Exhibit 1.01
SWANK, INC.
00 XXXX XXXXXX
XXX XXXX, XXX XXXX 00000
February 28, 2006
Xx. Xxxx X. Xxxx
00 Xxxxxxxx Xxxx
Xxxxxxxxxx, Xxx Xxxx 00000
Dear Xx. Xxxx:
We refer to the Amended and Restated Employment Agreement dated December
18, 2003 between Swank, Inc. ("Swank") and you (as amended to date, the
"Agreement"). Capitalized terms used but not defined in this letter have the
meanings assigned to those terms in the Agreement.
This will confirm our agreement that, notwithstanding the provisions of the
Agreement, (a) the last day of the present Employment Term shall be September
30, 2006, 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 Xxxxxx 00, 0000, (x) 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, 2007, 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 August
15, 2006 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 of the Agreement, a severance payment, payable in installments in
accordance with Swank's regular pay intervals for its executive officers, equal
to $68,000, less all required deductions and withholdings, and (ii) the
provisions of Section 6(a) shall be applicable for a period of three (3) months
(through December 31, 2006).
Except as provided above, the Agreement shall remain in full force and
effect in accordance with its terms.
Kindly confirm your agreement to the foregoing by signing this letter below
and returning a copy to Swank.
Very truly yours,
SWANK, INC.
By: /s/ Xxxx Xxxxx
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Xxxx Xxxxx, President
Agreed:
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx
