SEVERANCE AGREEMENT AND GENERAL RELEASE

Exhibit 10.1

SEVERANCE AGREEMENT AND GENERAL RELEASE

This SEVERANCE AGREEMENT AND GENERAL RELEASE (hereinafter, “Agreement”) is entered into by and between PERRY ELLIS INTERNATIONAL, INC. (“PERRY ELLIS”), and PAUL ROSENGARD (“MR. ROSENGARD”).

WHEREAS, MR. ROSENGARD has been employed as President, Perry Ellis and Premium Brand pursuant to the terms of a written employment agreement between PERRY ELLIS and MR. ROSENGARD effective as of August 1, 2007 (hereinafter, the “Employment Agreement”); and

WHEREAS, the Employment Agreement between MR. ROSENGARD and PERRY ELLIS provides for severance pay in the event of the termination of MR. ROSENGARD’s employment; and

WHEREAS, MR. ROSENGARD has been notified of the termination of his employment; and

WHEREAS, the parties hereto desire to set forth in this Agreement the terms and conditions of the termination of MR. ROSENGARD’s employment and MR. ROSENGARD’s release and waiver of any and all claims that he has or could possibly have against PERRY ELLIS and the other persons and entities affiliated with PERRY ELLIS in exchange for the consideration described herein;

NOW, THEREFORE, the parties agree as follows:

1. Execution of Agreement and Effective Date . The recitals are incorporated herein. MR. ROSENGARD acknowledges that he has been given adequate written notice of the termination of his employment. This Agreement becomes effective and enforceable on the eighth day after it is signed by MR. ROSENGARD without revocation (the “Effective Date”).

2 . Benefits . In consideration for MR. ROSENGARD’s waiver of all claims in Paragraph 3 hereof, and the other promises made by MR. ROSENGARD in this Agreement, PERRY ELLIS will pay MR. ROSENGARD the following:

A. Lump Sum Severance Pay . PERRY ELLIS will pay MR. ROSENGARD the gross amount of Two Hundred, Sixty-Two Thousand, Five Hundred Dollars ($262,500.00), less applicable tax deductions. Such amount shall be paid in a lump sum within fifteen (15) days from the Effective Date.

B. Vacation Payout. PERRY ELLIS will pay MR. ROSENGARD the gross amount of Twenty Four Thousand Two Hundred Thirty Dollars ($24,230.00), less applicable tax deductions. Such amount represents the value of any and all of MR. ROSENGARD’s accrued but unused vacation leave of absence, and shall be paid in a lump sum within fifteen (15) days from the Effective Date.

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C. Limited Benefit Reimbursement. PERRY ELLIS will pay MR. ROSENGARD the gross amount of One Thousand, Eight Hundred, Seventy-Eight Dollars (1,878.00). The payment under this paragraph 2.C approximates the value of four months of health insurance and dental insurance premiums for MR. ROSENGARD’s current coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). PERRY ELLIS’ sole obligation under this paragraph is the payment of money to MR. ROSENGARD as described in the first sentence hereof. Nothing in this paragraph shall be construed to relieve MR. ROSENGARD of his obligation to timely elect COBRA coverage or timely make applicable COBRA insurance premium payments.

MR. ROSENGARD understands and acknowledges that he would not receive the benefits provided pursuant to this Paragraph 2 except for his execution of this Agreement, his waiver of claims against PERRY ELLIS, and the fulfillment of the promises contained herein.

3. Release of Claims . For the purposes of this Paragraph 3, “PERRY ELLIS” shall include Perry Ellis International, Inc., Supreme International, Inc., Jantzen, Inc., Salant Corporation, Perry Ellis Menswear, LLC, Tropical Sportswear, Inc., and any of their parent companies, subsidiaries, related or affiliated entities, and their respective owners, directors, officers, agents, employees and insurers. MR. ROSENGARD (including his heirs, assigns, agents, and representatives) knowingly and voluntarily waives any and all known and unknown rights and claims that he has or may have against PERRY ELLIS as of the date MR. ROSENGARD signs this Agreement, including but not limited to any claim(s) under any federal, state or local law, regulation, or ordinance, and any public policy, contract, or common law claims, including any tort claims, and any claim(s) under:

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This waiver also bars any claim or demand for costs, fees, or other expenses including attorney’s fees incurred in connection with any of the above-referenced claims. The listing of claims waived in this Paragraph 3 is intended to be illustrative rather than exhaustive. Thus, MR. ROSENGARD acknowledges and agrees that this Agreement constitutes a full and final bar to any and all claims of any type that MR. ROSENGARD now has or may have against PERRY ELLIS. Notwithstanding the foregoing, nothing herein shall waive any right to apply for or receive government sponsored unemployment benefits, and PERRY ELLIS agrees that it will not contest any such claim for unemployment benefits by MR. ROSENGARD.

4. Cooperation . MR. ROSENGARD agrees to cooperate with PERRY ELLIS in effecting a smooth transition of the management of PERRY ELLIS with respect to the duties and responsibilities that MR. ROSENGARD performed for PERRY ELLIS. MR. ROSENGARD agrees to make himself available in connection with any request by PERRY ELLIS regarding matters of which MR. ROSENGARD has personal knowledge or which were within the purview of MR. ROSENGARD’s job responsibilities.

5. No Lawsuits . MR. ROSENGARD promises not to institute or have institute