{"id":40746,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/waiver-of-certain-payments-tommy-hilfiger-usa-inc-and-joel-j.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"waiver-of-certain-payments-tommy-hilfiger-usa-inc-and-joel-j","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/waiver-of-certain-payments-tommy-hilfiger-usa-inc-and-joel-j.html","title":{"rendered":"Waiver of Certain Payments &#8211; Tommy Hilfiger USA Inc. and Joel J. Horowitz"},"content":{"rendered":"<pre>\n                           WAIVER OF CERTAIN PAYMENTS\n\n\n     WHEREAS, pursuant to the Tommy Hilfiger U.S.A., Inc. (\"THUSA\") Supplemental\nExecutive Incentive Compensation Plan (the \"Plan\"), I am entitled to be awarded\nin each fiscal year an amount equal to 5 percent of the Operating Earnings (as\ndefined in the Plan) of Tommy Hilfiger Corporation, a British Virgin Islands\ncorporation (\"Parent\"), and its subsidiaries, less any bonus payments paid or\npayable to me under any employment agreement or bonus payment agreement between\nme and Parent or THUSA;\n\n     WHEREAS, Parent, Tommy Hilfiger (Eastern Hemisphere) Limited, a British\nVirgin Islands corporation and a wholly owned subsidiary of Parent, and TH\nEurope Holdings Limited, a British Virgin Islands corporation, have entered into\na Stock Purchase Agreement dated as of June 29, 2001 (the \"Stock Purchase\nAgreement\"), pursuant to which T.H. International N.V., a corporation organized\nunder the laws of the Netherlands Antilles (the \"European Company\") will become\nan indirect wholly-owned subsidiary of Parent (the \"Acquisition\"); and\n\n     WHEREAS, I have agreed with THUSA to waive any increase in my award that\nwould arise as a result of consolidating the results of operations of the\nEuropean Company following the Acquisition, so that if Operating Earnings of\nParent and its subsidiaries determined without consolidating the results of\noperations of the European Company and its consolidated subsidiaries\n(\"Unconsolidated Operating Earnings\") would be less than the consolidated\nOperating Earnings of Parent and its subsidiaries, my award for purposes of the\nPlan shall be based upon such lesser Unconsolidated Operating Earnings;\n\n     NOW, THEREFORE, in consideration of THUSA's payment to me of $1.00 and\nother good and valuable consideration:\n\n     1. I do hereby agree that if Unconsolidated Operating Earnings for any \nfiscal year would be less than the consolidated Operating Earnings of Parent and\nits subsidiaries, I waive my rights to have the excess of Operating Earnings\nover the Unconsolidated Operating Earnings be taken into account in computing my\naward under the Plan. To implement the foregoing waiver, I agree that for\npurposes of calculating the first three quarterly payments in any fiscal year\nunder Paragraph (B) of Article V of the Plan, it shall be assumed that\nUnconsolidated Operating Earnings will be greater than Operating Earnings for\nsuch fiscal year (and therefore the first three quarterly payments in any fiscal\nyear will be calculated based upon Unconsolidated Operating Earnings));\nprovided, however, that if, following the completion of the audited financial\nstatements of the European Company for such fiscal year, Unconsolidated\nOperating Earnings were greater than Operating Earnings, the waiver shall not\napply and Operating Earnings for such fiscal year shall be used for purposes of\ndetermining the final award under the Plan for such fiscal year (less amounts\npreviously paid for the first three quarters of such fiscal year). \n\n     2. This waiver shall be construed and governed in all respects under the \nlaws of the State of New York.\n\n\n\n\n\n     3. Notwithstanding any of the foregoing provisions of this waiver, this\nwaiver shall terminate and be null and void AB INITIO immediately upon the\ntermination of the Stock Purchase Agreement before consummation of the\nAcquisition.\n\n\n\n                                    \/s\/ Joel J. Horowitz\n                                    -------------------------\n                                    Joel J. Horowitz\n                                    Date:  June 29, 2001\n\n\nACCEPTED AND AGREED:\n\nTOMMY HILFIGER USA, INC.\n\n\n\nBy: \/s\/ Joel H. Newman\n    ------------------------\n    Name:  Joel H. Newman\n    Title: President - Finance and Administration\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7775],"corporate_contracts_industries":[9396],"corporate_contracts_types":[9539,9544],"class_list":["post-40746","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-hilfiger-tommy-corp","corporate_contracts_industries-consumer__clothing","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40746"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40746"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40746"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}