EXHIBIT 10.22
DEL LABORATORIES, INC.
000 Xxxxx Xxxxxx Xxxx
Farmingdale, NY 11735
000-000-0000
December 30, 1997
Xx. Xxxxxx X. Xxxxxxx
c/o Del Laboratories, Inc.
000 Xxxxx Xxxxxx Xxxx
Xxxxxxxxxxx, XX 00000
Dear Xxxxxx:
This will confirm that your Employment Agreement, as amended, is hereby
further amended and extended as follows:
1. The term of the Agreement is hereby extended to March 31, 2001.
2. Your annual base salary shall not be less than $250,000 per year.
3. You agree that you will give Del at least one hundred twenty (120) days'
notice prior to any voluntary termination of your employment hereunder.
4. The following new paragraph 16 is hereby added to the Agreement:
Except as set forth in Paragraphs 6 and 7 of this Agreement, any claim or
controversy arising out of or relating to this Agreement, or any breach
thereof, or otherwise relating to your employment, compensation and
benefits with the Company, or the termination thereof, shall be settled by
arbitration in New York, New York in accordance with the rules established
by the American Arbitration Association; provided, however, that you and
Del agree that (i) the arbitrator shall be prohibited from disregarding,
adding to or modifying the terms of this Agreement; (ii) the arbitrator
shall be required to follow established principles of substantive law and
the law governing burdens of proof; (iii) only legally protected rights may
be enforced in arbitration; (iv) the arbitrator shall be without authority
to award punitive or exemplary damages; (v) the arbitrator shall be an
attorney licensed to practice law in New York who has experience in similar
matters; and (vi) any demand for arbitration must be filed and served, if
at all, within 180 days of the occurrence of the act or omission complained
of. Any claim or controversy not submitted to arbitration in accordance
with this Paragraph 18 shall be considered waived and, thereafter, no
arbitration panel or tribunal or court shall have the power to rule or make
any award on any such
claim or controversy. The award rendered in any arbitration proceeding held
under this Agreement shall be final and binding, and judgment upon the
award may be entered in any court having jurisdiction thereof, provided it
conforms to established principles of law and is supported by substantial
record evidence.
Please indicate your acceptance of the foregoing by signing a copy of this
letter in the space indicated below and returning it to me.
Very truly yours,
Xxx X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
AGREED AND ACCEPTED:
-------------------------
Xxxxxx X. Xxxxxxx
