EXHIBIT 10.22
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
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FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), effective as of
June 14, 1998, by and between L.S. Wholesale, Inc., a Massachusetts corporation
with its main office in St. Xxxxxx, U.S.V.I. (the "Employer"), and Xxxxxx Xxxxxx
(the "Executive"), is hereby made and entered into to amend the Employment
Agreement, made as of the 12th day of November, 1997, by and among the Employer,
Little Switzerland, Inc., a Delaware corporation with its main office in St.
Xxxxxx, U.S.V.I. ("Little Switzerland"), and the Executive (the "Original
Employment Agreement"). Except as otherwise defined herein, all capitalized
terms shall have the meanings ascribed to them in the Original Employment
Agreement.
WHEREAS, the parties hereto desire to amend the Employment Agreement.
NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. The Original Employment Agreement is hereby amended by deleting clause
(1) of Section 3(a) in its entirety and replacing it with a new clause (1) of
Section 3(a) to read as follows:
"(1) Base Salary. For each week of the Term, Employer shall pay the
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Executive a base salary at a daily rate equal to Two Hundred Fifty Dollars
($250.00); provided, however, that for any day during the Term on which the
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Executive renders services hereunder out of the main office of the Employer
located in St. Xxxxxx, the Employer shall pay the Executive a base salary
at a daily rate equal to Six Hundred Fifteen Dollars and Thirty Eight Cents
($615.38). The aggregate amount of such base salary paid or payable to the
Executive during any fiscal year of the Employer is hereinafter referred to
as the 'Base Salary.'"
2. The Original Employment Agreement is hereby amended by adding the
following sentence at the beginning of clause (2) of Section 3(a) to read as
follows:
"Within ten (10) days after the date on which Little Switzerland's Annual
Report on Form 10-K for the fiscal year ended May 30, 1998 is filed with
the Securities and Exchange Commission, the Employer shall pay to the
Executive a bonus equal to Two Thousand Dollars ($2,000.00)."
3. The Original Employment Agreement is hereby amended by deleting clause
(5) of Section 5(b) in its entirety and by deleting "; or" from clause (4) of
such Section 5(b) and replacing it with "." so that such clause (4) ends with
the word "thereof."
4. The Original Employment Agreement is hereby amended by deleting clause
(A) of Section 6(a)(i) in its entirety and replacing it with a new clause (A) to
read as follows:
"(A) the aggregate amount of Base Salary received by the Executive during
the nine (9) months prior to consummation of a Change of Control pursuant
to Section 6(c)(i), (ii), (iii), (iv) and (v) hereof"
5. In all other respects, except as modified by this Amendment, the
Original Employment Agreement shall remain in full force and effect.
6. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original and all of which shall be considered one and
the same agreement.
7. It is the parties' intention that the terms of this Amendment shall be
construed under and be governed in all respects by the laws of The Commonwealth
of Massachusetts.
IN WITNESS WHEREOF, this Amendment has been executed as a sealed instrument
by a duly authorized officer of the Employer and by the Executive, as of the
date first above written.
L.S. WHOLESALE, INC.
By: /s/ Xxxx X. Xxxxx, Xx.
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Name: Xxxx X. Xxxxx, Xx.
Title: President
/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
