and bind the Company, the Trust and their respective successors, assignees and representatives. 16. Gender. The masculine pronoun includes the feminine and the singular includes the plural where appropriate for valid construction. 17. No Contract of Employment. This Agreement shall not be deemed to constitute a contract of employment between Executive and the Company, nor shall any provision restrict the right of the Company to discharge Executive, or to restrict the right of Executive to terminate employment with the Company. 18. Counterparts. This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts and all such counterparts shall be deemed to be one and the same instrument. Each party hereto confirms that any facsimile copy of such party's executed counterpart of this Agreement (or its signature page thereof) shall be deemed to 6 be an executed original thereof. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this 4th day of April, 2003. MOVADO GROUP, INC. By: /s/ Timothy F. Michno ------------------------------ Name: Timothy F. Michno Title: General Counsel THE GRINBERG FAMILY TRUST By: /s/ Efraim Grinberg ------------------------------------ Efraim Grinberg, Trustee By: /s/ Miriam G. Phalen ------------------------------------ Miriam G. Phalen, Trustee By: /s/ Alexander Grinberg ------------------------------------ Alexander Grinberg, Trustee