EXHIBIT 10.17.1
AMENDMENT NO. 1 TO
EMPLOYMENT SEVERANCE AGREEMENT
This Amendment No. 1 (the "Amendment") to that certain Employment Severance
Agreement (the "Employment Agreement") dated March 1, 2002 by and between Cost
Plus, Inc., a California corporation (the "Company"), and Xxxx Xxxxx (the
"Executive") is entered into this 25 day of March, 2003 by and between the
Company and the Executive.
RECITALS
WHEREAS, the parties hereto desire to amend certain provisions of the
Employment Agreement as provided herein;
NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other valuable consideration the receipt of which is
hereby acknowledged, the parties agree as follows:
1. Amendment to Sections 3(a) and 3(b). Sections 3(a) and 3(b) of the
Employment Agreement are hereby amended to read in their entirety as follows:
"3. Severance Benefits.
(a) Benefits upon Termination. Except as provided in Section 3(b), if
the Executive's employment terminates as a result of Involuntary
Termination prior to June 15, 2004 and the Executive signs a Release
of Claims, then the Company shall pay Executive's Base Compensation to
the Executive for six (6) months from the Termination Date with each
monthly installment payable on the last day of such month. Executive
shall not be entitled to receive any payments if Executive voluntarily
terminates employment other than as a result of an Involuntary
Termination.
(b) Benefits upon Termination After a Change of Control. If after a
Change of Control the Executive's employment terminates as a result of
Involuntary Termination prior to June 15, 2004 and the Executive signs
a Release of Claims, then the Company shall pay Executive's Base
Compensation to the Executive for nine (9) months from the Termination
Date with each monthly installment payable on the last day of such
month. Executive shall not be entitled to receive any payments if
Executive voluntarily terminates employment other than as a result of
an Involuntary Termination."
2. Counterparts. This Amendment may be signed in any number of
counterparts, all of which counterparts, taken together, shall constitute one
and the same instrument.
3. Governing Law. This Amendment and the rights and obligations of the
parties hereto shall be governed by, and constructed and interpreted in
accordance with, the law of the State of California.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.
COMPANY:
COST PLUS, INC.,
a California corporation
By: /s/ X. Xxxxx
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Name: Xxxxxx Xxxxx
Title: CEO
EXECUTIVE:
/s/ Xxxxxxx X. Xxxxx
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Xxxx Xxxxx
[SIGNATURE PAGE TO COST PLUS, INC./XXXXXXX XXXXX
AMENDMENT NO. 1 TO EMPLOYMENT SEVERANCE AGREEMENT]
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