EXHIBIT 10.7.3
SECOND AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This Second Amendment to Executive Employment Agreement is entered into this
9th day of October 1997 by and between Universal International Inc. a
Minnesota Corporation (the "Company") and Xxxxxx Xxxxxx, a resident of
Minnesota ("Ravich").
The Company desires to amend the Employment Agreement entered into October
26, 1992 as amended by a First Amendment to Executive Employment Agreement
dated January 10, 1995, by and between the Company and Ravich as follows:
1. Section 2. Term: shall be deleted and the following added in lieu thereof:
"The term of this Agreement shall run until December 31, 1998, unless
Ravich terminates this Agreement for any reason with at least thirty (30)
days notice to the Company".
2. Section 4. Compensation: shall be deleted in its entirety and the
following added in lieu thereof.
x. Xxxxxx shall receive an annual base salary of Sixty Thousand Dollars
($60,000) for services rendered from October 4, 1997 through October
4, 1998. For the period thereafter, Ravich's annual base salary shall
be determined by the Company's board of directors but shall not be
less than 1997's revised level.
b. For each fiscal year during the term of this Agreement Ravich shall be
entitled to a bonus as determined by the Company's board of directors.
x. Xxxxxx shall be granted a new Non-qualified Stock Option to purchase
75,000 shares of common stock in return for accepting the above salary
reduction. The purchase price for the stock shall be market or $1.00
per share whichever is higher and expire in 5 years and shall be fully
vested when issued.
x. Xxxxxx'x current 75,000 options which are fully vested shall be
immediately amended to provide that they shall not expire until March
31, 2001.
3. Section 8. Change in Control of Company: shall be amended by adding the
following new paragraph to the section:
"I the event a change in control of the Company occurs (over 40% stock
ownership to one investor or group of investors) and if Ravich is
terminated or leaves the Company, Ravich shall receive nine months annual
base pay plus health benefits as severance."
4. Miscellaneous
a. Headings: the identifying heading at the beginning of each section is
for the purpose of construction or interpretation of any part of this
Agreement.
b. Applicable Law. This Agreement shall be governed by the laws of the
State of Minnesota.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as the date
first above written.
Universal International Inc.
By./s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
Its: Chairman
/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
