Amendment to Employment Agreement
AMENDMENT dated as of March 17 1997, to Employment Agreement, dated as of
April 1, 1995, by and between Candie's, Inc., a Delaware corporation (the
"Company" or "Employer") and Xxxxxxxx X'Xxxxxxxxxxx (the "Executive").
W I T N E S S E T H
WHEREAS, the Company and Executive entered into an Employment Agreement
dated as of April 1, 1995 (the "Agreement") pursuant to which the Executive is
employed as the Company's Executive Vice-President; and
WHEREAS, the Executive has assumed additional responsibilities on behalf of
the Company and the Company wishes to extend the term of the Executive's
employment with the Company pursuant to the Agreement beyond the term currently
provided by the Agreement and provide for the increases in the Executive's
compensation as provided therein; and
WHEREAS, the Company and Executive desire to amend the terms of the
Agreement as provided herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, and other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Employer and Executive hereby
agree as follows:
1. Section 1 of the Agreement is hereby amended to provide that the
Company agrees to employ the Executive as its Executive-Vice President for
a period expiring on March 31, 2000.
2. Section 3(a)(i) of the Agreement is hereby amended to provide that
Employer shall pay to Executive a Base Salary of $300,000 per annum for the
period from April 1, 1997 to March 31, 1998 and $350,000 from April 1, 1998
through March 31, 2000.
3. All capitalized terms used in this amendment and not otherwise
defined shall have the meanings ascribed to them in the Agreement. All of
the other provisions of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed this amendment as of
the date first written above.
CANDIE'S, INC.
By: /s/ Xxxx Xxxx
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Name:
Title: CEO
/s/ Xxxxxxxx X'Xxxxxxxxxxx
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Xxxxxxxx X'Xxxxxxxxxxx
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