FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.2
FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS
FIRST AMENDMENT (“First Amendment”) to Employment Agreement dated as of August
16, 2007 (“Employment Agreement”) is made on the 27th day
of June, 2008 between Burlington Coat Factory Warehouse Corporation, a Delaware
corporation (hereinafter the “Company” or the “Corporation”), and Xxxx Xxxxxxxx
(“Executive”).
WHEREAS,
the Company and the Executive desire to amend the Employment Agreement on the
terms and conditions hereinafter contained;
NOW,
THEREFORE, it is agreed as follows:
1 Section
2 (b) of the Employment Agreement is hereby deleted and replaced with the
following new Section 2(b):
|
|
(b) During
the Employment Period, Executive shall serve as the Executive Vice
President and Chief Financial Officer of the Company and shall perform the
normal duties, responsibilities and functions of such an executive officer
of a company of a similar size and type and shall have such power and
authority as shall reasonably be required to enable Executive to perform
Executive’s duties hereunder, subject to the power and authority of the
Board to expand or limit such duties, responsibilities, functions, power
and authority and to overrule actions of officers of the Company in a
manner consistent with the traditional responsibilities of such
office.
|
2. Section
3(a) of the Employment Agreement is hereby deleted and replaced with the
following:
|
|
(a) Effective
retroactively to November 3, 2007 and continuing during the Employment
Period, Executive’s base salary shall be a minimum of Four Hundred Fifty
Thousand Dollars ($450,000.00) per annum (as increased or decreased in
accordance with this Agreement from time to time, the “Base Salary”),
which salary shall be payable by the Company in regular installments in
accordance with the Company’s general payroll practices (in effect from
time to time). Executive’s Base Salary will be subject to
annual review and increase or decrease (but not below the Base Salary in
effect on the date of this First Amendment) by the Board during the
Employment Period.
|
3. The
amount in Section 3(b)(ii) is hereby deleted and replaced with Two Hundred
Twelve Thousand Dollars ($212,000.00). In addition, the last two
sentences of Section 3(b) of the Employment Agreement are hereby deleted and
replaced with the following:
“…Such
bonus shall be in lieu of direct participation in the Senior Management Bonus
Plan for the first year of employment and will be payable to Executive at the
same time bonus is payable to other senior management under the Senior
Management Bonus Plan for the Company’s fiscal year ending May 31, 2008 but in
no event later than June 30, 2008. For each fiscal year thereafter,
Executive will participate in the Senior Management Bonus Plan to the same
extent as other members of senior management at a comparable level of the
Corporation and with a target bonus not less than Fifty Percent (50%) of Base
Salary paid to Executive for the fiscal year of the Company to which the bonus
relates.”
4. The
final clause of the first sentence of Section 3(h) is hereby deleted and
replaced with the following: “reasonable housing accommodations for
Executive and his family including all direct housing costs subject to the
approval of the chief executive officer; provided, however, that direct rental
costs shall not exceed $3,000.00 per month. The “Home Loss Protection
Amount” (as defined in clause (C) of Section 3(h) of the Employment Agreement is
hereby modified to be an amount not to exceed One Hundred Seventy-five Thousand
Dollars ($175,000.00).
5. The
sentence in Section 3(h) of the Employment Agreement requiring Executive to wait
until after the first anniversary of his Commencement date to seek reimbursement
pursuant to the provisions thereof is hereby deleted, and Executive shall be
entitled to seek reimbursement for amounts covered thereby at any time or, in
the alternative, request the Company to make direct payments thereof to third
parties.
6. During
the term of Executive’s employment with the Company, the Company shall provide
Executive with the use of an automobile with an approximate value of Fifty
Thousand Dollars ($50,000.00). Such automobile shall be replaced with
a new model of comparable make and model from time to time in accordance with
Company policy then in effect. The Company shall be responsible for
all costs and expenses incurred in operation, maintenance, insurance and repair
of such automobile.
7. Except
as modified hereby or inconsistent herewith, all other terms, covenants and
conditions of the Employment Agreement are hereby confirmed and
ratified.
IN
WITNESS WHEREOF, the Company and the Executive have executed this FIRST
AMENDMENT on the day and year first above written.
|
Burlington
Coat Factory Warehouse Corporation
|
|
|
By:
|
/s/
Xxxx Xxxx
|
|
Name:
|
Xxxx
Xxxx
|
|
By:
|
/s/
Xxxx Xxxxxxxx
|
|
Name:
|
Xxxx
Xxxxxxxx
|
2
