Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 3

TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO. 3 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of May 29, 2015, is entered into by and among Lifetime
Brands, Inc., as the Company (the “Company”), the financial institutions party
hereto as Lenders (collectively, the “Lenders”) and JPMorgan Chase Bank, N.A.,
as Administrative Agent (the “Administrative Agent”). Capitalized terms used but
not otherwise defined herein shall have the meanings given to them in the Credit
Agreement referenced below.

WITNESSETH

WHEREAS, the Company, the Foreign Subsidiary Borrowers party thereto, the other
Loan Parties party thereto, the Lenders and the Administrative Agent are parties
to a Second Amended and Restated Credit Agreement, dated as of January 13, 2014
(as amended, restated, supplemented or otherwise modified, the “Credit
Agreement”);

WHEREAS, the Company has requested that the Lenders and the Administrative Agent
agree to certain amendments to the Credit Agreement; and

WHEREAS, the Lenders party hereto and the Administrative Agent have agreed to
such amendments on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, the
Lenders party hereto and the Administrative Agent hereby agree as follows:

Section 1. Amendments. Effective as of the date of satisfaction of the
conditions precedent set forth in Section 2 below, the parties hereto agree that
the Credit Agreement is hereby amended as follows:

(a) The definition of “Permitted Acquisition Test” set forth in Section 1.01 of
the Credit Agreement is hereby amended to replace the reference to the ratio
“1.10 to 1.00” set forth therein with the ratio “1.20 to 1.00”.

(b) Section 2.12(d) of the Credit Agreement is hereby amended to insert the
following proviso immediately prior to the period at the end of the first
sentence thereof:

provided that, solely for purposes of such prepayment to be made in 2016, the
prepayment amount shall be the greater of (x) $10,000,000 and (y) an amount
equal to fifty percent (50%) of the Company’s Excess Cash Flow for the 2015
fiscal year

 

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(c) Section 6.13 of the Credit Agreement is hereby amended by replacing the
table set forth therein with the following table:

 

Fiscal Quarter Ending

  

Maximum Senior Leverage Ratio

June 30, 2015

   4.50 to 1.00

September 30, 2015

   4.50 to 1.00

December 31, 2015

   4.50 to 1.00

March 31, 2016

   4.00 to 1.00

June 30, 2016

   4.00 to 1.00

September 30, 2016

   4.00 to 1.00

December 31, 2016 and each fiscal quarter ending thereafter

   3.75 to 1.00

Section 2. Conditions of Effectiveness. The effectiveness of this Amendment is
subject to the conditions precedent that:

(a) the Administrative Agent shall have received counterparts to this Amendment,
duly executed by each of the Company, the Required Lenders and the
Administrative Agent;

(b) the Administrative Agent shall have received counterparts to the Consent and
Reaffirmation, the form of which is attached hereto as Exhibit A, duly executed
by each Loan Party (other than the Company);

(c) the Administrative Agent shall have received from the Company, for the
account of each Lender signatory hereto that delivers its executed signature
page to this Amendment by no later than the date and time specified by the
Administrative Agent, an amendment fee in an amount equal to $10,000 for each
such Lender; and

(d) the Administrative Agent shall have received payment of the Administrative
Agent’s and its affiliates’ fees and reasonable out-of-pocket expenses
(including reasonable out-of-pocket fees and expenses of counsel for the
Administrative Agent) in connection with this Amendment.

Section 3. Representations and Warranties of the Company. The Company hereby
represents and warrants as follows:

(a) This Amendment has been duly executed and delivered by it and constitutes
its legal, valid and binding obligations, enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding at law or in equity.

(b) After giving effect to this Amendment, the representations and warranties
made by it in the Loan Documents are true and correct as of the date hereof.

(c) Before and immediately after giving effect to this Amendment, no Default or
Event of Default shall have occurred and be continuing.

Section 4. Effect on Credit Agreement.

(a) Upon the effectiveness of this Amendment, on and after the date hereof, each
reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import shall mean and be a reference to such
Agreement, as amended and modified hereby.

 

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(b) Except as specifically amended and modified above, the Credit Agreement and
all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect, and are hereby
ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall neither,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of the Administrative Agent or any Lender, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and
agreements executed and/or delivered in connection therewith.

Section 5. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

Section 6. Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

Section 7. Counterparts. This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. A facsimile or PDF copy of any signature hereto shall have the same
effect as the original thereof.

[The remainder of this page is intentionally blank.]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 

LIFETIME BRANDS, INC., as the Company By

/s/ Laurence Winoker

Name: Laurence Winoker Title:

Senior Vice President-Finance, Chief

Financial Officer and Treasurer

 

Signature Page to Amendment No. 3 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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JPMORGAN CHASE BANK, N.A., individually, as Administrative Agent, a
Co-Collateral Agent, Issuing Bank, Swingline Lender and a Lender By:

/s/ Robert A. Kaulius

Name: Robert A. Kaulius Title: Authorized Officer

 

Signature Page to Amendment No. 3 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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HSBC BANK USA, NATIONAL ASSOCIATION, as Syndication Agent, a Co-Collateral Agent
and a Lender By:

/s/ William Conlan

Name:  William Conlan Title: Senior Vice President

 

Signature Page to Amendment No. 3 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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CAPITAL ONE BUSINESS CREDIT CORP.,

as a Lender

By:

/s/ Eustachio Bruno

Name:  Eustachio Bruno Title: Director

 

Signature Page to Amendment No. 3 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:

/s/ Stephanie Allegra

Name:  Stephanie Allegra Title: Senior Vice President

 

Signature Page to Amendment No. 3 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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SANTANDER BANK, N.A., as a Lender By:

Kristen Burke

Name:  Kristen Burke Title: Senior Vice President

 

Signature Page to Amendment No. 3 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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EXHIBIT A

CONSENT AND REAFFIRMATION

[Attached]

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CONSENT AND REAFFIRMATION

Each of the undersigned hereby acknowledges receipt of a copy of that certain
Amendment No. 3 to Second Amended and Restated Credit Agreement, dated as of May
29, 2015 (the “Amendment”), by and among Lifetime Brands, Inc., as the Company
(the “Company”), the financial institutions party thereto as Lenders
(collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., as the
Administrative Agent (the “Administrative Agent”), which amends that certain
Second Amended and Restated Credit Agreement, dated as of January 13, 2014 (as
amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among the Company, the Foreign Subsidiary Borrowers
party thereto, the other Loan Parties party thereto, the Lenders and the
Administrative Agent. Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Credit Agreement. Without in any
way establishing a course of dealing by the Administrative Agent or any Lender,
each of the undersigned consents to the Amendment and acknowledges and agrees
that each Loan Document executed by it remains in full force and effect and is
hereby reaffirmed, ratified and confirmed. All references to the Credit
Agreement contained in the Loan Documents shall be a reference to the Credit
Agreement as so modified by the Amendment.

Dated: May 29, 2015

[Signature Pages Follow]

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IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of
the day and year first above written.

 

PFALTZGRAFF FACTORY STORES, INC. By

/s/ Laurence Winoker

Name:  Laurence Winoker Title: Senior Vice President-Finance and Treasurer TMC
ACQUISITION INC. By

/s/ Laurence Winoker

Name: Laurence Winoker Title: Chief Financial Officer and Treasurer LIFETIME
DELAWARE HOLDINGS, LLC By

/s/ Laurence Winoker

Name: Laurence Winoker Title: Senior Vice President-Finance and Treasurer
CREATIVE TOPS LIMITED By

/s/ Ronald Shiftan

Name: Ronald Shiftan Title: Director LIFETIME BRANDS UK LIMITED By

/s/ Ronald Shiftan

Name: Ronald Shiftan Title: Director CREATIVE TOPS HOLDINGS LIMITED By

/s/ Ronald Shiftan

Name: Ronald Shiftan Title: Director

 

Signature Page to Consent and Reaffirmation for

Amendment No. 3 to Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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THOMAS PLANT (BIRMINGHAM) LIMITED By

/s/ Ronald Shiftan

Name:  Ronald Shiftan Title: Director

 

Signature Page to Consent and Reaffirmation for

Amendment No. 3 to Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.