Exhibit 10.20
SECOND AMENDMENT made as of the 10 day of April, 2001 to the
Employment Agreement between Golden Books Family Entertainment, Inc., a Delaware
corporation, with its principal United States office at 000 Xxxxxxx Xxx., Xxx
Xxxx, Xxx Xxxx 00000 (the "Company"), and Xxxxxx Xxxxxxx, residing at 00 Xxxx
00xx Xx., #0-X, Xxx Xxxx, Xxx Xxxx 00000 (the "Executive"), dated as of May 7,
1998, and amended as of January 27, 2000 (the "Employment Agreement").
W I T N E S S E T H:
WHEREAS, the Company and the Executive have previously entered into
the Employment Agreement; and
WHEREAS, the Company and the Executive now desire to amend the
Employment Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 5(a)(i)(B) of the Employment Agreement is amended,
effective as of the date hereof, in its entirety to read as follows:
(B) an amount equal to two and one-half times (2 1/2) (and if the
Date of Termination is on or after May 1, 2001, two (2) times;
provided, however, that in the event the Company executes an
agreement prior to May 8, 2001 which, if consummated, would result
in a Change of Control, and a Change of Control subsequently occurs
either pursuant to such agreement or otherwise, the Date of
Termination shall, for purposes of this Section 5(a)(i)(B), be
deemed to be prior to May 1, 2001) the sum of (i) the Annual Base
Salary payable to the Executive under this Agreement, at the annual
rate in effect as of the Termination Date as provided in Section
3(a), and (ii) the Target Bonus paid or payable, including any
portion thereof which was earned but deferred, for the most recently
completed fiscal year during the Employment Term, to be paid in a
lump sum within 30 days after the Date of Termination. The Executive
shall have no duty or obligation to mitigate the amounts or
obligations provided in this Section 5(a)(i), even in the event the
Executive becomes reemployed by another employer.
2. As amended by this Second Amendment, the Employment Agreement
shall remain in full force and effect.
IN WITNESS WHEREOF, the Company has caused this amendment to be
executed by its duly authorized officers and the Executive has hereunto set his
hand as of the date first above written.
XXXXXX XXXXXXX
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GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.
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