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EXHBIT 10.14
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
BETWEEN
XXXXXX'X FURNITURE, INC.
AND
XXXXXX X. XXXXXX
This First Amendment to Employment Agreement is effective as of February
13, 1998, between Xxxxxx'x Furniture, Inc. ("KFI") and Xxxxxx X. Xxxxxx, is
entered into to amend the Employment Agreement between the parties hereto dated
as of August 26, 1996 (the "Employment Agreement"), with reference to the
following facts:
A. Xx. Xxxxxx has served as the Chairman of the Board and Chief Executive
Officer, the position of senior responsibility and authority within the
KFI Organization since his appointment pursuant to the Employment
Agreement.
B. The purpose of this Agreement is to express the terms upon which KFI and
Xx. Xxxxxx agree to extend the term of employment of Xx. Xxxxxx as
Chairman of the Board and Chief Executive Officer of KFI.
C. Xx. Xxxxxx'x services to KFI as Chief Executive are extremely valuable
to KFI and the importance of his leadership and the extraordinary
responsibilities and demands of his role in the affairs of KFI warrant
contractual arrangements of the nature herein provided.
D. Each of KFI and Xx. Xxxxxx wishes to extend the term of Xx. Xxxxxx'x
employment by KFI in his current capacity as Chairman of the Board and
Chief Executive, subject to the provisions herein.
1. Amendment to Employment Agreement. The Employment Agreement shall be and
it hereby is amended as follows:
1.1. Extension of Employment Term. Section II.C. of the Employment
Agreement is hereby amended and restated in its entirety to read
as follows:
"II.C. Term Xx. Xxxxxx is hereby employed for a period
commencing on August 26, 1996 and ending on January 28, 2001."
1.2. Other Termination. Section II.G. of the Employment Agreement is
amended to insert in the fourth line of the third paragraph
thereof, in place of the date "August 26, 1999", the date
January 29, 2001".
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2. No Other Changes. Except as specifically modified and amended hereby,
the Employment Agreement and all terms, covenants and conditions therein
shall remain in full force and effect in the form in which executed.
3. References to Employment Agreement. From and after the date hereof, any
reference in the Employment Agreement or in other materials to the
Employment Agreement and to any time from or after the date hereof shall
mean and refer to the Employment Agreement as modified and amended
hereby, unless otherwise specifically provided.
4. Entire Agreement. With respect to the matters covered herein the
Employment Agreement, as modified and amended by this Amendment,
contains the entire agreement and understanding between Xx. Xxxxxx and
KFI and supersedes all prior or and written agreements, understandings,
commitments and practices between the parties, including all prior
employment agreements, whether or not fully performed by Xx. Xxxxxx
before the effective date hereof. No amendments to this Employment
Agreement or this Amendment may be made except by a writing signed by
both parties.
5. Titles and Headings. Title and headings in this Amendment are for ease
of reference and convenience and shall not be used to affect the meaning
of any provision of this Amendment or the Employment Agreement.
IN WITNESS WHEREOF, the parties hereto have executed this First
Amendment to Employment Agreement as of the day and year first above written.
/s/ XXXXXX X. XXXXXX
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XXXXXX X XXXXXX
XXXXXX'X FURNITURE, INC.
By /s/ XXXXXX X. XXXXXXX
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Name XXXXXX X. XXXXXXX
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Title VICE CHAIRMAN OF THE BOARD 5/27/98
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