Exhibit 10.01
THIRD AMENDMENT TO
XXXXXX X. XXXXXXXXX EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT, dated as of the 26th day of April, 2005 (the
"Third Amendment") to the Employment Agreement, dated as of January 1, 1991, as
amended October 1, 1996 and March 1, 2003 (the "Employment Agreement") between
XXXXXX X. XXXXXXXXX ("Employee") and XXXXXXX FURNITURE COMPANY, INC., a Delaware
corporation (the "Company").
The Parties desire to amend the Employment Agreement as set forth
herein to provide for the Employee's retirement from employment with the Company
effective as of April 30, 2005.
NOW THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the Parties hereto, intending to be
legally bound, agree as follows:
1. Section 2 of the Employment Agreement is amended to add the following
at the end thereof:
Notwithstanding anything in this Agreement to the contrary, the term
of employment under this Agreement shall end on April 30, 2005, and at
the end of such term, all provisions of the Employment Agreement shall
terminate and be of no force or effect other than the obligations set
forth in Section 6(b) and 6(c) of the Employment Agreement and in
Section 2 of the Third Amendment.
2. As soon as practicable, the Company shall transfer to the Employee, at
no cost to the Employee, title to the automobile owned or leased by
the Company and currently used by the Employee. The Company also shall
pay the Employee an additional amount reasonably estimated by the
Company to be equal to any federal, state and local income or
employment taxes imposed on the Employee from (a) the transfer of the
automobile and (b) the Company's payment under this sentence.
3. This Amendment shall be governed by and construed in accordance with
the laws of the Commonwealth of Virginia without regard to conflict of
laws.
4. This Amendment may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and
the same agreement.
5. The Employment Agreement as amended hereby and this Amendment shall be
read together to constitute one agreement. The parties hereto agree
that the Employment Agreement, as amended hereby, remains in full
force and effect until its termination as provided herein.
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be
duly executed on the day and year first above written.
XXXXXXX FURNITURE COMPANY, INC.
By:/s/Xxxxxxx X. Xxxxxxxx
----------------------
Xxxxxxx X. Xxxxxxxx
Chairman, President and Chief
Executive Officer
/s/Xxxxxx X. Xxxxxxxxx
-----------------------
Xxxxxx X. Xxxxxxxxx
