Saks Fifth Avenue 2008 Annual Report Download - page 245

Exhibit 10.40.1
Amendment to Employment Agreement
This Amendment to the Employment Agreement (the “Agreement”), dated as of October 15, 2007, between Carolyn R. Biggs
(the “Executive”) and Saks Incorporated (the “Company”) is entered into as of June 13
th
, 2008 by the Company and the Executive.
Capitalized terms used in this Amendment, but not defined shall have the same meaning ascribed to them in the Agreement.
Recitals
WHEREAS, the Company and the Executive mutually agree that the Executive’s employment with the Company shall terminate
effective January 31, 2009, and the Company and the Executive agree that such termination shall be considered a termination without
Cause under the Employment Agreement;
WHEREAS, the Company is desirous of extending the period of Executive’s non-competition period, and Executive is
amenable to extending same upon the terms and conditions set forth herein; and
WHEREAS, the Company and the Executive desire to amend the Agreement to set forth their further understandings with
respect to the termination of the Executive’s employment.
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree to amend the Employment
Agreement as follows:
1. Section 1 of the Agreement is hereby deleted and replaced in its entirety with the following:
“Employment; Term. The Company shall continue to employ the Executive for the term of this Agreement, which commence on
the Effective Date and shall continue until January 31, 2009 (the “Date of Termination”). The Executive shall report to the
Company’s Chief Merchandising Officer and shall carry out such projects and tasks as assigned or otherwise directed by the
Company’s Chief Executive Officer, Chief Merchandising Officer, and/or any of their designees from time-to-time, and the
Executive’s place of business shall be located in New York, New York. Effective October 15, 2007, all prior agreements and
arrangements shall terminate and shall be of no further force or effect. As used in this Agreement, the “Employment Termination
Date” shall be the Date of Termination or such earlier date on which the Executive’s employment with the Company is terminated.
2. Section 2 of the Agreement is hereby amended to add the following:
“The Executive shall assist in the process of transitioning the Executive’s duties and responsibilities to her successor through
and including the Date of Termination, as requested by the Company’s Chief Executive Officer, Chief Merchandising Officer and/or
any of their designees.”