Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 1

TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of September 23, 2014, 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 previously 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 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 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) Section 1.01 of the Credit Agreement is hereby amended to insert, in the
appropriate alphabetical location, the following new definition:

“Amendment No. 1 Effective Date” means September 23, 2014.

(b) The definition of “LIBO Rate” appearing in Section 1.01 of the Credit
Agreement is hereby amended to delete the term “British Bankers Association”
appearing therein and to replace such term with “ICE Benchmark Administration”.

(c) Section 2.18 of the Credit Agreement is hereby amended by adding the
following new clause (h) at the end thereof:

For purposes of determining withholding Taxes imposed under FATCA, from and
after the Amendment No. 1 Effective Date, the Loan Parties and the
Administrative Agent shall treat (and the Lenders hereby authorize the
Administrative Agent to treat) this Agreement and the Loans as not qualifying as
“grandfathered obligations” within the meaning of Treasury Regulation
Section 1.1471-2(b)(2)(i).

 

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(d) Section 3.15 of the Credit Agreement is hereby amended by adding the
following phrase at the beginning of the first sentence thereof:

“Except as disclosed to the Administrative Agent in writing from time to time
after the Effective Date,”

(e) 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

September 30, 2014

   4.00 to 1.00

December 31, 2014

   4.25 to 1.00

March 31, 2015

   3.50 to 1.00

June 30, 2015

   3.50 to 1.00

September 30, 2015

   3.50 to 1.00

December 31, 2015

   3.50 to 1.00

March 31, 2016 and each fiscal quarter ending thereafter

   2.50 to 1.00

Section 2. Conditions of Effectiveness. The effectiveness of this Amendment is
subject to the conditions precedent that (i) the Administrative Agent shall have
received counterparts to this Amendment, duly executed by each of the Company,
the Required Lenders and the Administrative Agent, (ii) 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) and (iii) the Administrative Agent shall have received from
the Company, on behalf 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
$5,000 for each such Lender.

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.

 

 

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(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 the Credit
Agreement, as amended and modified hereby.

(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/ Jeffrey Siegel

  Name: Jeffrey Siegel   Title: Chairman and Chief Executive Officer

 

Signature Page to Amendment No. 1 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. 1 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:   Sup

 

Signature Page to Amendment No. 1 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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CAPITAL ONE BUSINESS CREDIT CORP.,

as a Lender

By:

 

/s/ Michael D. Gullo

  Name:   Michael D. Gullo   Title:   Vice President

 

Signature Page to Amendment No. 1 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender

By:

 

/s/ Michael T. Keenan

  Name:   Michael T. Keenan   Title:   Regional Vice Pres.

 

Signature Page to Amendment No. 1 to

Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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SANTANDER BANK,

as a Lender

By:

 

/s/ Christine Gerula

  Name:   Christine Gerula   Title:   Senior Vice President

 

Signature Page to Amendment No. 1 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. 1 to Second Amended and Restated Credit Agreement, dated as of
September 23, 2014 (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: September 23, 2014

[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/ Jeffrey Siegel

  Name:   Jeffrey Siegel   Title:   Chairman and President TMC ACQUISITION INC.
By  

/s/ Jeffrey Siegel

  Name:   Jeffrey Siegel   Title:   Chief Executive Officer LIFETIME DELAWARE
HOLDINGS, LLC By  

/s/ James Gary Siegel

  Name:   James Gary Siegel   Title:   Chairman and President CREATIVE TOPS
LIMITED By  

/s/ James Gary Siegel

  Name:   James Gary Siegel   Title:   Director LIFETIME BRANDS UK LIMITED By  

/s/ James Gary Siegel

  Name:   James Gary Siegel   Title:   Director CREATIVE TOPS HOLDINGS LIMITED
By  

/s/ James Gary Siegel

  Name:   James Gary Siegel   Title:   Director

 

Signature Page to Consent and Reaffirmation for

Amendment No. 1 to Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.

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THOMAS PLANT (BIRMINGHAM) LIMITED By  

/s/ James Gary Siegel

  Name:   James Gary Siegel   Title:   Director

 

Signature Page to Consent and Reaffirmation for

Amendment No. 1 to Second Amended and Restated Credit Agreement

Lifetime Brands, Inc.