Exhibit 10.2
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 (this "Amendment"), dated as of January 1,
1997, amends the Employment Agreement (the "Agreement"), dated as of November
6, 1995, by and between Ultrafem, Inc., a Delaware corporation (the
"Company"), and Xxxxx X. Xxxxx (the "Employee").
W I T N E S S E T H :
WHEREAS, the Company and Employee desire to enter into this
Amendment in order to amend certain terms of the Agreement.
NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the Company and the
Employee hereby agree as follows:
1. The second and third sentences of Section 4.1(b) of the
Agreement are hereby deleted in their entirety and replaced with the
following:
The Base Salary shall increase to an annual rate of $200,000 upon
the earlier to occur of (i) the formation of a Strategic
Alliance, as such term is defined herein, or (ii) the introduction
of the Feminine Protection Product, as such term is defined herein,
to at least five percent (5%) of the United States or European
market. The Base Salary will be increased to an annual rate of
$225,000 upon the achievement of the later of such above listed events.
2. The increase in Base Salary provided for in this Amendment
shall be retroactively effective beginning January 1, 1997.
3. Except as specifically amended by this Amendment, all
provisions of the Agreement shall continue in full force and effect. After
the date hereof, any reference to this Agreement shall mean the Agreement as
amended hereby.
IN WITNESS WHEREOF, the parties thereto have executed this Amendment
as of the day and year first above written.
ULTRAFEM, INC.
By: /s/ Xxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxxxx
Title: Chief Executive Officer
/s/ Xxxxx X. Xxxxx
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XXXXX X. XXXXX
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