EXHIBIT 10.02.3
Swank, Inc.
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As of January 1, 1992
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Dear ▇▇. ▇▇▇▇▇:
Reference is hereby made to the Agreement dated as of
January 1, 1990 between Swank, Inc. (the "Corporation") and you
concerning your employment as the Executive Vice President of the
Corporation (the "Existing Employment Agreement"). This letter
will serve to confirm our agreement to amend the Existing
Employment Agreement as of January 1, 1992 as follows:
1. Paragraph 4 of the Existing Employment Agreement is
hereby deleted in its entirety and the following new paragraph is
hereby inserted in its place.
"4. For the full, prompt and faithful
performance of the services to be rendered as
aforesaid, the Corporation agrees to pay, and Tulin
agrees to accept, (a) for the period beginning January
1, 1990 and ending December 31, 1990 a base salary at
the rate of $210,000 per annum, (b) for the period
beginning January 1, 1991 and ending December 31, 1991
a base salary at the rate of $193,000 per annum, (c)
for the period beginning January 1, 1992 and ending
December 31, 1992 a base salary at the rate of
$215,000 per annum, and (d) for the period beginning
January 1, 1993 and ending December 31, 1994 a base
salary at the rate of $220,000 per annum, payable in
such installments as shall be mutually agreed upon,
and such additional compensation, if any, as the Board
of Directors of the Corporation shall from time to
time determine."
2. 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.
3. 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.
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4. Except as modified and amended by this letter, the
Existing Employment Agreement 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/ ▇. ▇. ▇▇▇▇▇▇▇
Title: Sr. V.P., CFO
ACCEPTED AND AGREED:
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