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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 days
after the end of the Term.
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