EXHIBIT 10.12
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment to Executive Employment Agreement (the "AMENDMENT") is
entered into this 8th day of November, 2006 (the "AMENDMENT EFFECTIVE DATE"), by
and between People's Liberation, Inc. (the "COMPANY"), a Delaware corporation
and Xxxxxx Xxxxxx ("EXECUTIVE").
WHEREAS, the Company and Executive are party to that certain Executive
Employment Agreement entered into as of the 3rd day of January, 2006 (the
"EXECUTIVE EMPLOYMENT AGREEMENT");
WHEREAS, the Company and Executive desire to enter into this Amendment
pursuant to which Executive will resign from his position of Chief Operating
Officer of the Company.
NOW THEREFOR, in consideration of the mutual promises and covenants
hereinafter contained, the parties hereto agree as follows:
1. SECTION 1.1 Notwithstanding anything to the contrary in Section 1.1 of
the Agreement, effective as of the Amendment Effective Date, Executive shall no
longer serve in his capacity as Chief Operating Officer of the Company. However,
Executive shall remain employed by the Company with the title and designation of
Chief Financial Officer of the Company.
2. SECTION 1.2 Section 1.2 of the Agreement is hereby amended and restated
in its entirety to read as follows:
"Executive's duties and responsibilities shall be those normally and customarily
vested in the office of Chief Financial Officer of a corporation, subject to the
supervision, direction and control of the Chief Executive Officer of the Company
(the "CEO"). In addition, Executive's duties shall include those duties and
services for the Company and its affiliates as the CEO or the Board of Directors
of the Company (the "BOARD") shall from time to time reasonably direct.
Executive shall report directly to the CEO."
3. SECTION 3.4 Notwithstanding anything to the contrary in Section 3.4 of
the Agreement, the Option granted to Executive shall remain exercisable by
Executive for a period of one (1) year following termination of Executive's
service with the Company for any reason other than for death, disability or
cause.
4. NO OTHER AMENDMENTS. Except as amended hereby, the Executive Employment
Agreement shall remain in full force and effect and unmodified.
5. CHOICE OF LAW. This Amendment is governed by and will be interpreted
according to the laws of California, except for any conflicts of law rules. The
parties hereby submit to the exclusive jurisdiction of the state and federal
courts sitting in the County of Los Angeles, California.
6. ENTIRE AGREEMENT. The Executive Employment Agreement, as amended by
this Amendment, constitutes the entire agreement between the Company and
Executive as to the subject matter thereof and may not be altered or amended
except by written agreement signed by the Company and Executive.
7. COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
Effective Date of the Amendment written above.
PEOPLE'S LIBERATION, INC.
By: /s/ Xxxxxx Xxxx
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Xxxxxx Xxxx, CEO
EXECUTIVE
By: /s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
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