First Amendment to Deferred Compensation Agreement

Exhibit 10.30

 

FIRST AMENDMENT

TO

DEFERRED COMPENSATION AGREEMENT

 

THIS AGREEMENT made and entered into this 13th day of March, 1980, by andbetween ROWE FURNITURE CORPORATION, a Virginia corporation (hereinafter referred to as the “Company” ), and BARRY A. BIRNBACH (hereinafter referred to as the “Employee”).

 

WITNESSETH:

 

WHEREAS, the Company and the Employee did enter into a Deferred CompensationAgreement on the 31st day of August, 1978; and

 

WHEREAS, theparties to such Agreement desire to amend its terms in accordance with the resolution adopted by the Board of Directors of the Company at its Board Meeting held on the 13th day of March, 1980;

 

NOW, THEREFORE, in consideration of the forgoing and the mutual promises ofthe parties thereto, it is agreed as follows:

 

1. Paragraph 8of the above referred to Deferred Compensation Agreement is hereby amended in full, as follows:

 

  8. Termination of Employment by Employee Prior to Normal Retirement Date

 

In the event that Employee voluntarily terminates his employment with the Company for reasons other than attaining age sixty-two (62), death, ordisability (as hereinafter defined), no payment shall be due to said Employee and/or his beneficiaries under any provision of this

 


Agreement; provided, however, that if such Employee, at the time of such voluntary termination, has completed at leastfifteen (15) years of service with the Company and his age plus years of service with the Company is equal to or greater than the sum of sixty (60), then in that event, Employee shall be entitled to the same benefits as a discharged employee, as setforth in Paragraph 10(a) hereinbelow.

 

2. All other terms andprovisions of the above referred to Deferred Compensation Agreement shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Company and the Employee have executed this First Amendment to Deferred Compensation Agreement under seal, each intending to belegally bound hereby.

 

       

ROWE FURNITURE CORPORATION

a Virginia corporation

(corporate seal)

       
       

By

 

/s/ Gerald M. Birnbach


           

Gerald M. Birnbach

President

 

ATTEST:

 

/s/ Joseph Skarbek


Joseph Skarbek

Secretary

 

   

/s/ BARRY A. BIRNBACH


   

BARRY A. BIRNBACH