SEC Contract Filing

Filing Date: 2017-11-09

Document Content:
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<TYPE>EX-10.2
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<FILENAME>d473962dex102.htm
<DESCRIPTION>EX-10.2
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<TITLE>EX-10.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO THE THIRD AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This
Amendment, dated as of November&nbsp;8, 2017, by and between LIFETIME BRANDS INC., a Delaware Corporation (the &#147;Employer&#148;) and RONALD SHIFTAN, (the &#147;Executive&#148;) amends the Third Amended and Restated Employment Agreement, dated as
of November&nbsp;24, 2015 (the &#147;Employment Agreement&#148;) between the Employer and the Executive. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Employment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Employer and the Executive have agreed upon certain changes to the Employment Agreement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to Section&nbsp;7(g) of the Employment Agreement, the Employer and the Executive wish to amend the Employment Agreement to
provide for these revised contractual terms; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of Executive&#146;s continued employment with the Employer
and other good and sufficient consideration set forth herein, the Employer and the Executive hereby agree as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Section&nbsp;2 of the Employment Agreement shall be deleted in its entirety and replaced with the following: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><U>&#147;Term of Employment</U>. The term of the Executive&#146;s employment under this Agreement (the &#147;Term&#148;) shall commence on the
Effective Date and continue until December&nbsp;31, 2018, unless his employment is sooner terminated pursuant to the provisions of Section&nbsp;4 hereof; provided, however, that commencing on December&nbsp;31, 2018 and on each anniversary of that
date thereafter, the Term shall be extended for an additional one year period unless either party gives notice of the intention not to extend the Term (&#147;Notice of <FONT STYLE="white-space:nowrap">Non-Renewal&#148;)</FONT> at least 180 days
prior to December&nbsp;31, 2018 or any such anniversary date in which case the Term shall terminate on December&nbsp;31, 2018 or such anniversary date, as the case may be.&#148; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Section&nbsp;3(b) of the Employment Agreement shall be amended to add the following Section&nbsp;3(b)(v): </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;(v) For purposes of this Agreement, the term &#147;Target Bonus&#148; shall mean the annual target bonus in effect for the year in which
termination occurs (including, for the avoidance of doubt, the Annual Individual Goal Bonus payable if the Executive meets individual objectives); provided that, for purposes of payments made pursuant to Section&nbsp;4(c) within two years following
a Change in Control, Target Bonus shall mean the annual target bonus in effect for the year in which the Change in Control occurs (including, for the avoidance of doubt, the Annual Individual Goal Bonus payable if the Executive meets individual
objectives).&#148; </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Section&nbsp;4(b)(i) of the Employment Agreement shall be deleted in its entirety and replaced with the following: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;(i) If, prior to the expiration of the Term, the Executive&#146;s employment is terminated (w)&nbsp;by the Employer for any reason other
than Cause, (x)&nbsp;by the Executive for Good Reason, (y)&nbsp;by the Employer or the Executive due to the Executive&#146;s Disability or (z)&nbsp;by reason of the Executive&#146;s death (such a resignation or termination being hereinafter referred
to as an &#147;Involuntary Termination&#148;), the Executive shall be entitled to payment of the Accrued Obligations. In addition, in the event of the Executive&#146;s Involuntary Termination, the Employer shall, conditioned upon the
Executive&#146;s execution and <FONT STYLE="white-space:nowr