Exhibit 10.34
FIRST AMENDMENT made as of September 11, 2001 to the
Employment Agreement dated as of March 31, 2000 by and between U.S. Industries,
Inc., a Delaware Corporation, with its principal office at 000 Xxxx Xxxxxx
Xxxxx, Xxxxxx, Xxx Xxxxxx 00000 (the "Company") and Xxxxxx X. Xxxxx
("Executive").
WITNESSETH:
WHEREAS, the Company and Executive have previously entered
into the Employment Agreement and the Executive is currently employed as Vice
President, General Counsel and Secretary of the Company; and
WHEREAS, the Company desires to employ Executive as Senior
Vice President, General Counsel and Secretary and to make certain other
amendments to the Employment Agreement effective September 11, 2001 (the
"Effective Date").
NOW, THEREFORE, effective on the Effective Date, the parties
hereto agree as follows:
1. Section 2 of the Employment Agreement is amended by the
deletion of the first sentence of Section 2(a) in its entirety and the
substitution of the following in lieu thereof:
"Executive shall serve as Senior Vice President, General
Counsel and Secretary of the Company."
2. Section 3 of the Employment Agreement is amended by the
deletion of the first sentence in its entirety and the substitution of the
following in lieu thereof:
"During the Employment Term, the Company shall pay Executive a
base salary at the annual rate of not less than $285,000."
3. Section 4(a) of the Employment Agreement is amended by the
deletion of the words "60% of Base Salary" and the substitution of the words
"70% of Base Salary" in lieu thereof.
4. Exhibit A, Section (d)(i) of the Employment Agreement is
amended by the deletion of the words "Vice President" and the substitution of
the words "Senior Vice President" in lieu thereof.
5. THE EMPLOYMENT AGREEMENT. The Employment Agreement, as
amended herein, shall remain in full force and effect.
IN WITNESS WHEREOF, the Company has caused this Amendment to
be executed by its duly authorized officer and the Executive has hereunto set
his hand as of the date first above written.
U.S. INDUSTRIES, INC.
By:
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Xxxxxxx X. Xxxxxx
Senior Vice President-Administration
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Xxxxxx X. Xxxxx ("Executive")
