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Exhibit 10.2
UNIFI MANUFACTURING, INC.
7201 W. Friendly Avenue
Greensboro, NC 27410
As of January 1, 2007
Dillon Yarn Corporation
53 East 34 th Street
Paterson, New Jersey 07514
Re: Amendment to Asset
Purchase Agreement
Ladies and Gentlemen:
Reference is hereby made to the Asset Purchase Agreement, dated
October 25, 2006 (the " Agreement "), by and between Unifi
Manufacturing, Inc. (the " Buyer ") and Dillon Yarn
Corporation (the " Seller "). Capitalized terms used
but not defined herein shall have the respective meanings ascribed
to such terms in the Agreement.
The Buyer and the Seller hereby wish to amend, modify or waive the
Agreement as follows:
1.
Transferred Employees .
(a)
The Agreement is hereby amended by deleting Section 4.1(e) of the
Agreement and replacing it in its entirety as follows:
With respect to all Transferred
Employees: (i) all wages and salaries earned (or otherwise
attributable to any date that occurs) after the date on which the
transitional employment of the Transferred Employees by the Seller
expires as set forth in, and subject to the terms of, the Sales and
Services Agreement (the " Transfer Date "), and (ii) all
Liabilities with respect to benefits and Claims incurred, accrued
or earned under any benefits plan or other compensation, retirement
or other benefit arrangement of the Buyer or its Affiliates, which
arise or are incurred after the Transfer Date;
(b)
The Agreement is hereby amended by deleting clause (ii) in Section
4.2(f) of the Agreement and replacing it in its entirety as
follows:
(ii) arising in connection with the
employment of any Transferred Employee on or prior to the Transfer
Date, subject to the terms of the Sales and Services Agreement;
(c)
The Agreement is hereby amended by deleting the first paragraph of
Section 13.7 of the Agreement and replacing it in its entirety as
follows:
The Seller shall cooperate with the
Buyer to make available for interviews the Covered Employees
previously identified by the Buyer. The Buyer shall, at least
15 days prior to the Closing, make offers of employment to all
Covered Employees (other than as previously designated by the
Buyer) on a basis consistent with this Section 13.7
. The Buyer shall provide the Seller a list of those Covered
Employees to whom offers of employment have been made, which list
shall include the nature and title of the position, salary, and
location of employment, and shall update such list within 10
Business Days after the Closing to identify those Covered Employees
accepting such employment offer and meeting the requirements of
such offer (the " Transferred
Employees "). Notwithstanding the foregoing, the
Buyer covenants and agrees to hire a sufficient number of Covered
Employees so that the Seller will not incur any liability or
obligation under WARN. Each Trans
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