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EXHIBIT 10.7
SECOND AMENDMENT
TO OFFICER SEVERANCE PLAN
THIS SECOND AMENDMENT is effective as of July 14, 2000 (the
"Effective Date"). In accordance with the terms of Section 9(g) of the Officer
Severance and pursuant to the action of the Board of Directors of Day Runner,
Inc., on July 12, 2000, the Officer Severance Plan is hereby amended as
follows:
1. Section 2(f) is amended to read in its entirety as follows:
"EMPLOYMENT PERIOD" means the aggregate period of time during which an
individual has been employed as a duly elected or appointed officer
(other than solely as Chairman of the Board, Secretary and/or Assistant
Secretary) by the Company prior to the Termination Date.
2. Section 3(b)(iii) is amended to read in its entirety as follows:
The result of such officer having submitted to the Company his or her
written resignation (even if such indicates that such resignation is
"voluntary") upon and in accordance with (A) the request of the Board in
writing or pursuant to a duly adopted resolution of the Board or (B) with
respect to an Eligible Officer other than the Chief Executive Officer of
the Company, the written request of the Chief Executive Officer;
3. Section 4(b) is amended to read in its entirety as follows:
SEVERANCE BONUS. The amount of severance bonus shall be based on the
highest office of the Company attained by the Eligible Officer at or
prior to the Termination Date and shall be determined in accordance
with the following schedule:
HIGHEST OFFICE ATTAINED
-----------------------
Asst. VP/VP SVP/EVP/COO PRES/CEO
Number of months of severance 3 months 4 months 5 months
4. The Officer Severance Plan, except as expressly amended by this Amendment,
shall continue in full force and effect.
IN WITNESS WHEREOF, the undersigned has executed this Second Amendment to the
Officer Severance Plan as of the date first written above.
DAY RUNNER, INC.
/s/
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