Exhibit 10.22
[Del Labs letterhead]
December 30, 1997
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C/o Del Laboratories, Inc.
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Dear ▇▇▇▇▇▇:
This will confirm that your Employment Agreement, as amended, is hereby further
amended and extended as follows:
1. The term of the Agreement is hereby extended to March 31, 2001.
2. Your annual base salary shall not be less than $250,000 per year.
3. You agree that you will give Del at least one hundred twenty (120) days'
notice prior to any voluntary termination of your employment hereunder.
4. The following new paragraph 16 is hereby added to the Agreement:
Except as set forth in Paragraphs 6 and 7 to this Agreement, any claim
or controversy arising out of or relating to this Agreement, or any
breach thereof, or otherwise relating to your employment, compensation
and benefits with the Company, or the termination thereof, shall be
settled by arbitration in New York, New York in accordance with the rules
established by the American Arbitration Association; provided, however,
that you and Del agree that (i) the arbitrator shall be prohibited from
disregarding, adding to or modifying the terms of this Agreement; (ii)
the arbitrator shall be required to follow established principles of
substantive law and the law governing burdens of proof; (iii) only
legally protected rights may be enforced in arbitration; (iv) the
arbitrator shall be without authority to award punitive or exemplary
damages; (v) the arbitrator shall be an attorney licensed to practice law
in New York who has experience in similar matters; and (vi) any demand
for arbitration must be filed and served, if at all, within 180 days of
the occurrence of the act or omission complained of. Any claim or
controversy not submitted to arbitration in accordance with this
Paragraph 18 shall be considered waived and, thereafter, no arbitration
panel or tribunal or court shall have the power to rule or make any award
on any such claim or controversy. The award rendered in any
arbitration proceeding held under this Agreement shall be final and
binding, and judgment upon the award may be entered in any court having
jurisdiction thereof, provided it conforms to established principles of
law and is supported by substantial record evidence.
Please indicate your acceptance of the foregoing by signing a copy of
this letter in the space indicated below and returning it to me.
Very truly yours,
/s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇
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Chairman of the Board, President
And Chief Executive Officer
AGREED AND ACCEPTED:
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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