PERY » Topics » 1. Execution of Agreement and Effective Date . This Agreement is effective on the date it is signed by both parties (the Effective Date). 2. Reimbursement of Relocation Expenses .

This excerpt taken from the PERY 10-K filed Apr 9, 2009.

1. Execution of Agreement and Effective Date. This Agreement is effective on the date it is signed by both parties (the “Effective Date”).

2. Reimbursement of Relocation Expenses.

A. Reimbursement for Temporary Housing. PERRY ELLIS will reimburse MS. BRITT for the reasonable cost of temporary housing incurred up to July 31, 2009. Reimbursements shall be limited to rent payments and utility costs. No reimbursement will be granted for property damage or any extraneous charges that result from MS. BRITT occupying the temporary housing.

B. Relocation Services. PERRY ELLIS will provide relocation services to MS. BRITT associated with her relocation to South Florida. MS. BRITT shall be required to use a vendor approved by PERRY ELLIS. MS. BRITT must submit receipts for any expenses reimbursable under this paragraph to the applicable vendor providing relocation services.

C. Limitation on Aggregate Reimbursement. The total aggregate amount reimbursable to MS. BRITT or payable on her behalf under Paragraph 2.B shall be no greater than One Hundred Fifty Thousand Dollars ($150,000.00).

D. Round Trip Air Fare. PERRY ELLIS will reimburse MS. BRITT for the cost of one round trip coach class airline ticket purchased during each full month beginning the first full month after the Effective Date and ending in June, 2009. Travel arrangements should be made through a travel agent designated by PERRY ELLIS.

E. Repayment of Housing and Moving Expenses and Airfare. MS. BRITT agrees to repay to PERRY ELLIS a prorated portion of any money paid to her under Paragraphs 2.A or 2.B or 2.D in the event that she, at any time prior to the second anniversary of the Effective Date: (1) resigns from employment; (2) retires from employment; or (3) is terminated from employment for “cause” as defined in Paragraph 5 of the written Employment Agreement between MS. BRITT and PERRY ELLIS. The prorated amount

 

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payable by MS. BRITT shall be calculated by multiplying the total amount of money paid to MS. BRITT or on her behalf under Paragraphs 2.A and 2.B and 2.D by a fraction determined on the date of MS. BRITT’s termination, the numerator of which is the number of months remaining until the second anniversary of the Effective Date, the denominator of which is twenty-four (24). PERRY ELLIS shall be entitled, in addition to any other remedies, to set-off any repayment owed by MS. BRITT under this Paragraph 2.E against any final compensation or severance pay owed to MS. BRITT.

3. Governing Law and Interpretation. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. Its language shall be construed as whole, according to its fair meaning, and not strictly for or against either party.

4. Severability. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the remainder in full force and effect.

5. Headings. Section headings are used herein for convenience of reference only and shall not affect the meaning of any provision of this Agreement.

6. Disputes. In the event of a dispute as to the interpretation, application or violation of this Agreement, it is understood and agreed that such dispute shall be submitted to final and binding arbitration in Miami-Dade County, Florida, pursuant to the rules of the American Arbitration Association.

7. Reasonable Time to Consider Signing Agreement. MS. BRITT acknowledges that she has been given a reasonable period of time to consider whether to sign this Agreement.

8. Encouragement to Consult Attorney. PERRY ELLIS hereby encourages MS. BRITT to consult her attorney before signing this Agreement.

THE PARTIES HAVE READ, UNDERSTOOD AND FULLY CONSIDERED THE AGREEMENT AND ARE MUTUALLY DESIROUS OF ENTERING INTO SUCH AGREEMENT.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

 

PERRY ELLIS INTERNATIONAL, INC.     ANITA BRITT
By:  

/s/ Fanny Hanono

   

/s/ Anita Britt

Date:  

3/2/09

    Date:  

3/2/09

 

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