Exhibit A
As of April 28, 2001
Jewelcor Management, Inc.
000 Xxxxx Xxxxxx-Xxxxx Xxxxxxxxx
Xxxxxx-Xxxxx, XX 00000
Ladies and Gentlemen:
This will confirm the agreement between Jewelcor Management, Inc.
(the "Independent Contractor") and Designs, Inc. (the "Corporation")
regarding the extension of the term of the Consulting Agreement between
the Independent Contractor and the Corporation dated as of April 29, 2000
(the "Agreement").
1. The term of the Agreement shall be extended for an additional
period of one (1) year commencing on April 29, 2001 and ending on
April 28, 2002. Unless the context otherwise requires, April 28, 2002
shall be the "Expiration Date" of the Agreement as so extended.
2. Subject to the provisions of Section 4 of the Agreement,
the consideration to be furnished to the Independent Contractor
by the Corporation for the Services rendered by the Independent
Contractor under the Agreement during the period from April 29, 2001
through April 28, 2002 shall consist of (a) 61,856 non-forfeitable,
fully paid and non-assessable shares of the Corporation's Common Stock
(the fair value of which Common Stock on May 25, 2001, the date of the
approval of the extension of the Agreement as set forth herein, was
$240,000 or $3.88 per share) and (b) the reimbursement of actual
and direct out-of-pocket expenses incurred by the Independent
Contractor in the rendering of Services under the Agreement.
The remaining terms of the Agreement shall remain in full force
and effect without change. For the avoidance of doubt, the parties
hereby agree and acknowledge that the foregoing extension does not
change the compensation or other rights or obligations of the parties
originally provided in the Agreement with respect to any prior period.
Very truly yours,
Designs, Inc.
By __________________
Agreed and Accepted:
Jewelcor Management, Inc.
By /s/ Xxxxxxx Xxxxxxxx 9/26/2001
