SWANK, INC.
00 XXXX XXXXXX
XXX XXXX, XXX XXXX 00000
May 4, 1998
Xx. Xxxxxxxx Xxxxx
Xxxxx Xxxx
Xxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxx:
Reference is hereby made to the Agreement dated as of
June 20, 1991 between Swank, Inc. (the "Corporation") and you
concerning your employment by the Corporation as amended by
letter agreements dated as of January 1, 1992, September 1,
1993 and October 30, 1995 between the Corporation and you (as so
amended, the "Existing Employment Agreement"). This letter will
serve to confirm our understanding and agreement with regard to
the Existing Employment Agreement as follows:
The term of the Existing Employment Agreement is
extended effective on July 1, 1998 for a period of one (1) year,
from and including July 1, 1998 to and including June 30, 1999.
In addition, on June 30, 1999 and on each subsequent June 30, the
term of the Existing Employment Agreement, as previously extended
in accordance with this letter, shall be automatically extended
for an additional period of one (1) year, from and including the
next July 1 to and including June 30 of the following calendar
year, unless either the Corporation or you shall give the other
party not less than 30 days' written notice prior to such June 30
that the term of the Existing Employment Agreement shall not be
further extended. In the event either party shall give the other
party such written notice, the term of the Existing Employment
Agreement, as previously extended, shall not thereafter be
further extended beyond the then current expiration date thereof
and the Existing Employment Agreement, as modified and amended by
this letter agreement, shall terminate on such expiration date.
During the period of any extension of the term of the
Existing Employment Agreement, you will continue to (i) serve the
Corporation as its Chairman of the Board and will perform such
duties and services incident to such position as determined by
the Board of Directors of the Corporation from time to time and
(ii) receive a base salary at the rate of $360,000 per annum,
payable at the times and in the manner as is set forth in the
Existing Employment Agreement, and such additional compensation,
if any, as the Board of Directors of the Corporation shall from
time to time determine.
Except as modified and amended by this letter, the
Existing Employment Agreement shall remain and continue in full
force and effect on and after the date hereof.
This letter may be executed in any number of
counterparts, each of which shall be deemed an original and all
of which taken together shall constitute one and the same
agreement.
This letter shall be governed by, and construed and
enforced in accordance with, the laws of the State of New York,
without regard to principles of conflicts or choice of law.
If the foregoing correctly sets forth our understanding
and agreement, kindly countersign this letter in the space
provided below.
Very truly yours,
SWANK, INC.
By: /s/ Xxxxxxxxxxx X. Xxxx
Title: Sr. Vice President,
CFO
ACCEPTED AND AGREED:
/s/ Xxxxxxxx Xxxxx
Xxxxxxxx Xxxxx
