Amendment No. 1 dated May 28, 2018 to the Employment Agreement dated September 9, 2013, between Stanely Silverstein and the Registrant
Exhibit 10.77
EXPIRATION AMENDMENT
(Amendment)
THIS EXPIRATION AMENDMENT (this Amendment) is made and entered into as of the day of May, 2018, by and between Perry Ellis International, Inc., a Florida corporation (together with its successors and assigns permitted under this Agreement, the Company), and Stanley Silverstein (the Executive).
WITNESSETH
WHEREAS, Executive is employed by the Company under the terms and conditions described in a written Employment Agreement dated September 9, 2013 (the Employment Agreement); and
WHEREAS, the Employment Agreement expires on its fifth anniversary, which is September 9, 2018; and
WHEREAS, Executive and the Company desire to amend Paragraph 10(d) of the Employment Agreement as set forth herein;
NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the Company and the Executive (each individually a Party and together the Parties) agree as follows:
1. Incorporation of Recitals. The recitals to this Amendment are incorporated as if fully set forth herein.
2. Amendment to Paragraph 10(d). Paragraph 10(d) of the Employment Agreement is amended to include the following language as emphasized and below:
(d) Termination of Employment by the Company Without Cause. If the Executives employment is terminated by the Company without Cause prior to January 31, 2019, other than due to death or Disability, any remainder of the Term and the employment relationship shall end and the Executive shall be entitled to the Accrued Obligations and the Previous Year Bonus. In addition, the Executive shall be entitled to a lump sum cash amount equal to 100% of the Base Salary ($515,000) payable as soon as practicable following the termination date (the Severance Payment). In no event shall a termination of the Executives employment without Cause occur unless the Company gives written notice to the Executive. Executives rights to severance pay under Paragraphs 10(d) and 10(g) shall be mutually exclusive and not cumulative, Paragraph 10(g) given application in the event of a Change in Control, and Paragraph 10(d) given application in the absence of a Change in Control.
3. Remainder Left Unchanged. The remainder of the Employment Agreement shall be left unchanged and shall expire on September 9, 2018.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first written above.
STANLEY SILVERSTEIN | PERRY ELLIS INTERNATIONAL, INC. | |||||
/s/ Stanley Silverstein | By: | /s/ Oscar Feldenkreis | ||||
Stanley Silverstein | Oscar Feldenkreis | |||||
Date: 5/29/18 | Chief executive Officer | |||||
Date: |