HAMPSHIRE GROUP, LIMITED
000 XXXXXXXX XXXXXXXXX
XXXXXXXX, XXXXX XXXXXXXX 00000
May 6, 1992
Xx. Xxxxxx Xxxxxxx
Estouteville Farm
Keene, Virginia 22946
Dear Xx. Xxxxxxx:
We refer to the agreement (the "Employment Agreement") dated January 28,
1991 between Hampshire Group, Limited (the "Company") and you. This will confirm
our agreement to amend the Employment Agreement as follows:
Effective as of the date on which the underwritten public offering (the
"Public Offering") of 1,300,000 shares of the Company's common stock, par value
$.10 per share, is consummated, paragraph 3(a) of the Employment Agreement shall
be deleted in its entirety and replaced with the following paragraph:
"(a) Salary. During the term of the employment se forth in Section 2
hereof, the Company shall pay the Employee a salary ("Salary") at the rate
of $20,834 per month from the date on which the underwritten public
offering of 1,300,000 shares of the Company's common stock, par value $.10
par share is, consummated through and including December 1992; $22,084 per
month during calendar year 1993; and $23,750 during calendar year 1994,
payable, in each case, in equal monthly installments. The Salary payable
for periods subsequent to calendar year 1994 shall be reviewed and
determined by the Board of Directors of the Company, but in no event shall
the Employee's salary for any such subsequent period be reduced for any
calendar year during which the Employee remains employed by the Company to
less than the amount payable to Employee during calendar year 1994."
Effective as of the date on which the Public Offering is consummated,
paragraph 3(b) of the Employment Agreement shall be deleted in its entirety and
replaced with the following paragraph:
"(b) Bonus. The Employee shall be entitled to receive an annual bonus
("Bonus") for each calendar year or any portion thereof during this
Agreement, within 15 days after the completion of the annual audit of the
Company's financial statements for such year by its independent certified
public accountant (the "CPA"), in an amount equal to six percent of the
excess of (i) the Company's net income as determined by the CPA ("Net
Income") for such year over (ii) the Company's Net Income for 1991;
provided, however, that the Bonus for calendar year 1992 shall not be less
than $100,000."
Please confirm your agreement with the foregoing by signing in the space
indicated below, returning one of the enclosed copies to us at the address set
forth above and retaining one copy for your records.
Very truly yours,
HAMPSHIRE GROUP, LIMITED
By: /s/ Xxxxxxx X. Xxxxxxx
-----------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: Vice President
Acknowledged and Agreed to:
/s/ Xxxxxx Xxxxxxx
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Xx. Xxxxxx Xxxxxxx
