AMENDMENT NO.1 TO EMPLOYMENT AGREEMENT
WHEREAS, R. Link Xxxxxxx ("Executive") and Oakley, Inc., a Washington
corporation (the "Company"), have previously entered into that certain
employment agreement dated January 31, 1997 (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 Employee an annual base
salary no less than at the rate of $300,000 per year, payable in equal
biweekly installments or at such other times as Employee and the
Company shall agree. Employee's base salary may be increased as
determined by the Board of Directors of the Company in its sole
discretion."
2. Performance Bonus. Section 3(b) of the Employment Agreement is
hereby amended in its entirety to read as follows:
"Bonus. Employee shall be eligible to participate in the
Company's Performance Bonus Plan. Employee's annual target bonus
under the Performance Bonus Plan shall not be less than $200,000."
3. Except as otherwise provided herein, the remaining terms of the
Employment Agreement shall remain in full force and effect.
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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R. LINK XXXXXXX
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