[Letterhead of Del Laboratories, Inc.]
March 31, 1998
Xx. Xxxxx Xxxxxxxx
c/o Del Laboratories, Inc.
000 XXX Xxxxx
Xxxxxxxxx, Xxx Xxxx 00000
Dear Xxx:
This will confirm that your Employment Agreement, as amended, is hereby
further amended and extended as follows:
1. The term of the Agreement is hereby extended to March 31, 2001.
2. Your annual base salary shall not be less than $208,000 per year.
3. You agree that you will give Del at least one hundred twenty (120) days'
notice prior to any voluntary termination of your employment hereunder.
4. The following new paragraph 14 is hereby added to the Agreement:
Except as set forth in Paragraphs 5 and 6 of this Agreement, any claim or
controversy arising out of or relating to this Agreement, or any breach
thereof, or otherwise relating to your employment, compensation and
benefits with he Company, or the termination thereof, shall be settled by
arbitration in New York, New York in accordance with the rules established
by the American Arbitration Association; provided, however, that you and
Del agree that (i) the arbitrator shall be prohibited from disregarding,
adding to or modifying the terms of this Agreement; (ii) the arbitrator
shall be required to follow established principles of substantive law and
the law governing burdens of proof; (iii) only legally protected rights
may be enforced in arbitration; (iv) the arbitrator shall be without
authority to award punitive or exemplary damages; (v) the arbitrator shall
be an attorney licensed to practice law in New York who has experience in
similar matters; and (vi) any demand for arbitration must be filed and
served, if at all, within 180 days of the occurrence of the act or
omission complained of. Any claim or controversy not submitted to
arbitration in accordance with this Paragraph 14 shall be considered
waived and, thereafter, no arbitration panel or tribunal or court shall
have the power to rule or make any award on any such claim or controversy.
The award rendered in any arbitration proceeding held under this Agreement
shall be final and binding, and judgment upon the award
March 24, 1998
Xx. Xxxxx Xxxxxxxx
Xxxx 2
may be entered in any court having jurisdiction thereof, provided it
conforms to established principles of law and is supported by substantial
record evidence.
Please indicate your acceptance of the foregoing by singing a copy of this
letter in the space indicated below and returning it to me.
Very truly yours,
/s/ Xxx X. Xxxxxxx
Xxx X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
AGREED AND ACCEPTED:
/s/ Xxxxx Xxxxxxxx
-------------------------
Xxxxx Xxxxxxxx
[Letterhead of Del Laboratories, Inc.]
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER
July 12, 1995
Xx. Xxxxx X. Xxxxxxxx
c/o Del Laboratories, Inc.
000 Xxxxx Xxxxxx Xxxx
Xxxxxxxxxxx, XX 00000
Dear Xx. Xxxxxxxx:
This will confirm that your Employment Agreement, as amended and extended,
is further extended to March 31, 1998.
In all other respects the Employment Agreement, as amended and extended,
shall continue in full force and effect.
Please signify your agreement with the foregoing by counter-signing the
copy of this letter and returning it to me.
Very truly yours,
DEL LABORATORIES, INC.
By: /s/ Xxx X. Xxxxxxx
Xxx X. Xxxxxxx
Chairman of the Board
ACCEPTED AND AGREED:
/s/ Xxxxx X. Xxxxxxxx
------------------------------
Xxxxx X. Xxxxxxxx
