FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the
"Amendment") is made and entered into this 1st day of September,
1996, by and between XXXX STORES, INC. (the "Company") and XXXXX
X. XXXXX (the "Executive"). The Executive and the Company
previously entered into an Employment Agreement effective as of
March 1, 1996, and it is now the intention of the Executive and
the Company to amend the Agreement as set forth below.
Accordingly, the Executive and the Company now enter into this
Amendment.
I. The Executive and the Company hereby amend the
Agreement effective as of September 1, 1996, as follows:
A. Place of Performance. Paragraph 3 shall be
amended to provide that the Company's buying office shall be
located in the metropolitan New York area.
B. Termination. Paragraph 6(e) of the Agreement
is hereby amended to provide that the Executive may terminate his
employment for Good Reason (as defined therein) if the Company
requires the Executive to relocate his place of employment or
residence outside of the New York metropolitan area.
C. Arbitration. Paragraph 18 of the Agreement
is hereby amended to provide that in the event of any dispute
relating to the parties' employment relationship or the Agreement
will be resolved by binding arbitration conducted in New York
City, New York.
D. No Other Modifications. Except as modified
by this Amendment, the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have executed this
First Amendment to Employment Agreement as of the date and year
first above written.
XXXX STORES, INC. EXECUTIVE
By: /s/Xxxxxxx Xxxxx /s/Xxxxx X. Xxxxx
Xxxxxxx Xxxxx Xxxxx X. Xxxxx
