Swank, Inc.
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
June 10, 1999
Xx. Xxxx X. Xxxxx
0000 Xxxxxxx Xxxx
Xxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxx:
Reference is hereby made to the Agreement dated as of
January 1, 1990 between Swank, Inc. (the "Corporation") and you
concerning your employment by the Corporation, as amended by
letter agreements dated as of January 1, 1992, September 1,1993,
January 1, 1997 and December 10,1998 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:
The term of the Existing Employment Agreement is hereby
extended for an additional three (3) year period, commencing on
January 1, 1999 and ending on December 31, 2001 (the "Extension
Period"). During the Extension Period, the Corporation shall pay
to you, and you agree to accept, a base salary at the rate of
$410,000, payable in such installments as shall be mutually
agreed upon by you and the Corporation, plus such additional
compensation, if any, as the Board of Directors of the
Corporation shall from time to time determine.
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.
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.
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.
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
Name: Xxxxxxxxxxx X. Xxxx
Title: Chief Financial Officer
ACCEPTED AND AGREED:
/s/ Xxxx X. Xxxxx
Xxxx X. Xxxxx
