AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 4, dated as of February 16, 2000, to the Employment
Agreement, dated as of January 3, 1995 (as previously amended by the Amendment
to Employment Agreement dated as of May 17, 1995, Amendment No. 2 to Employment
Agreement dated as of March 5, 1997, and Amendment No. 3 to Employment Agreement
dated as of July 1, 1997, the "Employment Agreement") by and among Finlay
Enterprises, Inc., a Delaware corporation, Finlay Fine Jewelry Corporation, a
Delaware corporation, and Xxxxxx X. Xxxxxx (the "Executive").
W I T N E S S E T H :
WHEREAS, the parties hereto mutually desire to amend certain provisions of
the Employment Agreement;
NOW, THEREFORE, for good and valuable consideration, the parties hereto
agree as follows:
1. The provisions of Section 4(a) and 4(d) of the Employment Agreement
shall be amended so that the following sentence is added at the end of said
paragraphs:
"Notwithstanding anything to the contrary herein contained, the Target
Level of EBITA for the 1999 Fiscal Year (i.e., the year ended January 29,
2000)and all subsequent years shall be adjusted to include only EBITA from
the Operating Company's domestic operations and shall eliminate the impact
of the disposition of assets of Societe Nouvelle d'Achat de
Bijouterie-SONAB ("Sonab"), the liquidation of the balance of the net
assets of Sonab following said disposition and the closure of the Sonab
operation."
2. Except as amended hereby, the Employment Agreement shall remain in full
force and effect, without change or modification. The Employment Agreement,
together with this Amendment No. 4, is intended by the parties as a final
expression of their agreement and understanding in respect of the subject matter
contained herein and therein. The Employment Agreement and this Amendment No. 4
supersede all prior agreements and understandings between the parties with
respect to such subject matter.
3. This instrument may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument.
4. Terms defined in the Employment Agreement and not otherwise defined
herein shall have the meanings set forth in the Employment Agreement.
IN WITNESS WHEREOF, the parties hereto have signed this Amendment No. 4 as
of the day and year first above written.
/s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx
FINLAY ENTERPRISES, INC.
By: /s/ Xxxxx Xxxxxxxx
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Name: Xxxxx Xxxxxxxx
Title: Senior Vice President
and Chief Financial Officer
FINLAY FINE JEWELRY CORPORATION
By: /s/ Xxxxx Xxxxxxxx
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Name: Xxxxx Xxxxxxxx
Title: Senior Vice President
and Chief Financial Officer
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