EXHIBIT 10.24
THIRTEENTH AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
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THIS AGREEMENT, entered into as of the 1st day of February, 1997,
between JG INDUSTRIES, INC. ("JG"), an Illinois corporation, XXXXXXXXX'X
DEPARTMENT STORES, INC. ("Xxxxxxxxx'x"), an Illinois corporation (collectively,
the "Employer"), and XXXXXXX XXXXXXX (the "Employee").
WHEREAS, Employee has been employed by Employer in an executive
capacity pursuant to an Amended and Restated Employment Agreement dated as of
the first day of June, 1983, as amended (the "Employment Agreement"); and
WHEREAS, Employer and Employee desire to further amend the Employment
Agreement in certain respects as hereinafter stated;
ACCORDINGLY, the Employment Agreement is hereby amended and restated
in the following respect;
1. New Termination Date. The Employment Period shall terminate on
August 31, 1997.
2. Paragraph 3(a), Base Compensation, is deleted in its entirety and
the following is substituted in its place and stead:
"(a) Base Compensation. He shall receive a salary for the Employment
Period based upon an annual salary of $200,000 ("Base Compensation")
payable in monthly or more frequent installments in accordance with
Employer's remuneration policy respecting executives."
3. Annuity Contracts. The provisions respecting Annuity Contracts set
forth in paragraph 2 of the Ninth Amendment to the Employment Agreement shall be
further modified by the following amended language:
Adjustment of Annuity Contracts. Notwithstanding anything stated
to the contrary in subparagraph (i) of paragraph 20, the annuity
contracts shall in the aggregate as of the date hereof, yield a
monthly annuity of $17,167.00 for a period of ten years.
4. Effect of Amendment. All other paragraphs of the Employment
Agreement, as heretofore amended, shall remain unchanged and shall continue in
full force and effect.
IN WITNESS WHEREOF, the Employee and the Employer have executed this
Thirteenth Amendment to Amended and Restated Employment Agreement as of the date
first above written.
/s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
JG INDUSTRIES, INC.
By: /s/ Xxxxxxxx Xxxxxx
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Its: President
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XXXXXXXXX'X DEPARTMENT
STORES, INC.
By: /s/ Xxxxxx Xxxxxxxxx
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Its: Chairman
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