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EXHIBIT 10.114
FIRST AMENDMENT OF AGREEMENT
This First Amendment of Agreement made this 5th day of June, 1997, by and
between XXXX XXXXXX AND COMPANY, INC., a New Jersey corporation having its
principal place of business at 000 Xxxxx Xxxxx, Xxxxxxx, Xxx Xxxxxx 00000 (the
"Company") and X. XXXXX XXXXX, residing at 00 Xxxxxxxxx Xxxx Xxxx, Xxxxx Xxxxxx
Xxxxx, Xxx Xxxxxx 00000 (the "Executive").
W I T N E S S E T H:
WHEREAS, Company and Executive entered into a certain Employment Agreement
dated December 17, 1996, a copy of which is attached hereto; and
WHEREAS, the Executive and Company have agreed to amend the Agreement
dated December 17, 1996, the Agreement as amended hereinafter referred to as
"the Agreement."
NOW, THEREFORE, the parties agree, as follows:
1. Paragraph 1 shall be amended, as follows:
"This Agreement shall be effective from December 12, 1996 until
January 31, 1999, on the terms and conditions set forth herein."
2. Paragraph 2 appearing on the second page of the Agreement shall be
amended to read, as follows:
For the year 1996, the Executive will receive the Executive Incentive Plan
Bonus and any performance bonus if payable, and to participate in the
Company's profit-sharing/Section 401(k) plan for 1996 and Xxxx Xxxxxx and
Company, Inc. 1994 Stock Option and Restricted Stock Plan. For year 1997,
the Executive will have the right to participate in the Company's
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Super Management Incentive Plan Bonus and profit sharing/Section 401 K Plan
for 1997 and any stock option plan in effect for the year 1997 applicable
to the Executive, excluding, however, the right to receive restricted
stock. If the Company pays a performance bonus to executives and/or a
Christmas bonus to all employees of the Company, then, the Executive will
have the right to participate as to such performance and/or such Christmas
bonus. The Executive has requested a reduction in his total compensation so
as to reflect additional time to be taken by the Executive for vacation in
excess of vacation time historically taken in the past by the Executive.
3. Paragraphs 3, 5, 7, 9 and 10 of the Agreement shall be amended to
provide that whenever the date "June 30, 1997" appears, said date shall be
omitted and substituted with "January 31, 1998", and whenever the date "June 30,
1998" appears, that date shall be omitted and substituted with "January 31,
1999".
4. Paragraph 12 shall be amended by a change to subparagraph (iii) and
adding subparagraph (iv) to subpart (c) of paragraph 12 to read, as follows:
"(iii) breach by the Executive of any of the provisions of Paragraph 14 of
this Agreement; or
(iv) Executive resigns from his position as President."
5. Paragraph 7 shall be amended to provide that the automobile allowance
shall be changed from $5,000.00 to $10,833.00.
6. Except as otherwise set forth above, the parties ratify and confirm the
terms and conditions of the Agreement as amended by this first amendment.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
WITNESS:
/s/ Xxx Xxxxxxx /s/ X. Xxxxx Xxxxx
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X. XXXXX XXXXX
XXXX BERRIE AND COMPANY, INC.
By: /s/ Xxxxxxx Xxxxxx
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XXXXXXX XXXXXX
Chairman of the Board
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