Document:

Employment Agreement

 Exhibit 10.74 
  
 EMPLOYMENT AGREEMENT 
  
 This employment agreement (the “Agreement”) is entered into by and between Perry Ellis International, Inc. (“Perry Ellis” or the
“Company”) and Mr. Paul Rosengard (“Rosengard” or “Employee”) 
  
 1. TERM OF EMPLOYMENT 
  
 This Agreement is effective for the period commencing on August 1, 2005 and terminating without further notice at 5:00 p.m. on July 31, 2007, unless terminated earlier in accordance with the provisions set forth in paragraphs 5, 6, 7 or 8
below. The parties may renew this Agreement, in writing, for additional one-year periods at their discretion. The Company shall notify Rosengard, in writing, at least ninety (90) days prior to the natural expiration of this Agreement of the
Company’s intent to not renew this Agreement. 
  
 2. DUTIES AND
RESPONSIBILITIES 
  
 The Company agrees to employ Rosengard
as Group President, Perry Ellis and Premium Brands with such powers and duties in this capacity as may be established from time to time by the Company and its Board of Directors (the “Board”) in their discretion. Rosengard shall diligently
perform all services as may be assigned to him by the Company, PEI and its Board and shall exercise such power and authority as may from time to time be delegated to him by the Company, PEI or its Board. During his employment, Rosengard will not
actively engage in any other business activities, regardless of whether such activity is pursued for profits, gains or other pecuniary advantage. In connection with his employment by the Company, Rosengard shall be based at the Company’s
principal offices in New York City, New York except for required travel on the Company’s business. 
  
 3. COMPENSATION 
  
 (a)
Base Salary. Perry Ellis will pay a Base Salary of Five Hundred Seventy Thousand Dollars ($570,000) per annum to Rosengard, payable in installments according to the Company’s normal payroll practices, and subject to
applicable withholding and other taxes and deductions. Said salary is effective August 1, 2005. 
  
 (b) Incentive Compensation. The Company and Rosengard shall each evaluate Rosengard’s performance at the end of each of the
Company’s fiscal years during this Agreement. It is contemplated that this review will normally occur in February of each year. However, said review may be postponed by the Company as warranted by appropriate or more immediate business
circumstances. Rosengard will be eligible to participate in any Management Incentive Plan or any other bonus arrangement generally available to other senior management employees, according to the same terms and conditions applicable to other
employees. 
  

					
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 (c) Vacation, Personal, and Sick Leave. Rosengard shall be eligible to take four (4) weeks
of paid vacation during each year of this Agreement, in accordance with the terms and conditions of the Perry Ellis International Vacation Policy, revised February 1, 2005. Rosengard shall be eligible on an annual basis to six (6) days personal
leave. Unused personal leave may not be carried over to subsequent years and will not be paid-out if not taken for any reason. 
  
 (d) Other Benefits. Rosengard will be entitled to participate in any group health, dental, life or disability plan and is entitled to any
other benefits that the Company may maintain from time to time for all employees, provided that Rosengard meets the respective eligibility requirements. 
  
 (e) Expense Reimbursement. During Rosengard’s term of employment, the Company, upon the submission of supporting documentation by
Rosengard, and in accordance with Company policies for its executives, shall reimburse Rosengard for all reasonable expenses actually paid or incurred by Rosengard in the course of and pursuant to the business of the Company, including expenses for
travel and entertainment. 
  
 4. CHANGE IN CONTROL 
  
 In the event that, within the 12 month period following a Change in Control
(as herein defined), Rosengard’s employment is terminated by the Company other than for Cause, or Rosengard terminates his employment for Good Reason (as herein defined), he shall be entitled to the following benefits: (a) any granted but
unvested Stock and/or Option to purchase the Company’s common stock will become fully vested and exercisable immediately upon such termination and shall thereafter remain exercisable [till the earlier of 60 days or the expiration date of such
Option]; and (b) a severance payment in the aggregate amount of one year of Base Salary (as defined in Paragraph 3(a) hereof) plus an amount equal to any incentive compensation paid to Rosengard pursuant to Paragraph 3(b) hereof during the
Company’s fiscal year preceding any such termination. In order to receive the benefits described in this Paragraph, Rosengard shall be required to execute a waiver of claims and general release in the form prescribed by the Company which will
be reasonably satisfactory to both parties. 
  

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 For purposes of this Paragraph 4, the term “Change in Control” shall mean the occurrence of any
of the following events: 
  

	 	1.	the acquisition by any person, entity or “group” (as defined in section 13(d) of the Exchange Act)(other than (x) any subsidiary or affiliate of the Company or (y) any
entity owned, directly or indirectly, 50% or more by Perry Ellis International, Inc. or (z) any employee benefit plan of any such entity) through one transaction or a series of related transactions of 50% or more of the combined voting power of the
then outstanding voting securities of the Company; 

  

	 	2.	The complete liquidation or dissolution of the Company (other than a dissolution occurring upon a merger or consolidation thereof); or 

  

	 	3.	The sale, transfer or other disposition of all or substantially all of the assets of the Company through one transaction or a series of related transactions to one or more persons
or entities that are not, immediately prior to such sale, transfer or other disposition, affiliates of the Company; or 

  

	 	4.	The termination or replacement of George Feldenkreis as Chairman and Chief Executive Officer of Perry Ellis International, Inc.; provided, however, that the death or
retirement of George Feldenkreis shall not trigger a Change in Control under this Section 4. 

  
 “Good Reason” means, without Rosengard’s written consent: (i) a material diminution of Rosengard’s titles, duties or responsibilities or the assignment of duties or responsibilities that are
materially inconsistent with his titles, duties and responsibilities hereunder; (ii) a change in direct reporting relationship to someone other than George Feldenkreis or Oscar Feldenkreis; (iii) a reduction in the Executive’s
Base Salary, annual bonus or incentive compensation opportunity (it being understood that a reduction in the dollar amount of Rosengard’s annual bonus from year to year solely as the result of achievement or failure to achieve the target
performance objectives provided in the annual bonus plan shall not constitute a reduction in Rosengard’s annual bonus opportunity); or (iv) requiring Rosengard’s principal place of business to be located other than New York, New York.

  
 5. ROSENGARD’S DEATH OR INABILITY TO PERFORM 
  
 In the event of Rosengard’s death, this Agreement and the
Company’s obligation to pay Rosengard’s salary and compensation automatically end. If Rosengard becomes unable to perform his employment duties during the Term of this agreement, his compensation under this Agreement shall automatically
end until such time as Rosengard becomes able to resume his job duties for the Company. In the event that Rosengard becomes unable to perform his employment duties for a cumulative period of six months within any span of twelve months, this
Agreement and Rosengard’s employment will be automatically terminated. In such case, Rosengard’s salary and compensation shall automatically end. 
  

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 6. TERMINATION BY COMPANY FOR CAUSE 
  
 The Company may terminate this Agreement and Rosengard’s employment “for Cause” at any time with or without
notice. As used herein, “for Cause” shall mean any one of the following: 
  

	 	•	 	Rosengard’s habitual neglect of his job duties and responsibilities; or 

  

	 	•	 	Conviction of any felony, excluding minor traffic offenses; or 

  

	 	•	 	Commission of a material act of dishonesty or a material breach of a fiduciary duty; or 

  

	 	•	 	Commission of a serious violation of any of the Company’s personnel policies, including but not limited to violations of the Company’s policies against any form of
harassment; or 

  

	 	•	 	Any material act or omission defined as grounds for termination of employees as set forth in the Company’s personnel policies in existence at the time, provided that Rosengard
has failed to cure such material act or omission within thirty (30) days after written notice thereof; or 

  

	 	•	 	A material breach of this Agreement provided that Rosengard has failed to cure such material act or omission within thirty (30) days after written notice thereof.

  
 In the event the Company terminates Rosengard’s employment
and this Agreement for Cause, the “Effect of Termination” provisions of paragraph 9 shall apply. 
  
 7. TERMINATION OF AGREEMENT BY COMPANY WITHOUT CAUSE 
  
 The Company may terminate this Agreement and Rosengard’s employment without Cause at any time upon ninety (90) days prior written notice to Rosengard. In such case, the Company will pay to Rosengard, as soon as
legally possible, a severance allowance in an amount equivalent to Rosengard’s Base Salary for the balance of time remaining on this contract but no less than six (6) months, payable in a lump sum, less taxes and other applicable withholding
amounts. Rosengard shall not be entitled to any remaining compensation or benefits under this Agreement from the date of his termination forward, and the provisions of paragraph 9 below shall apply. To obtain the severance payment, Rosengard will be
required to execute a full waiver and release of all claims in the form prescribed by the Company, which will be reasonably satisfactory to both parties.. In the case of non-renewal of this contract by the Company, Rosengard will receive a severance
allowance in an amount equivalent to six (6) months base salary, payable in a lump sum, less taxes and other applicable withholding amounts. Rosengard 
  

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 shall not be entitled to any remaining compensation or benefits under this Agreement from the date of his termination
forward, and the provisions of paragraph 9 below shall apply. To obtain the severance payment, Rosengard will be required to execute a full waiver and release of all claims in the form prescribed by the Company, which will be reasonably satisfactory
to both parties.. 
  
 8. TERMINATION OF AGREEMENT BY ROSENGARD 

 
 Rosengard may terminate this Agreement and his employment with the
Company without Cause upon ninety (90) days prior written notice to the Company. In such case, Rosengard may be required to perform his business duties and will be paid his regular salary up to the date of termination. At the option of the Company,
the Company may require Rosengard to depart from the Company at any time during such ninety (90) day period upon receiving said ninety (90) days notice from Rosengard of the termination of the Agreement, provided that the Company shall continue to
pay Rosengard at his regular salary for the remainder of the ninety (90) day period. 
  
 9. EFFECT OF TERMINATION 
  
 In the event of
Rosengard’s termination under paragraph 5, 6, or 8 above, Rosengard’s compensation and benefits to be provided under this Agreement will immediately cease and terminate. The Company shall not be liable to Rosengard for any further or
additional compensation or benefits from the date of termination forward. Compensation that would otherwise be payable for the remainder of the Agreement (and for prior years and for subsequent years) shall automatically terminate and be forfeited
immediately. Except as provided above, the Company shall have no further liability hereunder (other than for reimbursement for reasonable business expenses incurred prior to the date of termination). All stock and/or options that are not vested
shall immediately terminate and expire. There will be no pro-ration of bonuses and no pro-ration or vesting of stock options. 
  
 10. COOPERATION 
  
 Upon the termination of this Agreement for any reason, Rosengard agrees to cooperate with the Company in effecting a smooth transition of the management
of the Company with respect to the duties and responsibilities which Rosengard performed for the Company. Further, after termination of this Agreement, Rosengard will upon reasonable notice furnish such information and proper assistance to the
Company as it may reasonably require in connection with any litigation to which the Company is or may become a party. 
  
 11. COVENANT NOT TO COMPETE 
  
 During the term of his employment (whether under this Agreement or otherwise) and for a period of six (6) months following the termination of
Rosengard’s employment (for any reason, whether initiated by Rosengard or the Company), Rosengard promises and agrees that he will not enter into any employment or other agency relationship (whether as a principal, agent, partner, employee,
investor, owner, consultant, board 
  

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 member or otherwise) with any of the following business organizations, or their affiliated organizations, if any: (1)
Haggar; (2) Liz Claiborne, Inc.; (3) Philips Van Heusen; (4) Kenneth Cole; or (5) DKNY, provided, that Rosengard may hold the securities and/or passively invest in shares of capital stock or other equity securities of any such entity so long as does
not acquire a controlling interest in or become a member of a group which exercises direct or indirect control of more than five percent of any class of capital stock of such entity. Rosengard acknowledges that the business entities identified in
the preceding sentence are competitors of Perry Ellis and that the restrictive covenant herein is necessary to protect Perry Ellis legitimate business interests. This restrictive covenant may be assigned to any successor entities. 
  
 12. AGREEMENT NOT TO DISCLOSE TRADE SECRETS OR CONFIDENTIAL INFORMATION 
  
 (a) Trade Secrets. During the term of his employment
and after (whether under this Agreement or otherwise) Rosengard’s termination of employment with the Company or any successor organization (for any reason by Rosengard or the Company), Rosengard promises and agrees that he will not disclose or
utilize any trade secrets, confidential information, or other proprietary information acquired during the course of his service with the Company and/or its related business entities. As used herein, “trade secret” means the whole or any
portion or phase of any formula, pattern, device, combination of devices, or compilation of information which is for use, or is used in the operation of the Company’s business and which provides the Company an advantage or an opportunity to
obtain an advantage over those who do not know or use it. “Trade Secret” also includes any scientific, technical, or commercial information, including any design, list of suppliers, list of customers, or improvement thereof, as well as
pricing information or methodology, contractual arrangement with vendors or suppliers, business development plans or activities, or Company financial information. 
  
 (b) Confidential Information. During the term of his employment and after Rosengard’s termination
of employment (whether under this Agreement or otherwise) with Perry Ellis or any successor organization (for any reason, whether initiated by Rosengard or the Company), Rosengard shall not divulge, communicate, use to the detriment of the Company
or for the benefit of any other person or persons, or misuse in any way any Confidential Information pertaining to the business of the Company. Any Confidential Information or Data now or hereafter acquired by Rosengard with respect to the business
of the Company (which shall include, but not be limited to information concerning the Company’s financial condition, prospects, technology, customers, suppliers, methods of doing business and promotion of the Company’s products and
services) shall be deemed a valuable special and unique asset of the Company that is received by Rosengard in confidence and as a fiduciary. For purposes of this Agreement, “Confidential Information” means information disclosed to
Rosengard as a consequence of or through his employment by the Company (including information conceived, originated, discovered or developed by Rosengard) prior to or after the date hereof and not generally known or in the public domain, about the
Company or its business. 
  

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 13. AGREEMENT NOT TO SOLICIT OR HIRE COMPANY EMPLOYEES 
  
 If Rosengard leaves the employment of the Company for whatever reason,
Rosengard promises and agrees that during the two (2) years following his departure from the Company, he will not, without the express written permission of the Company, directly employ as a consultant or employee any person who is employed as a
consultant or employee of the Company at the time of Rosengard’s departure or any person who was an employee or consultant of the Company during the six months preceding Rosengard’s departure, with the exception of anyone who is a former
employee as a result of the Company’s actions and the Executive Administrative Assistants of Rosengard. This restrictive covenant may be assigned to any successor entities. 
  
 14. INJUNCTIVE RELIEF 
  
 In recognition of the unique services to be performed by Rosengard and the possibility that any violation by Rosengard of paragraphs 11, 12 or 13 of this
Agreement may cause irreparable or indeterminate damage or injury to Company, Rosengard expressly stipulates and agrees that the Company shall be entitled upon ten (10) days written notice to Rosengard to obtain an injunction from any court of
competent jurisdiction regarding any violation or threatened violation of this Agreement. Such right to an injunction shall be in addition to, and not in limitation of, any other rights or remedies the Company may have for actual or liquidated
damages. 
  
 15. SURVIVAL 
  
 Anything contained in this Agreement to the contrary notwithstanding, the
provisions of paragraphs 11, 12 and 13 and the other provisions of this Agreement necessary to effectuate the survival of Sections 11, 12 and 13 shall survive termination of this Agreement and any termination of Rosengard’s employment
hereunder. 
  
 16. JUDICIAL MODIFICATION OF AGREEMENT 
  
 The Company and Rosengard specifically agree that a court of competent
jurisdiction (or an arbitrator as appropriate) may modify or amend paragraphs 11, 12 or 13 of this Agreement if absolutely necessary to conform with relevant law or binding judicial decisions in effect at the time the Company seeks to enforce any or
all of said provisions. 
  
 17. RESOLUTION OF DISPUTES BY ARBITRATION

  
 Any claim or controversy that arises out of or relates to
this Agreement, or the breach of it, will be resolved by arbitration in the City of Miami in accordance with the rules then obtaining of the American Arbitration Association. Judgment upon the award rendered may be entered in any court possessing
jurisdiction over arbitration awards. This Section shall not limit or restrict the Company’s right to obtain injunctive relief for violations of paragraphs 11, 12, or 13 of this Agreement. The prevailing party shall be entitled to payment for
all costs and reasonable attorney’s fees (both trial and appellate) incurred by the prevailing party in regard to the proceedings. 
  

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 18. ADEQUATE CONSIDERATION 
  
 Rosengard expressly agrees that the Company is providing adequate, reasonable consideration for the obligations imposed upon
him in this Agreement. 
  
 19. EFFECT OF PRIOR AGREEMENTS 
  
 This Agreement supersedes any prior verbal or written agreement or
understanding between the Company and Rosengard. 
  
 20. LIMITED AFFECT OF
WAIVER BY COMPANY 
  
 If the Company waives a breach of any
provision of this Agreement by Rosengard, that waiver will not operate or be construed as a waiver of other breaches of this Agreement by Rosengard. 
  
 21. SEVERABILITY 
  
 If any provision of this Agreement is held invalid for any reason, said invalidity shall not affect the enforceability of any other provision of this
Agreement, and all other provisions of this Agreement will remain in effect. 
  
 22. ASSUMPTION OF AGREEMENT BY COMPANY’S SUCCESSORS AND ASSIGNS 
  
 At the Company’s sole option, the Company’s rights and obligations under this Agreement will inure to the benefit of and be binding upon the Company’s successors and assigns. Rosengard may not assign
his rights and obligations under this Agreement. 
  
 23. APPLICABLE LAW

  
 Rosengard and the Company agree that this Agreement shall
be subject to and enforceable under the laws of the State of Florida. 
  
 IN
WITNESS WHEREOF, the parties have executed this Agreement as of the 1st of August, 2005. 
  
 Agreed and Accepted 
  

									
	 /s/ Paul Rosengard

	 	 	 	 	 	By:	 	 /s/ Rosanne Mathews

	Paul Rosengard	 	 	 	 	 	 	 	Perry Ellis International, Inc.

  

 8CONSENT OF KOST, FORER, GABBAY & KASIERER

 Exhibit 4.(b)(5) 
  
 CONSENT OF INDEPENDENT AUDITORS 
  
 We hereby consent to the incorporation by reference in the previously filed Registration Statements on Form S-8 of Viryanet Ltd. (the
“Company”) of our independent auditors’ report dated February 17, 2004, except for note 1f, as to which the date is March 16, 2005, relating to the consolidated financial statements of Viryanet Ltd. appearing in the Company’s
Annual Report on Form 20-F/A for the year ended December 31, 2003. 
  

			
	 Tel-Aviv, Israel
	  	KOST, FORER GABBAY and KASIERER
	 August 24, 2005
	  	A Member of Ernst & Young Global

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