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Exhibit 10.48
THIRD AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Third Amendment to Amended and Restated Employment Agreement (this “Third Amendment”), dated January 9, 2003 and effective as of November 3, 2002 (the
“Effective Date”), is entered into by and between St. Xxxx Knits, Inc., a California corporation (“Company”), and Xxxxx X. Xxxx, an individual (“Executive”), and amends terms of that certain Amended and Restated
Employment Agreement, dated as of July 14, 1998, as amended, between the Company and Executive (the “1998 Agreement”). In consideration of the mutual covenants and agreement set forth herein, the parties hereto agree as follows (all
capitalized terms not defined herein shall have the meanings set forth in the 1998 Agreement).
1. Section I.1 of
the 1998 Agreement shall be amended to delete the words “President” and replace it with “Co-Chief Executive Officer, Co-President and Creative Director”; provided, however, that elimination of the titles Co-President and/or
Creative Director shall not be deemed a material change in Executive’s title under Section IV.1(b)(ii).
2.
Section II.1 of the 1998 Agreement shall be amended to reflect an increase in the Base Salary from $650,000 to $750,000, as of the Effective Date.
3. Section IV.1(b)(ii) of the 1998 Agreement shall be deleted in its entirety and replaced with the following:
“(ii) a substantial alteration in the nature, status or prestige of Executive’s responsibilities or a change in Executive’s title or
reporting level from that set forth in this Agreement; provided, however, that after at Change in Control (as defined hereinafter), a change in Executive’s title or reporting level shall not be deemed Good Reason so long as Executive maintains
substantially the same duties as Executive had prior to the Change in Control;”
4. Section IV.1(b)(vi) of
the 1998 Agreement shall be deleted in its entirety.
5. Section IV.5(e) of the 1998 Agreement shall be amended to
delete the language “or 4.1(b)(vi)” and to change the reference to “1,300,000” to “1,500,000”.
6. Section IV.5(f) of the 1998 Agreement shall be deleted in its entirety.
7. Section V.1 shall
be amended to replace the notice information for Xxxxx Xxxxxxx, Esq. with the following:
“Mr. Xxx Xxxxxx
Vestar Capital Partners
0000 00xx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000”
8. All other provisions contained in Article V of the 1998 Agreement are
incorporated into this Third Amendment by this reference.
9. All other terms and conditions of the 1998 Agreement, as amended, shall remain the same.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.
| “Company” St. Xxxx Knits,
Inc., a California corporation | ||
| By: |
/s/ Xxxxx Xxxxxx | |
| Xxxxx Xxxxxxx Executive Vice President and Chief Financial Officer |
||
| “Executive” | ||
| /s/ Xxxxx X.
Xxxx | ||
| Xxxxx X. Xxxx | ||
Approved as to Content:
| /s/ Xxx Xxxxxx | ||
| Xxx Xxxxxx Chairman of the Board | ||
