1
EXHIBIT 10.29.1
AMENDMENT
TO
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "AMENDMENT") is made and
entered into as of July 30, 1998 by and between Home Interiors & Gifts, Inc., a
Texas corporation (hereinafter, together with its successors, referred to as
the "COMPANY"), on the one hand, and Xxxxxxx X. Xxxxxxx (hereinafter referred
to as the "EXECUTIVE"), on the other hand. All capitalized terms used but not
otherwise defined herein shall have the meanings given such terms in that
certain Executive Employment Agreement (the "EMPLOYMENT AGREEMENT"), dated as
of June 4, 1998, between the Company and the Executive.
WITNESSETH:
WHEREAS, the Company and the Executive are parties to the Employment
Agreement; and
WHEREAS, the Company and the Executive desire to amend the Employment
Agreement in certain respects as further set forth herein.
NOW THEREFORE, in consideration of the foregoing, of the mutual
promises contained herein and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the
Executive hereby agree as follows:
1. The first sentence of Section 7(g) of the Employment Agreement
shall be amended and restated in its entirety to read as follows:
"The Company has obtained, within 45 days following the Employment
Date, the approval of this Agreement (including, without limitation,
the removal of the limitation under Section 7(a), the Tax
Reimbursement Payment and the continuation of benefits following a
termination of employment without Cause or resignation for Good
Reason within one year of a Change of Control) by a separate vote of
the Company's shareholders who own more than 75% of the total voting
power of all outstanding
2
stock of the Company (excluding for this purpose all stock
actually or constructively owned by the Executive and all
other disqualified individuals (as defined in Section 280G of
the Code) who would receive payments constituting parachute
payments if shareholder approval for purposes of Section 280G
of the Code was not obtained)."
2. This Amendment may be executed in two or more counterparts,
each of which will be deemed an original, but all of which together will
constitute one and the same document.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
2
3
IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Amendment as of the day and year first above written.
HOME INTERIORS & GIFTS, INC.
By: /s/ XXXXXX X. XXXXXX, XX.
---------------------------------------
Xxxxxx X. Xxxxxx, Xx.
Chief Executive Officer
/s/ XXXXXXX X. XXXXXXX
------------------------------------------
Xxxxxxx X. Xxxxxxx
