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.
Agreed and Accepted:
Jewelcor Management, Inc.
KL2:2120019.1
