EXHIBIT 10.47
AMENDMENT NO. 1 TO
EMPLOYMENT
AGREEMENT
This AMENDMENT
NO. 1 TO THE EMPLOYMENT AGREEMENT, effective as of December 18,
2008 (“Amendment No. 1”), is by and between Kara Jenny
(“Jenny”) and Bluefly, Inc. (the
“Company”).
Capitalized
terms used in this Amendment No. 1 that are not otherwise defined
herein shall have the same meaning as such terms are defined in the
Amended and Restated Employment Agreement between the Company and
Jenny, dated as of March 19, 2008 (the
“Agreement”).
WHEREAS, the
parties entered into the Agreement under which the parties agreed
upon the terms pursuant to which Jenny would provide services to
the Company as further described therein, and
WHEREAS, the
Company and Jenny desire to amend the Agreement to comply with the
final regulations issued under Section 409A of the Internal Revenue
Code of 1986, as amended.
NOW THEREFORE,
the parties hereby agree to amend the Agreement, effective as of
the date set forth above, as follows:
1. A
new sentence shall be added to the end of Section 4(a) to read as
follows:
“No bonus
will be payable under this section unless Jenny is empl
