Amendment to Employment Agreement
AMENDMENT dated as of February 28, 1997, to Employment Agreement, dated as
of February 23, 1993, as amended, by and between Candie's, Inc., a Delaware
corporation (the "Company" or "Employer") and Xxxx Xxxx (the "Executive").
W I T N E S S E T H
WHEREAS, the Executive is currently the Company's Chairman of the Board,
Chief Executive Officer and President; and
WHEREAS, the Company and Executive entered into an Employment Agreement
dated as of February 23, 1993 which was subsequently amended on March 5, 1995
(the "Agreement"); 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 President and Chief Executive
Officer for a period expiring on February 29, 2000.
2. Section 3(a)(i) of the Agreement is hereby amended to provide that
Employer shall pay to Executive a Base Salary of $400,000 per annum for the
period from March 1, 1997 to February 28, 1998, $450,000 from March 1, 1998
through February 28, 1999 and $500,000 from March 1, 1999 through February
29, 2000.
3. All provisions in the Agreement with respect to the "Salary
Adjustment" as set forth in Section 3(a)(ii) of the Agreement have no
further force or effect.
4. 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/ Xxxxxxxx X'Xxxxxxxxxxx
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Name:
Title:Executive VP
/s/ Xxxx Xxxx
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Xxxx Xxxx
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