SWANK, INC. 1994 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN NON-QUALIFIED STOCK OPTION CONTRACTEmployee Director Stock Option Plan Non-Qualified Stock Option Contract • November 15th, 2004 • Swank, Inc. • Leather & leather products • Delaware
THIS NON-QUALIFIED STOCK OPTION CONTRACT entered into as of the 10th day of August 2004, between Swank, Inc., a Delaware corporation (the "Company"), and John J. Macht (the "Optionee").
SWANK, INC.Swank, Inc. • November 15th, 2004 • Leather & leather products
This will confirm our agreement that, notwithstanding the provisions of the Agreement, (a) the last day of the present Employment Term shall be March 31, 2005, and the notice that may be given by either you or Swank under Section 1 of the Agreement that the present Employment Term shall not be extended may be given by either Swank or you on or prior to March 14, 2005, (b) in the event that neither you nor Swank notify the other that the Employment Term shall not be extended, the Employment Term shall be extended until June 30, 2006, and thereafter, further extensions and notices that the Employment Term shall not be extended, as the case may be, shall be in accordance with the terms of the Agreement, and (c) in the event you shall provide notice on or prior to March 14, 2005 that the present Employment Term shall not be so extended, (i) Swank shall pay to you, provided you shall not at any time be in violation of paragraph 6, a severance payment, payable in installments in accordance w
