EXHIBIT 7 CUTCO INDUSTRIES, INC. OFFICE OF THE PRESIDENT June 16, 1997 Mr. Marvin W. Marcus 45 Cardinal Drive East Hills, New York 11576 Re: Amendment of Employment Agreement Dear Mr. Marcus: On June 13, 1997, the Board of Directors approved the...

                                                                       EXHIBIT 7

CUTCO INDUSTRIES, INC.                                  OFFICE OF THE PRESIDENT








                                  June 16, 1997

Xx. Xxxxxx X. Xxxxxx
00 Xxxxxxxx Xxxxx
Xxxx Xxxxx, Xxx Xxxx  00000

                  Re:      Amendment of Employment Agreement

Dear Xx. Xxxxxx:

     On June 13, 1997, the Board of Directors approved the amendment to your
present Employment Agreement to provide that the Agreement be extended on the
same terms and conditions as the prior year for a one year period ending July
31, 1998.

     Kindly indicate your agreement to the above by signing below.

                                       Sincerely,

                                       CUTCO INDUSTRIES, INC.

                                       /s/Xxx xxxXxxxxxxxxx
                                       ----------------------
dvl/xx                                 Xxx xxxXxxxxxxxxx
                                       President
AGREED TO:


        /s/ Xxxxxx X. Xxxxxx
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        XXXXXX X. XXXXXX