Exhibit 10.14
AMENDMENT TO
EMPLOYMENT AGREEMENT
This Amendment (this "Amendment") to that certain Employment Agreement (the
"Agreement") dated August 17, 2000 between Saucony, Inc., a Massachusetts
corporation (the "Company"), and Xxxx X. Xxxxxx (the "Employee") is entered into
this 31st day of July, 2003 between the Company and the Employee pursuant to
Section 11 of the Agreement.
Each of the Company and the Employee desire to amend the Agreement as
provided for in this Amendment. In consideration of the foregoing, the mutual
covenants and promises contained in this Amendment, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
each of the Company and the Employee agrees as follows:
1. Section 3.4 of the Agreement is, effective as of July 30, 2002, hereby
amended and restated in its entirety as follows:
3.4 Life Insurance Payment. During the Employment Period, the Company
shall make a cash payment to the Employee each year in an amount equal
to no less than $18,500 (the "Life Insurance Payment"). After taking
into account applicable income taxes on the Life Insurance Payment,
the Employee shall use the Life Insurance Payment to obtain so-called
whole life insurance coverage on the life of the Employee on such
terms and from an insurer as are acceptable to the Board and the
Employee, with the beneficiary of such life insurance to be selected
by the Employee. The amount of the Life Insurance Payment shall be
increased to the extent an increase is necessary to enable the
Employee to obtain whole life insurance with a death benefit of not
less than three times the Base Salary as in effect from time to time.
The Company shall pay to the Employee the Life Insurance Payment at
such time as the Employee may reasonably request.
2. Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to them in the Agreement.
3. Except to the extent amended by this Amendment, the Agreement is, in all
respects, hereby ratified and confirmed and shall continue in full force
and effect.
* * * * *
IN WITNESS WHEREOF, each of the Company and the Employee has executed this
Amendment as of the day and year set forth above.
COMPANY:
SAUCONY, INC.
By: /s/ Xxxxxxx Xxxxx
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Xxxxxxx Xxxxx
Chief Operating Officer,
Executive Vice President,
Finance and Chief Financial Officer
EMPLOYEE:
/s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
