Exhibit 10(e)-2

 

SECOND AMENDMENT TO

SECOND AMENDED AND RESTATED
PRIVATE LABEL CONSUMER CREDIT CARD PROGRAM AGREEMENT

 

This SECOND AMENDMENT TO SECOND AMENDED AND RESTATED PRIVATE LABEL CONSUMER
CREDIT CARD PROGRAM AGREEMENT dated as of February 16, 2010 (“Amendment”),
amends that certain Second Amended and Restated Private Label Consumer Credit
Card Program Agreement dated as of July 23, 2007 (as amended, modified and
supplemented from time to time, the “Agreement”), by and between Ethan Allen
Global, Inc., a Delaware corporation (“Ethan Allen Global”), and Ethan Allen
Retail, Inc., a Delaware corporation (“Ethan Allen Retail”, and together with
Ethan Allen Global, “Retailer”), and GE Money Bank (“Bank”).  Capitalized terms
used herein and not otherwise defined have the meanings given them in the
Agreement.

 

WHEREAS, Retailer and Bank previously amended the Agreement as of July 25, 2008,
to provide for internet transactions; and

 

WHEREAS, Retailer and Bank now wish to further amend the Agreement in accordance
with the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual promises and subject to the terms
and conditions hereinafter set forth, the parties hereby agree as follows:

 

I.             AMENDMENT TO THE AGREEMENT

 

1.1          Amendment to Section 3.5.  Section 3.5 is hereby amended by
deleting it in its entirety and replacing it with the following:

 

Section 3.5            Program Fee Percentages.

 

(a)           Bank initially will make available under the Program those Program
Fee Percentages described on attached Schedule 3.5.

 

*

 

(c)           If Bank and Retailer agree to offer any additional credit-based
promotions not included on Schedule 3.5, Bank will establish in writing, with
acknowledgment by Retailer, the Promotional Rate applicable to the calculation
of the Program Fee payable by Retailer for qualifying purchases, as well as such
other terms and conditions as the parties shall agree.  Bank’s approval of any
billing and credit terms for any promotion is not intended to be and will not be
construed to be an approval of any materials used in advertising or soliciting
participation in such promotions.

 

*

 

(e)           Any Charge Transaction Data that does not meet the coding
requirements (i.e., transaction code or minimum purchase requirements) of any
credit-based

 

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ETHAN ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF
THIS DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF
1934

 

promotion will automatically default and be subject to the Base Rate; provided
however, that if Bank honors any such incorrectly coded credit-based promotion,
Retailer shall pay to Bank the incremental difference between the Program Fee at
the Base Rate and the Program Fee applicable to the Promotional Rate honored by
Bank.

 

1.2          Amendment to Section 3.6.  Section 3.6 is hereby amended by
deleting it in its entirety and replacing it with the following:

 

Section 3.6            Interest Rate Adjustor.

 

(a)           Without limiting Bank’s right to adjust Promotional Rates as set
forth in Section 3.5,   *

 

(b)           For purposes of effecting the above calculation, Bank shall
establish the Twelve Month LIBOR           *                   (the “COF
Period”) as of the last business day of the                     
*                         immediately preceding the COF Period and shall apply
the revised Promotional Rates resulting from such calculation within thirty-two
(32) days of the beginning of the COF Period.           *                 For
the avoidance of doubt, (i) the adjustment (either up or down) to any
Promotional Rate pursuant to this Section 3.6 will be in addition to any other
prior adjustments (either up or down) made to any Promotional Rate pursuant to
Section 3.5, and (ii) no adjustment pursuant to this Section 3.6 shall eliminate
any prior adjustments (either up or down) made to any Promotional Rate pursuant
to Section 3.5.

 

(c)           For the purposes of this Agreement, the following terms have the
following meanings:

 

“Base Twelve Month LIBOR” means              *                     .

 

“Twelve Month LIBOR” means, for any date, the twelve (12) month “London
Interbank Offered Rate” (LIBOR) as published in The Wall Street Journal in its
“Money Rates” section (or if The Wall Street Journal shall cease to be published
or to publish such rates, in such other publication as Bank may, from time to
time, specify) on such date, or if The Wall Street Journal is not published on
such date, on the last day before such date on which The Wall Street Journal is
published whether or not such rate is actually ever charged or paid by any
entity.

 

1.3          New Section 9.2(p).  The following new Section 9.2(p) is hereby
added to the Agreement:

 

(p)           Retailer shall have the right to terminate the Agreement as set
forth below if, during any Program Year:

 

*

 

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*CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FURNISHED SEPARATELY TO THE
COMMISSION

 

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ETHAN ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF
THIS DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF
1934

 

1.4          Amendment to Schedule 3.5.  Schedule 3.5 of the Agreement is hereby
deleted in its entirety and replaced with the revised Schedule 3.5 attached
hereto as Exhibit A.

 

II.   GENERAL

 

2.1          Authority for Amendment.  Retailer represents and warrants to Bank
that the execution, delivery and performance of this Amendment has been duly
authorized by all requisite corporate action on the part of Retailer and upon
execution by all parties, will constitute a legal, binding obligation of
Retailer.

 

2.2          Effect of Amendment.  Except as specifically amended hereby, the
Agreement, and all terms contained therein, remains in full force and effect. 
The Agreement, as amended by this Amendment, constitutes the entire
understanding of the parties with respect to the subject matter hereof.

 

2.3          Binding Effect; Severability.  Each reference herein to a party
hereto shall be deemed to include its successors and assigns, all of whom shall
be bound by this Amendment and in whose favor the provisions of this Amendment
shall inure.  In case any one or more of the provisions contained in this
Amendment shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby.

 

2.4          Further Assurances.  The parties hereto agree to execute such other
documents and instruments and to do such other and further things as may be
necessary or desirable for the execution and implementation of this Amendment
and the consummation of the transactions contemplated hereby and thereby.

 

2.5          Governing Law.  This Amendment shall be governed by and construed
in accordance with the laws of the State of New York, without regard to
principles of conflicts of laws.

 

2.6          Counterparts.  This Amendment may be executed in counterparts, each
of which shall constitute an original, but all of which, when taken together,
shall constitute but one agreement.

 

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*CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FURNISHED SEPARATELY TO THE
COMMISSION

 

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ETHAN ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF
THIS DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF
1934

 

IN WITNESS WHEREOF, Retailer and Bank have caused this Amendment to be executed
by their respective officers thereunto duly authorized as of the date first
above written.

 

RETAILER:

BANK:

 

 

 

 

ETHAN ALLEN GLOBAL, INC.

GE MONEY BANK

 

 

 

 

By:

 

 

By:

 

 

Name:

 

 

Name:

 

Title:

 

 

Title:

 

 

 

 

 

ETHAN ALLEN RETAIL, INC.

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

 

 

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*CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FURNISHED SEPARATELY TO THE
COMMISSION

 

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ETHAN ALLEN INTERIORS INC. HAS CLAIMED CONFIDENTIAL TREATMENT OF PORTIONS OF
THIS DOCUMENT IN ACCORDANCE WITH RULE 24-B UNDER THE SECURITIES EXCHANGE ACT OF
1934

 

EXHIBIT A

TO AMENDMENT

 

SCHEDULE 3.5
To
Credit Card Program Agreement

 

Initial Program Fee Percentages

 

*

 

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*CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FURNISHED SEPARATELY TO THE
COMMISSION

 

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