GT Bicycles Inc – ‘10-K’ for 12/31/96 – EX-10.44

As of:  Friday, 3/28/97   ·   For:  12/31/96   ·   Accession #:  892569-97-822   ·   File #:  0-26742

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report for the Fiscal Year Ended 12/31/96      46    286K 
 2: EX-10.44    Amendment No. 1 to Employment Agreement                1      8K 
 3: EX-10.45    Amendment No. 1 to Employment Agreement                1      8K 
 4: EX-10.46    Employment Agreement Dated June 10, 1996              13     28K 
 5: EX-10.47    Employment Agreement Dated November 7, 1996           15     31K 
 6: EX-21.1     Subsidiaries of the Registrant.                        1      5K 
 7: EX-23.1     Consent of Kpmg Peat Marwick LLP                       1      6K 
 8: EX-27       Financial Data Schedule                                1      8K 

EX-10.44   —   Amendment No. 1 to Employment Agreement

EX-10.44
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                                                                 EXHIBIT 10.44

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 

       This Amendment No. 1 to Employment Agreement is made as of November 12,
1996, by and between GT Bicycles, Inc., a Delaware corporation (the "Company"), 
as the successor of GTB Acquisition Corporation, a Delaware corporation and     
Michael C. Haynes (the "Executive").                                            

RECITALS

A.      The Company and the Executive entered into an Employment
Agreement dated as of September 27, 1993.                                       

B.      The Company and Executive desire to amend the Employment
Agreement as provided herein.                                                   

    NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereby agree as follows:  

    1.      Section 4.1 of the Employment Agreement is hereby amended to
read in full as follows:                                                        

               "4.1    Base Salary.  During the term hereof, the Company shall
  pay the Executive a base salary at the rate of $312,000 per annum,
 effective as of October 1, 1996. For fiscal years beginning after
   December 31, 1996, such annual rate shall be increased by an amount
    equal to (i) base salary for the preceding fiscal year multiplied by
        (ii) the greater of two and three-fifths percent (2.6%) or fifty percent
       (50%) of the percentage increase, if any, during the preceding calendar
year in the Consumer Price Index maintained for the standard    
     metropolitan statistical area, including or closest to Orange County,
California. Such base salary, as from time to time increased, is
   hereafter referred to as the "Base Salary," and shall be payable in
accordance with the payroll practices of the Company for its    
executives."                                                    

       2.      Except as modified as provided herein, the Employment Agreement
       shall continue in full force and effect according to the terms thereof.

     IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as
of the day and year first above written.                                        

                 GT BICYCLES, INC.

                                   By:________________________________

                                   Its:_______________________________

                                   ___________________________________
                 Michael C. Haynes

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/28/97
For Period End:		12/31/96		NTN 10K
		11/12/96
		10/1/96
		9/27/93
				List all Filings