Document:

Employment Agreement dated March 2, 2009 between Anita Britt and the Registrant

 Exhibit 10.48 

EMPLOYMENT AGREEMENT 

This Employment Agreement (hereinafter referred to as “Agreement”) is entered into by and between Perry Ellis International,
Inc. (hereinafter referred to as the “Company”) and Ms. Anita Britt (hereinafter referred to as “Ms. Britt”). 

WHEREAS, the Company desires to employ Ms. Britt in the capacity as Chief Financial Officer; and 

WHEREAS, the Company and Ms. Britt desire to set forth in this Agreement the terms and conditions of said employment, and to
establish a mechanism to resolve disputes relating to said employment, and to establish limitations on post-term solicitation, use of confidential information, and competition; 

NOW, THEREFORE, in consideration of the mutual promises and obligations contained in this Agreement, the Company and Ms. Britt agree
as follows: 
 1. Effective Date and Term. 

This Agreement is effective as of March 2, 2009 (the “Effective Date”) and will expire without further notice at 5:00 p.m.
e.s.t. on March 1, 2011, and can be terminated at any time by either party in accordance with the terms and conditions expressly set forth herein. The period of time beginning on the Effective Date and running until the earlier of the
expiration or termination of the Agreement shall be referred to as the “Term” of the Agreement. This Agreement may be renewed for additional periods of one (1) year upon the mutual written consent of the parties, such written consent
given not later than thirty (30) days prior to the expiration of the Term. 
 2. Duties and Responsibilities. 

The Company hereby employs Ms. Britt as the Company’s Chief Financial Officer, with such powers and duties as may be
established from time to time by the Company in its discretion. Ms. Britt will report directly to the Company’s Chief Executive Officer. Ms. Britt will devote her full time, attention and energies to the Company’s business.
During her employment, Ms. Britt will not engage in any other business activities on her own behalf or for any other entity, other than for the benefit of the Company, regardless of whether such activity is pursued for profits, gains, or other
pecuniary advantage, without the express written consent of the Company’s Chief Executive Officer. However, nothing in this Agreement shall prevent Ms. Britt from passively investing in business activities so long as such investments
require no active participation by Ms. Britt, or from engaging in other charitable or civic activities so long as such activities do not materially detract from Ms. Britt’s job duties herein. Ms. Britt shall be based at the
Company’s principal offices in Miami, Florida except for required travel on the Company’s business. 
  

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 3. Compensation. 

a. Base Salary. The Company promises to pay Ms. Britt a Base Salary at an annualized rate of Three Hundred,
Seventy-Five Thousand Dollars ($375,000.00), less applicable deductions, payable in installments according to the Company’s normal payroll practices. Any increases in Base Salary shall be at the discretion of the Company’s Chief Executive
Officer. 
 b. Management Incentive Program. Ms. Britt shall be eligible to participate in the Company’s
Management Incentive Program (hereinafter, “MIP”). Ms. Britt shall be eligible for up to 40% target bonus under the MIP. The amount and method of payment of any compensation paid to Ms. Britt shall be determined in accordance
with the applicable terms of the MIP. 
 c. Relocation Allowance. The Company will provide relocation benefits to
Ms. Britt under the terms and conditions set forth in the separate Relocation Agreement attached hereto as Appendix A. 

d. Intentionally Deleted. 

e. Automobile Allowance. The Company promises to pay Ms. Britt a monthly automobile allowance in the amount of One
Thousand Dollars ($1,000.00) per month, less applicable tax deductions. The payment under this paragraph shall be made on the first regular payroll of each month during the Term. Ms. Britt and the Company acknowledge that, as of
the date of this Agreement, the Company is considering implementing certain policies and procedures related to automobile allowances. Ms. Britt and the Company agree that the Company shall have the option, at its discretion, to eliminate the
benefit provided under this Paragraph 3.e in favor of a commensurate upward adjustment to Ms. Britt’s Base Salary. 

f. Non-Qualified Stock Options. The Company shall grant to Ms. Britt an option (the
“Option”) to purchase 10,000 shares of the Company’s common stock, $.01 par value per share (the “Common Stock”). The Option shall vest as to one-quarter
( 1/4) of the Common Stock immediately on the
first anniversary of the Effective Date, as to an additional one-quarter
( 1/4) on the second anniversary of the
Effective Date, as to an additional one-quarter
( 1/4) on the third anniversary of the
Effective Date, and as to the remaining one-quarter
( 1/4) on the fourth anniversary of the
Effective Date, but only so long as Ms. Britt is employed by the Company on each such vesting date. The Option shall be forfeited to the extent that it is not vested as of the date Ms. Britt’s employment is terminated for any reason
by Ms. Britt or by the Company. The Option shall be subject to such other terms, conditions, and/or restrictions as determined by the Company and as set forth in the related stock option agreement to be entered into between Ms. Britt and
the Company. 
 g. Restricted Stock. Ms. Britt shall be
granted 10,000 fully registered shares of the Company’s common stock of the class listed on the NASDAQ (“Shares”) One-quarter. ( 1
/4) of the Shares shall vest on the first anniversary of the Effective Date, one-quarter
( 1/4) of the Shares shall vest on the second
anniversary of the Effective Date, one-quarter
( 1/4) of the Shares shall vest on the third

  

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anniversary of the Effective Date, and one-quarter ( 1/4
) of the Shares shall vest on the fourth anniversary of the Effective Date, but only so long as Ms. Britt is employed by the Company on each such vesting date. The Shares shall be
forfeited to the extent that they are not vested as of the date Ms. Britt’s employment is terminated for any reason by Ms. Britt or by the Company. The Restricted Stock shall be subject to such other terms, conditions, and/or
restrictions as determined by the Company and as set forth in the related Restricted Stock agreement to be entered into between Ms. Britt and the Company. 

e. Long Term Incentive Plan. Ms. Britt shall be eligible to participate in the Company’s Long Term Incentive Plan
(hereinafter, “LTI”), so long as Ms. Britt meets the applicable eligibility requirements of the LTI. Any awards to Ms. Britt under the LTI shall be subject to the discretion of the Company’s Board of Directors. 

f. Other Employee Benefits. Ms. Britt will be eligible to participate in any other group employee benefit plan that is
generally available to all Company employees, so long as Ms. Britt meets the applicable eligibility requirements of individual benefit plan and subject to the terms and conditions of each benefit plan. 

4. Ms. Britt’s Death or Inability to Perform 

In the event of Ms. Britt’s death, this Agreement and the Company’s obligation to pay Ms. Britt’s salary and
other compensation automatically end. If Ms. Britt becomes unable to perform her employment duties during the Term of this Agreement, and she has no paid leave of absence available to her, her compensation under this Agreement shall
automatically end until such time as Ms. Britt becomes able to resume her job duties for the Company. In the event that Ms. Britt becomes unable to perform her employment duties for a cumulative period of twelve weeks within any span of
twelve months, this Agreement and Ms. Britt’s employment will be automatically terminated. In such case, Ms. Britt’s unpaid salary and compensation and unvested equity compensation shall automatically terminate and forfeit.

 5. Termination by Company for Cause. 

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

	 	•	 	 Ms. Britt’s habitual neglect of her job duties and responsibilities; or 

 

	 	•	 	 Commission of any felony; or 

  

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

 

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	 	•	 	 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 

  

	 	•	 	 A material breach of this Agreement. 

In the event Ms. Britt is terminated “for Cause,” her pay and benefits shall end on her last date of employment and any unvested benefits
shall forfeit, and Ms. Britt shall be entitled to no other compensation from that day forward. 
 6. Termination by Company Without
“Cause” 
 a. Severance Pay. The Company may terminate this Agreement and Ms. Britt’s employment
without Cause at any time and for any reason upon written notice to Ms. Britt. In the event that the Company terminates Ms. Britt’s employment without Cause, the Company will pay Ms. Britt severance pay in installments in the
aggregate amount of the greater of: (a) the amount of remaining Base Salary described in Paragraph 3.a hereof that would otherwise have been payable for the remainder of the Term; or (b) an amount equal to six (6) months of Base
Salary described in Paragraph 3.a hereof. Ms. Britt shall be required to execute a Severance Agreement and General Release in a form that is reasonably satisfactory to both parties in order to receive severance pay. Ms. Britt shall not be
entitled to any compensation or benefits from the date of her termination forward. Any severance pay owed to Ms. Britt shall be offset by any repayments owed by Ms. Britt pursuant to the terms of the Relocation Expense Agreement attached
hereto as Appendix A. 
 b. Other Severance Policies. Ms. Britt and the Company acknowledge that, as of the date of
this Agreement, the Company is considering implementing certain policies and procedures for severance pay to be provided to certain employees in the event of termination. Ms. Britt and the Company agree that, to the extent Ms. Britt is
covered by any such policy, Ms. Britt shall not be eligible for benefits under Paragraph 6.a hereof. In the event that the severance payment that Ms. Britt might otherwise have had available to her under Paragraph 6.a would be greater than the
severance payment Ms. Britt would receive in the event of her termination under any Company severance policy created during the Term, the Company will “buy out” the difference. 

7. Termination of Agreement by Ms. Britt 

Ms. Britt may terminate this Agreement and her employment with the Company upon thirty (30) days prior written notice to the
Company. In such case, Ms. Britt may be required to perform her business duties and will be paid her regular salary up to the date of termination. At the option of the Company, the Company may require Ms. Britt to depart from the Company
at any time during such thirty (30) day period upon receiving said thirty (30) days notice from Ms. Britt of the termination of the Agreement, and in such event, the Company shall only be required to pay Ms. Britt for the balance
of her salary and benefits for that workweek, and not be required to continue to pay Ms. Britt any salary or benefits for the remainder of the thirty (30) day period. 

 

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 8. Cooperation 

Upon the termination of this Agreement for any reason, Ms. Britt 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 Ms. Britt performed for the Company. Further, after termination of this Agreement, Ms. Britt 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. 

9. Covenant Not To Compete and Non-Solicitation Agreement. 

Ms. Britt agrees to properly execute an “Agreement Regarding Confidentiality of Information and Prohibition on Soliciting
employees” (Appendix B hereto) and a “Non-Competition Agreement” (Appendix C hereto). The terms of those agreements are incorporated by reference and made part of this Agreement as if fully set forth in this Paragraph 9. The
Restrictive covenants in those agreements shall survive the termination or expiration of this Agreement and/or the termination of Ms. Britt’s employment for any reason. 

10. 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 the “Agreement Regarding Confidentiality of Information and Prohibition on Soliciting employees” and a “Non-Competition Agreement” referred to in Paragraphs 9 of
this Agreement. 
 11. Adequate Consideration 

Ms. Britt expressly agrees that the Company is providing adequate, reasonable consideration for the obligations imposed upon her in
this Agreement. 
 12. Effect of Prior Agreements. 

This Agreement and its appendices supersede any prior verbal or written agreement or understanding between the Company and Ms. Britt
except as otherwise expressly set forth herein. 
  

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 13. Limited Effect of Waiver by Company 

If the Company waives a breach of any provision of this Agreement by Ms. Britt, that waiver will not operate or be construed as a
waiver of other breaches of this Agreement by Ms. Britt. 
 14. 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. 
 15. 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. Ms. Britt may not assign her rights and obligations under this Agreement. 

16. Applicable Law 

Ms. Britt 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 2 day of March, 2009. 

 

							
	Perry Ellis International, Inc.	 	Anita Britt
				
	 By:
	 	 /s/ Fanny Hanono
	 		 	 /s/ Anita Britt

 

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 APPENDIX “A” 

RELOCATION EXPENSE AGREEMENT 

This RELOCATION EXPENSE AGREEMENT (hereinafter, “Agreement”) is entered into by and between PERRY ELLIS INTERNATIONAL, INC.,
(“PERRY ELLIS”), and ANITA BRITT (“MS. BRITT”). 
 WHEREAS, MS. BRITT has agreed to become employed by PERRY
ELLIS as Chief Financial Officer; and 
 WHEREAS, PERRY ELLIS has agreed to reimburse MS. BRITT for certain expenses related to
MS. BRITT’s relocation to South, Florida; and 
 WHEREAS, the parties hereto desire to set forth in this Agreement the
terms and conditions of MS. BRITT’s reimbursement of relocation expenses and her repayment of a portion of those benefits in the event she leaves employment as described herein; 

NOW, THEREFORE, the parties agree as follows: 

1. Execution of Agreement and Effective Date. This Agreement is effective on the date it is signed by both parties (the “Effective
Date”). 
 2. Reimbursement of Relocation Expenses. 

A. Reimbursement for Temporary Housing. PERRY ELLIS will reimburse MS. BRITT for the reasonable cost of temporary housing incurred
up to July 31, 2009. Reimbursements shall be limited to rent payments and utility costs. No reimbursement will be granted for property damage or any extraneous charges that result from MS. BRITT occupying the temporary housing. 

B. Relocation Services. PERRY ELLIS will provide relocation services to MS. BRITT associated with her relocation to South Florida.
MS. BRITT shall be required to use a vendor approved by PERRY ELLIS. MS. BRITT must submit receipts for any expenses reimbursable under this paragraph to the applicable vendor providing relocation services. 

C. Limitation on Aggregate Reimbursement. The total aggregate amount reimbursable to MS. BRITT or payable on her behalf under
Paragraph 2.B shall be no greater than One Hundred Fifty Thousand Dollars ($150,000.00). 
 D. Round Trip Air Fare. PERRY
ELLIS will reimburse MS. BRITT for the cost of one round trip coach class airline ticket purchased during each full month beginning the first full month after the Effective Date and ending in June, 2009. Travel arrangements should be made through a
travel agent designated by PERRY ELLIS. 
 E. Repayment of Housing and Moving Expenses and Airfare. MS. BRITT agrees to
repay to PERRY ELLIS a prorated portion of any money paid to her under Paragraphs 2.A or 2.B or 2.D in the event that she, at any time prior to the second anniversary of the Effective Date: (1) resigns from employment; (2) retires from
employment; or (3) is terminated from employment for “cause” as defined in Paragraph 5 of the written Employment Agreement between MS. BRITT and PERRY ELLIS. The prorated amount

  

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payable by MS. BRITT shall be calculated by multiplying the total amount of money paid to MS. BRITT or on her behalf under Paragraphs 2.A and 2.B and 2.D by a fraction determined on the date of
MS. BRITT’s termination, the numerator of which is the number of months remaining until the second anniversary of the Effective Date, the denominator of which is twenty-four (24). PERRY ELLIS shall be entitled, in addition to any other
remedies, to set-off any repayment owed by MS. BRITT under this Paragraph 2.E against any final compensation or severance pay owed to MS. BRITT. 

3. Governing Law and Interpretation. This Agreement shall be governed by and construed in accordance with the laws of the State of
Florida. Its language shall be construed as whole, according to its fair meaning, and not strictly for or against either party. 
 4.
Severability. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the
remainder in full force and effect. 
 5. Headings. Section headings are used herein for convenience of reference only and shall
not affect the meaning of any provision of this Agreement. 
 6. Disputes. In the event of a dispute as to the
interpretation, application or violation of this Agreement, it is understood and agreed that such dispute shall be submitted to final and binding arbitration in Miami-Dade County, Florida, pursuant to the rules of the American Arbitration
Association. 
 7. Reasonable Time to Consider Signing Agreement. MS. BRITT acknowledges that she has been given a reasonable
period of time to consider whether to sign this Agreement. 
 8. Encouragement to Consult Attorney. PERRY ELLIS hereby encourages
MS. BRITT to consult her attorney before signing this Agreement. 
 THE PARTIES HAVE READ, UNDERSTOOD AND FULLY CONSIDERED THE AGREEMENT AND ARE
MUTUALLY DESIROUS OF ENTERING INTO SUCH AGREEMENT. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth
below. 
  

									
	PERRY ELLIS INTERNATIONAL, INC.	 		 	ANITA BRITT
				
	By:	 	 /s/ Fanny Hanono
	 		 	 /s/ Anita Britt

	Date:	 	 3/2/09
	 		 	Date:	 	 3/2/09

  

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 Appendix B 

Perry Ellis International 

AGREEMENT REGARDING CONFIDENTIALITY OF INFORMATION AND 

PROHIBITION ON SOLICITING EMPLOYEES 

(“Agreement”) 
 In
commencing my employment with Perry Ellis International, Inc. or its subsidiaries or affiliates, I acknowledge and agree as follows: 
 1.
“Company” Broadly Defined. The term “Company” in this Agreement shall be construed broadly to include Perry Ellis International, Inc., and its wholly owned subsidiaries, including but not limited to, Jantzen, Inc., Salant
Corporation, Supreme International, Inc., or of their respective subsidiaries, parent companies, affiliated companies or related business organizations. 

2. Ownership and Confidentiality of Company Documents: I agree that any Company Documents that I create, or that other Company employees or agents
create, are the property of the Company. I agree to keep them confidential and to use them only for the business interests of the Company and for no other company. I agree to return any such Company Documents and any copies to the Company if my
employment terminates for any reason. The term “Company Documents” means all papers, computer printouts and disks, records, customer or prospect customer lists, files, manuals, supplies, computer hardware and software, equipment, inventory
and other materials that have been created, used or obtained for Company business. 
 3. Non-Disclosure of Confidential Information: I
acknowledge that, in the normal course of my employment with the Company, I will become privy to confidential and/or proprietary information regarding the Company’s methods of doing business, the name and address of its customers, vendors,
contractors and suppliers, prices charged to and paid by the Company, technical memoranda, market and/or design research reports, comparative analysis of competitive products and services, distribution networks and contacts, licensing agreements,
marketing strategies and sales techniques, credit policies, manufacturing and operation procedures, product designs, acquisition strategies, and other information. I understand and acknowledge that the secrecy of this confidential information gives
the Company a significant competitive advantage in the importation and/or marketing of its products. During my employment with the Company and after the termination of my employment for any reason, and regardless of whether my employment is
terminated by the Company or by me, I agree not to disclose, use, or cause or aid in the disclosure or use of any such confidential information at any time for any reason, except in the normal course of my duties on behalf of the Company.

 4. Non-Solicitation of Company Employees. I promise that, during the term of my employment by the Company and for a period of two (2)
years after the termination of my employment with the Company, that I will not Solicit any Company Employee. For the purposes of this paragraph, the term “Solicit” means: (a) hiring, soliciting for hire, or offering employment; (b) aiding,
encouraging, facilitating, or in any way participating in the recruitment or hire of any Company Employee by any person or business entity other than the Company; (c) taking any action that would cause, tend to cause, or could cause any Company
Employee to abandon employment, resign from employment, or leave employment by the Company. The term “Employee” means any person that is employed by the Company or any person that is or was employed by the Company during any part of the
six (6) month period immediately preceding the termination of my employment with the Company. 
  

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 5. Enforcement. The breach or threatened breach of any of the provisions of this Agreement shall: (i)
constitute cause for the termination of my employment: and (ii) entitle the Company to a permanent injunction or other injunctive relief in order to prevent or restrain any such breach or threatened breach by me or my partners, agents,
representatives, servants, independent contractors, or any and all persons or entities directly or indirectly acting for or with me. The rights and remedies of the Company under this Agreement shall be in addition to and not in limitation of any of
the rights and remedies, and monetary or other damages or redress available at law or in equity. 
 6. Severability and Judicial Modification
of Agreement. I agree that the terms of this Agreement are severable and that, in the event any specific term of this Agreement is determined to be unenforceable by any court of competent jurisdiction, then any such unenforceable term shall be
severed and the remainder of the Agreement enforced to the fullest extent allowable under applicable law. I agree that any court of competent jurisdiction may modify the terms of this Agreement if absolutely necessary in order to comply with
existing law then in effect. 
 7. Assignment of Rights. I acknowledge that the Company’s rights under this Agreement are
assignable. On the other hand, the obligations I have undertaken in this Agreement are not assignable. 
 8. Survival. This Agreement and
the promises that I have made in this Agreement shall survive any termination of my employment, for any reason, and regardless of whether my employment is terminated by me or by the Company. 

9. Venue and Controlling Law. The Company’s headquarters are located in the State of Florida. Enforcement of this Agreement shall be in
accordance with the laws of the State of Florida and I agree that venue in any lawsuit or injunction proceedings arising under this Agreement is proper in Miami-Dade County, Florida. 

10. Acknowledgement and Effective Date. I acknowledge that I have carefully read and considered the provisions of this Agreement, and having done
so agree that the restrictions set forth are fair and reasonably required for the protection of the interests of the Company. I acknowledge that this Agreement is enforceable and effective when it is has been duly executed by me and by the Company.

 Agreed and accepted: 
  

							
	EMPLOYEE:	 		 	PERRY ELLIS INTERNATIONAL, INC.
				
	 /s/ Anita Britt
	 		 	By:	 	 /s/ Karen Rosenfeld

	Signature	 		 		 	Perry Ellis International, Inc.
			
	 Anita Britt
	 		 	 Karen Rosenfeld

	Name Printed	 		 	Name Printed
			
	 2-18-09
	 		 	 3/2/09

	Date	 		 	Date

  

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 Appendix C 

NON-COMPETITION AGREEMENT 

Perry Ellis International 

NON- COMPETITION AGREEMENT 

(“Agreement”) 
 In
commencing my employment with Perry Ellis International, Inc. or its subsidiaries or affiliates, I acknowledge and agree as follows: 
 1.
“Company” Broadly Defined. The term “Company” in this Agreement shall be construed broadly to include Perry Ellis International, Inc., and its wholly owned subsidiaries, including but not limited to Jantzen, Inc., Perry
Ellis Menswear, LLC, Salant Corporation, Supreme International, Inc., or any of their respective subsidiaries, parent companies, affiliated companies or related business organizations. 

2. Acknowledgement of Company’s Legitimate Business Interests. I agree and acknowledge that my services to the Company are of a special,
unique and extraordinary character, and my position places me in a position of confidence and trust with the Company’s suppliers, customers, and employees. I also acknowledge that the Company’s business is international and, accordingly,
that it is reasonable that the restrictive covenants set forth below are enforceable as to any geographic area in which the Company does business. I further acknowledge that the rendering of services on behalf of the Company necessarily requires
access to or use of confidential information and trade secrets of the Company, its manufacturers/suppliers, and customers and that in the course of this employment I will receive introductions and develop personal acquaintanceships and relationships
with the knowledge about manufacturers/suppliers and customers that are crucial to the Company’s business. Consequently, I agree that it is reasonable and necessary for the protection of the Company’s goodwill and business that I make the
covenants contained here and that these covenants shall remain in full force and effect following the termination of my employment. I agree to all of this paragraph not as boilerplate but as substantive commitments by which I will abide in
consideration for my employment by the Company. 
 3. Limited Prohibition on Competition. In light of the legitimate business interest
enumerated in paragraph 2 of this Agreement, and in light of other legitimate business interests not specifically discussed in this Agreement, I agree that, during my employment by the Company and for the period of time that I am being paid
severance pay under any agreement, policy or procedure after my employment by the Company terminates, to the maximum extent permitted by law, I will not, without the Company’s prior written consent, directly or indirectly: 

 

	 	a.	(i) solicit, or enter into any form of business relationship with, any Company employee, supplier, vendor or contractor for business with myself or with any third party
other than the Company, or facilitate, entice, encourage or induce any third party to solicit or enter into any such relationship, or (ii) induce, suggest, persuade or recommend to any such persons or entities that they terminate, alter or refrain
from renewing or extending, their relationship with the Company, and I promise that I will not induce or permit any other person to approach any such person or entity for any such purpose; and 

 

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	 	b.	carry on, be engaged or take part in, render services to, or become a member, partner, principal, shareholder, owner, associate, employee, contractor or agent nor
advise, counsel, aid, assist, or consult in any capacity for or with a division or other unit of an entity that sells products that are “competitive” with those sold by the Company and from which the Company. For purposes of this
Agreement, “competitive” shall mean apparel that is of the same general type and sold at similar suggested list retail price points as products sold by the Company. For example, an entity engaged in selling men’s shirts that have
retail list prices up to $100 would be considered competitive; conversely men’s shirts sold to Federated retailing at price points of $250 clearly would not be competitive if the Company does not sell men’s shirts in those price ranges.

 Notwithstanding anything herein to the contrary, the restrictive covenant contained in this paragraph 3 shall only be
enforceable in the event my employment terminates: (1) as a result of my resignation, abandonment of my job, retirement, or any other voluntary termination of my employment on my part; or (2) in the event that I am terminated “For Cause.”
For the purposes of this Agreement, the term “For Cause” shall include any breach of this Agreement or any other written agreement with the Company, poor job performance, neglect of my job duties, commission of a felony, a material
violation of Company policies regarding workplace conduct, or any other ground for termination as set forth in the Company’s Employee Handbook then in effect. 

4. Enforcement. The breach or threatened breach of any of the provisions of this Agreement shall: (i) constitute the termination of my employment
“For Cause,” and (ii) entitle the Company to a permanent injunction or other injunctive relief in order to prevent or restrain any such breach or threatened breach me or my partners, agents, representatives, servants, independent
contractors, or any and all persons or entities directly or indirectly acting for or with me. The rights and remedies of the Company under this Agreement shall be in addition to and not in limitation of any of the rights and remedies, and monetary
or other damages or redress available at law or in equity. 
 5. Severability and Judicial Modification of Agreement. I agree that the
terms of this Agreement are severable and that, in the event any specific term of this Agreement is determined to be unenforceable by any court of competent jurisdiction, then any such unenforceable term shall be severed and the remainder of the
Agreement enforced to the fullest extent allowable under applicable law. I agree that any court of competent jurisdiction may modify the terms of this Agreement if absolutely necessary in order to comply with existing law then in effect. 

6. Assignment of Rights. I acknowledge that the Company’s rights under this Agreement are assignable. On the other hand, the obligations I
have undertaken in this Agreement are not assignable. 
 7. Survival. This Agreement and the promises that I have made in this Agreement
shall survive any termination of my employment, for any reason, and regardless of whether my employment is terminated by me or by the Company. 

8. Venue, Controlling Law, and Jurisdiction. The Company’s corporate headquarters are located in the State of Florida. Enforcement of this
Agreement shall be in accordance with the laws of the State of Florida and I agree that venue in any lawsuit or injunction proceedings arising under this Agreement is proper in Miami-Dade County, Florida. I hereby consent to personal jurisdiction,
and agree to the exclusive jurisdiction, of the federal and state courts of the State of Florida in any proceedings arising under this Agreement. 
  

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 9. Acknowledgement and Effective Date. I acknowledge that I have carefully read and considered the
provisions of this Agreement, and having done so agree that the restrictions set forth are fair and reasonably required for the protection of the interests of the Company. I acknowledge that this Agreement is enforceable and effective when it has
been duly executed by me and by the Company. 
  

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 Agreed and accepted: 
  

							
	EMPLOYEE:	 		 	PERRY ELLIS INTERNATIONAL, INC.
				
	 /s/Anita D. Britt
	 		 	By:	 	 /s/ Karen Rosenfeld

	Signature	 		 		 	Perry Ellis International, Inc.
			
	 Anita D. Britt
	 		 	 Karen Rosenfeld

	Name Printed	 		 	Name Printed
			
	 3/2/09
	 		 	 3/2/09

	Date	 		 	Date

  

 Page 4 of 4Severance Agreement and General Release

 Exhibit 10.50 

SEVERANCE AGREEMENT AND GENERAL RELEASE 

This SEVERANCE AGREEMENT AND GENERAL RELEASE (hereinafter, “Agreement”) is entered into by and between PERRY ELLIS
INTERNATIONAL, INC. (“PERRY ELLIS”), and PAUL ROSENGARD (“MR. ROSENGARD”). 
 WHEREAS, MR. ROSENGARD has
been employed as President, Perry Ellis and Premium Brand pursuant to the terms of a written employment agreement between PERRY ELLIS and MR. ROSENGARD effective as of August 1, 2007 (hereinafter, the “Employment Agreement”); and

 WHEREAS, the Employment Agreement between MR. ROSENGARD and PERRY ELLIS provides for severance pay in the event of the
termination of MR. ROSENGARD’s employment; and 
 WHEREAS, MR. ROSENGARD has been notified of the termination of his
employment; and 
 WHEREAS, the parties hereto desire to set forth in this Agreement the terms and conditions of the termination
of MR. ROSENGARD’s employment and MR. ROSENGARD’s release and waiver of any and all claims that he has or could possibly have against PERRY ELLIS and the other persons and entities affiliated with PERRY ELLIS in exchange for the
consideration described herein; 
 NOW, THEREFORE, the parties agree as follows: 

1. Execution of Agreement and Effective Date. The recitals are incorporated herein. MR. ROSENGARD acknowledges that he has been given
adequate written notice of the termination of his employment. This Agreement becomes effective and enforceable on the eighth day after it is signed by MR. ROSENGARD without revocation (the “Effective Date”). 

2 . Benefits. In consideration for MR. ROSENGARD’s waiver of all claims in Paragraph 3 hereof, and the other promises made by MR.
ROSENGARD in this Agreement, PERRY ELLIS will pay MR. ROSENGARD the following: 
 A. Lump Sum Severance Pay. PERRY ELLIS
will pay MR. ROSENGARD the gross amount of Two Hundred, Sixty-Two Thousand, Five Hundred Dollars ($262,500.00), less applicable tax deductions. Such amount shall be paid in a lump sum within fifteen (15) days from the Effective Date.

 B. Vacation Payout. PERRY ELLIS will pay MR. ROSENGARD the gross amount of Twenty Four Thousand Two Hundred Thirty
Dollars ($24,230.00), less applicable tax deductions. Such amount represents the value of any and all of MR. ROSENGARD’s accrued but unused vacation leave of absence, and shall be paid in a lump sum within fifteen (15) days from the
Effective Date. 
  

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 C. Limited Benefit Reimbursement. PERRY ELLIS will pay MR. ROSENGARD the gross amount
of One Thousand, Eight Hundred, Seventy-Eight Dollars (1,878.00). The payment under this paragraph 2.C approximates the value of four months of health insurance and dental insurance premiums for MR. ROSENGARD’s current coverage under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”). PERRY ELLIS’ sole obligation under this paragraph is the payment of money to MR. ROSENGARD as described in the first sentence hereof. Nothing in this paragraph shall be
construed to relieve MR. ROSENGARD of his obligation to timely elect COBRA coverage or timely make applicable COBRA insurance premium payments. 

MR. ROSENGARD understands and acknowledges that he would not receive the benefits provided pursuant to this Paragraph 2 except for his execution of this
Agreement, his waiver of claims against PERRY ELLIS, and the fulfillment of the promises contained herein. 
 3. Release of Claims.
For the purposes of this Paragraph 3, “PERRY ELLIS” shall include Perry Ellis International, Inc., Supreme International, Inc., Jantzen, Inc., Salant Corporation, Perry Ellis Menswear, LLC, Tropical Sportswear, Inc., and any of their
parent companies, subsidiaries, related or affiliated entities, and their respective owners, directors, officers, agents, employees and insurers. MR. ROSENGARD (including his heirs, assigns, agents, and representatives) knowingly and voluntarily
waives any and all known and unknown rights and claims that he has or may have against PERRY ELLIS as of the date MR. ROSENGARD signs this Agreement, including but not limited to any claim(s) under any federal, state or local law, regulation, or
ordinance, and any public policy, contract, or common law claims, including any tort claims, and any claim(s) under: 
  

	 	•	 	 The National Labor Relations Act; 

  

	 	•	 	 Title VII of the Civil Rights Act of 1964; 

  

	 	•	 	 Sections 1981 through 1988 of Title 42 of the United States Code; 

 

	 	•	 	 The Employee Retirement Income Security Act of 1974; 

  

	 	•	 	 The Immigration Reform and Control Act of 1986; 

  

	 	•	 	 The Americans with Disabilities Act of 1990; 

  

	 	•	 	 The Fair Labor Standards Act; 

  

	 	•	 	 The Age Discrimination in Employment Act of 1967; 

  

	 	•	 	 The Older Workers Benefit Protection Act; 

  

	 	•	 	 The Equal Pay Act of 1963; 

  

	 	•	 	 The Occupational Safety and Health Act; 

  

	 	•	 	 The Family and Medical Leave Act of 1993; 

  

	 	•	 	 The New York Executive Law; 

  

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	 	•	 	 The New York City Law; 

  

	 	•	 	 Any other federal, state or local civil or human rights law or any other federal, state or local law, regulation or ordinance including, but not
limited to, any laws that regulate or govern the employment relationship; or 

  

	 	•	 	 Any public policy, contract, or common law claims, including any tort claims (e.g., negligent or intentional infliction of emotional distress,
defamation, assault, battery, false imprisonment, wrongful termination, etc.) whether based on common law or otherwise. 

  

	 	•	 	 Any claim or cause of action arising out of or related to any of the rights or obligations described in the Employment Agreement.

 This waiver also bars any claim or demand for costs, fees, or other expenses including attorney’s fees incurred
in connection with any of the above-referenced claims. The listing of claims waived in this Paragraph 3 is intended to be illustrative rather than exhaustive. Thus, MR. ROSENGARD acknowledges and agrees that this Agreement constitutes a full and
final bar to any and all claims of any type that MR. ROSENGARD now has or may have against PERRY ELLIS. Notwithstanding the foregoing, nothing herein shall waive any right to apply for or receive government sponsored unemployment benefits, and PERRY
ELLIS agrees that it will not contest any such claim for unemployment benefits by MR. ROSENGARD. 
 4. Cooperation. MR.
ROSENGARD agrees to cooperate with PERRY ELLIS in effecting a smooth transition of the management of PERRY ELLIS with respect to the duties and responsibilities that MR. ROSENGARD performed for PERRY ELLIS. MR. ROSENGARD agrees to make himself
available in connection with any request by PERRY ELLIS regarding matters of which MR. ROSENGARD has personal knowledge or which were within the purview of MR. ROSENGARD’s job responsibilities. 

5. No Lawsuits. MR. ROSENGARD promises not to institute or have instituted on his behalf any lawsuit against PERRY ELLIS (as defined in
Paragraph 3 hereof) based upon any claim that he is waiving in Paragraph 3 above. This Agreement is not intended to limit MR. ROSENGARD’s right of access to any government agency, nor MR. ROSENGARD’s right to participate in any
investigation by any government agency. However, MR. ROSENGARD agrees that, with respect to the claims that he is waiving herein, he is waiving not only his right to recover money or other relief in any action that he might institute, but also that
he is waiving his right to recover money or other relief in any action that might be brought on his behalf by any other person or entity, including but not limited to the United States Equal Employment Opportunity Commission or any other federal,
state or local governmental agency or department. 
 6. No Disparagement. MR. ROSENGARD and PERRY ELLIS promise that they will not
disparage each other (as defined in Paragraph 3 hereof). Specifically, MR. ROSENGARD promises that he will not contact the press or the media, or any of PERRY ELLIS’ current or former employees, directors, officers, agents, customers, vendors,
or anyone that does business with PERRY 
  

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ELLIS, with the purpose or effect of disparaging PERRY ELLIS’ good name and business reputation. PERRY ELLIS promises that if contacted for a reference, PERRY ELLIS will provide MR.
ROSENGARD’s dates of employment, job title, and final compensation, and no other information. PERRY ELLIS’ executive staff promises that they will not contact the press or the media, or any of PERRY ELLIS’ current or former employees,
directors, officers, agents, customers, vendors, or anyone that does business with PERRY ELLIS, with the purpose or effect of disparaging MR. ROSENGARD’s good name and business reputation. PERRY ELLIS promises that Oscar Feldenkreis will
provide MR. ROSENGARD with a letter of recommendation within 30 days of the Effective Date in words chosen by Mr. Feldenkreis in his absolute discretion. 

7. Consequences of Breach. MR. ROSENGARD and PERRY ELLIS agree that if they breach any of the promises they have made in this Agreement,
the prevailing party will be entitled to recover its reasonable attorney’s fees and costs in any lawsuit or arbitration brought to enforce this Agreement. 

8. Adequate Consideration. MR. ROSENGARD agrees that payment to him of the money pursuant to Paragraph 2 of this Agreement constitutes
adequate and ample consideration for the rights and claims that he is waiving under this Agreement and for the obligations imposed upon him by virtue of this Agreement. 

9. Non-Admission. MR. ROSENGARD and PERRY ELLIS agree that neither this Agreement nor the furnishing of the consideration for MR.
ROSENGARD’s waiver of claims shall be deemed or construed at anytime for any purpose as an admission by PERRY ELLIS or MR. ROSENGARD of any liability or unlawful conduct of any kind. 

10. Governing Law and Interpretation. This Agreement shall be governed by and construed in accordance with the laws of the State of
Florida. Its language shall be construed as whole, according to its fair meaning, and not strictly for or against either party. 
 11.
Severability. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the
remainder of this Agreement in full force and effect. 
 12. Entire Agreement; Amendment. Except as expressly set forth herein,
and except with regard to those written promises made by MR. ROSENGARD to PERRY ELLIS in paragraphs 9, 10, 11, 12, and 13 of his Employment Agreement with Perry Ellis with respect to confidential information, solicitation of employees, vendors,
etc., or competition with PERRY ELLIS, this Agreement sets forth the entire agreement between PERRY ELLIS and MR. ROSENGARD and shall supersede any and all prior agreements or understandings between the parties, except as otherwise stated herein.
This Agreement may not be amended except by a written agreement signed by the parties. 
  

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 13. Headings. Paragraph headings are used herein for convenience of reference only and shall
not affect the meaning of any provision of this Agreement. 
 14. Disputes. In the event of a dispute as to the interpretation,
application or violation of this Agreement, it is understood and agreed that such dispute shall be submitted to final and binding arbitration in Miami-Dade County, Florida. MR. ROSENGARD consents to personal jurisdiction of the courts in Miami-Dade
County, Florida, to enforce this paragraph and the terms of this Agreement. 
 15. Time To Consider Signing Agreement And Right To
Revoke. MR. ROSENGARD acknowledges that he has been given up to forty-five (45) days to decide whether to sign this Agreement. MR. ROSENGARD understands and agrees that he may revoke this Agreement within seven (7) days of the date
he signs it. Any such revocation must be in writing and personally delivered to Lystra Nottingham, c/o Perry Ellis International, Inc., 3000 N.W. 107th Avenue, Miami, Florida 33172, and must state “I revoke the Severance Agreement and General
Release.” This Agreement will become effective on the eighth day after MR. ROSENGARD signs this Agreement without revoking it. 
 16.
Information On Other Individuals. MR. ROSENGARD acknowledges that he has received, with this Agreement, a list of the job titles and ages of individuals in the same job classification or decisional unit that have been offered
consideration in exchange for a waiver of claims (Exhibit 1), and another list of the job titles and ages of individuals in the same job classification or decisional unit who have not been offered consideration in exchange for a waiver of claims
(Exhibit 2). 
 17. Encouragement to Consult Attorney. PERRY ELLIS hereby encourages MR. ROSENGARD to consult his attorney before
signing this Agreement. 
 THE PARTIES HAVE READ, UNDERSTOOD AND FULLY CONSIDERED THE SEVERANCE AGREEMENT AND GENERAL RELEASE AND ARE MUTUALLY
DESIROUS OF ENTERING INTO SUCH SEVERANCE AGREEMENT AND GENERAL RELEASE. HAVING ELECTED TO EXECUTE THIS SEVERANCE AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES SET FORTH HEREIN, AND TO RECEIVE THEREBY THE BENEFITS SET FORTH IN PARAGRAPH 2
ABOVE, MR. ROSENGARD FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS SEVERANCE AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST PERRY ELLIS. 

 

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 IN WITNESS WHEREOF, the parties have executed this Severance Agreement and General Release
as of the date set forth below. 
  

									
	PERRY ELLIS INTERNATIONAL, INC.	 		 	PAUL ROSENGARD
					
	By:	 	/s/ Anita Britt	 		 	By:	 	/s/ Paul Rosengard
	Date:	 	August 5, 2009	 		 	Date:	 	August 5, 2009

									
		 		 	
					
	In the state of	 	New York	 	)	 		 	
		 		 	)	 		 	
	In the county of	 	New York	 	)	 		 	

 I HEREBY CERTIFY that on this day, before me, an officer duly authorized by law in the state and county aforesaid
to administer oaths, personally appeared PAUL ROSENGARD, who is personally known to me. 
 SWORN TO AND SUBSCRIBED before me this
5 day of August, 2009. 
  

	
	
	/s/ Karolyn Richter
	Notary Public No. 01R16180166
	
	Karolyn Richter
	 Printed Name of Notary
 My
Commission Expires: January 7, 2012

  

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 EXHIBIT 1 

None 

 EXHIBIT 2 

* 
 * 

* 
  

 

	*	Portions of this document omitted pursuant to an application for an order for confidential treatment pursuant to Rule 24b-2 under the Exchange Act. Confidential
portions of this document have been filed separately with the Securities and Exchange Commission.

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