Amendment to Executive Employment Agreement between Destination Maternity Corporation and Ronald J. Masciantonio
This amendment updates the employment agreement between Destination Maternity Corporation and Ronald J. Masciantonio. Effective April 27, 2010, Mr. Masciantonio's title is changed to Senior Vice President & General Counsel, his annual base salary is increased to $275,000, and his target annual bonus is set at 40% of his base salary. All other terms of the original agreement remain unchanged. Both parties have agreed to these modifications by signing the amendment.
Exhibit 10.5
April 27, 2010
VIA HAND DELIVERY
Ronald J. Masciantonio
848 Jason Drive
Bensalem, PA 19020
| Re: | Executive Employment Agreement dated as of July 16, 2009 (the “Agreement”) |
by and between Destination Maternity Corporation (the “Company”) and
Ronald J. Masciantonio (“Executive” or “you”).
Dear Ron:
Reference is hereby made to the above referenced Agreement. Effective as of the date of this letter, each of the Company and you agree to the following modifications to the Agreement:
| (1) | Section 2 of the Agreement is hereby amended to provide that your title is hereby changed to “Senior Vice President & General Counsel.” |
| (2) | Section 4.1 of the Agreement is hereby amended to provide that your annual Base Salary rate is hereby increased to $275,000. |
| (3) | Section 4.2.1 of the Agreement is hereby amended to provide that the target amount of your annual bonus is hereby changed to 40% of your Base Salary. |
All terms of the Agreement, except as expressly modified by this letter agreement, are hereby acknowledged and ratified.
If you are in agreement with the terms of this letter agreement, please execute and return a fully executed copy of this letter agreement to me.
| Regards, |
| /s/ Edward M. Krell |
| Edward M. Krell |
| Chief Executive Officer |
| AGREED AND ACKNOWLEDGED: |
| /s/ Ronald J. Masciantonio |
| Ronald J. Masciantonio |
| Date: April 27, 2010 |
