Document:

Exhibit 10.2

Director Fee Arrangements for 2005

 

         Each director of MutualFirst Financial, Inc.
(the "Company") also is a director of Mutual Federal Savings Bank (the "Bank").
For 2005, as for 2004, each non-employee director receives an annual fee of
$25,200 for serving on the Bank's Board of Directors. In addition to this annual
fee, Wilbur R. Davis receives a $5,000 annual fee for serving as Chairman of the
Board of Directors of the Bank. Directors are not compensated for their service
on the Company's Board of Directors.

         The Bank maintains deferred compensation arrangements with some directors
which allows them to defer all or a portion of their Board fees and receive
income when they are no longer active directors. Deferred amounts earn interest
at the rate of 10 percent per year.Exhibit 10.8

Named Executive Officer Salary and Bonus Arrangements for 2005

       Base Salaries

       The base salaries for 2005 for the executive officers (the "named executive officers") of
Great Southern Bancorp, Inc. (the "Company") and Great Southern Bank (the "Bank") who will
be named in the compensation table that will appear in the Company's upcoming 2005 annual
meeting proxy statement are as follows:

	Name and Title		Base Salary
	 
	William V. Turner
Chairman of the Board of

 the Company and the Bank	$200,000(1)
	 
	Joseph W. Turner
President and Chief
 Executive Officer of the 
 Company and the Bank	$215,000 
	 
	Rex A. Copeland
Treasurer of the Company
 and Senior Vice President and
 Chief Financial Officer of the Bank	$160,000
	 
	Steven G. Mitchem
Senior Vice President and Chief
 Lending Officer of the Bank	$160,000

______________

(1) During 2005, William V. Turner will also receive payments of salary previously deferred totaling approximately
$25,000.

       Description of Bonus Arrangements

       In conjunction with the increase in his base annual salary from $188,000 to $200,000,
William V. Turner waived his right to receive the annual cash bonus provided for in his
employment agreement (one-half of one percent of the Company's pre-tax net income); these
changes will result in his 2005 compensation being approximately $187,000 less than his 2004
compensation.  For 2005, the annual cash bonus payable to Joseph W. Turner under his
employment agreement was increased from one-half of one percent of the Company's pre-tax net
income to three-fourths of one percent of the Company's pre-tax net income.  For 2005, as for
2004, each of Messrs. Copeland and Mitchem, along with the other executive officers of the
Company and the Bank, will be eligible for a cash bonus of up to 15% of base annual salary, with
one half of this possible bonus payable if the Company achieves targeted growth in earnings per
share for 2005 and one-half of the possible bonus awarded based on individual performance in
2005.  For 2005, as for 2004, in addition to the bonus to which he is entitled under his
employment agreement, Joseph W. Turner will again be eligible for a discretionary bonus for
individual performance.Exhibit 10.9

Current Director Fee Arrangements

       Directors of Great Southern Bancorp, Inc. ("Bancorp") receive a monthly fee of $750,
which is the only compensation paid to directors by Bancorp, except for stock options which may
be granted in the discretion of the Board of Directors under Bancorp's 2003 Stock Option and
Incentive Plan. Directors of Great Southern Bank receive a monthly fee of $1,750.  The directors
of Bancorp and the directors of the Bank are the same individuals.  As the sole director of Great
Southern Financial Corporation, a wholly owned subsidiary of the Bank, William V. Turner, the
Chairman of the Board of Directors of the Company and the Bank, receives a monthly fee of
$600 for his service on that board.  The directors of Bancorp and its subsidiaries are not paid any
fees for committee service and are not reimbursed for their costs incurred in attending Board and
committee meetings.EXHIBIT 10.114

                              EMPLOYMENT AGREEMENT

         EMPLOYMENT  AGREEMENT  (the  "Agreement")  entered into this 8th day of
February,  2005, by and between INTER PARFUMS, INC., a Delaware corporation (the
"Company"),  with its principal office at 551 Fifth Avenue,  New York, NY 10176;
and MARCELLA  CACCI (the  "Executive"),  an  individual  residing at 8 St. Lukes
Mews, London, UK W11 1DF.

                               W I T N E S S E T H

         WHEREAS, the Company is a world-wide provider of prestige perfumes;

         WHEREAS, Inter Parfums, S.A. is a majority-owned indirect subsidiary of
Company (the  "Subsidiary"),  which  maintains  is executive  offices at 4, Rond
Point des Champs Elysees, 75008 Paris, France;

         WHEREAS,   the  Subsidiary  is  the  exclusive   world-wide   fragrance
Subsidiary  under the Licence with  Burberry  Limited dated 12 October 2004 (the
"License");

         WHEREAS,  the Executive  and the Company  desire to enter into a formal
Employment Agreement to set forth the terms of employment of the Executive.

         NOW,  THEREFORE,  in  consideration  of  the  mutual  promises,  terms,
provisions, and conditions contained herein, the parties agree as follows:

1.       POSITION.

         (a)      The  Company  hereby  agrees to employ  the  Executive  as the
President of Burberry Fragrances,  a division of the Subsidiary,  subject to the
limitations  set forth herein.  As such, the Executive  shall be responsible for
the duties set forth in SCHEDULE 1A, annexed hereto, subject to the authority of
the Board of Directors of the Company (the "Board").  The Executive accepts such
employment  upon the terms and subject to the conditions  set forth herein,  and
further  covenants  and  agrees  with the  Company to perform to the best of her
abilities the duties  generally  associated with such position,  as well as such
other duties  commensurate with her position as President of Burberry Fragrances
as may be assigned from time to time by the Board.  The Executive  shall, at all
times during the Term while she is providing services for the Subsidiary, report
directly to the President of the  Subsidiary.  The  Executive  shall perform her
duties  diligently  and  faithfully  and shall devote her full business time and
attention to such duties.

         (b)      Nothing  in  Subsection   1(a)  shall  prevent  the  purchase,
ownership or sale by the Executive of  investments  in or securities of publicly
held companies, provided, that the Executive shall own not more one percent (1%)
of any outstanding class of equity security of such corporation.

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         (c)      As soon as  practicable  after the  execution  and delivery of
this  Agreement in New York City,  the Company shall apply for a Certificate  of
Coverage   for  the   Executive   from  the  United   States   Social   Security
Administration, with the intent to have the Executive transferred to and working
at the executive offices of the Subsidiary,  presently located in Paris, France,
for the balance of the Term. The Executive  agrees to cooperate with the Company
and  execute  such  documents  as may be  reasonably  necessary  to  permit  the
Executive to be transferred to the Subsidiary in Paris.  Further,  the Executive
shall travel to such  locations and at such times and from time to time as shall
be required and directed by the Board or the President of the Subsidiary.

         (d)      It is  contemplated  that on or  before  1  January  2007  the
Subsidiary  is to establish a subsidiary  in the United States for the marketing
and distribution of Burberry fragrances and cosmetics.  The Subsidiary agrees to
first offer the chief  executive  position of such  subsidiary  to the Executive
upon such terms as the parties shall mutually agree.

2.       TERM OF EMPLOYMENT.

         The term of Executive's  employment  under this Agreement will commence
on March 15, 2005 (the "Effective  Date").  Subject to the provisions of Section
10 of this Agreement,  the term of Executive's employment hereunder shall be for
a term of three (3) years from the Effective Date (the "Term").  The last day of
the Term is the "Expiration Date."

3. COMPENSATION AND BENEFITS.

         (a)      SALARY.  Commencing on the Effective  Date and  throughout the
Term,  for the full,  prompt and faithful  performance  of all of the duties and
services to be performed by the Executive hereunder,  the Company agrees to pay,
and the  Executive  agrees to accept,  the base salary at an annual rate of Four
Hundred Thousand  Dollars  (US$400,000)  payable in such  installments as is the
policy of the Company (the "Salary"),  but no less  frequently than monthly.  In
order to take into account certain fluctuations in the exchange rate between the
U.S. dollar and the Euro, an adjustment  shall be made in the Salary at the last
day of each three (3) month  period  during the Term (the  "Measurement  Date"),
provided that on the Measurement Date the exchange rate as published by the Wall
Street Journal shall be higher than 1.30 US Dollars to 1.00 Euro.

         (b)      BONUS.  For each calendar year during the Term,  the Executive
shall be eligible to receive an annual bonus (the "Annual  Bonus") to the extent
set forth in SCHEDULE 3B, annexed  hereto.  Subject to the provisions of Section
10 of this Agreement,  the Executive must be employed by the Company on the date
of payment in order to be eligible for any part of an Annual Bonus.

         (c)      BENEFITS.  The Executive  shall be entitled to  participate in
all employee benefit plans which the Company and/or  Subsidiary  provides or may
establish from time to time for the benefit of its employees, including, without
limitation,  group life, medical,  surgical,  dental and other health insurance,
short  and  long-term  disability,  deferred  compensation,  profit-sharing  and
similar plans. The Executive shall also be entitled to paid vacation of five (5)
weeks per year, in

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accordance with the Company's vacation policy. The number of vacation days which
may be deferred  until the following  year or for which payment shall be made in
lieu of time off shall be  subject to the  discretion  of the  President  of the
Subsidiary. The Company may purchase one or more "key man" insurance policies on
the Executive's life, each of which will be payable to and owned by the Company.
The Company,  in its sole discretion,  may select the amount and type of key man
life  insurance  purchased,  and the Executive will have no interest in any such
policy.  The Executive  will cooperate with the Company in securing this key man
insurance,  by submitting to all required  medical  examinations,  supplying all
information  and executing  all  documents  required in order for the Company to
secure the insurance.

         (d)      HOUSING ALLOWANCE. For the first three (3) months of the Term,
the  Subsidiary  shall provide to the Executive the sum of 3,785 euros per month
for a housing  allowance,  for an  aggregate  of 11,355 euros for such three (3)
month period. In addition,  during the Term of this Agreement, the Company shall
provide the Executive with a housing allowance of US$4,000 per month.

         (e)      REALLOCATION  ALLOWANCES.  The  Company  shall  reimburse  the
Executive for all reasonable  expenses of relocating her residences  from London
to New  York,  and  then  from New York to Paris  upon  presentation  of  proper
invoices therefor, which shall in no event exceed US$10,000 in the aggregate.

         (f)      STOCK  OPTIONS.  As of the Effective  Date,  the Company shall
cause  the  Subsidiary  to grant the  Executive,  pursuant  to the  Subsidiary's
applicable stock option plan as may then be in effect (the "Stock Option Plan"),
options to purchase 20,000 ordinary shares of the Subsidiary's common stock at a
purchase  price equal to the fair market  value of the shares at the time of the
grant,  under the terms and  conditions  set forth in the Stock Option Plan (the
"Options").  Subject to the  provisions  of Section  10 of this  Agreement,  the
Options shall vest as follows: as to 6,666 shares on March 14, 2006, as to 6,667
shares on March 14, 2007 and as to the remaining 6,667 shares on March 14, 2008.

         (g)      EXPENSES. The Company shall pay or reimburse the Executive for
all reasonable  out-of-pocket expenses actually incurred by her on behalf of the
Company or the  Subsidiary  during the Term in  performing  services  hereunder,
provided  that the Executive  properly  accounts for such expenses in accordance
with the Company's or the Subsidiary's policies as may be in effect from time to
time.

         (h)      ONE TIME ISSUANCE OF  RESTRICTED  SHARES.  Upon  execution and
delivery of this  Agreement,  the Company  shall cause the  Subsidiary  to issue
5,000  ordinary  shares  of the  Subsidiary  (the  "Restricted  Shares")  to the
Executive.  Subject  to the  provisions  of Section  10 of this  Agreement,  the
Restricted  Shares shall vest as follows:  as to 1,666 shares on March 14, 2006;
as to 1,667 shares on March 14, 2007;  and as to the  remaining  1,667 shares on
March 14, 2008. If Subsidiary determines not to issue such shares as a result of
regulatory  compliance issues,  then the Subsidiary shall have the option to pay
to the Executive the fair market value of such shares on the respective  vesting
dates.

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<PAGE>

         (i)      LONG-TERM INCENTIVE COMPENSATION.  During the Term and subject
to the discretion of the Company, the Executive shall be eligible to participate
in the grant of stock options,  restricted stock or other similar equity awards,
if any, pursuant to the terms of the Company's long-term incentive  compensation
plans.

         (j)      PROFESSIONAL  FEES.  The Company shall pay for all  reasonable
legal and accounting  fees and expenses  incurred by the Executive in connection
with the structuring, negotiation and preparation of this Agreement, which shall
not exceed  US$30,000 in the aggregate.  In addition,  the Company shall pay for
all  reasonable  fees  relating to  Executive's  non-US tax planning  (including
preparation  and  filing  of tax  returns)  by the  accounting  or law  firm  of
Executive's  choice for each calendar year in which Executive spends any part as
a resident of France, which shall not exceed 10,000 euros per annum. The Company
shall retain counsel of its choice at its sole expense,  in order to provide the
Executive  with such legal and  administrative  immigration  services  as may be
contemplated by this Agreement.

4.       CONFIDENTIALITY, DISCLOSURE OF INFORMATION.

         (a)      The Executive  recognizes and acknowledges  that the Executive
has had and will have access to  Confidential  Information  (as  defined  below)
relating to the business or interests of the Company,  the  Subsidiary and their
Affiliates or of persons with whom the Company may have business  relationships.
Except as permitted  herein,  the Executive and her Affiliates,  will not during
the Term, or at any time thereafter,  use, disclose or permit to be known by any
other person or entity,  any Confidential  Information of the Company (except as
required  by  applicable  law  or in  connection  with  the  performance  of the
Executive's duties and responsibilities hereunder).

         (b)      The term "Confidential  Information" shall include, but not be
limited to, information relating to the Company's business affairs,  proprietary
technology,  trade secrets,  patented processes,  research and development data,
know-how, market studies and forecasts,  competitive analyses, pricing policies,
employee lists,  employment  agreements  (other than this Agreement),  personnel
policies,  the substance of  agreements  with  customers,  suppliers and others,
marketing  arrangements,   customer  lists,  commercial  arrangements,   Company
Materials (as defined herein) or any other information relating to the Company's
business  that is not  generally  known to the public or to actual or  potential
competitors  of the Company (other than through a breach of this Agreement or as
a  result  of  a  court  order).  This  obligation  shall  continue  until  such
Confidential  Information becomes publicly  available,  other than pursuant to a
breach of this  Section  4 by the  Executive  or as a result  of a court  order,
regardless of whether the Executive continues to be employed by the Company.

         (c)      For purposes hereof,  the term "Affiliate" shall be defined to
mean,  in the case of the Company or the  Subsidiary,  an entity or person which
directly or indirectly  controls or is controlled by or is under common  control
with the Company or the  Subsidiary,  and, in the case of the  Executive,  shall
mean an entity or person which directly or indirectly  controls or is controlled
by or is under common control with Executive.

         (d)      It is further agreed and understood by and between the parties
to this  Agreement  that all "Company  Materials,"  which  include,  but are not
limited to, computers, computer

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software,  computer  disks,  tapes,  printouts,  source,  HTML and  other  code,
flowcharts,   schematics,  designs,  graphics,  drawings,  photographs,  charts,
graphs,  notebooks,   customer  lists,  sound  recordings,   other  tangible  or
intangible  manifestation of content,  and all other documents  whether printed,
typewritten,  handwritten,  electronic, or stored on computer disks, tapes, hard
drives,  or any other tangible medium, as well as samples,  prototypes,  models,
products and the like, shall be the exclusive  property of the Company and, upon
termination of Executive's employment with the Company,  and/or upon the request
of the Company, all Company Materials,  including copies thereof, as well as all
other Company property then in the Executive's  possession or control,  shall be
returned to and left with the Company.

5.       INVENTIONS DISCOVERED BY EXECUTIVE.

         The Executive  shall  promptly  disclose to the Company any  invention,
improvement,  discovery,  process,  formula,  or  method  or other  intellectual
property,   whether   or  not   patentable   or   copyrightable   (collectively,
"Inventions"),  conceived or first reduced to practice by the Executive,  either
alone or jointly with others,  while performing services hereunder (or, if based
on any  Confidential  Information,  at any time  during or after the Term),  (a)
which  pertain to any line of business  activity of the  Company,  whether  then
conducted  or then  being  actively  planned  by the  Company,  with  which  the
Executive  was or is involved,  (b) which is developed  using time,  material or
facilities of the Company, whether or not during working hours or on the Company
premises,  or (c) which directly  relates to any of the Executive's  work during
the Term,  whether or not during normal  working  hours.  The  Executive  hereby
assigns to the Company all of the Executive's  right,  title and interest in and
to any and all such  Inventions.  During and after the Term, the Executive shall
execute  any and all  documents  necessary  to perfect  the  assignment  of such
Inventions  to the Company  and to enable the  Company to apply for,  obtain and
enforce  patents,  trademarks  and  copyrights  in any and all countries on such
Inventions,  including, without limitation, the execution of any instruments and
the giving of evidence and testimony,  without further  compensation  beyond the
Executive's agreed compensation during the course of the Executive's employment.
Without  limiting the foregoing,  the Executive  further  acknowledges  that all
original works of authorship by the Executive,  whether created alone or jointly
with others,  related to the  Executive's  employment with the Company and which
are  protectable  by copyright,  are "works made for hire" within the meaning of
the United  States  Copyright  Act,  17 U.S.C.  ss.  101,  as  amended,  and the
copyright of which shall be owned  solely,  completely  and  exclusively  by the
Company.  If  any  Invention  is  considered  to be  work  not  included  in the
categories of work covered by the United  States  Copyright  Act, 17 U.S.C.  ss.
101, as amended,  such work is hereby  assigned or  transferred  completely  and
exclusively to the Company. The Executive hereby irrevocably  designates counsel
to the Company as the Executive's agent and  attorney-in-fact  to do any and all
lawful acts  necessary  to apply for and obtain  patents and  copyrights  and to
enforce the Company's rights under this Section. Company need not take any other
action, nor have any other documents executed, to effect such power of attorney.
Executive  expressly  acknowledges  and agrees  that such power of  attorney  is
irrevocable and shall be deemed to be coupled with an interest.

         This Section 5 shall survive the  termination  of this  Agreement.  Any
assignment of copyright  hereunder includes all rights of paternity,  integrity,
disclosure  and withdrawal and any other rights that may be known as or referred
to as "moral rights"  (collectively  "Moral  Rights").

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<PAGE>

To the extent such Moral Rights cannot be assigned  under  applicable law and to
the extent the following is allowed by the laws in the various  countries  where
Moral Rights exist,  the Executive  hereby waives such Moral Rights and consents
to any action of the Company that would violate such Moral Rights in the absence
of such consent.  The Executive  agrees to confirm any such waivers and consents
from time to time as requested by the Company.

6.       [INTENTIONALLY OMITTED].

7.       NON-DISPARAGEMENT.

         The Executive and the Company,  the Subsidiary and any of their several
Affiliates  hereby  mutually  agree  that  during  the  Term,  and at all  times
thereafter,  neither party will make any statement that is disparaging about the
other party,  and in the case of the Company,  the Subsidiary,  and any of their
several  Affiliates,  officers,  directors,  or  shareholders  of such entities,
including,  but not limited to, any  statement  that  disparages  the  products,
finances,  financial condition,  capabilities or other aspect of the business of
the Company,  the  Subsidiary or their several  Affiliates.  Each of the parties
further  agrees  that during the same period each will not engage in any conduct
that is intended to inflict harm upon the professional or personal reputation of
the other party, and, in the case of the Company the Subsidiary or their several
Affiliates, any of their several officers, directors, shareholders or employees.
In the event the  Executive  breaches  this  Section  7, then in such  event and
without  limiting any other rights that the Company or the  Subsidiary may have,
the Company or the Subsidiary  shall have the right, on notice to the Executive,
to (a) terminate all Options, except to the extent previously exercised, and (b)
cancel the Restricted Shares to the extent not vested,  PROVIDED,  HOWEVER, that
the  Executive  shall have the right to cure a breach of this  Section 7, to the
extent such breach is curable, within thirty (30) days of the notice given under
this Section 7. Unless such breach is cured,  upon the expiration of such thirty
(30) day period,  such Options,  to the extent not  exercised,  shall  thereupon
become void and of no further force and effect,  and such  Restricted  Shares to
the extent not vested, canceled.

8.       PROVISIONS NECESSARY AND REASONABLE.

         (a)      The Executive  agrees that (i) the provisions of Sections 4, 5
and 7 of this  Agreement are  necessary and  reasonable to protect the Company's
Confidential Information, Inventions, and goodwill; and (ii) in the event of any
breach of any of the covenants set forth herein,  the Company and the Subsidiary
would suffer substantial  irreparable harm and would not have an adequate remedy
at law for such breach.  In recognition of the foregoing,  the Executive  agrees
that in the event of a breach or threatened breach of any of these covenants, in
addition to such other  remedies as the Company and the  Subsidiary  may have at
law,  without posting any bond or security,  the Company or the Subsidiary shall
be  entitled  to seek and  obtain  equitable  relief,  in the  form of  specific
performance,  and/or temporary,  preliminary or permanent  injunctive relief, or
any other  equitable  remedy  which then may be  available.  The seeking of such
injunction or order shall not affect the right of the Company or the  Subsidiary
to seek and  obtain  damages  or other  equitable  relief on account of any such
actual or threatened breach.

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         (b)      If any of  the  covenants  contained  in  Sections  4, 5 and 7
hereof,  or  any  part  thereof,  are  hereafter  construed  to  be  invalid  or
unenforceable,  the same shall not  affect  the  remainder  of the  covenant  or
covenants,  which  shall be given  full  effect  without  regard to the  invalid
portions.

         (c)      If any of  the  covenants  contained  in  Sections  4, 5 and 7
hereof,  or any  part  thereof,  are  held to be  unenforceable  by a  court  of
competent  jurisdiction  because of the  temporal  or  geographic  scope of such
provision or the area covered  thereby,  the parties agree that the court making
such determination shall have the power to reduce the duration and/or geographic
area of such  provision  and,  in its  reduced  form,  such  provision  shall be
enforceable.

9.       REPRESENTATIONS REGARDING PRIOR WORK AND LEGAL OBLIGATIONS.

         (a)      The Executive  represents  that the Executive has no agreement
or other  legal  obligation  with any prior  employer,  or any  other  person or
entity,  that restricts the Executive's ability to accept employment with, or to
perform any function for, the Company.

         (b)      The  Executive has been advised by the Company that at no time
should the Executive  divulge to or use for the benefit of the Company any trade
secret or confidential or proprietary  information of any previous employer. The
Executive expressly acknowledges that the Executive has not divulged or used any
such information for the benefit of the Company.

         (c)      The Executive acknowledges that the Executive has not and will
not  misappropriate any Invention that the Executive played any part in creating
while working for any former employer.

         (d)      The  Executive  warrants to the Company  that she shall comply
with the Code of Business Conduct of the Company,  as may be in effect from time
to time.

         (e)      The  Executive   acknowledges   that  the  Company  is  basing
important business decisions on these  representations,  and affirms that all of
the statements included herein are true.

10.      TERMINATION..

         Notwithstanding  the  provisions  of Section 2 of this  Agreement,  the
Executive's   employment   hereunder   may   terminate   under   the   following
circumstances:

         (a)      TERMINATION  BY THE  COMPANY  FOR  "CAUSE".  The  Company  may
terminate  this  Agreement  for "Cause" at any time,  upon 30 days notice to the
Executive  setting  forth in  reasonable  detail the nature of such  Cause.  For
purposes  of this  Agreement,  Cause is defined to include  (i) the  Executive's
willful  and  material  breach  of the  terms  of this  Agreement;  or (ii)  the
Executive's commission of any felony or any crime involving moral turpitude;  or
(iii) gross negligence or willful misconduct by the Executive in connection with
her duties  hereunder;  or (iv) the  Executive's  willful refusal to perform her
duties hereunder.  Termination by the Company with Cause shall be effective only
if, within 30 days following the delivery of a notice of  termination  for Cause
by  the  Company  to the  Executive,  the  Executive  has  failed  to  cure  the
circumstances   giving  rise  to  Cause.  Upon  the  termination  for  Cause  of
Executive's employment,

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all Options,  except to the extent previously exercised,  shall terminate and be
of no further force and effect,  all Restricted  Shares to the extent not vested
are canceled,  and the Company shall have no further  obligation or liability to
the  Executive  except for Salary  earned  under this  Agreement  to the date of
termination.

         (b)      TERMINATION BY THE COMPANY WITHOUT CAUSE.

                  (i)      The   Executive's   employment   hereunder   may   be
         terminated  without  Cause by the Company  upon  written  notice to the
         Executive:

                           (A)      if  Burberry  Fragrances  fails  to meet the
                  targets set forth in SCHEDULE 3B by fifteen  (15%)  percent or
                  more; or

                           (B)      at any time on not  less  than  ninety  (90)
                  days notice; or

                           (C)      as a  result  of  Executive's  inability  to
                  obtain or maintain the required French  immigration  status to
                  be able to perform the services hereunder.

                  (ii)     Upon  termination of the Executive  under  Subsection
         10(b)(i),

                           (A)      the  Company  shall   continue  to  pay  the
                  Executive  the Salary and any  payments or benefits  due under
                  Company policies or benefit plans for a nine (9) month period;

                           (B)      if such termination occurs following the end
                  of  a  calendar   year  and,   prior  to  or  following   such
                  termination,  the Board  determined  that an Annual  Bonus was
                  earned for such calendar year, then the Company shall pay such
                  Annual Bonus;

                           (C)      if the Board determines that an Annual Bonus
                  has been  earned  during  the  calendar  year  during  which a
                  termination  under Section 10(b)(i) has occurred,  then within
                  thirty (30) days of such determination, the Company shall make
                  an additional  lump sum payment equal to the pro-rata  portion
                  of the Annual Bonus for the calendar year in which the date of
                  termination occurred based on the number of days the Executive
                  was employed during such calendar year;

                           (D)      as an additional  severance  payment,  if an
                  Annual  Bonus was  earned for the  calendar  year prior to the
                  calendar year in which the date of  termination  occurs,  then
                  the Company shall make a lump sum payment equal to 75% of such
                  prior calendar  year's Annual Bonus (the  "Severance  Bonus"),
                  and for avoidance of doubt, the Executive  understands that if
                  no Annual Bonus was earned for the prior calendar  year,  then
                  no Severance Bonus is to be paid; and

                                       8
<PAGE>

                           (E)      all vesting  restrictions on all Options and
                  Restricted  Shares shall lapse and such Options and Restricted
                  Shares shall become immediately vested and exercisable.

         (c)      TERMINATION BY THE EXECUTIVE.

                  (i)      The Executive  shall have the right to terminate this
         Agreement  on not less than ninety  (90) days  notice,  and,  except as
         provided herein,  the Company shall have no further  obligation or duty
         to the Executive  other than for the Salary earned under this Agreement
         to the date of  termination  and any  payments  or  benefits  due under
         Company policies or benefit plans,  together with an additional payment
         of Salary equal to the lesser of a nine (9) month period, or the number
         of months the  Executive  worked prior to  providing  notice under this
         Section.

                  (ii)     If such termination under Subsection  10(c)(i) occurs
         following  the end of a calendar year and,  prior to or following  such
         termination,  the Board  determined that an Annual Bonus was earned for
         such calendar year, then the Company shall pay such Annual Bonus.

                  (iii)    If the Board determines that an Annual Bonus has been
         earned  during the  calendar  year  during  which a  termination  under
         Subsection 10(c)(i) has occurred,  then within thirty (30) days of such
         determination,  the Company shall make an  additional  lump sum payment
         equal to the pro-rata portion of the Annual Bonus for the calendar year
         in which the date of termination occurs based on the number of days the
         Executive was employed during such calendar year.

                  (iv)     On the date of termination under Subsection 10(c)(i),
         all unvested Options, except to the extent previously exercised,  shall
         terminate  and be of no further  force and effect,  and all  Restricted
         Shares to the extent not vested are canceled.

         (d)      DEATH.

                  (i)      In the event of the Executive's death during the Term
         of this  Agreement,  then in such  event,  the  Executive's  employment
         hereunder shall immediately and automatically  terminate, and except as
         provided herein,  the Company shall have no further  obligation or duty
         to the  Executive  or her  estate or  beneficiaries  other than for the
         Salary earned under this Agreement to the date of  termination  and any
         payments or benefits due under Company policies or benefit plans.

                  (ii)     If the Executive dies following the end of a calendar
         year and,  prior to or following  the date of  Executive's  death,  the
         Board  determined  that an Annual  Bonus was earned  for such  calendar
         year,  then the Company shall pay such Annual Bonus to the  Executive's
         estate or beneficiaries.

                  (iii)    If the Board determines that an Annual Bonus has been
         earned  during the  calendar  year of  Executive's  death,  then within
         thirty  (30) days of such  determination,  the

                                       9
<PAGE>

         Company shall make an additional lump sum payment equal to the pro-rata
         portion of the Annual Bonus for the calendar  year in which the date of
         death  occurs  based on the number of days the  Executive  was employed
         during such calendar year.

                  (iii)    Effective as of the  Executive's  date of death,  all
         unvested  Options,  except to the extent  previously  exercised,  shall
         terminate  and be of no further  force and effect,  and all  Restricted
         Shares to the extent not vested are canceled.

         (e)      DISABILITY.

                  (i)      The Company may terminate the Executive's  employment
         hereunder,  upon  notice  to the  Executive,  in  the  event  that  the
         Executive  becomes  disabled  during the Term through any  condition of
         either a physical or psychological nature and, as a result, is, with or
         without  reasonable  accommodation,  unable to  perform  the  essential
         functions  of  the  services   contemplated   hereunder  as  reasonably
         determined  by the  Board  acting  in good  faith,  for (a) a period of
         forty-five   (45)   consecutive   days,  or  (b)  for  shorter  periods
         aggregating ninety (90) days during any twelve (12) month period during
         the Term. Any such  termination  shall become effective upon mailing or
         hand  delivery  of notice  that the  Company  has  elected its right to
         terminate  under  this  Subsection  10(e)(i),  and  except as  provided
         herein,  the Company  shall have no further  obligation  or duty to the
         Executive  other than for Salary earned under this  Agreement  prior to
         the date of termination  and any payments or benefits due under Company
         policies or benefit plans.

                  (ii)     If such termination under Subsection  10(e)(i) occurs
         following  the end of a calendar year and,  prior to or following  such
         termination,  the Board  determined that an Annual Bonus was earned for
         such calendar year, then the Company shall pay such Annual Bonus.

                  (iii)    If the Board determines that an Annual Bonus has been
         earned  during the  calendar  year  during  which a  termination  under
         Subsection  10(e)(i)  occurred,  then  within  thirty (30) days of such
         determination,  the Company shall make an  additional  lump sum payment
         equal to the pro-rata portion of the Annual Bonus for the calendar year
         in which the date of termination occurs based on the number of days the
         Executive was employed during such calendar year.

                  (iii)    On the date of termination under Subsection 10(e)(i),
         all unvested Options, except to the extent previously exercised,  shall
         terminate  and be of no further  force and effect,  and all  Restricted
         Shares to the extent not vested are canceled.

         (f)      SEVERANCE  UPON  EXPIRATION  OF TERM.  Upon  expiration of the
Term,  but provided that the Term is not extended or renewed,  or this Agreement
is not  replaced  by  another  agreement  with  the  Company,  Subsidiary  or an
Affiliate, the Company shall:

                  (i)      pay the  Executive  the  Salary and any  payments  or
         benefits  due under  Company  policies or benefit  plans for a nine (9)
         month period;

                                       10
<PAGE>

                  (ii)     if expiration of the Term occurs following the end of
         a calendar year and,  prior to or following  such  expiration,  and the
         Board  determined  that an  Annual  Bonus  was  earned  for such  prior
         calendar year, pay such Annual Bonus; and

                  (iii)    as an  additional  severance  payment,  if an  Annual
         Bonus was earned for the prior  calendar  year,  then the Company shall
         pay the Severance Bonus.

         (g)      RELEASE AS  CONDITION  PRECEDENT.  As a condition of receiving
any and all severance  benefits pursuant to this Agreement,  the Executive shall
execute  and  deliver to the  Company  prior to her  receipt of such  benefits a
general release for the benefit of the Company, the Subsidiary and their several
officers,  directors and employees  releasing each of the foregoing  jointly and
severally from any and all  obligations,  liability causes of action and damages
Executive may have against them.

11.      INDEMNIFICATION.

         The Company  agrees to indemnify and hold harmless the Executive to the
extent permitted under the Certificate of Incorporation, By-laws and the laws of
the State of Delaware, as may be in effect from time to time.

12.      CHOICE OF LAW; JURISDICTION.

         (a)      The validity, interpretation and performance of this Agreement
shall be governed by, and construed in accordance  with, the internal law of the
State of New York,  United States of America,  without giving effect to conflict
of law principles.

         (b)      Each party hereto hereby irrevocably consents to the exclusive
jurisdiction  and venue of the state  courts and of any United  States  District
Court located within the State of New York, County of New York, United States of
America,  with regard to any and all actions or  proceedings  arising out of, or
relating to, this Agreement, irrevocably waives, to the fullest extent permitted
by law, any  objection  that it may now or  hereafter  have to the laying of the
venue of any such suit,  action or proceeding in any such court or that any such
suit,  action or proceeding  which is brought in any such court has been brought
in an inconvenient  forum, and agrees that service of process may be made in the
manner for providing notice, as specified in SECTION 13(G) hereof.

         (c)      Notwithstanding the foregoing, the parties acknowledge that as
the  Executive  will be  working  for a  substantial  portion of her time at the
executive offices of the Subsidiary in Paris,  France,  the Executive may become
subject to certain laws, rules,  regulations and orders of France as they relate
to immigration, labor and tax issues.

13.      MISCELLANEOUS.

         (a)      ASSIGNMENT.  The  Executive  acknowledges  and agrees that the
rights and  obligations  of the Company under this  Agreement may be assigned by
the Company to any

                                       11
<PAGE>

successors in interest.  The Executive further acknowledges and agrees that this
Agreement is personal to the Executive and that the Executive may not assign any
rights or  delegate  its duties or  obligations  hereunder.  Any such  attempted
assignment  or  delegation  by the  Executive  shall be void and of no force and
effect,  and  shall  constitute  a  material  breach of the  provisions  of this
Agreement.

         (b)      WITHHOLDING.  All Salary and Annual Bonus payments required to
be made by the Company to the Executive under this Agreement shall be subject to
withholding  taxes,  social security and other payroll  deductions in accordance
with the  Company's  policies  applicable  to  employees  of the  Company at the
Executive's level.

         (c)      ENTIRE  AGREEMENT.   This  Agreement  sets  forth  the  entire
agreement   between  the  parties  and  supersedes  any  prior   communications,
agreements and  understandings,  written or oral,  with respect to the terms and
conditions of the Executive's employment.

         (d)      AMENDMENTS.  Any attempted modification of this Agreement will
not be effective unless signed by the Company and the Executive.

         (e)      WAIVER OF BREACH.  The Executive  understands that a breach of
any provision of this Agreement may only be waived by an officer of the Company.
The waiver by the Company of a breach of any provision of this  Agreement  shall
not operate or be construed as a waiver of any subsequent breach.

         (f)      SEVERABILITY.  If any provision of this Agreement should,  for
any  reason,  be held  invalid  or  unenforceable  in any  respect by a court of
competent  jurisdiction,   then  the  remainder  of  this  Agreement,   and  the
application of such provision in  circumstances  other than those as to which it
is so declared invalid or unenforceable, shall not be affected thereby, and each
such provision of this Agreement  shall be valid and  enforceable to the fullest
extent permitted by law.

         (g)      NOTICES.   Any  notice  or  other   communication   under  the
provisions of this Agreement shall be in writing,  and shall be given by postage
prepaid,  registered  or  certified  mail,  return  receipt  requested;  by hand
delivery with an acknowledgment  copy requested;  or by the Express Mail service
offered by the United  States Post Office or any  reputable  overnight  delivery
service,  directed to the  addresses  set forth above,  or to any new address of
which any party hereto shall have informed the others by the giving of notice in
the manner provided herein. Such notice or communication shall be effective,  if
sent by postage prepaid, registered or certified mail, return receipt requested,
five (5) days  after it is  mailed;  if sent by  Express  Mail or any  reputable
overnight  delivery  service,  one (1) day  after  it is  forwarded;  or by hand
delivery, upon receipt.

         (h)      SURVIVAL.  The  Executive  and the Company  agree that certain
provisions of this Agreement shall survive the expiration or termination of this
Agreement and the  termination of the  Executive's  employment with the Company.
Such provisions  shall be limited to those within this Agreement which, by their
express  and  implied  terms,  obligate  either  party  to  perform  beyond  the
termination of the Executive's employment or termination of this Agreement.

                                       12
<PAGE>

         (i)      DISCLOSURE  AND  CONFIDENTIALITY.   The  Executive  agrees  to
provide, and agrees that the Company similarly may provide in its discretion,  a
copy of the covenants  contained in this Agreement to any business or enterprise
which the Company may directly or  indirectly  own,  manage,  operate,  finance,
join, control or in which the Company participates in the ownership, management,
operation,  financing or control,  or with which the Company may be connected or
may become connected as an officer,  director,  executive,  partner,  principal,
agent,  representative,  consultant or otherwise. The Executive also agrees that
the Company may disclose a copy of this  Agreement to any in  connection  with a
partnering   transaction   or   financing,    assuming   that   an   appropriate
confidentiality  agreement  is in place.  The  Executive  further  agrees not to
disclose the  existence or terms of this  Agreement to any person other than the
Executive's  immediate family and legal,  financial or accounting  professional.
Executive agrees to notify the Company within 5 days after accepting  employment
or any other position  (consulting  or otherwise)  with any individual or entity
other than the Company  during the Term and during the two year period after the
Term and that a copy of this  Agreement  may be  provided by the Company to such
individual or entity.

         (j)      [Intentionally omitted].

         (k)      RIGHTS OF OTHER INDIVIDUALS.  Other than the Subsidiary, which
is a third party  beneficiary of this Agreement,  this Agreement  confers rights
solely on the  Executive and the Company.  This  Agreement is not a benefit plan
and confers no rights on any other individual or entity.

         (l)      HEADINGS.  The parties  acknowledge  that the headings in this
Agreement are for  convenience of reference only and shall not control or affect
the meaning or construction of this Agreement.

         (m)      ADVICE  OF  COUNSEL.  The  Executive  and the  Company  hereby
acknowledge  that  each  party  has had  adequate  opportunity  to  review  this
Agreement,  to obtain the advice of counsel with respect to this Agreement,  and
to reflect upon and consider the terms and  conditions  of this  Agreement.  The
parties further  acknowledge that each party fully understands the terms of this
Agreement and has voluntarily executed this Agreement.

                 [Balance of this page intentionally left blank]

                                       13
<PAGE>

         IN WITNESS  WHEREOF,  the undersigned have duly executed this Agreement
as of the day and year set forth below.

EXECUTIVE                                          INTER PARFUMS, INC.

/s/ Marcella Cacci                                 By: /s/ Jean Madar
------------------                                    ---------------
MARCELLA CACCI
                                                   Title: CEO

Dated:  February 8, 2005                    Dated: February 8, 2005

                                       14
<PAGE>

                                   SCHEDULE 1A

                                     DUTIES

     The  President  of  Burberry  Fragrances  shall be the  principal  point of
contact for Burberry  Limited  ("Burberry")  with Burberry  Fragrances  and such
person  shall  devote  all of her time to the  development  of the  Subsidiary's
business in respect of the  products  under the License  ("Licensed  Products").
Notwithstanding  anything to the contrary the  President of Burberry  Fragrances
shall report,  and shall be  subordinate  to, the  President of the  Subsidiary,
provided that the President of the Subsidiary  shall not give  directions to the
President of Burberry  Fragrances which are  inconsistent  with the terms of the
President of Burberry Fragrances' appointment and her role and responsibilities.

o    Heads Burberry Fragrances division of the Subsidiary

o    Responsible  for  the  operational  direction  of the  Burberry  Fragrances
     business within the Subsidiary

o    Responsible  for  making  proposals  for  the  strategic  direction  of the
     Burberry Fragrances business within the Subsidiary

o    Directs  product   development,   marketing  (including  public  relations,
     advertising  and  promotion)  and sales and  distribution,  subject  to the
     business  plans and marketing  plans provided for under the License and the
     advertising and promotion expenditures described in the License

o    Supervises production, logistics and operations

o    Responsible  for  recruitment,   designation  and  management  of  Burberry
     Fragrances personnel.

                                       15
<PAGE>

                                   SCHEDULE 3B

                                      BONUS

       The Executive shall be eligible to receive an Annual Bonus of US$250,000,
to the extent set forth below, and the calculations  shall take into account the
new pricing structures of Burberry Fragrances):

Annual Bonus Based Upon Ex-factory Net Sales
--------------------------------------------

       1.     If  Burberry  Fragrances  achieves net sales of  ________(1) Euros
ex-factory  during the period of 1 January 2005 to -31 December  2005,  then the
Company shall pay US$125,000 to the Executive.

       2.     If Burberry Fragrances achieves net sales of ______(1)  ex-factory
during the period of 1 January 2006 to 31 December 2006,  then the Company shall
pay US$125,000 to the Executive.

       3.     If  Burberry   Fragrances   achieves  net  sales  of   ________(1)
ex-factory  during the period of 1 January  2007 to 31 December  2007,  then the
Company shall pay US$125,000 to the Executive.

Annual Bonus Based Upon Earnings
--------------------------------

       For each calendar year that Burberry  Fragrances achieves earnings before
interest and taxes of _____(1) or more,  the Company shall pay US$125,000 to the
Executive.

Calculation
-----------

       The  calculations  to determine  the Annual  Bonuses shall be made by the
Director of Finance of the  Subsidiary  within sixty (60) days of the end of the
applicable period in accordance with generally  accepted  accounting  principles
applied on a consistent  basis by the  Subsidiary  and shall be  conclusive  and
binding upon the  Executive.  Such  calculations  shall be deemed to include all
compensation  accrued to the Executive,  including but not limited to the Annual
Bonus compensation calculated under this Schedule 3B.

Additional Bonuses
------------------

Any additional bonus, if any, shall be in the discretion of the Board.

--------
(1)    Excised- confidential treatment is being sought.

                                       16

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