Employment Agreement [Amendment No. 3] (2011)Full Document 

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THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), is made and entered into on the 28th day of July, 2011, by and between Henry Stupp ("Stupp") and Cherokee Inc., a Delaware corporation (the "Company") with reference to the following facts:

WHEREAS, the Company and Stupp entered into the Employment Agreement dated as of August 26, 2010, as amended by the Amendment to Employment Agreement dated as of January 28, 2011 and as further amendment by the Second Amendment to Employment Agreement dated as of April 13, 2011 (as amended, the "Agreement");

WHEREAS, the Company and Stupp entered into a Stock Option Agreement dated as of August 26, 2010, as amended by the Amendment to Employment Agreement dated as of January 28, 2011 ( as amended, the "Option Agreement"); and

WHEREAS, the parties desire to further amend the Agreement and the Option Agreement as set forth herein.

NOW THEREFORE, in consideration of the foregoing recitals and the mutual representations, warranties, covenants and promises contained herein, the adequacy and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.            Amendment.  The Agreement is hereby amended as follows:

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