Amendment to Consulting Agreement among Movie Star, Inc., Benjam Consulting, LLC, and Mark M. David

Contract Categories: Human Resources › Consulting Agreements
Summary

This amendment updates the payment terms of a consulting agreement between Movie Star, Inc., Benjam Consulting, LLC, and Mark M. David. It specifies new lump sum payments to Benjam Consulting for services from October 2005 through June 2007, including adjustments related to a prior life insurance premium note. All other terms of the original agreement remain unchanged. The amendment is effective as of September 19, 2005, and is confirmed by the signatures of all parties.

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EX-10.18 4 file004.htm AMENDMENT TO CONSULTING AGREEMENT 
  Exhibit 10.18 September 19, 2005 Mr. Mark M. David 6081 Hollows Lane Delray Beach, Florida 33484 Dear Mark: This letter will serve to amend the Consulting Agreement, dated as of January 1, 2003 ("Consulting Agreement"), between Benjam Consulting, LLC ("Benjam"), Mark David ("David") and Movie Star, Inc. ("Company"), effective as of the date hereof (except as herein amended, all other provisions of the Consulting Agreement shall remain in full force and effect). Section 3 of the Consulting Agreement shall be amended to read as follows: "3. The Company shall pay to Benjam an annual fee of $225,000.00, payable as follows: (i) one lump sum payment of 56,250.00 upon execution of this amendment, representing payment in full for October through December 2005, (ii) one lump sum payment of $225,000.00 on January 4, 2006, representing payment in full for calendar year 2006 and (iii) one lump sum payment of $29,666.00 on January 3, 2007, representing the difference between (a) payment in full for January through June 2007 of $112,500.00 and (b) $82,834.00, representing repayment in full by David under that certain Split Dollar Life Insurance Premium Note, dated August 12, 1999." Please confirm your agreement by signing in the space provided below. MOVIE STAR, INC. By: /s/ Melvyn Knigin -------------------------------------- Melvyn Knigin, Chief Executive Officer AGREED: BENJAM CONSULTING, LLC By: /s/ Mark M. David ------------------------------ Mark M. David, Managing Member /s/ Mark M. David - --------------------------- Mark M. David, Individually