Exhibit 10.14
AMENDMENT NO. 1 TO THE
AMENDED AND RESTATED
XXXXXXXXX EMPLOYMENT AGREEMENT
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AMENDMENT NO. 1, dated as of July 1, 1997, between VAN XX XXXX'X, INC., a
Delaware corporation (the "COMPANY"), and XXXXXX X. XXXXXXXXX (the "EMPLOYEE").
W I T N E S S E T H:
WHEREAS, the Company and the Employee entered into an Amended and Restated
Employment Agreement, dated as of March 1, 1997 (the "EMPLOYMENT AGREEMENT");
and
WHEREAS, the Company and the Employee desire to amend the Employment
Agreement as set forth herein:
NOW, THEREFORE, in consideration of the mutual covenants set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:
1. AMENDMENT TO BASE SALARY. Section 4(a) of the Employment Agreement is
hereby amended by deleting "$225,000" and inserting in lieu thereof "$275,000".
2. AMENDMENT TO BASE BONUS. Section 4(b) of the Employment Agreement is
hereby amended by:
(i) in Section 4(b)(i), deleting "25%" and inserting in lieu
thereof "30%";
(ii) in Section 4(b)(ii), deleting "37.5%" and inserting in lieu
thereof "45%"; and
(iii) in Section 4(b)(iii), deleting "50%" and inserting in lieu
thereof "60%".
3. EFFECTIVE DATE. The foregoing amendment shall be effective for the
periods from and after July 1, 1997.
4. REMAINING TERMS. Except as expressly amended by this Amendment No. 1,
all remaining terms of the Employment Agreement shall continue in full force and
effect.
5. COUNTERPARTS. This Amendment No. 1 may be executed in one or more
counterparts, each of which shall be an original and all of which together shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment No. 1 as of the date first written above.
VAN XX XXXX'X, INC.
By: /s/ Xxxxx X. Xxxxx
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Name: Xxxxx X. Xxxxx
Title: Executive Vice President
/s/ Xxxxxx X. Xxxxxxxxx
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XXXXXX X. XXXXXXXXX
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