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Exhibit 10.52.1
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
(XXXXXX X. XXXXXX)
This First Amendment is made effective July 1, 1997 by and between
Value City Department Stores, Inc. ("Company") and Xxxxxx X. Xxxxxx
("Executive") to amend that certain Employment Agreement entered into effective
as of July 1, 1997, between the Company and the Executive (the "Employment
Agreement"), as follows:
1. Section 3.2.1. of the Employment Agreement is hereby amended to add
the following language at the end of such section:
The annual performance bonus shall be paid pursuant to a
Management Incentive Plan (the "Incentive Plan") and payment
of the bonus will be conditioned upon approval of the
Incentive Plan by the shareholders of the Corporation. The
Incentive Plan shall condition the payment of annual
performance bonuses based on achievement of pre-determined
performance goals set forth in writing based on objective
measurements all established by the Company's independent,
outside directors (the "Committee"). The Committee must verify
that the performance goals and other material terms are met
prior to payment. It is the intention of the parties that the
Incentive Plan be adopted and administered in a manner
sufficient to enable the Company to deduct for federal income
tax purposes the amount of any annual performance bonus.
2. Except for the modification specifically set forth herein, all the
remaining portions of the Employment Agreement shall continue in full force and
effect without change or modification.
IN WITNESS WHEREOF, the undersigned have executed this First Amendment
effective as of the day and year above stated.
VALUE CITY DEPARTMENT STORES, INC.
By:_______________________________
Xxx X. Xxxxxxxxxxxxx, Chairman
EXECUTIVE
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Xxxxxx X. Xxxxxx
