Exhibit 10.16
CANDIE'S, INC.
2975 Westchester Avenue
Purchase, New York 10577
August 26, 1998
Mr. Frank Marcinowski
79 Rita Avenue
Fairfield, Connecticut 06430
Dear Frank:
I am pleased to offer you the position of Vice President Controller reporting
directly to me. The compensation package is as follows:
9. A base salary of $140,000 per annum. If this agreement is terminated
for any reason other than cause by Candie's, Inc. during your first
year of employment, you will be entitled to the lesser of 4 months
severance pay or the remainder of the first year's term of employment.
10. A discretionary bonus will be designed that will provide you with
additional incentives.
11. An option to purchase 30,000 shares of Candie's, Inc. common stock at
the average of the bid and asked price of the stock on the day you
accept the offer. The shares will vest as follows:
10,000 shares on the six month anniversary of your first day of
employment.
10,000 on your first anniversary of employment and
10,000 on your second anniversary of employment.
12. An auto expense allowance of $300 per month.
13. You will be entitled to all company benefits to include participation
in our 401(k) Plan, Life Insurance equal to your yearly salary and our
Oxford Health Plan.
Frank, I am confident that you can make a significant contribution to our
success and be an integral part of our management team. We have a great future
and we want you to be a part of it.
Please indicate your acceptance by signing in the space provided below.
Sincerely,
/s/ David M. Golden
David M. Golden
Senior Vice President
& Chief Financial Officer
Accepted: /s/ Frank Marcinowski
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Frank Marcinowski