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                                                                   Exhibit 10.27

                              AMENDMENT NUMBER 2 TO
                               MOVADO GROUP, INC.
                           1996 STOCK INCENTIVE PLAN

The Board of Directors (the "Board") of Movado Group, Inc., a New York
corporation (the "Company") hereby adopts this Amendment Number 2 to the
Company's 1996 Stock Incentive Plan, as previously amended (the "Plan")
effective this 16th day of March 2001 pursuant to Section 9(a) of the Plan,
under which the Board may adopt this Amendment Number 2 without receiving
shareholder approval.

1.   Section 5, Stock Options, is hereby amended to add a new Section 5.8, Stock
     Option Reload Feature, which will read in its entirety as follows:

     "5.8 Stock Option Reload Feature

          Unless specifically determined by the Committee with respect to any or
          all Options at the time of grant, and explicitly so indicated on the
          applicable Award Agreement, the terms and conditions applicable to
          Options shall not include the stock option reload feature provided for
          in this Section 5.8 (the "Stock Option Reload Feature"). Only Non-ISOs
          may be granted with a Stock Option Reload Feature. Under the Stock
          Option Reload Feature, if a participant exercises an Option or portion
          thereof using shares of Stock in payment of the Option Price, as
          provided in Section 5.6(b)(iii), the participant shall, without
          further action by the Committee, be granted a new Option (a "Reload
          Option") to purchase shares of Stock equal to the number of shares of
          Stock used in payment of the exercise price and the number of shares
          withheld for tax in respect of the exercise. The grant of the Reload
          Option shall occur simultaneously with the exercise of the Option in
          accordance with the conditions thereof, and shall have an Option Price
          equal to the Fair Market Value of the Stock on the date of grant of
          the Reload Option.

          Additionally, a Reload Option (1) may, if determined by the Committee
          at the time of grant of the original Option to which it relates,
          contain a Stock Option Reload Feature, (2) shall have a Termination
          Date no later than the Termination Date of the original Option with
          respect to which the first Reload Option related thereto was granted,
          (3) shall first become exercisable six months after the date of its
          grant, (4) shall have as a condition to its grant, that the Fair
          Market Value of the Stock on the date of exercise of the Option with
          respect to which the Reload Option will be granted is at least the
          greater of (a) $5 more than the exercise price of the Option or (b)
          110% of the exercise  price of the Option, and (5) shall comply with
          all the other provisions of this Plan. In addition, shares of Stock
          that are issued upon the exercise of a Reload Option shall not be
          sold, pledged, transferred or otherwise encumbered by the Optionee
          (except for gift or testamentary transfers without consideration or
          intestate transfers under the law governing decedents' estates) until
          after the

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     expiration of two years from the date of such exercise; provided that the
     foregoing limitation shall not apply to sales of Stock issued upon the
     exercise of a Reload Option to the extent necessary to allow the grantee to
     satisfy his tax liability incurred on account of the exercise of the Reload
     Option, after takin into account any shares of Stock withheld from such
     exercise pursuant to clause (ii) of Section 12(b), and assuming the highest
     applicable federal state and local tax rates apply.

     The Committee shall, in addition to all other powers granted to the
     Committee under the Plan, have the power to amend or modify any term or
     condition of, or suspend or eliminate, the Stock Option Reload Feature".

2. Section 5.6(b), Manner of Payment, is hereby amended to restate subparagraph
   (iii), which will read in its entirety as follows:

   "(iii)  if and to the extent provided in the applicable Award Agreement, by
           delivery or attestation as to ownership of unrestricted shares of
           Stock, or of shares of the Company's class A common stock convertible
           into an equivalent number of shares of Stock, either (a) owned by the
           grantee for at least six months (or such other period as the
           Committee may prescribe) or (b) having such other characteristics as
           the Committee may prescribe, in each case having a Fair Market Value
           (determined as of the Option Exercise Date) equal to the portion of
           the Option Price being paid thereby".

3. Section 12(b), Withholding Taxes, is hereby amended to restate subparagraph
   (i), which will read in its entirety as follows:

   "(i)  a grantee may elect to satisfy all or part of the foregoing withholding
         requirements by delivery of unrestricted shares of Stock either (a)
         owned by the grantee for at least six months (or such other period as
         the Committee may prescribe) or (b) having such other characteristics
         as the Committee may prescribe, in each case having a Fair Market Value
         (determined as of the date of such delivery by the grantee) equal to
         all or part of the amount to be so withheld, and"

Upon the effectiveness of the foregoing amendments to the Plan, all references
to the Plan shall be deemed to mean the Plan as amended hereby.<PAGE>
                                                                   Exhibit 10.28

                             AMENDMENT NUMBER 3 TO
                            MOVADO GROUP, INC. 1996
                              STOCK INCENTIVE PLAN
                              --------------------

The Board of Directors of Movado Group, Inc., a New York corporation (the
"Company") hereby adopts this Amendment Number 3 to the Company's 1996 Stock
Incentive Plan, as previously amended, (the "Plan") effective upon approval by
the holders of a majority in voting power of the outstanding shares of common
stock and class A common stock of the Company present in person or represented
by proxy and entitled to vote at the next annual meeting of shareholders,
currently scheduled to be held June 19, 2001.

     1. Section 3 of the Plan is hereby amended to read in its entirety as
        follows: "3 Eligibility. Awards under the Plan may be granted to such
        officers, directors and executive, managerial, professional, or other
        key employees of the Company or its Affiliates and to such non-employee
        individuals with whom the Company or any of its Affiliates contracts to
        perform consulting or other services as the Committee shall from time to
        time in its sole discretion select".

     2. In Section 4(a) of the Plan, the first sentence thereof is deleted in
        its entirety and the following is substituted in lieu thereof "Subject
        to Section 13 (relating to adjustments upon changes in capitalization),
        the aggregate number of shares of Stock upon which Awards may be based
        shall not exceed 3,500,000 shares".

     3. Section 4(b) of the Plan is deleted in its entirety and the following
        is substituted in lieu thereof: "Subject to Section 13 (relating to
        adjustments upon changes in capitalization), the total number of shares
        of Stock in respect of which Awards may be granted to any one
        participant under the Plan during any calendar year shall not exceed
        1,200,000 shares of Stock."

Upon the effectiveness of the foregoing amendments to the Plan, all references
to the Plan shall be deemed to mean the Plan as amended hereby.<PAGE>

                                                                 EXHIBIT 10.29**

                               AMENDMENT NUMBER 3

                              TO LICENSE AGREEMENT

     This amendment dated as of January 30 2002, (the "Third Amendment")
further amends the License Agreement dated December 9, 1996, as amended by
Amendment Number 1 thereto dated as of February 1, 1998 and Amendment Number 2
thereto dated as of September 1, 1999 (referred to herein as "the Agreement") by
and between Coach, Inc. (successor in interest to Coach, a division of Sara Lee
Corporation), ("Licensor") and Movado Group, Inc. and Movado Watch Company SA
(successor in interest to NA Trading SA ), ( Movado Watch Company SA and Movado
Group, Inc. hereinafter referred to together as "Licensee").

     WHEREAS, the parties desire to make certain additional changes to the
Agreement as set forth below:

     NOW THEREFORE in consideration of the mutual covenants and the premises set
forth herein, the Agreement is hereby amended as follows:

1.  Delete the period at the end of Section 1.5 "Contract Year", and insert the
    following language immediately following the word "Products": "provided,
    however that as of February 1, 2002 , Contract Year shall mean each twelve
    (12) month period beginning February 1 and ending January 31 so that
    Contract Year 5 will begin February 1, 2002, and provided further that
    Contract Year 4 will end January 31, 2002."

2.  Delete Section 1.2 "Licensor Channels", and substitute therefor the
    following:

    "Licensor  Channels" shall mean any entity controlled by Licensor,
    including without limitation retail outlets, wholesale distributors,
    Licensor's catalog, Licensor's stand alone retail stores, Licensor's
    factory outlet stores, Licensor Special Accounts (as hereinafter
    defined), Licensor's retail stores that are situated within department
    stores located outside the United States, and retail outlets operated
    and/or controlled by Coach Japan, Inc."

3.  Delete the first sentence of Section 8.2, and substitute therefor the
    following:

"All Licensed Products for retail sales in Licensor Channels worldwide,
including, but

**  (CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED FROM PAGES 2 AND 3
    AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC")
    PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
    ("1934 ACT"))

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not limited to, sales to Coach Japan, Inc. shall be sold to Licensor at a
price equal to  *  *            for such Licensed Products. Licensee will
pay all costs for freight and insurance and applicable import duties and
tariffs in connection  with  all  shipments  of Licensed Products to
any  Licensee distribution facility in the United States by any affiliate
of or contract manufacturer or assembler used by Licensee. Licensor will
pay all costs for freight and insurance and applicable import duties and
tariffs in connection with all shipments of Licensed Products from any
Licensee  distribution facility in the United States to any Licensor Channel
or Licensor distribution facility. In connection with Licensed Products sold by
Licensee for any Licensor Channel outside the United States, Licensor and
Licensee will cooperate to implement the lowest cost shipment alternative it
being the intention of the parties however that such costs incurred by
Licensor shall not exceed the costs Licensor would incur if such goods
were shipped through the United States distribution structure."

4.  Section 8.3 is hereby amended by adding the following after the word
    "price": "provided, however, that Licensee will have the right to make
    such liquidation sales of Licensed Product up to four (4) times each
    Contract Year to one or more third parties to whom Licensed Products were
    at any time previously sold and to such other third parties as to whom
    Licensor shall consent, which consent will not be unreasonably withheld
    or delayed".

5.  Delete section 10.1 and substitute the following: "The parties have
    established the following minimums pertaining to Licensee's sales of
    Licensed Products to Non-Licensor Channels

                                       *

Notwithstanding anything to the contrary contained in the Agreement, there shall
be no minimum Non-Licensor Channel sales (either U.S. or non-U.S.) for Contract
Year 4."

6.  In Section 11.1 of the Agreement,  delete the base royalty rates for
    Contract Year 5 of * and Contract Years 6-10 of * , and substitute
    the following: "Contract Years 5-10: * ". The sentence immediately
    thereafter which reads "With respect to all sales to Licensee Special
    Accounts, Licensee shall pay, in addition to the base royalty an  *  " is
    hereby deleted. In addition, paragraph 1 of Amendment Number 2 is hereby
    deleted.

7.  Delete Sections 8.10, 10.3, 11.2 and 11.4 of the Agreement and delete all
    of Section 8.7 except the first sentence thereof.

8.  Amend Section 12.4 as follows: Delete "  *  " and insert instead "  *  ".
    Section 12.4 is hereby further amended by deleting the last two sentences
    thereof.

9.  Delete the first sentence of Section 12.7 and substitute therefor the
    following:

*   (CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE
    SEC PURSUANT TO RULE 24b-2 OF THE 1934 ACT)

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    "Licensor agrees that its total worldwide retail advertising expenditures,
    including catalog expenditures, relating to the Licensed Products shall
    be  *  "

10.  Delete Section 14.1 and substitute therefor the following:

     "This Agreement shall remain in full force and effect from the date
     this Agreement is entered into by the parties until January 31, 2008,
     subject to the termination provisions as provided below."

11.  Except as set forth in this Third Amendment, the Agreement shall remain in
     full force and effect.

12.  This Third Amendment may be signed by the parties duly executing
     counterpart originals.

     IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their authorized officers and to become effective as of the date
first above written.

COACH, INC.

By:     /s/ Keith Monda

Name:   Keith Monda

Title:  COO

MOVADO WATCH COMPANY SA                         MOVADO GROUP, INC.

By:     /s/  Rick Cote                          By:    /s/ E. Grinberg

Name:   R. Cote                                 Name:  Efraim Grinberg

Title:  EVP & COO                               Title:   President & CEO

*   (CONFIDENTIAL PORTION OF THIS EXHIBIT OMITTED AND FILED SEPARATELY WITH THE
    SEC PURSUANT TO RULE 24b-2 OF THE 1934 ACT)

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