Option Extension Agreement between Candie's, Inc. and John McPhee

Summary

Candie's, Inc. and employee John McPhee have agreed to extend the expiration date of McPhee's stock options, originally granted in 1996, by five years. The new expiration date for the 100,000 options at $2.1250 per share is November 11, 2006. All other terms of the original option agreement remain unchanged. This extension is formalized by both parties' signatures.

EX-10.6 5 cand_10kex106.txt OPTION AGREEMENT OF MCPHEE Exhibit 10.6 CANDIE'S, INC. AGREEMENT TO EXTEND OPTIONS AGREEMENT, dated as of September 21, 2001, by and between CANDIE'S, INC., a Delaware corporation (the "Company"), and John McPhee,, an employee of the Company, who resides at 19 St. Nicholas Road, Darien, CT 06820. WHEREAS, on or about November 11, 1996, the Company granted to Mr. McPhee a total of 100,000 options at a price of $2.1250, which options are due to expire on or about November 11, 2001 (the "Option Agreement"), and WHEREAS, the Company has agreed to extend these options for an additional five years. NOW THEREFORE, in consideration of their mutual premises, the Parties hereby amend the Option Agreement as follows: 1. The Option Agreement is hereby amended so that the expiration date is November 11, 2006. 2. All other terms of the Option Agreement shall remain in full force and effect. CANDIE'S, INC. By:/s/Richard Danderline Richard Danderline Accepted as of the date first set above. /s/ John McPhee - ------------------------ Signature required with return of document to company to formalize issuance of agreement.