EXHIBIT 10.03.4
Swank, Inc.
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
As of January 1, 1992
Xx. Xxxxx Xxxxx
000 Xxxx Xxxxxxxx
Xxxxxxxx, Xxx Xxxx, 00000
Dear Xx. Xxxxx:
Reference is hereby made to the Agreement dated as of March
1, 1989 between Swank, Inc. (the "Corporation") and you
concerning your employment as the Senior Vice President of the
Corporation, as amended by a letter agreement dated January 4,
1990 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
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 March
1, 1989 and ending December 31, 1989 a base salary at
the rate of $150,000 per annum, (b) for the period
beginning January 1, 1990 and ending December 31, 1990
a base salary at the rate of $180,000 per annum, (c)
for the period beginning January 1, 1991 and ending
December 31, 1991 a base salary at the rate of
$163,000 per annum, (d) for the period beginning
January 1, 1992 and ending December 31, 1992 a base
salary at the rate of $185,000 per annum, and (e) for
the period beginning January 1, 1993 and ending
February 28, 1994 a base salary at the rate of
$190,000 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.
Xx. Xxxxx Xxxxx
-2-
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.
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/ X. X. Xxxxxxx
Title: Sr. V.P., CFO
ACCEPTED AND AGREED:
/s/ Xxxxx Xxxxx
Xxxxx Xxxxx
