EXHIBIT 10.02.2
Swank, Inc.
00 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
As of January 1, 1997
Xx. Xxxx X. Xxxxx
0000 Xxxxxxx Xxxx
Xxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxxx:
Reference is hereby made to the Agreement dated as of January 1, 1990
between Swank, Inc. (the "Corporation") and you concerning your employment by
the Corporation as amended by letter agreements dated 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. Paragraph 1 of the Existing Employment Agreement is hereby deleted in
its entirety and the following new paragraph is hereby inserted in its place:
"1. The Corporation hereby agrees to employ Tulin and Tulin hereby
agrees to accept such employment and to serve the Corporation as its
president and chief executive officer for a term commencing on January
1, 1997 and ending on December 31, 1998."
2. (a) Subsection (d) of Paragraph 4 of the Existing Employment Agreement
is hereby deleted in its entirety and the following new subsection (d) is hereby
inserted in its place:
"(d) for the period beginning January 1, 1993 and ending January 31,
1997 a base salary at the rate of $220,000 per annum, and"
(b) A new subsection (e) to Paragraph 4 of the Existing Employment
Agreement is hereby added and shall read as follows:
"(e) for the period beginning February 1, 1997 and ending December 31,
1998 a base salary at the rate of $300,000 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."
3. 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.
4. 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.
5. 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
------------------------
Name: Xxxxxxxxxxx X. Xxxx
Title: Chief Financial Officer
ACCEPTED AND AGREED:
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
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