EXHIBIT 10.1
AMENDMENT NO. 1 TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 (this "Amendment"), dated as of January 1,
1997, amends the Employment Agreement (the "Agreement"), dated as of August
1, 1995, by and between Ultrafem, Inc., a Delaware corporation (the
"Company"), and Xxxx X. Reap (the "Employee").
W I T N E S S E T H :
WHEREAS, the Company and Employee desire to enter into this
Amendment in order to amend certain terms of the Agreement.
NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the Company and the
Employee hereby agree as follows:
1. The second sentence of Section 4.1(b) of the Agreement is hereby
deleted in its entirety and replaced with the following:
The Base Salary shall increase to an annual rate of $225,000 upon
the earlier to occur of (i) the formation of a Strategic
Alliance, as such term is defined herein, or (ii) the
introduction of the Feminine Protection Product, as such term is
defined herein, to at least five percent (5%) of the United
States or European market, and such Base Salary will be increased
to an annual rate of $250,000 when the second of such events is
achieved.
2. The increase in Base Salary provided for in this Amendment
shall be retroactively effective beginning January 1, 1997.
3. Except as specifically amended by this Amendment, all
provisions of the Agreement shall continue in full force and effect. After
the date hereof, any reference to this Agreement shall mean the Agreement as
amended hereby.
IN WITNESS WHEREOF, the parties thereto have executed this Amendment
as of the day and year first above written.
ULTRAFEM, INC.
By: /s/ Xxxx X. Xxxxxxxx
__________________________
Name: Xxxx X. Xxxxxxxx
Title: Chief Executive Officer
/s/ Xxxx X. Reap
_______________________________
XXXX X. REAP
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