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EXHIBIT 10.66
[SIMPLICITY PATTERN CO. INC. LETTERHEAD]
May 4, 1998
Xx. Xxxxx X. Xxxxxx
00 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Dear Xxx:
This letter will serve as Simplicity's official notification that we shall be
reinstating and extending your Employment Agreement (copy attached) dated
February 15, 1991 and renewed on February 18, 1994. When countersigned by you,
this letter will also serve as a binding agreement between us.
This new agreement will be effective as of February 15, 1998 and will expire
February 14, 2001.
For reference purposes, your current base salary is $184,140 per year.
The only changes to the attached agreement will be as follows:
1. Upon termination without cause for reasons other than death or
disability, you will receive your annual incentive compensation only
for the year in which termination occurs. You will not be eligible for
an incentive compensation award for any other year following the year
of termination.
2. The Executive Severance Policy adopted by the Board of Directors on
July 27, 1997 will continue to apply to your employment with the
company. However, for a termination without cause, you will only
receive the greater of:
(a) the benefits outlined in your employment agreement
or
(b) the benefits in the Executive Severance Policy.
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If the foregoing accurately sets forth the agreement between us, please indicate
your acceptance by signing in the space below.
Sincerely,
/s/Xxxxx X. Xxxxxx
Xxxxx X. Xxxxxx
ACCEPTED: /s/Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
cc: Board of Directors
