Document:

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                                                                    Exhibit 10.1

                               SUBLEASE AGREEMENT

         This SUBLEASE AGREEMENT ("Sublease") is made and entered into as of
October 1, 2001 by and between Movado Group, Inc., a New York corporation
("Sublandlord") and National Financial Services LLC,a Delaware limited liability
company ("Subtenant").

         WHEREAS, Meadowlands Associates, a New Jersey Limited Partnership as
landlord ("Landlord"), and Sublandlord as tenant ("Tenant"), entered into a
Lease dated as of October 31, 1986 as modified pursuant to the First Amendment
of Lease dated as of May 31, 1994 and the Second Amendment of Lease dated as of
December 23, 1998 and the Third Amendment of Lease dated as of February 17, 2000
(collectively known as "Master Lease") whereby Landlord leased 84,854 rentable
square feet ("Master Premises") of the building located at 125 Chubb Avenue,
Lyndhurst, New Jersey (the "Building"), as more particularly described in the
Master Lease, upon the terms and conditions contained therein. All capitalized
terms used herein shall have the same meaning ascribed to them in the Master
Lease unless otherwise defined herein. A copy of the master Lease is attached as
Exhibit "A" and made a part hereof.

         WHEREAS, Sublandlord and Subtenant are desirous of entering into a
sublease for a portion of the Master Premises consisting of the 4th Floor of the
Building containing 56,629 rentable square feet shown on the demising plan
annexed hereto as Exhibit "B" and made a part hereof ("Sublease Premises") on
the terms and conditions hereafter set forth.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties mutually covenant and
agree as follows:

         1. Demised Premises. Sublandlord hereby subleases and demises to
Subtenant and Subtenant hereby hires and subleases from Sublandlord the Sublease
Premises (which the parties stipulate contain 56,629 rentable square feet), upon
and subject to the terms, covenants and conditions hereinafter set forth;
provided, however, that notwithstanding the foregoing, Sublandlord shall have
the right to keep and maintain all of its existing computer, telephone, security
and related equipment in the space shown hatched in black on the demising plan
annexed hereto as Exhibit "C" and made a part hereof (the "Computer Room") until
November 16, 2001 and to access the Computer Room at such times with such
personnel as Sublandlord shall deem necessary from time to time.

         2. Lease Term. The term of this Sublease ("Term") shall be for a term,
commencing on the date that Landlord consents to such Sublease ("Sublease
Commencement Date") and ending, unless sooner

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terminated as provided herein, on May 31, 2002 ("Sublease Expiration Date");
provided, however, that if Landlord does not give such consent by October 15,
2001, then Subtenant shall have the right, on fifteen (15) days prior written
notice to Sublandlord, to terminate this Sublease, except that if Landlord
consents to this Sublease before the expiration of fifteen (15) days after the
date of such notice of termination by Subtenant then such election to terminate
shall be vitiated and of no force or effect Sublandlord confirms that it has
vacated the Sublease Premises (except the Computer Room).

         3. Use. The Sublease Premises shall be used and occupied by Subtenant
for executive and administrative office use in compliance with the Master Lease
and for no other purpose.

         4. Subrental.

         (a) Beginning with the Sublease Commencement Date and thereafter during
the Term of this Sublease and ending on the Sublease Expiration Date, Subtenant
shall pay to Sublandlord $56,629.00/month ($12.00/RSF/Annum) in monthly
installments of base rent ("Base Rental"). The first monthly installment of Base
Rental shall be paid to Sublandlord upon the execution of this Sublease. Base
Rental and additional rent (including without limitation, late fees) shall
hereinafter be collectively referred to as "Rent".

         (b) If the Sublease Commencement Date is not the first (1st) day of a
month, or if the Sublease Expiration Date is not the last day of a month, a
prorated installment of monthly Rent based on a thirty (30) day month shall be
paid for the fractional month during which the Term commenced or terminated.

         (c) Beginning with the Sublease Commencement Date and continuing to the
Sublease Expiration Date, Subtenant shall pay to Sublandlord as additional rent
for this subletting all special or after-hours cleaning, heating, ventilating,
air-conditioning, elevator and other Building charges incurred at the request
of, or on behalf of, Subtenant, or with respect to the Sublease Premises (which
in no event will exceed the amount of such costs actually incurred by
Sublandlord) and all other additional expenses, costs and charges payable to
Landlord in connection with Subtenant's use of the Sublease Premises including,
without limitation, charges for electricity used by Subtenant.

         (d) Beginning with the expiration of calendar year 2001 ("Base Year")
and thereafter during the Term of this Sublease, Subtenant shall pay to
Sublandlord as additional rent for this subletting an amount equal to 20.13%
("Subtenant's Share") of the excess of Building Operating Costs (as set forth in
Article 36 of the Master Lease) for the Building for 2002 over the total amount
of Building Operating Costs for the Building incurred by Landlord during the
Base Year pursuant to the terms and conditions of the Master Lease. Subtenant's
Share is a percentage which reflects the ratio of the rentable square feet in
the Sublease Premises to the rentable square feet in the Building.

         (e) Beginning with the expiration of the Base Year and thereafter
during the Term of this Sublease, Subtenant shall pay to Sublandlord as
additional rent for this subletting Subtenant's Share of the excess of Real
Estate Taxes (as set forth in Article 36 of the Master Lease) for the Building
for 2002 over

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the total amount of Real Estate Taxes for the Building incurred by Landlord
during the Base Year pursuant to the terms and conditions of the Master Lease.

(f) Except as otherwise specifically provided in this Sublease, Rent
shall be payable in lawful money without demand, and without offset,
counterclaim, or setoff in monthly installments, in advance, on the first day of
each an every month during the Term of this Sublease. All of said Rent is to be
paid to Sublandlord at its office at the address set forth in Section 11 herein,
or at such other place or to such agent and at such place as Sublandlord may
designate by notice to Subtenant. Any additional rent payable (including
electric unless paid directly to the utility company) on account of items which
are not payable monthly by Sublandlord to Landlord under the Master Lease is to
be paid to Sublandlord within fifteen (15) days after the date of a statement
delivered to Subtenant setting out such items of additional rent unless a
different time for payment is elsewhere state herein. Upon written request
therefor, Sublandlord agrees to provide Subtenant with copies of any statements
or invoices received by Sublandlord from Landlord pursuant to the terms of the
Master Lease.

(g) Subtenant shall pay to Sublandlord an administrative charge at
an annual interest rate equal to the prime rate charged by Citibank, N.A. plus
two percent (2%) on all amounts of Rent payable hereunder that are not paid
within five (5) days after the date when due, such charge to accrue from the
date upon which such amount was due until paid.

         5. Incorporation of Terms of Master Lease.

         (a) This Sublease is subject and subordinate to the Master Lease.
Subject to the modifications set forth in this Sublease, the terms of the Master
Lease are incorporated herein by reference, and shall, as between Sublandlord
and Subtenant (as if they were Landlord and Tenant, respectively, under the
Master Lease) constitute the terms of this Sublease except to the extent that
they are inapplicable to, inconsistent with, or modified by, the terms of this
Sublease. In the event of any inconsistencies between the terms and provisions
of the Master Lease and the terms and provisions of the Sublease, the terms and
provisions of this Sublease shall govern. Subtenant acknowledges that it has the
Master Lease and is familiar with the terms and conditions thereof. Subtenant
shall have the same right to Allotted Parking under the Master Lease as enjoyed
by Sublandlord.

         (b) For the purposes on incorporation herein, the terms of the Master
Lease are subject to the following additional modifications:

                  (i) In all provisions of the Master Lease (under the terms
         thereof and without regard to modifications thereof for purposes of
         incorporation into this Sublease) requiring the approval or consent of
         Landlord, Subtenant shall be required to obtain the approval or consent
         of both Sublandlord and Landlord.

                  (ii) In all provisions of the Master Lease requiring Tenant to
         submit, exhibit to, supply or provide Landlord with evidence,
         certificates, or any other matter or thing, Subtenant shall be required
         to submit, exhibit to, supply or provide, as the case may be, the same
         to both

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         Landlord and Sublandlord. In any such instance, Sublandlord shall
         determine if such evidence, certificate or other matter or thing shall
         be satisfactory.

                  (iii) Sublandlord shall have no obligation to restore or
         rebuild any potion of the Sublease Premises after any destruction or
         taking by eminent domain.

                  (iv) Notwithstanding anything herein or in the Master Lease to
         the contrary, Subtenant shall have the right to terminate this Sublease
         on thirty (30) days prior written notice to Sublandlord if more than
         half of the Sublease Premises is rendered untenantable, inaccessible or
         unusable by a fire or other casualty and cannot be restored or repaired
         to substantially the condition existing prior to such fire or other
         casualty within ninety (90) days after the occurrence thereof.

         (c) The following provisions of the Master Lease are specifically
excluded in their entirety: Articles 33, 46, 60, 61 and 62.

         (d) Sublandlord represents that the Master Lease is (and will be on the
Sublease Commencement Date) in full force and effect, without modification, and
Sublandlord is not in default thereunder, nor is Landlord, and Sublandlord has
received no notice of default thereunder which remains uncured.

         6. Subtenant's Obligations. Subtenant covenants and agrees that all
obligations of Sublandlord under the Master Lease shall be done or performed by
Subtenant with respect to the Sublease Premises, except as otherwise provided by
this Sublease, and Subtenant's obligations shall run to Sublandlord and Landlord
as Sublandlord may determine to be appropriate or be required by the respective
interests of Sublandlord and Landlord. Subtenant agrees to indemnify
Sublandlord, and hold it harmless, from and against any and all claims, damages,
losses, expenses and liabilities (including reasonable attorneys' fees) incurred
as a result of the non-performance, non-observance or non-payment of any of
Subtenant's obligations under this Sublease. If Subtenant makes any payment to
Sublandlord pursuant to this indemnity, Subtenant shall be subrogated to the
rights of Sublandlord concerning said payment. Subtenant shall not do, nor
permit to be done, any act of thing which is a default under this Sublease or
the Master Lease.

         7. Sublandlord's Obligations.
         (a) Sublandlord agrees that Subtenant shall be entitled to receive all
services and repairs to be provided by Landlord to Sublandlord under the Master
Lease. Subtenant shall look solely to Landlord for all such services and shall
not, under any circumstances, seek nor require Sublandlord to perform any of
such services, nor shall Subtenant make any claim upon Sublandlord for any
damages which may arise by reason of Landlord's default under the Master Lease.
Any condition resulting from a default by Landlord shall not constitute as
between Sublandlord and Subtenant an eviction, actual or constructive, of
Subtenant unless such condition constitutes an eviction, actual or
reconstructive, as between Sublandlord and

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Landlord and no such default shall excuse Subtenant from the performance or
observance of any of its obligations to be performed or observed under this
Sublease, or entitle Subtenant to receive any reduction in or abatement of the
Rent provided for in this Sublease unless such default excuses Sublandlord from
the performance or observation of any of its obligations under the Master Lease
or entitles Sublandlord to receive any reduction or abatement of Minimum Rent
under the Master Lease. In furtherance of the foregoing, Subtenant does hereby
waive any cause of action and any right to bring any action against Sublandlord
by reason of any act or omission of Landlord under the Master Lease. Sublandlord
covenants and agrees with Subtenant that Sublandlord will pay all fixed rent and
additional rent payable by Sublandlord pursuant to the Master Lease and perform
all other obligations of Sublandlord under the Master Lease with respect to the
balance of the Master Premises outside of the Sublease Premise to the extent
that failure to perform the same would adversely affect Subtenant's use of
occupancy of the Sublease Premises.

         (b) If Landlord shall fail to observe or perform any of the terms,
covenants, conditions or agreements of the Master Lease, Subtenant, at its sole
cost and expense, shall be entitled to take or commence such actions as are
appropriate to enforce Landlord's observance or performance. Sublandlord agrees
to cooperate with Subtenant in the prosecution of said actions provided,
however, that Subtenant hereby indemnifies and holds harmless Sublandlord from
any claim, liability or expense incurred by or threatened against Sublandlord by
reason of any such action by Subtenant (other than liability or expense caused
by Sublandlord's actions or omissions).

         8. Default by Subtenant. In the event Subtenant shall be in default of
any covenant of, or shall fail to honor any obligation under, this Sublease,
Sublandlord shall have available to it against Subtenant all of the remedies
available (a) to Landlord under the Master Lease in the event of a similar
default on the part of Sublandlord thereunder or (b) at law.

         9. Quiet Enjoyment. So long as Subtenant pays all of the Rent due
hereunder and performs all of Subtenant's other obligations hereunder, Subtenant
shall have the right to peaceably and quietly have, hold and enjoy the Sublease
Premises.

         10. Notices. Anything contained in the provision of this Sublease to
the contrary notwithstanding, Subtenant agrees, with respect to the Sublease
Premises, to comply with and remedy any default in this Sublease or the Master
Lease which, under the terms of this Sublease, is Subtenant's obligation to
cure, within the period allowed to Sublandlord under the Master Lease or, if a
longer period, within five (5) days after notice from Sublandlord as to any
monetary default and within twenty (20) days after notice from Sublandlord as to
any other default ; Sublandlord agrees to forward to Subtenant, promptly upon
receipt thereof by Sublandlord, a copy of each notice of default received by
Sublandlord in its capacity as Tenant under the Master Lease. Subtenant agrees
to forward to Sublandlord, promptly upon receipt thereof, copies

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of any notices received by Subtenant from Landlord or from any governmental
authorities, All notices, demands and requests shall be in writing and shall be
sent either by hand delivery or by a nationally recognized overnight courier
service (e.g., Federal Express), in either case return receipt requested, to the
address of the appropriate party. Notices, demands and requests so sent shall be
deemed given when the same are received. Notices to Sublandlord shall be sent to
the attention of:

         Movado Group, Inc
         650 From Road
         Paramus, NJ 07652
         Attn:  VP Administration
         Copy to:  Legal Department

         Notices to Subtenant shall be sent to the attention of:
         National Financial Services LLC
         c/o Fidelity Corporate Real Estate
         82 Devonshire Street, Mail Zone W2A
         Boston, MA 02109

         11. Broker. Sublandlord and Subtenant represent and warrant to each
         other that, with the exception of Cushman & Wakefield of New Jersey
         Inc. and Alexander Summer/Cresa Partners NJ ("Brokers"), no brokers
         were involved in connection with the negotiation or consummation of
         this Sublease. Sublandlord agrees to pay a commission of the Brokers
         pursuant to a separate agreement. Each party agrees to indemnify the
         other, and hold it harmless, from and against any and all claims,
         damages, losses, expenses and liabilities (including reasonable
         attorneys' fees) incurred by said party as a result of a breach of this
         representation and warranty by the other party.

         12. Condition of Premises. Subtenant acknowledges that it is subleasing
         the Sublease Premises "as-is" on the date hereof and that Sublandlord
         is not making any representation or warranty concerning the condition
         of the Sublease Premises and that Sublandlord is not obligated to
         perform any work to prepare the Sublease Premises for Subtenant's
         occupancy. Subtenant acknowledges that it its not authorized to make or
         do any alterations or improvements in or to the Sublease Premises
         except as permitted by the provisions of this Sublease and the Master
         Lease and that it must deliver the Sublease Premises to Sublandlord on
         the Sublease Expiration Date in the condition required by the Master
         Lease. Sublandlord will not unreasonably withhold or delay its consent
         to any alterations or improvements Subtenant desires to make to the
         Sublease Premises.

         13. Consent of Landlord. Article 48 of the Master Lease required
         Sublandlord to obtain the written consent of Landlord to this Sublease.
         Sublandlord shall solicit Landlord's consent to this Sublease promptly
         following the execution and delivery of this Sublease by Sublandlord
         and Subtenant. Neither Sublandlord nor Subtenant shall be obligated to
         incur any cost or expense in

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         obtaining Landlord" consent, Subtenant agrees to execute the attornment
         agreement in Section 48.5 of the Master Lease if Landlord so requests.

         14. Termination of the Lease. If for any reason the term of the Master
         Lease shall terminate prior to the Sublease Expiration Date, this
         Sublease shall automatically be terminated and Sublandlord shall not be
         liable to Subtenant by reason unless said termination shall have been
         caused by the default of Sublandlord under the Master Lease, and said
         Sublandlord default was not as a result of a Subtenant default
         hereunder.

         15. Assignment and Subletting. Independent of and in addition to any
         provisions of the Master Lease, including without limitation the
         obligation to obtain landlord's consent to any assignment, it is
         understood and agreed that Subtenant shall have no right to sublet the
         Sublease Premises or any portion thereof or any right or privilege
         appurtenant thereto; or to assign this Sublease or any interest
         therein, or to suffer or permit any other person to occupy or use the
         Sublease Premises.

         16. Limitation of Estate. Subtenant's estate shall in all respects be
         limited to, and be construed in a fashion consistent with, the estate
         granted to Sublandlord by Landlord. In the event Sublandlord is
         prevented from performing any of its obligations under this Sublease by
         a breach by Landlord of a term of the Master Lease; then Sublandlord's
         sole obligation in regard to its obligation under this Sublease shall
         be to use reasonable efforts in diligently pursuing the correction or
         cure by Landlord of Landlord's breach.

         17. Entire Agreement. It is understood and acknowledged that there are
         no oral agreements between the parties hereto affecting this Sublease
         and this Sublease supercedes and cancels any and all previous
         negotiations, arrangements, brochures, agreements and understandings,
         if any, between the parties hereto or displayed by Sublandlord to
         Subtenant with respect to the subject matter thereof, and none thereof
         shall be used to interpret or construe this Sublease. This Sublease,
         the exhibits and schedules attached hereto contain all of the terms,
         covenants, conditions warranties and agreements of the parties relating
         in any manner to the rental, use and occupancy of the Sublease Premises
         and shall be considered to be the only agreements between the parties
         hereto and their provisions of this Sublease can be modified, deleted
         or added to except in writing signed by the parties hereto. All
         negotiations and oral agreements acceptable to both parties have been
         merged into and included herein. There are no otter representatives or
         warranties between the parties, with respect to the subject matter
         hereof except as contained in this Sublease.

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         IN WITNESS WHEREOF, the parties have entered into this Sublease as of
         the date first written above.

       SUBLANDLORD:                SUBTENANT:
       MOVADO GROUP, INC.          NATIONAL FINANCIAL SERVICES LLC
       A New York corporation      A Delaware limited liability company

        By:/s/ Rick Cote           By:/s/ Jeffrey S. Wallace

        Its: Exec. VP/COO          Its:Vice President & Chief Financial Officer

                                       8<PAGE>
                                                                    Exhibit 10.2

                           SECOND AMENDMENT TO LEASE

1.   PARTIES

     1.1  THIS AGREEMENT made the 26th day of July, 2001 is between MACK-CALI
          REALTY, L.P. ("Lessor") whose address is c/o Mack-Cali Realty
          Corporation, 11 Commerce Drive, Cranford, New Jersey 07016 and MOVADO
          GROUP, INC. ("Lessee"), whose address is 125 Chubb Avenue, Lyndhurst,
          New Jersey 07071.

2.   STATEMENT OF FACTS

     2.1  Lessor and Lessee entered into a Lease dated December 21, 2000, as
          amended by First Amendment dated December 21, 2000 (the "Lease")
          covering approximately 57,535 gross rentable square feet on the third
          (3rd) floor ("Premises") in the building located at Mack Centre II,
          One Mack Drive, Paramus, New Jersey ("Building"); and

     2.2  Lessee wishes to install a receiving antenna which includes one (1)
          eighteen inch satellite dish and related equipment including any cable
          or signal lines, any receivers amplifiers, electrical power supplies,
          motor's or other electronic equipment and any masts, supporting
          structures, guy wires, anchors, equipment shelters or other structures
          (hereinafter the "Antenna") on a portion of the roof of the Building
          as approved by Lessor; and

     2.3  Lessor is willing to allow Lessee to utilize a portion of the roof of
          the Building designated by Lessor for the placement of the Antenna on
          the terms and conditions set forth below.

3.   TERMS OF AGREEMENT

     NOW, THEREFORE, in consideration of the Premises and the covenants
hereinafter, Lessor and Lessee agree as follows:

     3.1  The above recitals are incorporated herein by reference.

     3.2  All capitalized and non-capitalized terms used in this Agreement which
          are not separately defined herein but are defined in the Lease shall
          have the meaning given to any such term in the Lease.

     3.3  Lessor hereby grants to Lessee the right and privilege to occupy a
          portion of the roof of the Building designated by Lessor so that
          Lessee may install, use, operate, maintain, repair and replace, the
          Antenna, in compliance with the provisions of this Agreement.

     3.4  The rights of Lessee under this Agreement are non-exclusive and Lessor
          shall have the continued ability to lawfully allow other parties, or
          itself, the right to install other equipment on the roof of the
          Building.

     3.5  Lessee acknowledges it has examined the portion of the roof of the
          Building designated by Lessor under Section 3.3 above and accepts same
          in its "AS-IS" condition and agrees that Lessor is under no obligation
          to perform any work or provide any materials to prepare the roof or
          the Building for Lessee's Antenna. Lessee acknowledges no
          representation has been made by Lessor as to the condition or the
          suitability of the roof of the Building for the use of Lessee's
          Antenna for which the Lessee is granted herein, or whether such use is
          permissible under any applicable laws.

     3.6  The Antenna may be used only in connection with business operations
          conducted by Lessee in the Premises and at other locations. The
          Antenna may not be used for common carrier telecommunication services
          or for private telecommunication

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      services to anyone other than Lessee. The Antenna shall be installed,
      used, operated and maintained solely at the expense of Lessee. Lessee
      shall coordinate the installation activities with Lessor and shall neither
      bring the Antenna or any associated equipment to the site, nor commence
      its installation at the Building, without first giving Lessor reasonable
      notice of the date and time of the planned installation.

3.7   The Antenna shall in all cases be installed, used, operated, maintained
      and removed in compliance with the following requirements: (1) the Antenna
      shall not interfere in any way with the Building's existing engineering,
      window washing or other maintenance functions; (2) the Antenna must be
      properly secured and installed so as not to be affected by high winds or
      other elements; (3) the Antenna must be properly grounded; (4) the weight
      of the Antenna shall not exceed the load limits of the Building; and (5)
      in no event shall the Antenna or any appurtenant wiring or cable interfere
      with or otherwise affect the electrical, mechanical, structural, life
      safety or other building systems of the Building.

3.8   Lessee shall bear all costs and expenses in connection with the
      installation, use, operation, maintenance, and removal of the Antenna,
      including all costs relating to the repair of any damage to the roof or
      other parts of the Building caused directly by any such installation, use,
      operation, maintenance or removal, including without limitation water
      damage or other damage resulting from the elements.

3.9   The use of the Antenna and the location thereof on the Building shall at
      all times be in compliance with and permitted by all applicable
      governmental laws, codes, rules, and regulations including zoning and
      building laws and laws administered by the Federal Communication
      Commission and the Federal Aviation Administration. Lessee shall be
      responsible for, and procure at its sole cost and expense, any approvals
      and/or permits necessary for the installation and operation of the
      Antenna. Any such permit application must be coordinated with Lessor prior
      to filing. A copy of said permits and/or approvals shall be delivered to
      Lessor prior to the installation of the Antenna.

3.10  Notwithstanding the foregoing, the Antenna will not cause any interference
      to Lessor's use or operation of the Building. Lessee shall take all steps
      required to insure that the location and operation of the Antenna shall
      not interfere with or adversely effect (i) transmission by other
      communication facilities located within the Building or on the roof of the
      Building and used by Lessor or any other present or future tenants of the
      Building; (ii) other tenant's use and enjoyment of its leased space or the
      common areas of the Building; or (iii) neighboring landowners. If the
      location or operation of the Antenna causes such interference, Lessee
      shall, within forty-eight (48) hours of notice from Lessor, take all steps
      necessary to correct and eliminate to Lessor's satisfaction such
      interference, or remove the Antenna. Lessee will indemnify, defend and
      hold harmless Lessor and its agents from and against any and all claims
      for damages due to its Antenna or the transmissions therefrom which cause
      any such interference. Lessor will notify Lessee of any claim from third
      parties of alleged interference created by Lessee's installation or from
      transmissions or receptions from such installations. Upon receipt of any
      notification from Lessor of any such claimed interference, Lessee will
      undertake the handling of such claim and shall indemnify, defend and hold
      harmless Lessor and its agents from and against any and all cost and
      expenses arising by reason of such claim. As part of the installation of
      the Antenna, Lessee will appropriately filter and trap any and all
      byproducts or interference through existing broadcast installations and
      their signals or through other appropriate means.

3.11  If Lessor, for any reason, is unable to obtain any required access through
      adjoining premises or space occupied by other tenants, Lessor will
      promptly notify Lessee and terminate Lessee's right to install the
      Antenna.

3.12  Prior to the installation of the Antenna, Lessee shall, at its cost and
      expense, prepare and deliver to Lessor working drawings, plans and
      specifications (the

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            "Plans") detailing the exact location and size of the Antenna and
            method of the installation and use of the Antenna. No installation
            shall commence until Lessor has approved the Plans, which approval
            shall not be unreasonably withheld or delayed. Lessee shall install
            the Antenna and all wires, cables and other components strictly in
            the manner shown on the Plans. Such installation shall be performed
            (i) upon reasonable prior notice to Lessor, (ii) in a safe manner
            consistent with generally accepted construction standards and (iii)
            in such a way as to minimize interference with the operation of the
            Building. Each contractor performing any portion of Lessee's
            installation of the Antenna shall be subject to Lessor's approval,
            which approval shall not be unreasonably withheld or delayed.

     3.13.  Lessee shall install all screening reasonably required by Lessor
            such that the Antenna shall not be visible from any portion of the
            ground constituting the Common Areas. The Antenna shall not display
            any name, logo, or identity whatsoever visible from any portion of
            the ground or be used for advertising of products or services. No
            marking lighting of the Antenna will be permitted.

     3.14   Lessee shall keep the Antenna in good order, repair and condition
            throughout the term of this Agreement and shall bear the cost of
            repairing any damage to the Building resulting from the
            installation, maintenance, relocation, use and removal of the
            Antenna, including any roof repairs and consequential damages
            resulting from roof leaks. Lessor shall have the option to perform
            such work and Lessee shall reimburse Lessor for such reasonable
            costs, on demand.

     3.15   Lessee may not install the Antenna in a manner which will void or
            impair any then existing roof warranty. All work in connection with
            the roofing surface shall be performed by Lessor's roofing
            contractor at Lessee's sole cost and expense.

     3.16   Access by Lessee and its employees, agents, and contractors to
            portions of the Building outside the Premises for the installation,
            maintenance, repair, operation, and use of the Antenna is subject to
            reasonable rules and requirements of Lessor, including any
            requirement that work on the Antenna be performed at times and under
            the supervision of persons designated by Lessor.

     3.17   At Lessor's request, Lessor shall obtain and pay for (i) the
            services of a structural engineer acceptable to Lessor, (i) the
            design of any additional roof supports required to support the
            Antenna and (ii) the monitoring of the installation thereof.

     3.18   Lessee shall pay Lessor, on demand, the reasonable cost Lessor
            typically charges for (i) determining the location of the Antenna
            and its associated wiring, (ii) the cost of reviewing the Plans and
            monitoring such installation, (iii) the cost of coordinating and
            obtaining any certification as to the continuation of the roof
            guarantee and (iv) any other reasonable cost incurred by Lessor
            resulting from Lessee's installation, use or removal of the Antenna.

     3.19   The term of this Agreement shall commence upon the date the Lessee
            is in receipt of a building permit applicable to the installation of
            the Antenna ("Commencement Date") and shall expire on the Expiration
            Date stated in the Lease unless otherwise extended.

     3.20   From and after the Commencement Date, Lessee shall pay Lessor a fee
            for the use of space outside the Premises for the Antenna in the
            amount of $100.00 dollars in advance each month during the term
            stated in Paragraph 3.19 above, without any demand, counterclaim,
            deduction or setoff. All monthly installments of this fee shall be
            deemed Additional Rent under the Lease. If the term commences on a
            day other than the first day of a month, the fee shall be prorated
            for that first month for the number of days from the Commencement
            Date to the end of the month.

     3.21   The Antenna shall remain Lessee's personal property and shall be at
            the Building

                                       3
<PAGE>
            at the sole risk of the Lessee and Lessor shall not be liable for
            damage thereto or theft, misappropriation or loss thereof. At the
            termination of the Lease, or any renewal or extension thereof, the
            Antenna and all related equipment and wiring shall be removed by
            Lessee, at Lessee's sole cost and expense, and Lessee shall at that
            time repair any damage caused by the such installation and removal
            thereof.

     3.22   Lessor may, upon twenty (20) days prior written notice to Lessee,
            require Lessee to relocate the Antenna and such associated cables,
            wiring and components to another location on the roof, and Lessee
            shall do so at its sole cost and expense.

     3.23   Notwithstanding the above, Lessee shall, at its sole cost and
            expense, within thirty (30) days after receipt of written notice
            from Lessor that a comparable communications system has been
            installed, remove the Antenna and commence using such comparable
            communication system provided by Lessor or its designee. Lessee
            shall have no liability or responsibility for the costs associated
            with the acquisition and installation of such system.

     3.24   Lessee agrees that except to the extent arising directly from the
            negligence or willful misconduct of Lessor or its agents, employees,
            representatives and/or contractors, but subject to the terms of the
            Lease, Lessor shall not be liable for any damage or liability of
            any kind or for any injury to or death of persons or damage to
            property resulting from any cause whatsoever relating to the
            installation, use, maintenance, relocation or removal of the Antenna
            and its associated wiring, cables, and other components and Lessee
            hereby agrees to protect, defend, indemnify and save harmless Lessor
            and its agents from all claims, actions, demands, costs, expenses
            and liability whatsoever, including reasonable attorneys fees, on
            account of any such real or claimed event, damage or liability and
            from all liens, claims and demands arising from any occurrence
            relating to the installation, use, repair, maintenance, relocation
            or removal of the Antenna, including any roof leaks, roof repairs
            and consequential damages resulting from the same or occasioned in
            whole or in part by any act or omission of Lessee, its agents,
            contractors, servants, employees or invitees. Lessee's obligations
            under this provision shall survive the expiration or sooner
            termination of this Agreement.

     3.25   Lessee hereby represents to Lessor that there exists no default
            under the Lease either by Lessee or Lessor.

     3.26   Except as expressly amended herein, the Lease covering the
            Premises shall remain in full force and effect, and Lessor and
            Lessee hereby ratify and confirm all of the terms and conditions
            thereof.

     3.27   This Agreement shall be binding upon and inure to the benefit of the
            parties hereto and their respective legal representatives,
            successors and permitted assigns.

     3.28   Each party agrees that it will not raise or assert as a defense to
            any obligation under the Lease or this Agreement or make any claim
            that the Lease or this Agreement is invalid or unenforceable due to
            any failure of this document to comply with ministerial requirements
            including, but not limited to, requirements for corporate seals,
            attestations, witnesses, notarizations, or other similar
            requirements, and each party hereby waives the right to assert any
            such defense or make any claim of invalidity or unenforceability due
            to any of the foregoing.

     IN WITNESS WHEREOF, Lessor and Lessee have hereunto set their hands and
seals the date and year first above written, and acknowledge one to the other
they possess the requisite authority to enter into this transaction and to sign
this Agreement.

MACK-CALI REALTY, L.P.,        MOVADO GROUP, INC.

                                       4
<PAGE>
LESSOR                                       LESSEE

By:  Mack-Cali Realty Corporation,           By:  /s/ Richard A. Buonocore
     its general partner                          -----------------------------
                                                  Name:  Richard A. Buonocore
                                                  Title: Senior Vice President
By:  /s/ Michael A. Grossman                             Administration
     -----------------------------                       Movado Group Inc.
     Michael A. Grossman
     Executive Vice President

                                       5

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