AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.3
AMENDMENT TO
EMPLOYMENT AGREEMENT
AMENDMENT is made as of August 10, 2014 by and between DESTINATION MATERNITY CORPORATION (the Company) and RONALD J. MASCIANTONIO (the Executive)
WHEREAS, the Company and the Executive are parties to an Employment Agreement dated as of July 16, 2009, as amended (the Employment Agreement); and
WHEREAS, the Compensation Committee of the Board of Directors of the Company has resolved to increase the Executives severance entitlement upon certain terminations of employment to match the entitlement of other named executive officers of the Company.
NOW, THEREFORE, in consideration of these premises and intending to be legally bound hereby, the Employment Agreement is hereby amended as follows, effective as of the date first above written:
1. Section 5.1.4 of the Agreement is hereby amended and restated, which shall read in its entirety as follows:
5.1.4. monthly severance payments equal to one-ninth of Executives Base Salary for a period equal to 9 months; and
2. Section 5.1.5 of the Agreement is hereby amended and restated, which shall read in its entirety as follows:
5.1.5. waiver of the applicable premium otherwise payable for COBRA continuation coverage for Executive (and, to the extent covered immediately prior to the date of such cessation, his eligible dependents) for a period equal to 12 months.
3. Section 5.2 of the Agreement is hereby amended and restated, which shall read in its entirety as follows:
5.2 Termination Following a Change in Control. For cessations of employment described in Section 5.1 that occur during the one year period following a Change in Control, (i) the reference in Section 5.1.4 to one-ninth of Executives Base Salary will be replaced by one-tenth of Executives Base Salary, (ii) the reference in Section 5.1.4 to 9 months will be replaced with a reference to 15 months and (iii) the reference in Section 5.1.5 to 12 months will be replaced with a reference to 18 months.
4. The Employment Agreement, as amended by the foregoing changes, is hereby ratified and confirmed in all respects.
5. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.
[Signature page follows]
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IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer and the Executive has executed this Amendment, in each case on the date first written above.
DESTINATION MATERNITY CORPORATION | ||
By: | /s/ Judd P. Tirnauer | |
Name: | Judd P. Tirnauer | |
Title: | Executive Vice President & Chief Financial Officer | |
RONALD J. MASCIANTONIO | ||
/s/ Ronald J. Masciantonio |
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