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Exhibit 10.15
April 1, 1996
Xx. Xxxxxxxx Palin
Rexall Sundown, Inc.
000 Xxxxxx Xxxxx Xxxxxxx, X.X.
Xxxx Xxxxx, Xxxxxxx 00000
Dear Nick:
Reference is hereby made to the Employment Agreement (the "Agreement") dated
April 1, 1995 between Rexall Sundown, Inc. (the "Company") and Xxxxxxxx Palin
(the "Employee"). Effective the date hereof, the Company and the Employee have
agreed to amend Section 3.1 of the Agreement by deleting Section 3.1 in its
entirety and including the following provision in lieu thereof:
"3.1 Salary. In payment for the obligations to be performed by the
Employee during the Term, the Company shall pay to the Employee (subject to any
applicable payroll and/or taxes required to be withheld) annual compensation
("Annual Compensation") equal to (i) a salary of Two Hundred Seventy Five
Thousand Dollars ($275,000) in cash commencing April 1, 1996 and (ii) for each
succeeding year during the Term, a salary equal to that of the previous year
increased by the greater of (A) 5% or (B) the increase in the cost of living
based upon the Revised Consumer Price Index (1982-84=100) published by the
Bureau of Labor Statistics of the United States Department of Labor for Boca
Raton, Florida utilizing April 1995 as the base month."
If the foregoing is in accordance with our understanding, please execute the
enclosed copy of this letter and return to the undersigned.
Very truly yours,
REXALL SUNDOWN, INC.
By: /s/ Xxxx XxXxxxxx
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Xxxx XxXxxxxx,
Chairman of the Board
AGREED TO AND ACCEPTED this 1st day of April 1996.
/s/ Xxxxxxxx Palin
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Xxxxxxxx Palin
