Document:

Amended and Restated Change of Control Severance Agreement

 Exhibit 10.1 
  
 ARGONAUT TECHNOLOGIES, INC. 
  

AMENDED AND RESTATED CHANGE OF CONTROL SEVERANCE AGREEMENT 
  
 This Amended and Restated Change of Control Severance Agreement (the “Agreement”) is made and entered into
effective as of June 6, 2005 (the “Effective Date”), by and between Gordon Tredger (the “Employee”) and Argonaut Technologies, Inc., a Delaware corporation (the “Company”). Certain capitalized terms
used in this Agreement are defined in Section 1 below. 
  
 R E C I T A L S  
  
 A. The Company and the
Employee are parties to an Amended and Restated Change of Control Severance Agreement dated August 3, 2004, as last amended on March 17, 2005 (the “Prior Agreement”), which the parties desire to amend and restate in its entirety.

  
 B. The Company has entered into a Purchase Agreement with
Biotage AB to sell substantially all the Company’s assets (the “Asset Sale”). On or about June 1, 2005 the Company will call a special meeting of its stockholders, to approve the Asset Sale. If the Asset Sale is approved, the
Company will complete the sale in accordance with the terms of and subject to satisfaction of the closing conditions set forth in the Purchase Agreement with Biotage AB. Following the closing of the Asset Sale, the Company will wind up its affairs
and seek to dispose of its remaining assets. 
  
 C. In connection
with the Asset Sale, which constitutes a Negotiated Change of Control as defined herein, the Company will appoint the Employee as President and begin the wind down process. 
  
 AGREEMENT 
  
 In consideration of the mutual covenants herein contained and the continued employment of Employee by the Company, the parties agree that the Prior
Agreement is amended and restated in full as follows: 
  
 1.
Definition of Terms. The following terms referred to in this Agreement shall have the following meanings: 
  
 (a) Cause. “Cause” shall mean (i) any act of personal dishonesty taken by the Employee in connection with his responsibilities as
an employee which is intended to result in substantial personal enrichment of the Employee, (ii) Employee’s conviction of a felony which the board of directors of the Company (the “Board of Directors”) reasonably believes has
had or will have a material detrimental effect on the Company’s reputation or business, (iii) a willful act by the Employee which constitutes gross misconduct and is materially injurious to the Company, and (iv) continued willful violations by
the Employee of the Employee’s principal duties and obligations of employment after there has been delivered to the Employee a written demand for performance from the Company which describes the basis for the Company’s reasonable belief
that the Employee has repeatedly failed to substantially and materially perform his duties; provided, however, that no act 

 shall be deemed to constitute “Cause” if committed at the direction of the Board or otherwise by Employee in
good faith and in the reasonable belief that such act is in the Company’s best interest. 
  
 (b) Change of Control. “Change of Control” shall mean the occurrence of any of the following events: 
  
 (i) the approval by shareholders of the Company of a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; 
  
 (ii) the approval by the shareholders of the Company of a plan of complete liquidation of the Company or an agreement for
the sale or disposition by the Company of all or substantially all of the Company’s assets; 
  
 (iii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becoming the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or

  
 (iv) a change in the composition of the Board, as a result of
which fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board
with the affirmative votes of at least a majority of those directors whose election or nomination was not in connection with any transactions described in subsections (i), (ii), or (iii) or in connection with an actual or threatened proxy contest
relating to the election of directors of the Company. 
  
 (c)
Negotiated Change of Control. “Negotiated Change of Control” shall mean the occurrence of a Change of Control by virtue of clause (i), (ii) or (iii) of the definition of “Change of Control” that is approved
in advance by the Board. 
  
 (d) Involuntary Termination.
“Involuntary Termination” shall mean, following the closing of the Asset Sale, (i) without the Employee’s express written consent, a reduction by the Company of the Employee’s Base Salary (as such term is defined below) as
in effect immediately prior to such reduction; (ii) a material reduction by the Company in the kind or level of employee benefits to which the Employee is entitled immediately prior to such reduction with the result that the Employee’s overall
benefits package is significantly reduced; (iii) without the Employee’s express written consent, the relocation of the Employee to a facility or a location more than twenty-five (25) miles from the Company’s current location; or (iv) any
purported termination of the Employee by the Company which is not effected for Cause or for which the grounds relied upon are not valid. 
  

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 (e) Severance Payments. “Severance Payments” shall mean lump sum cash payments in
amounts totaling $200,000.00, payable in accordance with the terms herein. 
  
 (f) Value of the Company. “Value of the Company” shall mean (i) in the case of a Negotiated Change of Control, the value of the consideration actually received per share of common stock of the
Company (the “Price Per Share”) multiplied by the total number of common shares (including the number of shares which would be outstanding upon exercise of any options or warrants, or upon conversion of any securities convertible
into common stock) of the Company (the “Fully Diluted Outstanding Shares”); provided, however, that, if any portion of the consideration received by the Company’s shareholders consists of common stock of any other company
merging with or acquiring the Company (the “Acquisition Partner”), that portion of the Price Per Share shall be calculated using the applicable exchange ratio contained in the definitive agreement multiplied by the average closing
price of the Acquisition Partner’s common stock over the five trading day period up to and including the trading day preceding the closing of such Negotiated Change of Control, (ii) in all other cases where the Company’s common stock
trades on an established stock exchange or a national market system, the average closing price of the Company’s common stock over the five trading day period up to and including the trading day preceding the occurrence of a Negotiated Change of
Control multiplied by the Fully Diluted Outstanding Shares or (iii) in all other cases, the fair market value of the Fully Diluted Outstanding Shares on the date of the Negotiated Change of Control, as determined in good faith by the Board
concurrent with or up to thirty (30) days in advance of such Negotiated Change of Control or, if such a timely determination is not made, following such Negotiated Change of Control. 
  
 2. Term of Agreement. This Agreement shall terminate upon the date that all obligations of the parties hereto under
this Agreement have been satisfied (pursuant to Section 3 or otherwise), or, if earlier, on the date, prior to a Change of Control, Employee is no longer employed by the Company. 
  
 3. Employment and Duties. Subject to Section 4 below, the Company agrees to employ and Employee agrees to
serve as the Company’s President following the closing of the Asset Sale. The duties and responsibilities of Employee shall include the duties and responsibilities as the Board may from time to time reasonably assign to Employee, which shall
include, but not be limited to, managing a team of employees and contractors who will wind-down the Company’s affairs in order to return any remaining cash to the Company’s stockholders. It is contemplated that Employee will devote his
full time and attention to the Company from the date of this Agreement through the date which is nine (9) months from the date of the Agreement. Following such time, it is expected that Employee shall devote the lesser of twenty-five percent (25%)
of his full time and attention to the Company, or such time as necessary in order to wind-down the affairs of the Company, until such time as a final distribution to the stockholders is made and the Company is dissolved (and after which time this
Agreement shall terminate). Nothing in this Section 3 shall be deemed to prevent Employee from seeking and undertaking additional employment following the date which is nine (9) months from the date of the Agreement. 
  
 4. At-Will Employment. The Company and the Employee acknowledge that
the Employee’s employment is and shall continue to be at-will, as defined under applicable law. If the Employee’s employment terminates for any reason, the Employee shall not be entitled to any 
  

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 payments, benefits, damages, awards or compensation other than as provided by this Agreement, or as may otherwise be
established under the Company’s then existing employee benefit plans or policies at the time of termination. 
  
 5. Base Salary. For all services to be rendered by Employee pursuant to this Agreement, the Company agrees to pay Employee an initial base salary
at an annual rate of not less than $200,000.00 for such period beginning on the date of this Agreement and continuing through the date which is nine (9) months from the date of the Agreement (the “Employment Period”), and, after the
Employment Period, the Company shall pay Employee a base salary at an annual rate of not less than $50,000.00 (the “Base Salary”). The Base Salary shall be paid in periodic installments in accordance with the Company’s regular
payroll practices. During the Employment Period, the Company will use commercially reasonable efforts to continue to provide such employee benefits to Employee (including, but not limited to, healthcare benefits and paid time off) that are
consistent with a company of similar size and operational history and equivalent to those benefits provided to Employee by the Company on the date of this Agreement. 
  
 6. Bonus Upon The Closing of the Asset Sale. Upon the closing of the Asset Sale, Employee shall be entitled to
receive a cash bonus equal to 0.375% of the Value of the Company at the time of the Asset Sale, less applicable withholding. Additionally, Employee shall be entitled to shall receive the first portion of the Severance Payments in a lump sum cash
payment equal to $80,000.00, less applicable withholding. 
  
 7.
Bonus Upon Completion of 2005 End-Of-Year Matters. Following the Asset Sale and upon the Company’s completion of its tax, audit and compliance requirements (including the completion of tax filings, the delivery of audited year-end
financial statements, and the filing of any reports with the Securities and Exchange Commission, if applicable), as determined in good faith by the Board, Employee shall be entitled to shall receive a the second portion of the Severance Payments in
a lump sum cash payment equal to $80,000.00, less applicable withholding. 
  
 8. Bonus Upon Completion of Final Distribution to Stockholders and Dissolution. Following an Asset Sale and immediately prior to the Company’s successful completion of the final distribution to its
stockholders and the Company’s dissolution, Employee shall be entitled to shall receive a lump sum cash payment equal to $70,000.00, less applicable withholding. Additionally, Employee shall be entitled to (i) receive the third and final
portion of the Severance Payments in a lump sum cash payment equal to $40,000.00, less applicable withholding, and (ii) reimbursement for health insurance premiums at Employee’s then current rate of coverage for three months, provided
that (a) Employee is not then receiving health insurance coverage from a third party, and (b) Employee timely elects continued coverage under COBRA. Payments under this Section 8 shall be shall be expressly conditioned on Employee’s
execution of a general release of claims against the Company or any of its successors or assigns. 
  
 9. Severance Payments; Involuntary Termination or Termination Without Cause. If Employee’s employment with the Company is terminated as a
result of an Involuntary Termination or Employee is terminated without Cause, regardless of whether Employee obtains employment elsewhere, Employee shall be entitled, upon Employee’s execution of a general release of claims against the Company
or any of its successors or assigns, to a lump sum cash payment equal to all unpaid Severance Payments, less applicable withholding. 
  

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 10. Accrued Wages and Vacation; Expenses. Without regard to the reason for, or the timing of,
Employee’s termination of employment: (i) the Company shall pay the Employee any unpaid base salary due for periods prior to the Termination Date; (ii) the Company shall pay the Employee all of the Employee’s accrued and unused vacation
through the Termination Date; and (iii) following submission of proper expense reports by the Employee, the Company shall reimburse the Employee for all expenses reasonably and necessarily incurred by the Employee in connection with the business of
the Company prior to the Termination Date. These payments shall be made promptly upon termination and within the period of time mandated by law. 
  
 11. Limitation on Payments. In the event that the benefits provided for in this Agreement or otherwise payable to the Employee (i) constitute
“parachute payments” within the meaning of Section 280G of the Code, and (ii) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then Employee’s benefits under this Agreement
shall be either 
  
 (a) delivered in full, or 
  
 (b) delivered as to such lesser extent which would result in no portion of
such benefits being subject to the Excise Tax, 
  
 whichever of
the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Employee on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some
portion of such benefits may be taxable under Section 4999 of the Code. 
  
 Unless the Company and the Employee otherwise agree in writing, any determination required under this Section shall be made in writing by the Company’s independent public accountants (the “Accountants”), whose
determination shall be conclusive and binding upon the Employee and the Company for all purposes. For purposes of making the calculations required by this Section, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Section 280G and 4999 of the Code. The Company and the Employee shall furnish to the Accountants such information and documents as the Accountants
may reasonably request in order to make a determination under this Section. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section. 
  
 12. Successors. 
  
 (a) Company’s Successors. Any successor to the Company (whether
direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the Company’s obligations under this Agreement and agree
expressly to perform the Company’s obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement,
the term 
  

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 “Company” shall include any successor to the Company’s business and/or assets which executes and delivers
the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agreement by operation of law. 
  
 (b) Employee’s Successors. Without the written consent of the Company, Employee shall not assign or transfer this Agreement or any right or
obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this Agreement and all rights of Employee hereunder shall inure to the benefit of, and be enforceable by, Employee’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
  
 13. Notices. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given
when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of the Employee, mailed notices shall be addressed to him at the home address which he most recently
communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary. 
  
 14. Attorney Fees, Costs and Expenses. The Company shall promptly
reimburse Employee, on a monthly basis, for the reasonable attorney fees, costs and expenses incurred by the Employee in connection with any action brought by Employee to enforce his rights hereunder. In the event Employee is not the prevailing
party, determined without regard to whether or not the action results in a final judgment, employee shall repay such reimbursements. 
  

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 15. Arbitration and Equitable Relief. 
  
 (a) Arbitration. In consideration of Employee’s employment with
the Company, the Company’s promise to arbitrate all employment-related disputes and Employee’s receipt of the compensation, pay raises and other benefits paid to Employee by the Company, at present and in the future, the parties agree that
any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from
Employee’s employment with the Company or the termination of Employee’s employment with the Company, including any breach of this Agreement, shall be subject to binding arbitration under the arbitration rules set forth in California Code
of Civil Procedure Section 1280 through 1294.2, including Section 1283.05 (the “Rules”) and pursuant to California law. Disputes which the parties agree to arbitrate, and thereby agree to waive any right to a trial by jury, include
any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers
Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims. The parties further understand that this Agreement to arbitrate
also applies to any disputes that the Company may have with Employee. 
  
 (b) Procedure. The parties agree that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National Rules
for the Resolution of Employment Disputes. The parties agree that any arbitration under this section shall be conducted in San Mateo, California. The arbitration proceedings will allow for discovery according to the AAA National Rules for the
Resolution of Employment Disputes, or the Rules. The parties agree that the arbitrator shall have the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to
dismiss and demurrers, prior to any arbitration hearing. The parties agree that the arbitrator shall issue a written decision on the merits. The parties also agree that the arbitrator shall have the power to award any remedies, including
attorneys’ fees and costs, available under applicable law. The parties agree that the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA except that Employee shall pay the first $200.00 of any filing fees
associated with any arbitration Employee initiates. The parties agree that the arbitrator shall administer and conduct any arbitration in a manner consistent with the Rules and that to the extent that the AAA’s National Rules for the Resolution
of Employment Disputes conflict with the Rules, the Rules shall take precedence. 
  
 (c) Remedy. Except as provided by the Rules, arbitration shall be the sole, exclusive and final remedy for any dispute between Employee and the Company. Accordingly, except as provided for by the Rules, neither
Employee nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful company policy, and the
arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 
  

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 (d) Availability of injunctive relief. In accordance with Rule 1281.8 of the California Code of
Civil Procedure, the parties agree that any party may also petition the court for injunctive relief where either party alleges or claims a violation of the Employment, Confidential Information, Invention Assignment Agreement between Employee and the
Company or any other agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code §2870. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and
attorneys’ fees. 
  
 (e) Administrative relief. The
parties understand that this Agreement does not prohibit Employee from pursuing an administrative claim with a local, state or federal administrative body such as the Department of Fair Employment and Housing, the Equal Employment Opportunity
Commission or the Workers’ Compensation Board. This Agreement does, however, preclude Employee from pursuing court action regarding any such claim. 
  
 (f) Voluntary nature of agreement. Employee acknowledges and agrees that Employee is executing this Agreement voluntarily and without any duress or
undue influence by the Company or anyone else. Employee further acknowledges and agrees that Employee has carefully read this Agreement and that Employee has asked any questions needed for Employee to understand the terms, consequences and binding
effect of this Agreement and fully understand it, including that EMPLOYEE IS WAIVING HIS RIGHT TO A JURY TRIAL. Finally, Employee agrees that he has been provided an opportunity to seek the advice of an attorney of his choice before signing this
Agreement. 
  
 16. Miscellaneous Provisions. 
  
 (a) No Duty to Mitigate. The Employee shall not be required to
mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by any earnings that the Employee may receive from any other source. 
  
 (b) Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by the Employee and by an authorized officer of the Company (other than the Employee). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by
the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 
  
 (c) Integration. This Agreement and any outstanding stock option agreements and restricted stock purchase agreements referenced herein represent
the entire agreement and understanding between the parties as to the subject matter herein and supersede all prior or contemporaneous agreements, whether written or oral, with respect to this Agreement (including the Prior Agreement) and any stock
option agreement or restricted stock purchase agreement. 
  
 (d)
Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the internal substantive laws, but not the conflicts of law rules, of the State of California. 
  

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 (e) Severability. The invalidity or unenforceability of any provision or provisions of this
Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 
  
 (f) Employment Taxes. All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment taxes.

  
 (g) Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its
duly authorized officer, as of the day and year first above written. 
  

					
	COMPANY:	 	ARGONAUT TECHNOLOGIES, INC.
			
	 	 	By:	 	  

	 	 	Name:	 	  

	 	 	Title:	 	  

	EMPLOYEE:	 	 	 	 
	 	 	

	 	 	Gordon Tredger

	

  

 -10-Employment Agreement between George Pita and the Company

 Exhibit 10.68 
  
 EMPLOYMENT AGREEMENT 
  
 This employment agreement (the “Agreement”) is entered into by and between Perry Ellis International, Inc. (“Perry Ellis” or the
“Company”) and George Pita (“Pita” or “Employee”) 
  
 1. TERM OF EMPLOYMENT 
  
 This Agreement is
effective for the period commencing on May 1, 2005 and terminating without further notice at 5:00 p.m. on April 30, 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 Pita, in writing, at least 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 Pita as Chief Financial Officer 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. Pita shall diligently perform all services as may be assigned to him by the Company and
its Board and shall exercise such power and authority as may from time to time be delegated to him by the Company or its Board. During his employment, Pita will not 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, Pita shall be based at the Company’s principal executive offices in Miami, Florida except for required travel on the Company’s
business. 
  
 3. COMPENSATION 
  
 (a) Base Salary. Perry Ellis will pay a Base Salary of Three
Hundred Thousand Dollars ($300,000) per annum to Pita, 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 February 1, 2005.

  
 (b) Incentive Compensation. The Company and Pita
shall each evaluate Pita’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. Pita 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. 
  
 (c) Vacation, Personal, and Sick Leave. Pita shall be entitled to take three weeks of paid vacation during each year of this Agreement. Pita shall be entitled on an 

 annual basis to three (3) days of paid sick leave and three (3) days personal leave. Unused vacation time, sick leave
and/or 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. Pita 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 Pita meets the respective eligibility requirements. 
  
 (e) Expense Reimbursement. During Pita’s term of employment, the Company, upon the submission of supporting documentation by Pita, and
in accordance with Company policies for its executives, shall reimburse Pita for all reasonable expenses actually paid or incurred by Pita 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), Pita’s employment is terminated by the Company other than for Cause, or Pita terminates his employment for Good Reason (as herein defined), he shall be entitled to the following benefits: (a) any granted but unvested 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 Pita 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, Pita shall be required to execute a waiver of claims and general release in the form prescribed by the Company. 
  
 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 

  

 2 

	 	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 Pita’s written consent: (i) a material diminution of Pita’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 reduction in the Executive’s Base Salary, annual bonus or incentive compensation opportunity (it being understood that a reduction in the dollar
amount of Pita’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 Pita’s annual bonus
opportunity); or (iii) requiring Pita’s principal place of business to be located other than Miami, Florida. 
  
 5. PITA’S DEATH OR INABILITY TO PERFORM 
  
 In the event of Pita’s death, this Agreement and the Company’s obligation to pay Pita’s salary and compensation automatically end. If Pita
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 Pita becomes able to resume his job duties for the Company. In the event that Pita
becomes unable to perform his employment duties for a cumulative period of six months within any span of twelve months, this Agreement and Pita’s employment will be automatically terminated. In such case, Pita’s salary and compensation
shall automatically end. 
  
 6. TERMINATION BY COMPANY FOR CAUSE

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

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

  

	 	•	 	Commission of any crime, excluding minor traffic offenses; or 

  

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

  

 3 

	 	•	 	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 Pita has
failed to cure such material act or omission within thirty (30) days after written notice thereof; or 

  

	 	•	 	A material breach of this Agreement. 

  
 In the event the Company terminates Pita’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 Pita’s employment without
Cause at any time upon thirty (30) days prior written notice to Pita. In such case, the Company will pay to Pita on the date of termination without cause a severance allowance of six (6) months Base Salary, less taxes and other applicable
withholding amounts. Pita 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, Pita will
be required to execute a full waiver and release of all claims in the form prescribed by the Company. 
  
 8. TERMINATION OF AGREEMENT BY PITA 
  
 Pita may terminate this Agreement and his employment with the Company without Cause upon thirty (30) days prior written notice to the Company. In such case, Pita 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 Pita to depart from the Company at any time during such thirty (30) day period upon receiving said thirty (30) days notice from Pita of
the termination of the Agreement, provided that the Company shall continue to pay Pita at his regular salary for the remainder of the thirty (30) day period. 
  
 9. EFFECT OF TERMINATION 
  
 In the event of Pita’s termination under paragraph 5, 6, or 8 above, Pita’s compensation and benefits to be provided under this Agreement will
immediately cease and terminate. The Company shall not be liable to Pita 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 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. 
  

 4 

 10. COOPERATION 
  
 Upon the termination of this Agreement for any reason, Pita 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 Pita performed for the Company. Further, after termination of this Agreement, Pita 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 Pita’s employment (for any reason, whether initiated by Pita or the Company), Pita 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 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 Pita may hold the securities and/or passively invest in shares of capital stock or other equity securities
of any such entity so long as Pita 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. Pita 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) Pita’s termination of employment with the Company or any successor organization (for any reason by Pita or the Company), Pita
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. 
  

 5 

 (b) Confidential Information. During the term of his employment and after Pita’s
termination of employment (whether under this Agreement or otherwise) with Perry Ellis or any successor organization (for any reason, whether initiated by Pita or the Company), Pita 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 Pita 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 Pita in confidence and as a fiduciary. For purposes of this Agreement, “Confidential Information” means information disclosed to Pita as a consequence
of or through his employment by the Company (including information conceived, originated, discovered or developed by Pita) prior to or after the date hereof and not generally known or in the public domain, about the Company or its business.

  
 13. AGREEMENT NOT TO SOLICIT OR HIRE COMPANY EMPLOYEES 
  
 If Pita leaves the employment of the Company for whatever reason, Pita
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 or indirectly employ as a consultant or employee any person who is employed as a
consultant or employee of the Company at the time of Pita’s departure or any person who was an employee or consultant of the Company during the six months preceding Pita’s departure. This restrictive covenant may be assigned to any
successor entities. 
  
 14. INJUNCTIVE RELIEF 
  
 In recognition of the unique services to be performed by Pita and the
possibility that any violation by Pita of paragraphs 11, 12 or 13 of this Agreement may cause irreparable or indeterminate damage or injury to Company, Pita expressly stipulates and agrees that the Company shall be entitled upon ten (10) days
written notice to Pita 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 Pita’s employment hereunder. 
  

 6 

 16. JUDICIAL MODIFICATION OF AGREEMENT 
  
 The Company and Pita 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. 
  
 18. ADEQUATE CONSIDERATION 
  
 Pita 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 Pita. 
  
 20. LIMITED AFFECT OF WAIVER BY
COMPANY 
  
 If the Company waives a breach of any provision
of this Agreement by Pita, that waiver will not operate or be construed as a waiver of other breaches of this Agreement by Pita. 
  
 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. Pita may not assign his
rights and obligations under this Agreement. 
  

 7 

 23. APPLICABLE LAW 
  
 Pita 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 May 2005.

  
 Agreed and Accepted 
  

					
	 // George Pita

	 	By:	 	 // Rosane Mathews

	George Pita	 	 	 	Perry Ellis International, Inc.

  

 8

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