EXHIBIT 10.103.1
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
This First Amendment to Employment Agreement (this "AMENDMENT"), is
made and entered into as of March 13, 2003, by and between Tarrant Apparel
Group, a California corporation (the "COMPANY"), and Xxxxxxx Xxxx ("EXECUTIVE"),
and amends that certain Employment Agreement dated as of January 7, 2002 (the
"EMPLOYMENT Agreement").
NOW, THEREFORE, in consideration of the agreements and covenants set
forth herein and for other good a valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties do hereby agree as
follows:
1. DEFINED TERMS. Capitalized terms used herein and not defined herein shall
have the meanings given such terms in the Employment Agreement.
2. BASE SALARY. Section 4.a. of the Employment Agreement is hereby amended to
increase from $220,000 to $250,000 the Base Salary payable by the Company to
Executive, which change shall be retroactive to January 1, 2003.
3. ANNUAL BONUS. Section 4.b. of the Employment Agreement is hereby deleted in
its entirety, and Executive shall not be entitled to any Annual Bonus for any
period commencing on or after January 1, 2003. Employee shall continue to be
eligible to receive a discretionary bonus in such amounts as determined by the
Board, in its sole discretion, from time to time.
4. NO OTHER AMENDMENTS. Except as expressly set forth herein, all the terms of
the Employment Agreement are hereby ratified and confirmed and shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment as of the day and year first set forth above.
TARRANT APPAREL GROUP,
a California corporation
By: /S/ XXXX XXX
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Xxxx Xxx, President
/S/ XXXXXXX XXXX
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Xxxxxxx Xxxx
