AMENDMENT 3
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT dated as of April 4, 1996 to EMPLOYMENT AGREEMENT dated
as of August 1, 1994 between DANSKIN, INC ("Employer") and XXXX XXX XXXXXXXXX
("Employee)) (the "Employment Agreement):
NOW, THEREFORE, in consideration of the premises of such Employment
Agreement and the covenants contained therein, and other good and valuable
consideration, the Employer and Employee hereby agree to amend the Employment
Agreement in the following respects:
Paragraph 1.02 of the Employment Agreement is hereby amended in its entirety so
as to read as follows:
"1.02 Position. The Employee is employed to be and serve as
President and Chief Executive Officer reportin to the Chairman of the
Board and shall serve on the Employer's Board of Directors.
Paragraph 4.04(c) of the Employment Agreement is hereby amended in its entirety
so as to read as follows:
(c) For purposes of this Agreement, a "resignation following a
change of control" occurs when, within twenty-four (24) months following a
change of control as defined herein, the Employee determines in good faith that
her business objectives and philosophy are incompatible with those of the
Employer and such incompatibility is likely to interfere with the performance of
the Employee's duties hereunder, and, within that twenty-four (24) month period,
the Employee, by written notice to the Employer, resigns her employment with the
Employer.
IN WITNESS WHEREOF, the parties have executed this Amendment _____ as of
the date first written above.
For the Employer: DANSKIN, INC.
By: _______________________________
Xxxxxx X. Xxxxxx
Chairman of the Board of Directors
Attest: ___________________________
Xxxx Xxxxxxxxx
Assistant Secretary
For the Employee ___________________________
Xxxx Xxx Xxxxxxxxx
