EXHIBIT 10.01.2
Swank, Inc.
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Effective as of October 30, 1995
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 and
September 1, 1993 between the Corporation and you (as amended, the "Existing
Employment Agreement"). This letter will serve to confirm our agreement to amend
the Existing Employment Agreement as of the date hereof as follows:
1. Paragraph 1 of the Existing Employment Agreement is hereby deleted in
its entirety and the following new paragraph is hereby inserted in its place:
"1. The Corporation hereby agrees to employ Tulin and Tulin hereby
agrees to accept such employment and to serve the Corporation as its
chairman of the board for a term commencing on October 30, 1995 and
ending on June 30, 1998."
2. The words "incident to the position of chief executive officer" are
hereby deleted from the first clause of Paragraph 2 of the Existing Employment
Agreement and the following is hereby inserted in their place:
", consistent with the position of chairman of the board, as
determined from time to time by the Board of Directors of the
Corporation"
3. 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.
4. 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.
5. Except as modified and amended by this letter, the Existing Employment
Agreement (including, without limitation, Section 4 thereof, which provides,
among other things, for the payment of a salary to Xxxxxxxx Xxxxx at the rate of
$360,000 per annum) shall remain and continue in full force and effect on and
after the date hereof.
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
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Title: Chief Financial Officer
ACCEPTED AND AGREED:
/s/ Xxxxxxxx Xxxxx
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Xxxxxxxx Xxxxx
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