EXHIBIT 10.71
FORM OF
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is made as of
, 1997 between Merisel, Inc., a Delaware corporation (the "Company" or
"Merisel"), and Xxxxxx X. XxXxxxxxx ("Executive").
BACKGROUND
WHEREAS, the Company and Executive entered into an Employment Agreement
dated as of February 3, 1997 (the "Agreement") pursuant to which the terms and
conditions governing the Executive's employment by the Company were set forth;
and
WHEREAS, the Company and Executive desire to modify the terms of the
Agreement as set forth herein;
NOW, THEREFORE, the Company and Executive hereby agree to amend the
Agreement as set forth below.
AGREEMENT
1. Section 5.4(c) of the Agreement is hereby amended to read in its
entirety as follows:
"(c) The Company will recommend to the Company's Option Committee for
such Option Committee to cause all remaining unvested options to purchase
the Common Stock of the Company previously granted to Executive to vest
upon the date of such termination."
2. Section 5.5(c) of the Agreement is hereby amended to read in its
entirety as follows:
"(c) The Company will recommend to the Company's Option Committee for
such Option Committee to cause all remaining unvested options to purchase
the Common Stock of the Company previously granted to Executive to vest
upon the date of such termination."
3. The second paragraph of Section 5.5 of the Agreement is hereby amended to
read in its entirety as follows:
"A "Sale of the Company" shall be deemed to have occurred if (i) any
person, corporation, partnership, trust, association, enterprise or group
shall become the beneficial owner, directly or indirectly, of outstanding
capital stock of the Company of directors) of the outstanding capital stock
of the Company, or the Company stockholders of the Company transaction do
not own, immediately after such transaction, stock of the purchasing or
surviving corporation in the transaction (or of the parent corporation of
the purchasing or surviving corporation) possessing more than 50% of the
voting power (for the election of directors) of the outstanding capital
stock of that corporation, which ownership shall be measured without regard
to any stock of the purchasing, surviving or parent corporation owned by
the stockholders of the Company before the transaction, or (iii) within one
year following a transaction in which the holders of the Company's 12.5%
Senior Notes due 2004 (the "Senior Notes") exchange all or substantially
all of the Senior Notes for Common Stock of the Company, Xxxxxx X.
Xxxxxxxxxx is terminated by the Company's Board of Directors as Chief
Executive Officer of the Company or the Company breaches its employment
agreement with Xx. Xxxxxxxxxx in any material respect. It is expressly
understood that, for purposes of this Section 5.5, the holders of
indebtedness of the Company or its subsidiaries shall not be deemed to
constitute a "group" solely by virtue of their roles as debtholders or by
exercising their rights with respect thereto."
IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this
First Amendment to Employment Agreement, as of the day and year first written
above.
MERISEL, INC. XXXXXX X. XXXXXXXXX
By: _________________________________ _____________________________________
Its: ________________________________