July 27, 1998 Mr. Marvin W. Marcus 45 Cardinal Drive East Hills, New York 11576 Re: Amendment of Employment Agreement Dear Mr. Marcus: On July 27, 1998, the Board of Directors approved the amendment to your present Employment Agreement to provide that...

                                                                       EXHIBIT 7

CutCo Industries, Inc.                                  Office of the president



                                  July 27, 1998

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

     Re:  Amendment of Employment Agreement

Dear Xx. Xxxxxx:

     On July 27, 1998, 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, 1999.

     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    
       ---------------------    
          XXXXXX X. XXXXXX

87209

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