EXHIBIT 10.114
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the "Agreement") by and
between GOODY'S FAMILY CLOTHING, INC., a Tennessee corporation (the "Company"),
and XXXXXX X. XXXXXX (the "Executive") dated September _____, 2005.
WITNESSETH
WHEREAS, the Company and Executive entered into an Employment Agreement
dated May 20, 1998 (the "Employment Agreement") and a First Amendment to
Employment Agreement dated January 30, 2002 (the "First Amendment").
WHEREAS, the Employment Agreement provided for the employment of Executive
as the Executive Vice President, Chief Financial Officer of the Company.
WHEREAS, the Executive's annual incentive target bonus had heretofore been
increased, by action of the Compensation Committee of the Board of Directors,
from 40% of Base Salary to 60% of Base Salary, effective as of January 31, 1999.
WHEREAS, the Executive's Base Salary had heretofore been increased, by
action of the Compensation Committee of the Board of Directors, effective as of
February 1, 2004, to $420,000.
NOW, THEREFORE, in consideration of the foregoing premises and the promises and
covenants of the parties hereto, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1. The Executive's Base Salary was increased to $460,000, effective as of
February 1, 2005.
2. Subsection 5(c) of the Employment Agreement and First Amendment is hereby
deleted in its entirety and is restated as follows:
"(c) Short Term Incentive Plan Bonus. The Company has established a "Short
Term Incentive Plan" (the "Incentive Plan") under which the Executive
shall be eligible to participate for each fiscal year he holds the
position stated in Section 2 and shall be eligible to receive an annual
incentive target bonus of not less than 60% of Base Salary based on
performance and other specific objectives adopted by the Compensation
Committee of the Board (the "Incentive Bonus")."
3. Subsection 5(g), which was added by the First Amendment, is deleted in its
entirety.
4. Capitalized terms utilized herein shall have the same meaning ascribed to
them in the Employment Agreement and First Amendment ( jointly, the
"Employment Agreement") unless expressly stated otherwise. Except as
hereinabove amended, the Employment Agreement shall be and remain in
full force and effect and the parties hereby ratify and affirm the terms,
covenants and conditions thereof.
IN WITNESS WHEREOF, the Executive has hereunto set his hand and the
Company has caused this Agreement to be executed in its name and its behalf on
September _____, 2005.
COMPANY: EXECUTIVE:
GOODY'S FAMILY CLOTHING, INC. XXXXXX X. XXXXXX
_____________________________________ By: __________________________
Xxxxxx X. Xxxxxxxxxx Xxxxxx X. Xxxxxx
Chairman and Chief Executive Officer