EXHIBIT 10.30
March 6, 2002
Mr. Kevin M. Farr
Chief Financial Officer
Mattel, Inc.
333 Continental Boulevard
El Segundo, California 90245-5012
Re: Amendment to Your Employment Agreement
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Dear Kevin:
Pursuant to action taken by Mattel's Compensation/Options Committee on
March 5, 2002, this letter agreement constitutes an amendment to your Amended
and Restated Executive Employment Agreement (the "Employment Agreement") with
Mattel.
Each of Section 5(d)(vi) and Section 5(e)(vi) of your Employment
Agreement is hereby amended and restated in its entirety as follows:
"(vi) If the Executive is a participant in the Mattel Supplemental
Executive Retirement Plan (the "SERP"), the Mattel Deferred Compensation Plan or
the Mattel Retiree Medical Plan, the Executive shall be given credit for three
years of service (in addition to actual service) and for three years of attained
age to be added to the Executive's actual age for purposes of computing any
service and age-related benefits for which the Executive is eligible under such
plans. Further, notwithstanding the terms of the SERP to the contrary, with
regard to computing the Executive's benefit under the SERP, the normal
retirement benefit formula shall be 35% of the sum of (a) the average of the
Executive's final three years of annual Base Salary (including the calendar year
in which the Date of Termination occurs, on an annualized basis) and (b) the
average of the greatest two out of the three most recent annual bonuses received
by the Executive under the MIP or any successor annual bonus plan."
I would appreciate it if you would sign, date and return a copy of
this letter agreement to me. As such, it will constitute a written amendment to
your Employment Agreement.
Sincerely yours,
MATTEL, INC.
/s/ Alan Kaye
By: ___________________________________
Alan Kaye, Senior Vice President
Human Resources
Agreed to and accepted by:
/s/ Kevin M. Farr
________________________ Dated as of March 6, 2002
Kevin M. Farr
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