EX. 10.1
The Millbrook Press Incorporated
0 Xxx Xxx Xxxxxxx Xxxx
Xxxxxxxxxx, Xxxxxxxxxxx 00000
December 13, 1996
Xx. Xxxxxxx Xxxxxx
0 Xxxx Xxxxxx Xxxxx
Xxxxxxx, Xxxxxxxxxxx 00000
Re: EMPLOYMENT AGREEMENT
Reference is made to the Employment Agreement between Xxxxxxx
Xxxxxx ("Xxxxxx") and The Millbrook Press Inc. (the "Company") dated
September 27, 1996 (the "Xxxxxx Agreement"). This letter agreement hereby
amends and supplements the Xxxxxx Agreement as follows:
1. Section 1.1 is hereby amended by deleting the words "of two years"
and inserting in lieu thereof "of three years".
2. Section 3.2 is hereby amended by (i) putting a period after "annual
salary" on line 3 and (ii) deleting the balance of the paragraph after
"annual salary" and inserting in lieu thereof
"such incentive compensation will be based on your meeting or
exceeding the annual budgeted amount of operating and net income as
a percentage of sales. The budgeted figures are those submitted by
the Company to and approved by the Board of Directors. Such
submission and approval will be completed prior to June 15th of
each year. Such incentive compensation shall be available provided
you complete each fiscal year. Neither full nor partial incentive
compensation will be paid unless your employment is continued
through that date."
"The Board at its discretion may provide additional compensation
for exceeding the budgeted goals. For the fiscal year ended
July 31, 1997, the incentive compensation will equal 10% of your base
salary on an annual basis and the goals will be based on targets
for the last seven months of the fiscal year ended July 31, 1997."
"For such period the bonus will be paid if (i) the Company's
operating loss is equal to less than negative
.59% (.0059) of the Company's net sales for the period between
January 1, 1997 and July 31, 1997; and (ii) the Company's net loss
is equal to or less than negative .15% (.0015) of the Company's net
sales for the period between January 1, 1997 and July 31, 1997."
3. Section 8.1 of the Xxxxxx Agreement shall be deleted in its
entirety and replaced with the following:
8.1 BY DEATH. Prior to the end of the Employment Term, your
employment hereunder shall be terminated in the event of your death.
If you agree with the foregoing, please so indicate by signing below and
returning a copy of this letter agreement so executed to the Company.
Very truly yours,
The Millbrook Press Inc.
/s/
----------------------------
Name: Xxxxx Xxxxxxxxx
Title: Chairman of the Board
Agreed and Acknowledged:
/s/
----------------------------
Xxxxxxx Xxxxxx
