PARLUX FRAGRANCES, INC. | ||
(Exact Name of Registrant as Specified in Its Charter) | ||
DELAWARE | ||
(State or Other Jurisdiction of Incorporation) |
0-15491 | 22-2562955 | |
(Commission File Number) | (IRS Employer Identification No.) | |
5900 North Andrews Ave., Suite 500, Fort Lauderdale, Fl | 33309 | |
(Address of Principal Executive Offices) | (Zip Code) | |
954-316-9008 | ||
(Registrant’s Telephone Number, Including Area Code) | ||
(Former Name or Former Address, if Changed Since Last Report)
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Exhibit No. | Description |
10.1 | Amendment to the Executive Employment Agreement, dated May 18, 2011, between Parlux Fragrances, Inc. and Mr. Frederick E. Purches. |
PARLUX FRAGRANCES, INC.
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May 20, 2011
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By:
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/s/ Raymond J. Balsys | |
Raymond J. Balsys, | |||
Vice President and Chief Financial Officer
(Principal Financial and Principal Accounting
Officer)
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Exhibit No. | Description |
10.1 | Amendment to the Executive Employment Agreement, dated May 18, 2011, between Parlux Fragrances, Inc. and Mr. Frederick E. Purches. |
1.
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Term of Agreement and Employment. The first sentence in Section 2 of the Agreement is amended to read: “The term of the Executive’s employment as an employee under this Agreement will continue through March 31, 2012, unless terminated at an earlier date in accordance herewith.”
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2.
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Stock Options. As additional consideration for the Executive's services hereunder and the covenants contained herein, the Company shall grant Executive an option (the "Option") to purchase 50,000 shares of common stock of the Company (the "Common Stock") pursuant to the Company's 2007 Stock Incentive Plan. The Option (i) shall provide for an exercise price equal to the market price of the Common Stock as of the close of trading on the Nasdaq National Market on the date of this Agreement, and (ii) shall further provide that the Option shall vest and be exercisable immediately with respect to 50,000 shares of the Common Stock covered by the Option.
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3.
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Governing Law. This Amendment shall be governed by the laws of Florida without regard to the application of conflicts of laws.
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4.
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Entire Agreement. This Amendment, together with the Agreement, constitutes the only agreement between Company and the Executive regarding the Executive’s employment by the Company. This Amendment, together with the Agreement, supersedes any and all other agreements and understandings, written or oral, between the Company and the Executive regarding the subject matter hereof. A waiver by either party of any provision of the Agreement or any breach of such provision in an instance will not be deemed or construed to be a waiver of such provision for the future, or of any subsequent breach of such provision. The Agreement, as amended by the Amendment, may be further amended, modified or changed only by further written agreement between the Company and the Executive, duly executed by both Parties. Except as modified by the Amendment, the Agreement remains in full force and effect between the Parties.
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PARLUX FRAGRANCES, INC. | EXECUTIVE | ||||
By: |
/s/ Frank A. Buttacavoli
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By: |
/s/ Frederick E. Purches
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Name & Title: Frank A. Buttacavoli, Exec. VP/COO |
Frederick E. Purches, CEO and Chairman
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