Summary of LIFETIME BRANDS, INC

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 12, 2012, Lifetime Brands, Inc. (the "Company") entered into an Amendment of Employment Agreement with Laurence Winoker, the Company's Senior Vice President - Finance, Treasurer and Chief Financial Officer (the "Executive") further amending the Employment Agreement dated as of June 28, 2007 between the Company and the Executive which was previously amended by an Amendment of Employment Agreement dated March 8, 2010.

The April 12, 2012 Amendment of Employment Agreement provides, among other things, that:

1. Effective January 1, 2012, the Company shall pay to the Executive a Base Salary at an annualized rate of $425,000.

2. In the event that (i) the Company gives notice to Executive of the Company's decision not to extend the Employment Term (ii) Executive gives notice to the Company of Executive's decision to terminate his employment for good reason or (iii) there is a Change in Control in which Executive is terminated, all of the Executive's then-outstanding stock options shall immediately vest and become exercisable in their entirety and all restrictions on shares of restricted stock granted by the Company to the Executive on which any restrictions shall not have terminated shall immediately terminate.

3. Upon termination of Executive's employment with the Company, amounts shall be paid to the Executive as specified in the Agreement.

The information provided in this Item 5.02 is qualified in its entirety by reference to the terms of the Agreement attached hereto as Exhibit 10.1.