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EXHIBIT 10.1
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May 18, 1999
Xx. Xxxxx X. Xxxx
Senior Vice President,
Human Resources
Xxxxxx Greetings, Inc.
0000 Xxxxxxx Xxxx
Xxxxxxxxxx, XX 00000
Dear Xxxxx:
The Company appreciates your past contributions and, in order to assure itself
of your continued services, desires to make the following amendment to your May
13, 1997 Employment Agreement ("Agreement").
The first numbered paragraph of the Agreement shall be changed to read in its
entirety as follows:
1. You will continue to serve the Company on a full-time basis as a senior
executive employee, and the Company will employ you as such. This
Agreement will extend indefinitely until terminated by the Company, or
by you upon thirty days' advance written notice to the Company. In the
event that this Agreement and your employment are terminated by the
Company other than for cause, you will be entitled to receive in a lump
sum from the Company an amount equal to your base salary for a period
of two years. Said lump sum shall be in lieu of all other monies or
benefits provided under this Agreement, and in lieu of severance pay
pursuant to Company policy, provided, however, that the Company shall
reimburse you the cost of continuing medical insurance pursuant to
COBRA following any such termination. This agreement will at all times
remain subject to earlier termination for cause.
Other than as modified herein, the Agreement shall remain unchanged and shall
continue to be binding and in full force and effect.
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Xx. Xxxxx X. Xxxx
May 18, 1999
Page 2
To indicate your acceptance of and willingness to be bound by this Amendment to
the Agreement, please sign and return one duplicate original of this letter.
Sincerely,
XXXXXX GREETINGS, INC.
By: /s/ Xxxxx X. X'Xxxxxxx
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Xxxxx X. X'Xxxxxxx,
President and
Chief Executive Officer
Date: 5/18/99
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ACCEPTED AND AGREED TO:
/s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx
Date: 5/18/99
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