Amendment to Employment Agreement Between Swank, Inc. and John A. Tulin (2002–2004)

Summary

Swank, Inc. and John A. Tulin have agreed to extend Mr. Tulin's employment agreement for an additional three years, from January 1, 2002 to December 31, 2004. During this period, Mr. Tulin will receive a base salary of $400,000 per year, payable in mutually agreed installments, with the possibility of additional compensation as determined by the company's Board of Directors. All other terms of the original employment agreement remain unchanged. The agreement is governed by New York law.

EX-10.02.5 5 jotulinemploy2.txt EXHIBIT 10.02.5 JOHN TULIN EMPLOYMENT AGREEMENT EXHIBIT 10.02.5 SWANK, INC. 90 PARK AVENUE NEW YORK, NEW YORK 10016 December 27, 2001 Mr. John A. Tulin 1196 Elinore Road Hewlett, New York 11557 Dear Mr. Tulin: Reference is 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, September 1, 1993, January 1, 1997 and December 10, 1998 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: The term of the Existing Employment Agreement is hereby extended for an additional three (3) year period, commencing on January 1, 2002 and ending on December 31, 2004 (the "Extension Period"). During the Extension Period, the Corporation shall pay to you, and you agree to accept, a base salary at the rate of $400,000, payable in such installments as shall be mutually agreed upon by you and the Corporation, plus such additional compensation, if any, as the Board of Directors of the Corporation shall from time to time determine. 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. 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. 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 of law (other than Section 5-1401 of the New York General Obligations Law). If the foregoing correctly sets forth our understanding and agreement, kindly countersign this letter in the space provided below. Very truly yours, SWANK, INC. ACCEPTED AND AGREED: By: /s/ Jerold R. Kassner /s/ John A. Tulin Name: Jerold R. Kassner John A. Tulin Title: Chief Financial Officer -2-