Exhibit 10.2(e)(i)
AMENDMENT NO. 1
TO
EMPLOYMENT
AGREEMENT
AMENDMENT (“Amendment”) made as of this 7th
day of November, 2008 to the employment agreement dated as of
February 28, 2006, as amended (the “Employment
Agreement”), among Finlay Fine Jewelry Corporation, a
Delaware Corporation (the “Company”), and Bruce E.
Zurlnick (the “Executive”).
WHEREAS , the Company and the Executive have previously
entered into the Employment Agreement; and
WHEREAS , the Company and the Executive desire to amend
the Employment Agreement.
NOW, THEREFORE , effective as of November 7, 2008, the
Employment Agreement is hereby amended as follows:
1. Section
2 of the Employment Agreement is hereby amended to insert a new
sentence at the end thereof to read as follows:
“Any
reimbursements made pursuant to this Section 5 shall be subject to
Section 8(d) hereof.”
2. Sections
4(a) and (b) of the Employment Agreement are amended in their
entirety to read as follows:
“4(a) If the Company terminates
your employment at any time for any reason other than “good
cause” or pursuant to section 4(b) below, subject to the
following sentence, you shall be entitled to receive, as severance
pay, in a lump sum, an amount equal to the greater of (i) your Base
Salary at your then current rate up to an including February 28,
2009 or (ii) one year’s Base Salary at your then current rate
plus one year’s bonus calculated by averaging the Annual
Bonus amounts paid or payable to your over the course of the prior
three fiscal years. The foregoing payment shall be made
within sixty (60) days following such termination, provided that
you have executed and delivered a release and waiver of all claims
against the Company relating to employment in a form satisfactory
to the Company (the “Release”), and such Release is no
longer subject to revocation, if applicable, within such sixty (60)
day period.
(b) In the event your employment is
terminated by reason of your death, Total Disability, by you
voluntarily or by the Company with or without “good
cause,” you shall receive (i) any accrued but unpaid salary
for services rendered through and including the date of your death,
payable in accordance with the Company’s normal payroll
practices, (ii) any accrued but unpaid expenses, payable in
accordance with the Company’s policy, subject to Section
8(b), and (iii) any benefits to which you may be entitled pursuant
to the Company’s employee benefits plans then in
effect.”
