EXHIBIT 10.03.3
Swank, Inc.
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
As of January 1, 1997
Xx. Xxxxx X. 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 a Senior
Vice President of the Corporation as amended by letter agreements dated January
4, 1990, as of January 1, 1992 and September 1, 1993 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 the date
hereof as follows:
1. (a) Subsection (e) of Paragraph 4 of the Existing Employment Agreement
is hereby deleted in its entirety and the following new subsection (e) is hereby
inserted in its place:
"(e) for the period beginning January 1, 1993 and ending January 31,
1997 a base salary at the rate of $190,000 per annum, and"
(b) A new subsection (f) to Paragraph 4 of the Existing Employment
Agreement is hereby added to read as follows:
"(f) for the period beginning February 1, 1997 and ending February 28,
1998 a base salary at the rate of $240,000 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.
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/ Xxxxxxxxxxx X. Xxxx
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Name: Xxxxxxxxxxx X. Xxxx
Title: Chief Financial Officer
ACCEPTED AND AGREED:
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
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