Document:

Exhibit 10.14

 

	
   

  	
  

  

 

	
   

  	
  450
  WEST 33RD STREET

  
	
   

  	
  NEW
  YORK, NY 10001

  
	
   

  	
  212
  884 2000 P

  
	
   

  	
  212
  884 2396 F

  

 

NEW YORK &
COMPANY

450 West 33rd Street

New York, NY  10001

 

Mr. Sheamus Toal

 

Re:  Letter Agreement of Employment

 

Dear Sheamus:

 

This letter agreement
(this “Agreement”) sets forth the terms and conditions of your
employment, and your employment relationship, with Lerner New York, Inc.
(the “Company”).  Your execution
of this Agreement will represent your acceptance of all of the terms set forth
below.

 

1.                           Nature of Agreement and
Relationship.  This Agreement does not represent an
employment contract for any specified term. 
Your employment relationship thus will remain “at-will,” meaning that,
subject to the terms hereof, either party to this Agreement may terminate the
employment relationship at any time for any lawful reason.

 

2.                            Job Title and Duties. 
Your job
title will be Chief Financial Officer. 
You will be expected to devote all of your full time efforts to the
performance of the duties and responsibilities normally associated with this
position, including those from time-to-time that may be assigned to you by your
Supervisor, the President, the Chief Executive Officer, the Chief Operating
Officer or the Board of Directors of the Company (or the designee of any of the
foregoing).

 

3.                            Salary.  For the
12-month period ending on the last Saturday of each January (the last day
of the fiscal year), you will receive a base salary at the rate of $375,000.00  per annum (“Base Salary”), subject to the remaining
provisions of this Section.   For the
remainder of the current fiscal year starting on the date of this Agreement,
your Base Salary will be pro rated based on the number of days remaining in
such fiscal year divided by 365.  At the
Company’s sole discretion, your Base Salary may be increased or decreased based
on your performance and the performance of the business.  You will be paid in accordance with the
Company’s normal payroll policies and practices, with all applicable deductions
being withheld from your paychecks.

 

4.                            Bonus. 
You will
be eligible to participate in the Company’s then current bonus plan, in
accordance with its terms and conditions, and to receive performance-based
bonuses pursuant to any formula that may be established.  For the Company’s current fiscal year, your
bonus target for the spring bonus (relating to the Company’s results for the
first and second fiscal quarters of each fiscal year) will be 17.5% of your
Base Salary; for the fall bonus (relating to the Company’s results for the
third and fourth fiscal quarters of each fiscal year) will be 22.5%  of your Base Salary; and for the annual bonus (relating to
the Company’s results for the fiscal year) will be 10% of your Base Salary.  Any bonus will be payable in the month
following the last quarter to which that bonus relates.  All bonuses are determined at the Company’s
sole discretion, and the Company has the sole discretion to modify or terminate
any bonus plan and that plan will govern your right, if any, to a bonus payment
upon termination of your employment.

 

1

 

5.                            Stock Options and Other
Long-Term Incentives.  You will be eligible to receive awards under
stock option, restricted stock or other equity-based long-term incentive plans
established by the Company (or an Affiliate) that cover executive officers of
the Company.  The term “Affiliate”
means any corporation, partnership, limited liability company or other entity
(other than the Company) that controls or is controlled by the Company, whether
directly or indirectly, such as a parent company or subsidiary.  All equity awards described in this paragraph
are determined at the Company’s sole discretion, and the Company has the sole
discretion to modify or terminate any stock option, restricted stock or other
equity-based long-term incentive plan and that plan will govern your rights, if
any, relating to any equity award(s) you have received, or may be entitled
to receive, upon termination of your employment.

 

6.                            Employee Benefits.  You will be
entitled to participate in all employee benefits plans, practices and programs
maintained by the Company and made available to senior executives generally and
as may be in effect from time to time (the “Benefits Plans”).  Your participation in the Benefits Plans will
be on the same basis and terms as are applicable to senior executives of the
Company generally.  Benefits Plans
include, but are not limited to, savings and retirement plans, deferred compensation,
health and prescription drug benefits, disability benefits, other insurance
programs, vacation and other leave, merchandise discounts and business expense
procedures.  Plan documents setting forth
terms of certain of the Benefits Plans are available upon request, which plan
documents control all questions of interpretation concerning applicable
Benefits Plans, including your rights, if any, upon termination of your
employment.  The Benefits Plans are
subject to modification or termination by the Company at any time, at its sole
discretion, in accordance with their terms.

 

7.                            Severance.

 

7.1           Severance Pay. 
Upon your termination of employment by the Company and all Affiliates
without Cause (as defined below), but subject to your performance of all
post-employment obligations set forth in this Agreement and also subject to
your signing a release of claims in a form acceptable to the Company, you will
be entitled to receive severance pay for twelve (12) months “Severance Period” at your final Base Salary (“Severance
Pay”), beginning the first pay period following your separation date and
ending upon the earlier of:  (i) 
your receipt of 52  such payments
or (ii) your first day of employment with another employer, whichever is
earlier.  If you obtain employment at an
annual salary that is lower than your final Base Salary, you will continue to
receive the differential between the two rates of pay for the balance of the 52
weeks. This Severance Pay, which will be subject to applicable deductions
required by law, will be paid on the Company’s regular payroll dates for the
balance of the “Severance Period”  following your
termination date, as outlined above.  For
purposes of this Agreement, “Cause” means: (i) your wrongful
misappropriation of the Company’s or an Affiliate’s assets of a material value;
(ii) any physical or mental impairment that renders you incapable of
performing the essential functions of your position with reasonable
accommodations; (iii) your conviction of, or pleading “guilty” or “no
contest” to, a felony; (iv) your intentionally causing the Company or an
Affiliate to violate a material local state or federal law in any material
respect; (v) your willful refusal to comply with a significant, lawful and
proper policy, directive or decision of your supervisor or the Board in
furtherance of a legitimate business purpose or your willful refusal to perform
the duties reasonably assigned to you consistent with your functions, duties
and responsibilities, in each case, in any material respect, and only if not
remedied within thirty (30) days after receipt of written notice from the
Company; or (vi) your breach of this Agreement, in any material respect,
not remedied within thirty (30) days after receipt of written notice from the
Company.

 

2

 

7.2           Severance Pay
of Key Employee.  If on the
date of your termination of employment by the Company: (i) a distribution
of compensation to which you become entitled under this Agreement upon your
termination of employment (including but not limited to severance or other
termination benefits) would be “nonqualified deferred compensation” within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the Treasury Regulations issued thereunder, including
Proposed Regulation Section 1.409A-1(b)(9)(iii) (or any successor
provision), which describes certain separation pay arrangements that do not provide for the deferral of
compensation, and (ii) you are a “key employee”, as defined in Code Section 416(i) without
regard to paragraph (5) thereof, then such distribution shall not be made
before the date which is six months after the date of your termination of
employment (or, if earlier, your death). 
All distributions to which you otherwise would be entitled during such
period shall be made on the date which is six months after the date of your
termination of employment (or, if earlier, your death).  Any distributions thereafter owed to you
under this Agreement will be made in accordance with the Company’s normal
payroll policies and procedures.

 

8.     Application of Code Section 409A.  It is the Company’s intent that compensation
and benefits to which you are entitled under this Agreement not be treated as “nonqualified deferred
compensation” under Code Section 409A (or any regulations or other
guidance promulgated thereunder) and that any ambiguities in the construction
of this Agreement be interpreted in order to effectuate such intent.  In the event that the Company determines, in
its sole discretion, that any compensation or benefits to which you are
entitled under this Agreement could be treated as “nonqualified deferred
compensation” under Code Section 409A unless this Agreement is amended or
modified, the Company may, in its sole discretion, amend or modify this
Agreement without obtaining any additional consent from you, so long as such
amendment or modification does not materially affect the net present value of
the compensation or benefits to which you otherwise would be entitled under
this Agreement.

 

9.     Confidential Information, Intellectual Property.

 

9.1            Confidentiality. 
You agree to not disclose, distribute, publish, communicate or in any
way cause to be disclosed, distributed, published, or communicated in any way
or at any time, Confidential Information (as defined herein), or any part of
Confidential Information, to any person, firm, corporation, association, or any
other operation or entity except on behalf of the Company in performance of
your duties and responsibilities for the Company, and then only in a fashion
consistent with protecting the Confidential Information from unauthorized use
or disclosure, except as otherwise approved by the Company.  You further agree not to use or permit the
reproduction of any Confidential Information except on behalf of the Company in
your capacity as an employee of the Company. 
You agree to take all reasonable care to avoid the unauthorized
disclosure or use of any Confidential Information.  You assume responsibility for and agree to
indemnify and hold harmless the Company from and against any disclosure or use
of the Confidential Information in violation of this Agreement.

 

9.2            Confidential Information. 
For the purpose of this Agreement, “Confidential Information” shall mean
any written or unwritten information which relates to and/or is used in the
Company’s business (including, without limitation, information related to the
names, addresses, buying habits and other special information regarding past,
present and potential customers, employees and suppliers of the Company; customer
and supplier contracts and transactions or price lists of the Company and
suppliers; all agreements, files, books, logs, charts, records, studies,
reports, processes, schedules and statistical information relating to the
Company; all products, services, programs and processes sold, 

 

3

 

and all computer
software licensed or developed by the Company; data, plans and specifications
related to present and/or future development projects of the Company; financial
and/or marketing data respecting the conduct of the present or future phases of
business of the Company; computer programs, computer- and/or web-based training
programs, systems and/or software; ideas, inventions, trademarks, business
information, know-how, processes, techniques, improvements, designs, redesigns,
creations, discoveries and developments of the Company; and finances and
financial information of the Company) which the Company deems confidential and
proprietary, which is generally not known to others outside the Company, or
which gives or tends to give the Company a competitive advantage over persons
who do not possess such information or the secrecy of which is otherwise of
value to the Company in the conduct of its business regardless of when and by
whom such information was developed or acquired, and regardless of whether any
of these are described in writing, copyrightable or considered copyrightable,
patentable or considered patentable.  “Confidential
Information” shall not include general industry information or information
which is publicly available or otherwise known to those persons outside the
Company working in the area of the business of the Company or is otherwise in
the public domain without breach of this Agreement or information which you
have lawfully acquired without an obligation to maintain the information in
confidence from a source other than the Company.  “Confidential Information” specifically
includes information received by the Company from others, including the Company’s
clients, that the Company has an obligation to treat as confidential and also
includes any confidential information acquired or obtained by you while in the
employment of any of the Company’s subsidiary or affiliated companies or any
company which has been acquired by the Company.

 

9.3            Invention Ownership. 
With respect to information, inventions and discoveries developed, made
or conceived by you, either alone or with others, at any time during your
employment by the Company and whether or not within normal working hours,
arising out of such employment or pertinent to any field of business or
research in which, during such employment, the Company is engaged or (if such
is known to or ascertainable by you) is considering engaging, you agree:

 

(a)           that all such information, inventions and
discoveries, whether or not patented or patentable, shall be and remain the
sole property of the Company;

 

(b)           to disclose promptly to an authorized
representative of the Company all such information, inventions and discoveries
and all information in your possession as to possible applications and uses
thereof;

 

(c)           not to file any patent applications
relating to any such invention or discovery except with the prior consent of an
authorized representative of the Company; and

 

(d)           at the request of the Company, and
without expense or additional compensation to you, to execute such documents
and perform such other acts as the Company deems necessary, to obtain patents
on such inventions in a jurisdiction or jurisdictions designated by the
Company, and to assign to the Company or its designee such inventions and all
patent applications and patents relating thereto.

 

4

 

Both the Company and you
intend that all original works of authorship within the purview of the
copyright laws of the United States authored or created by you in the course of
your employment with the Company will be works for hire within the meaning of
such copyright laws.

 

9.4            Confidentiality of Inventions; Return of
Materials and Confidential Information.  With respect
to the information, inventions and discoveries referred to in Section 9.3,
and also with respect to all other information, whatever its nature and form
and whether obtained orally, by observation, from graphic materials, or
otherwise (except such as is generally available through publication) obtained
by you during or as a result of your employment by the Company and relating to
any product, service, process, or apparatus or to any use of any of them, or to
materials, tolerances, specifications, costs (including manufacturing costs),
prices, or to any plans of the Company, you agree:

 

(a)           to hold all such information, inventions
and discoveries in strict confidence and not to publish or otherwise disclose
any portion thereof except with the prior consent of an authorized
representative of the Company;

 

(b)           to take all reasonable precautions to
ensure that all such information, inventions, and discoveries are properly
protected from access by unauthorized persons;

 

(c)           to make no use of any such information,
invention, or discovery except as required or permitted in the performance of
your duties and responsibilities for the Company; and

 

(d)           upon termination of your employment by
the Company, or at any time upon request of the Company, to deliver to the
Company all graphic materials and all substances, models, prototypes and the
like containing or relating to Confidential Information or any such
information, invention, or discovery, all of which graphic materials and other
things shall be and remain the sole property of the Company.  The term “graphic materials” includes
letters, memoranda, reports, notes, notebooks, books of account, drawings,
prints, specifications, formulae, data printouts, microfilms, magnetic tapes
and disks and other documents and recordings, together with all copies thereof.

 

10.   Non-Solicitation. 
Regardless
of whether you are eligible to receive Severance Pay,  you
agree that, if your employment with the Company ends for any reason, you will
not, for a period of twelve (12) months following such termination of
employment, (i) directly or indirectly, either for yourself or for any
other person, business, company or entity, hire from the Company or any
Affiliate, or attempt to hire, divert or take away from the Company or any
Affiliate, any of the then current officers or employees of the Company or any
Affiliate, (ii) interfere with or harm, or attempt to interfere with or
harm, the relationship of the Company or any Affiliate with any person who at
any time was an employee, customer or supplier of the Company or any Affiliate
or otherwise had a business relationship with the Company or any Affiliate, or (iii) unless
compelled by law to do so, directly or indirectly, knowingly make any statement
or other communication that impugns or attacks the reputation or character of
the Company or any Affiliate, or damages the goodwill of the Company or any
Affiliate, or knowingly take any action, directly or indirectly, that would interfere
with any contractual or customer or supplier relationships of the Company or
any Affiliate.

 

11.   Non-Competition.  If you resign your employment, or if your employment
is terminated with Cause, for a period of twelve (12) months following such employment
termination, you may not and will not, within the United States of America,
directly or indirectly, without the prior written consent of the Company’s
chief executive officer or its Board of Directors (which may be given or
withheld in its sole discretion), own, manage, operate, join, control, be
employed by, 

 

5

 

consult with or
participate in the ownership, management, operation or control of, or be
connected with (as a stockholder, partner or otherwise) any business,
partnership, firm, company, corporation or other entity engaged in the retail
business of women’s fashion apparel, 
accessories and related products or any other product sold or intended
to be sold by the Company or an Affiliate during your employment with the
Company.  Notwithstanding the foregoing,
your beneficial ownership after your termination of employment with the
Company, either individually or as a member of a group, of not more than two percent
(2%) of the voting stock of any publicly held corporation shall not be a
violation of this provision.

 

12.   Remedies.  You acknowledge that money will not
adequately compensate the Company for the substantial damages that will arise
upon the breach of any provision of Sections 9, 10 and 11 of this Agreement and
that the Company would have no adequate remedy at law.  For this reason, any claim the Company may
make that you have breached or are threatening to breach Sections 9, 10, or 11
is not subject to mandatory arbitration under Section 15.  Instead, if you breach or threaten to breach
any provision of Sections 9, 10, or 11, the Company will be entitled, in
addition to other rights and remedies, to specific performance, injunctive
relief and other equitable relief to prevent or restrain any breach or
threatened breach of Sections 9, 10, or 11. 
The Company may obtain such relief from (i) any court of competent
jurisdiction, (ii) an arbitrator acting pursuant to Section 15
hereof,  or (iii) a combination of
the two (e.g., by simultaneously seeking arbitration under Section 15 and
a temporary injunction from a court pending the outcome of the
arbitration).  It shall be the Company’s
sole and exclusive right to elect which approach to use to vindicate its
rights.  You also agree that in the event
of a breach (or any threat of breach) the Company shall be entitled to obtain
an immediate injunction and restraining order to prevent such breach and/or
threatened breach and/or continued breach, without having to prove damages, and
to obtain all costs and expenses, including reasonable attorneys’ fees and
costs.  In addition, the existence of any
claim or cause of action by you against the Company, whether predicated on this
Agreement or otherwise, shall not constitute a defense to the enforcement by the
Company of the restrictive covenants of this Agreement.

 

13.   Acknowledgment of Reasonableness. 
You and
the Company specifically agree that the provisions of the restrictive covenants
contained in this Agreement, including the post-employment covenants regarding
non-solicitation and non-competition, are reasonable and that the Company would
not have entered into this Agreement but for the inclusion of such
covenants.  You understand that the
Company’s business is nationwide, and, therefore, a nationwide restrictive
covenant is reasonable.  If a court or
arbitrator determines that any provision of any such restrictive covenant is
unreasonable, whether in period of time, geographical area, or otherwise, you
and the Company agree that the covenant shall be interpreted and enforced to
the maximum extent which a court or arbitrator deems reasonable.  In addition, you and the Company authorize
any such court or arbitrator to reform these restrictions to the minimum extent
necessary.

 

14.   Company Property.  Upon your
termination of employment for any reason, you will promptly return to the
Company all Company-related documents and Company property within your
possession or control.

 

15.   Arbitration of Disputes.  Except as set
forth in Section 12, any dispute, claim or difference arising out of or in
relation to your employment will be settled exclusively by binding arbitration
administered by the American Arbitration Association under its National Rules for
the Resolution of Employment Disputes before a single arbitrator. The Executive
expressly understands and agrees that claims subject to arbitration under this
section include asserted violations of the Employee Retirement and Income
Security Act of 1974; the Age Discrimination in Employment Act; the Older Worker’s
Benefit Protection Act; the Americans with Disabilities Act; Title VII of the
Civil Rights Act of 1964 (as amended); the Family and Medical Leave Act; and
any law prohibiting discrimination, harassment or retaliation in employment,
whether based on federal, state or local law; any claim of breach of contract,
tort, promissory estoppel or detrimental reliance, defamation, intentional
infliction of emotional distress; or the public policy of any state, or 

 

6

 

any other federal,
state or local law. The arbitration will be held in New York, New York unless
you and the Company (each a “Party,” and jointly, the “Parties”)
mutually agree otherwise.  To the extent
permitted by law, each Party will bear its own costs and fees of the
arbitration, and other fees and expenses of the arbitrator will be borne
equally by the Parties; provided, however, that the arbitrator will be empowered to require
any one or more of the Parties to bear all or any portion of fees and expenses
of the Parties and/or the fees and expenses of the arbitrator in the event that
the arbitrator determines such Party has acted in bad faith.  The arbitrator will have the authority to
award any remedy or relief that a court of the State of New York could order or
grant.  The decision and award of the
arbitrator will be binding on all Parties. 
Either Party to the arbitration may seek to have the ruling of the
arbitrator entered in any court having jurisdiction thereof.  Each Party agrees that it will not file suit,
motion, petition or otherwise commence any legal action or proceeding for any
matter which is required to be submitted to arbitration as contemplated herein,
except in connection with the enforcement of an award rendered by an arbitrator
and except to seek the issuance of an injunction or temporary restraining order
pending a final determination by the arbitrator.

 

16.   Post-Termination Cooperation.  As is required
of you during employment, you agree that during and after employment with the
Company you will, without expense or additional compensation to you, cooperate
with the Company or any Affiliate in the following areas:

 

16.1          Cooperation With the Company. 
You agree [a] to be reasonably available to
answer questions for the Company’s (or any Affiliate’s) officers regarding any
matter, project, initiative or effort for which you were responsible while
employed by the Company and [b] to
cooperate with the Company (and with any Affiliate) during the course of all
third-party proceedings arising out of the Company’s (or any Affiliate’s)
business about which you have knowledge or information.  For purposes of this Agreement, [c] “proceedings” includes internal investigations,
administrative investigations or proceedings and lawsuits (including pre-trial
discovery and trial testimony) and [d] “cooperation”
includes [i] your  being
reasonably available for interviews, meetings, depositions, hearings and/or
trials without the need for subpoena or assurances by the Company (or any
Affiliate), [ii] providing any and all
documents in your possession that relate to the proceeding, and [iii] providing assistance in locating any and all
relevant notes and/or documents.

 

16.2          Cooperation With Media. 
You agree not to communicate with, or give statements to, any member of
the media (including print, television or radio media) relating to any matter
(including pending or threatened lawsuits or administrative investigations)
about which you have knowledge or information (other than knowledge or
information that is not Confidential Information as defined in Section 9.3)
as a result of employment with the Company. 
You also agree to notify the Chief Executive Officer or his designee
immediately after being contacted by any member of the media with respect to any
matter affected by this section.

 

17.   Entire Agreement. 
This
Agreement constitutes your entire agreement with the Company relating to the
subject mater hereof, and superseded in its entirety any and all prior
agreements, understandings or arrangements with the Company.

 

18.   Governing Law. 
All issues
and questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

19.   Survival of Provisions.  Sections 9 to
13, 15 16, 18 and 19 will survive the termination of your employment for any
reason and shall not be affected by any transfer(s) between the Company
and its Affiliate(s).

 

7

 

20.   Understandings and Representations.  You should not
sign this Agreement until you understand its terms and conditions.  Your execution of this Agreement represents
your acknowledgement that you have take all steps you believe necessary,
including consultation with financial and/or legal advisors of your choice, to
understand this Agreement.

 

 

Sincerely,

 

 

	
  By:

  	
  /s/ Richard P. Crystal

  	
   

  	
  Dated:

  	
  November 3, 2008

  
	
   

  	
  Richard P. Crystal

  	
   

  	
   

  	
   

  
	
   

  	
  Chairman &
  Chief Executive Officer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Sheamus Toal

  	
   

  	
  Dated:

  	
  November 3, 2008

  
	
   

  	
  Sheamus Toal

  	
   

  	
   

  	
   

  
	
   

  	
  Chief Financial Officer

  	
   

  	
   

  	
   

  

 

8Exhibit 10.17

 

AMENDMENT NO. 1 TO LETTER AGREEMENT
OF EMPLOYMENT

 

Amendment (this “Amendment”), made as of this December 22,
2006, by and among Lerner New York, Inc.
(the “Company”) and Leslie Goldmann (“Executive”).

 

R E C I T A L
S

 

WHEREAS, Executive is party to that certain Letter
Agreement of Employment between the Company and Executive dated April 20, 2006 (the “Agreement”).

 

WHEREAS, the Company and Executive wish to amend the
Agreement in order to clarify treatment of certain payments under the Agreement
in order to make them compliant with Section 409A of the Internal Revenue
Code of 1986, as amended.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
to the following:

 

1.                                       Amendment.

 

(a)                                  The current Section 7 of the
Agreement will be renumbered Section 7.1.

 

(b)                                 A new Section 7.2 shall be
added to the Agreement immediately following Section 7.1 as follows:

 

“Severance Pay of Key
Employee.  If on the date of your
termination of employment by the Company: (i) a distribution of
compensation to which you become entitled under this Agreement upon your
termination of employment (including but not limited to severance or other
termination benefits) would be “nonqualified deferred compensation” within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the Treasury Regulations issued thereunder, including
Proposed Regulation Section 1.409A-1(b)(9)(iii) (or any successor
provision), which describes certain separation pay arrangements that do not provide for the deferral of
compensation, and (ii) you are a “key employee”, as defined in Code Section 416(i) without
regard to paragraph (5) thereof, then such distribution shall not be made
before the date which is six months after the date of your termination of
employment (or, if earlier, your death). 
All distributions to which you otherwise would be entitled during such
period shall be made on the date which is six months after the date of your
termination of employment (or, if earlier, your death).  Any distributions thereafter owed to you
under this Agreement will be made in accordance with the Company’s normal
payroll policies and procedures.”

 

(c)                                  A new Section 8 shall be
added to the Agreement immediately following Section 7.2 as
follows:

 

“Application of Code Section 409A.  It is the Company’s intent that compensation
and benefits to which you are entitled under this Agreement not be treated as “nonqualified deferred
compensation” under Code Section 409A (or any regulations or other
guidance promulgated thereunder) and that any ambiguities in the construction
of this Agreement be interpreted in order to effectuate such intent.  In the event that the Company determines, in
its sole discretion, that any compensation or benefits to which you are
entitled under this Agreement could be treated as “nonqualified deferred
compensation” under Code Section 409A unless this Agreement is amended or
modified, the Company may, in its sole discretion, amend or modify this
Agreement without obtaining any additional consent from you, so long as such
amendment or modification does not 

 

 

materially affect the net
present value of the compensation or benefits to which you otherwise would be
entitled under this Agreement.”

 

(d)                                 All section references thereafter shall
be updated to reflect the above additions.

 

2.                                       Agreement Otherwise Unchanged. 
All other provisions of the Agreement shall remain in full force and
effect.

 

3.                                       Governing Law. All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by, and construed in accordance with, the laws of the State of New
York.

 

4.                                       Counterparts. This Amendment may be executed in
separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement.

 

5.                                       Waiver of Jury Trial. Each of the parties hereto waives any
right it may have to trial by jury in respect of any litigation based on, arising
out of, under or in connection with this Agreement or any course of conduct,
course of dealing, verbal or written statement or action of any party hereto.

 

*   *  
*   *   *

 

2

 

IN
WITNESS WHEREOF, the undersigned has executed this Amendment as of the date and
year first written above.

 

 

	
   

  	
  By:

  	
  /s/ Richard P. Crystal

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Richard P. Crystal

  
	
   

  	
  Title:

  	
  Chairman, President and
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Leslie Goldmann

  
	
   

  	
  Name:

  	
  Leslie
  Goldmann

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]