EXHIBIT 10.111
XXXXXXX CHAUS, INC.
000 Xxxxxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, XX 00000
Effective as of
December 1, 2003
Xx. Xxxxxxxx XxXxxxx
000 Xxxxxxx Xxxxxx
00xx Xxxxx
Xxx Xxxx, XX 00000
Dear Xx. XxXxxxx:
We have agreed to amend your employment agreement with Xxxxxxx Chaus,
Inc. (the "Company"), dated January 20, 2001 (the "Agreement"), as set forth
below. This amendment shall be effective as of the date hereof. Defined terms
shall have the meaning ascribed to them in the Agreement.
1. The caption "Term", is amended to extend the term until June 30,
2005. Xx. XxXxxxx and Xx. Xxxxxxxxx Xxxxx shall meet to review the Company's
objectives on or about the first anniversary of the date hereof.
2. It is acknowledged that the Cumulative EBITDA Target, as referred to
under the caption "Put Options" was not met.
3. The Company agrees to amend the Stock Option Agreements with respect
to the Sign-On Options and Put Options (collectively, the "Options"), to provide
that the Options shall be transferable to Xx. XxXxxxx'x children and/or
grandchildren and/or one or more trusts established for the benefit of his
children and/or grandchildren.
4. It is understood that no rights of Xx. XxXxxxx with respect to the
Options or the Put shall be exercisable after November 1, 2005, the expiration
date of the Options.
5. It is agreed that Xx. XxXxxxx may continue to serve on the Board of
Directors of each of JPS Industries, Inc. and Foot Locker, Inc.
Except as amended hereby, the Agreement shall remain in full force and
effect.
Please indicate your acceptance of the terms of this amendment of the
Agreement by your signature below. Once signed by both parties, this letter
shall be binding on both parties.
Sincerely,
XXXXXXX CHAUS, INC.
By: /s/ Xxxxxxxxx Xxxxx
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Xxxxxxxxx Xxxxx
Chief Executive Officer
Accepted and Agreed to as of the date set forth above:
/s/ Xxxxxxxx XxXxxxx
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Xxxxxxxx XxXxxxx
