Exhibit 10.50





Exhibit 10.50




SEPARATION AGREEMENT AND RELEASE




September 12, 2011




Mr. Raphael Benaroya

Chairman of the Board

Kid Brands, Inc.

One Meadowland Plaza

East Rutherford, NJ 07073




Dear Raphael:



I hereby resign my position as President and Chief Executive Officer and as an employee of Kid
Brands, Inc. (the “Company”) effective as of the close of business today. The Company and I have
agreed that such registration will be treated as a resignation for “Good Reason” under the
Employment Agreement (as hereinafter defined).



I am therefore entitled to the benefits set forth in paragraphs 3(B), 3(E) and 3(F) of the
Employment Agreement between me and the Company dated as of December 4, 2007 (the “Employment
Agreement”) as well as accrued vacation pay, unpaid business expenses and return of contributions
under the Company’s Employee Stock Purchase Plan in accordance with the terms of these programs. I
understand that my vested and currently exercisable equity awards (including options, restricted
stock, stock appreciation rights and restricted stock units) will not be forfeited immediately
because of any termination of employment for Good Reason and will continue to be exercisable but
only to the extent set forth in the relevant award agreements (as modified by Section 2(C) of the
Employment Agreement), provided that my vested and currently exercisable stock appreciation rights
shall remain exercisable for 90 days after today, and provided further that if my currently
exercisable equity awards would be treated more favorably if I had been terminated involuntarily
without cause, they shall be treated in such more favorable manner.



I understand that, in compliance with Section 409A of the Internal Revenue Code, the amount
payable to me under clause (iii) of paragraph 3(B) of the Employment Agreement shall not be paid
until, and shall be paid in a single sum payment on, March 13, 2012 and any amount payable pursuant
to clause (vi) of paragraph 3(B) shall be paid in a single sum payment on the later of the first
day after the six month anniversary of my separation from service or the date that the bonus would
be paid in accordance with its terms. These amounts are payable without interest.



I also hereby resign effective immediately as a director of the Company and from all other
positions that I hold with the Company and any affiliate.



 


 









 





I have signed and am delivering concurrently a copy of a General Release in the form of
Exhibit A to this letter in consideration of the matters set forth herein and in the General
Release. I am knowingly and after due consideration waiving the 21-day period described in Section
2 of the General Release and I agree that, if I revoke the General Release within the next seven
days, I will forfeit the severance benefits under my Employment Agreement.



I agree that I will immediately deliver to Marc Goldfarb, Senior Vice President and General
Counsel of the Company, and not keep in my possession, duplicate, or deliver to any other person or
entity, any and all property that belonged to the Company or any of its affiliated companies,
including without limitation, computer hardware and software, blackberries, pagers, cell phones,
other electronic equipment, keys, credit cards, access codes, identification cards, records, data,
and other documents and information, including any and all copies of the foregoing. I understand
computer access and e-mail and voicemail will be discontinued as of today, although the Company
will arrange for forwarding of messages as I request.



If you are in agreement with the matters set forth herein, please acknowledge and accept by
signing and retuning a copy to me.



	 	 	 	 	 
	 	Very truly yours,

 	 
	 	/s/ Bruce G. Crain
 	 
	 	Bruce G. Crain 	 
	 	 	 
	 




Acknowledged and Accepted

this 12th day of September 2011.



KID BRANDS, INC.



	 	 	 	 	 
	By

	 	/s/ Raphael Benaroya
 

Raphael Benaroya
	 	 
	 

	 	Chairman of the Board	 	 







 


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