AMENDMENT 4
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT dated as of November 1, 1996 to EMPLOYMENT AGREEMENT dated
as of August 1, 1994 (the "Employment Agreement") between DANSKIN, INC.
("Employer") and XXXX XXX XXXXXXXXX ("Employee"):
NOW, THEREFORE, in consideration of the premises of such Employment
Agreement and the covenants contained therein, and other good and valuable
consideration, the Employer and Employee hereby agree to amend AMENDMENT 2 of
the Employment Agreement in the following respects:
Effective November 1, 1996, Amendment 2 shall become null and void.
Paragraph 1.02 of the Employment Agreement is hereby amended to include the
following:
Position. The Employee is employed to be and serve as the Chief Executive
Officer of the Employer, reporting to the Employer's Board of Directors,
and shall serve on the Employer's Board of Directors.
Article II of the Employment Agreement is hereby amended to include the
following:
2.01 Primary Duty. The primary duty of the Employee shall be to exercise
general power and control of all of the Employer's business affairs. The
Employee shall devote her best efforts and substantially all of her working
time and attention to the affairs of the Employer.
2.02 Other Duties. In addition to the Employee's primary duties, she shall
also perform such other work commensurate with her position that may from
time to time be assigned to her by the Board of Directors of the Employer.
Paragraph 4.02 of the Employment Agreement is hereby amended to include the
following:
vi) a lump sum payment in the amount of $62,917, representing Base
Compensation earned by the Employee under the Employment Agreement but
unpaid for the period from January 1, 1995 and October 31, 1996. This
amount shall be paid no later than the last day of the month in which
the Employee is terminated for any reason other than "for cause" or
resigns her employment following a "change in control."
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 4
as of the date first set forth above.
DANSKIN, INC.
By: /s/ Xxxxx X. Xxxx
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Name: Xxxxx X. Xxxx
Title: Vice Chairman and Secretary
/s/ Xxxx Xxx Xxxxxxxxx
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Xxxx Xxx Xxxxxxxxx
