Swank, Inc.
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
June 10, 1999
Xx. Xxxxx X. Xxxxx
c/x Xxxxx, Inc.
0000 Xxxxx Xxxxxx Xxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxx 00000
Dear Xx. Xxxxx:
Reference is made to the Agreement dated as of March 1, 1989
between Swank, Inc. (the "Corporation") and you, as amended to
date (as so amended, the "Existing Employment Agreement"),
concerning your employment by the Corporation. 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 period, commencing on January 1, 1999
to and including 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 $260,000,
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/Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
