AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
WHEREAS, Xxxx Xxxxxxx ("Executive") and Oakley, Inc., a Washington
corporation (the "Company"), have previously entered into that certain
employment agreement dated August 1, 1995, as amended May 26, 1996 (the
"Employment Agreement");
WHEREAS, the Employment Agreement provides for the payment to
Executive of a base salary, a minimum target bonus and certain other benefits;
and
WHEREAS, as of the date hereof Executive and the Company have agreed
to adjust the amount of Executive's base salary and minimum target bonus for the
balance of the term of the Employment Agreement.
NOW, THEREFORE, in consideration of the mutual agreements hereinafter
set forth, Executive and the Company have agreed and do hereby agree to amend
the Employment Agreement as follows, effective as of the 1st day of February,
1997:
1. Base Salary. Section 3(a) of the Employment Agreement is hereby
amended in its entirety to read as follows:
"BASE SALARY. The Company shall pay Executive an annual base
salary at the rate of $350,000 per year or such higher amount as the
Company may from time to time determine ("Base Salary"), payable in
equal biweekly installments or at such other time or times as
Executive and the Company shall agree. Except as otherwise provided
herein, the Company's obligation to pay Executive's Base Salary
under this Agreement shall cease as of the date of termination of
Executive's employment."
2. Performance Bonus. Section 3(b) of the Employment Agreement is
hereby amended in its entirety to read as follows:
"PERFORMANCE BONUS. Executive shall be entitled to participate
in the Company's Performance Bonus Plan (which is attached hereto as
Exhibit A) and to receive an annual performance bonus in accordance
with the terms thereof. Executive's minimum target bonus
under the Performance Bonus Plan shall be not less than $200,000
per year."
3. Except as otherwise provided herein, the remaining terms of the
Employment Agreement shall remain in full force and effect.
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IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer, and the Executive has hereunto signed
this Agreement, as of the date first above written.
OAKLEY, INC.
By:
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Its:
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XXXX XXXXXXX
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SPOUSAL CONSENT
The undersigned, XXXXXXX XXXXXXX, represents that she has reviewed
the attached "Amendment No. 2 to Employment Agreement" of her husband, XXXX
XXXXXXX, and hereby acknowledges the effect of and voluntarily consents to
such amendment as of the 1st day of February, 1997.
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XXXXXXX XXXXXXX
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