Exhibit 10.17.1
AMENDMENT NO. 1 TO
EMPLOYMENT SEVERANCE AGREEMENT
This Amendment No. 1 (the "Amendment") to that certain Employment
Severance Agreement (the "Employment Agreement") dated August 29, 2001 by and
between Cost Plus, Inc., a California corporation (the "Company"), and Xxxx
Xxxxxxxx (the "Executive") is entered into this 1st day of March, 2002 by and
between the Company and the Executive.
RECITALS
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WHEREAS, the parties hereto desire to amend certain provisions of the
Employment Agreement as provided herein;
NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein, and for other valuable consideration the receipt of which is
hereby acknowledged, the parties agree as follows:
1. Amendment to Sections 3(a) and 3(b). Sections 3(a) and 3(b) of the
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Employment Agreement are hereby amended to read in their entirety as follows:
"3. Severance Benefits.
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(a) Benefits upon Termination. Except as provided in
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Section 3(b), if the Executive's employment terminates as a
result of Involuntary Termination prior to June 15, 2003 and
the Executive signs a Release of Claims, then the Company
shall pay Executive's Base Compensation to the Executive for
nine (9) months from the Termination Date with each monthly
installment payable on the last day of such month. Executive
shall not be entitled to receive any payments if Executive
voluntarily terminates employment other than as a result of
an Involuntary Termination.
(b) Benefits upon Termination After a Change of
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Control. If after a Change of Control the Executive's
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employment terminates as a result of Involuntary Termination
prior to June 15, 2003 and the Executive signs a Release of
Claims, then the Company shall pay Executive's Base
Compensation to the Executive for twelve (12) months from
the Termination Date with each monthly installment payable
on the last day of such month. Executive shall not be
entitled to receive any payments if Executive voluntarily
terminates employment other than as a result of an
Involuntary Termination."
2. Counterparts. This Amendment may be signed in any number of
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counterparts, all of which counterparts, taken together, shall constitute one
and the same instrument.
3. Governing Law. This Amendment and the rights and obligations of the
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parties hereto shall be governed by, and constructed and interpreted in
accordance with, the law of the State of California.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.
COMPANY:
COST PLUS, INC.,
a California corporation
By: /s/ Xxxxxx Xxxxx
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Name: Xxxxxx Xxxxx
Title: Chief Executive Officer and President
EXECUTIVE:
/s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx
[SIGNATURE PAGE TO
COST PLUS, INC./XXXX XXXXXXXX
AMENDMENT NO. 1 TO EMPLOYMENT SEVERANCE AGREEMENT]
