Exhibit 10.1
AGREEMENT
THIS AGREEMENT is made between Candie's, Inc., a Delaware
corporation
("Candie's" or the "Company") and Richard
G. Danderline ("Danderline"), an
individual, (together, the "Parties") and
is effective as of January 27, 2005.
WHEREAS, Danderline has served as the Executive Vice President,
Finance
and Operations since June 2000; and
WHEREAS, Danderline has resigned from his full-time position as
Executive Vice President, Finance and
Operations, as of December 31, 2004, but
has agreed to continue to work for the
Company part-time through June 30, 2005,
upon the terms and conditions set forth in
this Agreement.
NOW, THEREFORE, the Parties agree as follows:
1. Part-Time
Services; Term. (a) Danderline agrees that he will continue to
work for the Company on a part-time basis as the Vice President of Finance,
rendering services similar to those as he did while
employed on a full-time
basis as Executive Vice President, Finance
and Operations, through June 30, 2005
(the "Term"). It is understood and agreed
that Danderline, while
employed under
this agreement as the Vice President of
Finance, shall be the
Company's chief
financial and accounting officer until such time as the Company hires a
replacement financial executive to assume
these functions.
(b) Danderline agrees to work such days or portions of days as may be
requested by the Company from time to time, but in no event more than one
full
day a week in the Company's offices,
and the equivalent of
one additional day a
week from a remote location. The Company
may, at any time and from time to time,
reduce Danderline's hours in its
discretion.
(c) Danderline
agrees that as Vice President of Finance, if so requested by
the Company, he will certify and execute
the financial statements of the Company
for the year ended December 31, 2004,
throughout
which period he served
as the
Executive Vice President, Finance and Operations and was the Company's
chief
accounting and financial officer.
2. Compensation.
The Company will compensate Danderline on a pro-rata basis
for the days or partial days worked per week at a rate of
$225,000, which was
his salary at the time of his resignation from his full-time position. It is
understood and agreed that consistent with
the terms of the agreements governing
the previous grants by the Company to
Danderline of options to purchase shares
of common stock of the Company, any unexercised options will expire 90 da
