{"id":40747,"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-thomas.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"waiver-of-certain-payments-tommy-hilfiger-usa-inc-and-thomas","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/waiver-of-certain-payments-tommy-hilfiger-usa-inc-and-thomas.html","title":{"rendered":"Waiver of Certain Payments &#8211; Tommy Hilfiger USA Inc. and Thomas J. Hilfiger"},"content":{"rendered":"<pre>\n                           WAIVER OF CERTAIN PAYMENTS\n\n\n     WHEREAS, Tommy Hilfiger U.S.A., Inc. (\"THUSA\") and I are parties to the\nAmended and Restated Hilfiger Employment Agreement dated as of June 30, 1992\n(the \"Employment Agreement\"); and\n\n     WHEREAS, Sections 4(a) and 4(c) of the Employment Agreement provide for\ncertain compensation based in whole or in part upon \"Net Sales\" as defined in\nthe Employment Agreement (the \"Compensation\"); and\n\n     WHEREAS, Tommy Hilfiger Corporation, a British Virgin Islands corporation\nand the parent of THUSA (\"Parent\"), Tommy Hilfiger (Eastern Hemisphere) Limited,\na British Virgin Islands corporation and a wholly owned subsidiary of Parent,\nand TH Europe Holdings Limited, a British Virgin Islands corporation, have\nentered into a Stock Purchase Agreement dated as of June 29, 2001 (the \"Stock\nPurchase Agreement\"), pursuant to which T.H. International N.V., a corporation\norganized under the laws of the Netherlands Antilles (the \"European Company\")\nwill become an indirect wholly-owned subsidiary of Parent (the \"Acquisition\");\nand\n\n     WHEREAS, for the avoidance of doubt, I have agreed with THUSA that \"Net\nSales\" for purposes of the Employment Agreement shall not take into account any\namounts invoiced in respect of goods shipped by or on behalf of the European\nCompany or its subsidiaries or returns, allowances, bad debts or trade discounts\nin respect thereof (the \"European Sales\");\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 European Sales shall not be taken into account in\ncomputing \"Net Sales\" under the Employment Agreement.\n\n     2. This waiver shall be construed and governed in all respects under the\nlaws of the State of New York.\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\/ Thomas J. Hilfiger\n                                    ----------------------------\n                                    Thomas J. Hilfiger\n                                    Date:  June 29, 2001\n\n\nACCEPTED AND AGREED:\n\nTOMMY HILFIGER USA, INC.\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-40747","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\/40747","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=40747"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40747"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40747"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}