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Exhibit 10.20    
    

 
 

KIOSK AGREEMENT    
    

        THIS AGREEMENT (the "Agreement") is entered into on July 1, 2005 (the "Effective
Date") by and between Crocs, Inc., a Colorado Corporation ("Crocs"), and Crocodile Kiosk, LLC ("Crocodile"). For good and
valuable consideration and in exchange of the promises and covenants contained herein, the parties agree as follows: 

1.     DEFINITIONS.  

        "Crocs Marks" means all trademarks, service marks, trade names, logos or other words or symbols identifying or associated with the
Products or the business of Crocs. 

        "Customer" means entities and individuals that intend to use the Products for their own internal purposes and not for further
distribution. 

        "Kiosk" means a free standing kiosk located in an airport terminal which is intended to be used to sell Crocs brand goods. 

        "Products" mean all of the products manufactured or distributed by Crocs, as more specifically described in Addendum A. 

        "Licensee/Franchisee" means third parties who have contracted with Crocodile and who are granted the rights by Crocodile to sell Products
under the Crocs Marks. 

        "Licensee/Franchisee Agreement" means a written agreement between Crocodile and third parties granting Licensee/Franchisee the right to
sell Products in Kiosks under the Crocs Marks in the Territory and which contains terms and conditions at least as protective of Crocs and Crocs' rights as those contained herein. Such agreements
shall have a term of ten (10) years with termination provisions if performance goals are not met. Said agreements shall allow for five (5) year renewal periods if certain performance
obligations are met. All performance obligations shall be determined by Crocodile on a case by case basis. 

        "Territory" means airport locations worldwide. 

2.     APPOINTMENT AND RIGHT TO LICENSE/FRANCHISE.  

        2.1   Subject to the terms and conditions of this Agreement, Crocs hereby grants to Crocodile during the Term (as defined in
Section 5) an exclusive right to license and or franchise Licensee/Franchisees to sell Products in Kiosks under the Crocs Marks in the Territory. In addition, Crocs grants Crocodile the
non-exclusive right to sell Products to other approved venues in the Territory. 

        2.2   Subject to the terms and conditions of this Agreement, Crocs hereby grants Crocodile during the Term a
non-exclusive, non-sublicensable, non-transferable right to use Crocs Marks in accordance with the usage guidelines for the Crocs Marks established by Crocs from
time to time for the sole purpose of exercising the rights set forth in this Agreement. 

        2.3   Subject to the terms and conditions of this Agreement, Crocs hereby grants Crocodile a non-exclusive,
non-sublicensable, non-transferable right to license and or franchise third parties pursuant to a License/Franchise Agreement to use Crocs Marks in accordance with the usage
guidelines established by Crocs for the Crocs Marks from time to time for the sole purpose of marketing and selling the Products to Customers from Kiosks under the Crocs Marks within the Territory.
Crocs shall retain sole control over Crocodile's and Licensee/Franchisee's use of the Crocs Marks. Crocodile acknowledges and shall ensure all Licensee/Franchisees acknowledge that the goodwill with
respect to 

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the
Crocs Marks belongs solely to Crocs and that the goodwill associated with use of the Crocs Marks by Crocodile Licensee/Franchisee will inure solely to the benefit of Crocs. 

        2.4   Subject to the terms and conditions of this Agreement, Crocs hereby grants Crocodile a non-exclusive,
non-sublicensable, non-tranferable right to allow its Licenee/Franchisee's to use the name "Crocs Kiosk" as the name of the Kiosks, provided however, such right shall only be
granted in the event such Licensee/Franchisee's agree to sell only Crocs Products on their respective Kiosks. Crocs may approve limited items that are not branded by Crocs on a case by case basis.
Such products must be approved by Crocs prior to being sold or displayed in any Kiosk. Subject to approval by Crocs, which shall not be unreasonably withheld, Crocodile may authorize its
Licensee/Franchisee's to sell products from a Kiosk bearing a name that does not include the name "Crocs." Such Kiosks shall be permitted to use the phrase "Featuring Crocs" in connection with their
approved name. Such Kiosks shall be permitted to carry products that do not compete with or diminish the marketing, appearance or value of the Products or the Crocs brand. Crocs, at its discretion,
may require Crocodile to have any products that Crocs deems to be competitive or non-complementary to the Products or the Crocs brand removed from any and all Kiosks and restricted from
further sale. Crocodile agrees to include terms in all Licensee/Franchisee Agreements that grant Crocodile the right to require the removal and prohibit the sale of any product which Crocs deems
competitive or non-complementary. 

        2.5   Crocodile agrees to assign any and all business names, domain names, trademarks or any other registrations or protected
rights containing the name "Crocs" or any derivative thereof. 

        2.6   All rights not expressly granted to Crocodile herein are reserved by Crocs. All approval rights retained by Crocs are for
the purpose of controlling the use and quality of the Crocs Marks and not to govern Crocodile's or Licensee/Franchisees' day to day operations. 

        2.7   Crocodile may use the Crocs Marks solely in the performance of its rights and obligations under this Agreement. Crocodile
must and must obligate all Licensee/Franchisees to use only signage and point of sale displays purchased from Crocs and to display the Crocs Marks in connection with the marketing, sale or support of
Products with an appropriate trademark or other notice (such as ® or TM) or other notice of proprietary rights in the Crocs Marks as instructed by Crocs. Crocodile must not and
must obligate Licensee/Franchisees to not attach any additional trademarks or trade names to any Products and must not remove or alter any Crocs Marks or other trademark or notice affixed by Crocs to
Products. Crocodile must and must obligate all Licensee/Franchisees to obtain Crocs' express prior written approval for each use of the Crocs Marks in advertising or other materials, and must not
deviate from any approved uses without obtaining further written approval from Crocs, which shall not be unreasonably withheld. Crocs will notify Crocodile of its approval or rejection within
10 days of submission to Crocs. Crocodile must and must obligate all Licensee/Franchisees to immediately change or discontinue any use of any Crocs Marks as may be reasonably requested by
Crocs. 

        2.8   Crocodile must ensure that all advertising, promotional or other uses of the Crocs Marks by Crocodile or
Licensee/Franchisees must at all times (i) conform to the quality standards specified by Crocs from time to time, and (ii) be in full compliance with all applicable laws and regulations
in the Territory. Crocs has the right, at all reasonable times, to inspect the manner in which Crocodile and Licensee/Franchisees use the Crocs Marks. Such inspection may, at the election of Crocs, be
by personal visit to Crocodile or Licensee/Franchisees facilities or by written request for information or samples. Crocodile must and must obligate all Licensee/Franchisees to cooperate with such
inspections. For Kiosks using the "Crocs Kiosk" name, all advertising artwork shall be supplied by Crocs and shall be submitted to Crocodile within ten days of any advertising or advertising changes
so requested. 

        2.9   Crocodile acknowledges and agrees and shall obligate each Licensee/Franchisee to acknowledge and agree that Crocs is the
sole and exclusive owner of the Crocs Marks (whether or not such Crocs Marks are registered), and Crocodile must not and must obligate each Licensee/Franchisee to not take or encourage any action,
during or after the Term, that will in any way impair the rights of 

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Crocs
in and to the Crocs Marks or the goodwill inherent therein. At Crocs' expense, Crocodile must sign any lawful documents, make any lawful declaration or provide any lawful declarations reasonably
requested by Crocs in connection with any trademark application or registration for the Crocs Marks, and Crocodile shall obligate Licensee/Franchisees to do the same. 

3.     CROCODILE RESPONSIBILITIES.  

        3.1   Crocodile will use its best efforts to promote the sale of the Products from Kiosks under the Crocs Marks in the
Territory. Crocodile shall obligate each Licensee/Franchisee to do the same. 

        3.2   Crocodile shall not and shall obligate all Licensee/Franchisees to not make any reference or claim about Crocs or the
Products other than presenting current information that has been published by Crocs or approved by Crocs in writing. 

        3.3   Crocodile shall not and shall obligate all Licensee/Franchisees to not use deceptive, misleading, illegal or unethical
practices in marketing and selling the Products to Customers from Kiosks within the Territory. Further, Crocodile shall not and shall obligate all Licensee/Franchisees to not advertise, promote or
take other action or use any medium of advertising or promotion with respect to the Products that is not directed primarily to Customers at airports located in the Territory. 

        3.4   Crocodile shall and shall obligate all Licensee/Franchisees to comply with all applicable laws and regulations in
performing its duties under this Agreement, including, without limitation, all state and federal laws related to or governing the offer of sale and sale of franchises. As between Crocodile and Crocs,
Crocodile shall be solely responsible for preparing and filing all legal documents and making all registrations necessary to comply with such laws and regulations. The parties hereby acknowledge and
agree that the relationship contemplated herein does not create a franchisor-franchisee relationship as between Crocs and Crocodile or Crocs and any third party. 

        3.5   If Crocodile fails to meet the performance requirements set forth in Addendum A, Crocs may, in its sole discretion and
upon written notice to Crocodile, terminate the portion of this Agreement covering exclusivity in the Territory. In such an event, Crocodile would be allowed to continue to enter into
License/Franchise Agreements on a non-exclusive basis in accordance with this Agreement, the remaining terms of which shall remain in full force and effect. 

        3.6   Crocodile shall keep Crocs informed as to any problems encountered with the Products and any resolutions arrived at for
those problems, and to communicate promptly to Crocs any and all modifications, design changes or improvements of the Products suggested by any customer, employee or agent. Crocodile shall obligate
each Licensee/Franchisee to do the same. 

        3.7   Crocodile shall ensure that all of the obligations and restrictions with regard to Crocodile set forth in this Agreement
(including without limitation those in Sections 2 and 3) are included in each Licensee/Franchisee Agreement and that all Licensee/Franchisees are bound to such terms and conditions. 

4.     ORDERS AND CREDIT.  

        4.1   For orders that will be shipped directly to Licensee/Franchisee's by Crocs, Crocodile shall obligate each
Licensee/Franchisee in writing to order and purchase such Products pursuant to Crocs then-current order and payment policies and procedures. Crocodile shall obligate each
Licensee/Franchisee in writing to use signage and point of sale displays purchased from Crocs. Sales to Licensee/Franchisee's in the following countries shall be placed with Crocodile Distribution, a
Crocs distributor: Mexico, Dominican Republic, Costa Rica and Cuba. 

        4.2   At least five (5) days prior to executing any Licensee/Franchisee Agreement with any prospective
Licensee/Fanchisee, Crocodile shall notify Crocs in writing of such prospective Licensee/ 

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Franchisee
and provide Crocs with such party's name and address. Upon Crocs' request, Licensee shall provide Crocs with any requested information regarding a prospective Licensee/Franchisee necessary
to allow Crocs to check such prospective Licensee/Franchisee's credit and payment history. In the event a prospective Licensee/Franchisee does not meet Crocs' credit criteria, Crocs may refuse payment
terms and/or require adequate security (in Crocs' discretion) prior to issuing credit. Crocs reserves the right to revoke credit terms, hold shipments or place any Licensee/Franchisee on credit hold
for failure to pay invoices in a timely manner. This Section 4.2 shall not apply to Licensee/Franchisee's located in the following countries: Mexico, Dominican Republic, Costa Rica and Cuba. 

        5.     TERM. Unless terminated earlier in accordance with the terms herein, the
right to enter into License/Franchise Agreements with third parties pursuant to this Agreement, including the right of exclusivity in the Territory shall commence on the Effective Date and continue
for a period of ten (10) years (the "Initial Term"). These rights shall automatically terminate upon the expiration of the Initial Term. The
rights hereunder which are necessary to maintain, service and comply with Licensee/Franchisee Agreements that exist at the conclusion of the Initial Term shall remain in effect and shall not terminate
until the earliest of the following occurs: (i) all Licensee/Franchisee Agreements have been concluded or Terminated; (ii) Crocodile ceases service and maintenance to any of the
Licensee/Franchisees during the term of their respective Licensee/Franchisee Agreement; or (iii) fifteen years from the effective date of the last Licensee/Franchisee Agreement entered into
prior to the conclusion of the Initial Term. 

        6.     CONFIDENTIAL INFORMATION. "Confidential
Information" means (a) any business or technical nonpublic information of Crocodile or Crocs, including but not limited to any information relating to either party's
products, services, prices, marketing plans, business opportunities, or personnel, (b) any other information of Crocodile or Crocs that is specifically designated by the disclosing party as
confidential or proprietary, and (c) the terms and conditions of this Agreement. Confidential Information shall not include information that (i) is in or enters the public domain without
breach of this Agreement through no fault of the receiving party, (ii) the receiving party was demonstrably in possession of prior to first receiving it from the disclosing party,
(iii) the receiving party can demonstrate was developed by the receiving party independently and without use of or reference to the disclosing party's Confidential Information, or
(iv) the receiving party receives from a third party without restriction on disclosure and without breach of a nondisclosure obligation. Each party shall maintain the Confidential Information
of the other party in strict confidence during the Term and until such information enters one of the categories set forth in (i)—(iv) above. Each party shall exercise no less than
reasonable care with respect to the handling and protection of such Confidential Information. Each party shall use the Confidential Information of the other party only during the term of this
Agreement and as expressly permitted herein, and shall disclose such Confidential Information only to its employees and independent contractors as is reasonably required in connection with the
exercise of its rights and obligations under this Agreement (and only subject to binding use and disclosure restrictions at least as protective as those set forth herein). Notwithstanding the above,
the receiving party may disclose Confidential Information of the disclosing party pursuant to a valid order or requirement of a court or government agency, provided that the receiving party first
gives reasonable notice to the disclosing party to contest such order or requirement. Any such disclosure by the receiving party of the Confidential Information of the disclosing party, shall, in no
way, be deemed to change, affect or diminish the confidential status of such Confidential Information. 

7.     WARRANTY AND DISCLAIMER.  

        7.1   Mutual Warranty. The parties have the power and the authority to execute
and perform this Agreement. 

        7.2   EXCEPT AS EXPRESSLY SET FORTH ABOVE, CROCS MAKES NO WARRANTY OF ANY KIND, EXPRESSED OR IMPLIED, INCLUDING WITHOUT
LIMITATION ANY 

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WARRANTY
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND IN NO EVENT SHALL CROCS BE LIABLE FOR INJURIES TO PERSONS OR PROPERTY FOR INCIDENTAL, CONTINGENT, SPECIAL OR CONSEQUENTIAL DAMAGES
FOR WHICH LIABILITY MAY BE DISCLAIMED UNDER APPLICABLE LAW. 

8.     INDEMNIDICATION.  

        8.1   By Crocodile. Crocodile shall indemnify and defend Crocs from and against
all third party claims arising out of or related to this Agreement, any Licensee/Franchisee Agreement or any Licensee/Franchisee's use of the Products. 

        8.2   By Crocs. Crocs agrees to indemnify, hold harmless and defend Crocodile
against all third party claims arising from any loss or claim arising out of inherent defects in any of Crocs' Products existing at the time such product is sold by Crocs. 

        8.3   Indemnification Procedure. The indemnifying party's indemnification
obligations under this Section 8 are conditioned upon the indemnified party (a) giving prompt notice of the claim to the indemnifying party; (b) granting sole control of the
defense or settlement of the claim or action to the indemnifying party; and (c) providing reasonable cooperation to the indemnifying party and, at the indemnifying party's request and expense,
assistance in the defense or settlement of the claim. 

9.     LIMITATION OF LIABILITY. EXCEPT FOR BREACHES OF OBLIGATIONS IN SECTIONS 2, 6 AND 8, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY
INDIRECT, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER, SUFFERED BY THE OTHER PARTY, INCLUDING, WITHOUT LIMITATION, LOST PROFITS, BUSINESS INTERRUPTIONS OR OTHER
ECONOMIC LOSS ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY USE OF OR FAILURE TO BE ABLE TO USE THE PRODUCTS. 

10.   TERMINATION. This Agreement may be terminated by either party with thirty (30) days prior written notice to the other party upon
the material breach by the other party of any of its obligations under the Agreement, which breach has not been cured within thirty (30) days after the breaching party has received notice
thereof. This Agreement will terminate automatically if all or a substantial portion of the assets of the other party are transferred to an assignee for the benefit of creditors, to a receiver or to a
trustee in bankruptcy, a proceeding is commenced by or against the other party for relief under bankruptcy or similar laws and such proceeding is not dismissed within sixty (60) days, or the
other party is adjudged bankrupt. Crocs may terminate the portion of this Agreement covering exclusivity in the Territory upon written notice to Crocodile if Crocodile fails to meet the performance
requirements as described in Addendum A. Upon termination of this Agreement by either party or naturally at the end of the term all rights and licenses of Crocodile and obligations of and restrictions
on Crocs hereunder shall terminate, except that Crocodile will return all Confidential Information, catalogues and literature in its possession, custody or control in whichever form held (including
all copies or embodiments thereof), Crocodile will cease using Crocs Marks, and the provisions of Sections 5 through 11 of this Agreement shall remain in effect. 

11.   GENERAL TERMS.  

        11.1 Force Majeure. If the performance of any obligation under this
Agreement, except the making of payments, is prevented or interfered with by a Force Majeure (any act or condition whatsoever beyond the reasonable control of and not occasioned by the fault or
negligence of the affected party), the party so affected shall be excused from such performance to the extent of such prevention or interference. 

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        11.2 Dispute Resolution. Any unresolved disputes between the parties relating
to or arising from this Agreement shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the "AAA Rules") before a single neutral
and competent arbitrator selected in accordance with the AAA Rules. Such arbitration shall be held in Boulder, Colorado and conducted in the English language. The cost and expense of arbitration shall
be shared equally by the parties to the arbitration, regardless of which party or parties prevail. The arbitration shall be conducted in accordance with the following time schedule unless otherwise
mutually agreed to in writing by the parties: (i) no later than thirty (30) days after the appointment of the arbitrator, the arbitrator shall schedule a hearing on the dispute
and (ii) within thirty (30) business days after the date of the hearing referenced in clause (i), the arbitrator shall render a decision. The decision or award of the arbitrator
shall be final and binding upon the parties, and to the same extent and to the same degree as if the matter had been adjudicated by a court of competent jurisdiction and shall be enforceable under the
Federal Arbitration Act. However, the parties agree that any breach of a party's confidentiality obligations and the license grant and restrictions set forth in this Agreement will result in
irreparable injury to the other party for which there is no adequate remedy at law. Therefore, in the event of any breach or threatened breach of such obligations, the non-breaching party
will be entitled to seek equitable relief in addition to its other available legal remedies without submitting such matter to arbitration. Each party hereby irrevocably submits to the exclusive
jurisdiction and venue of the state and federal courts located in Denver, Colorado for any action seeking injunctive relief hereunder. 

        11.3 Miscellaneous. The parties are independent contractors and nothing in
this Agreement shall be construed to create a partnership, joint venture or employment relationship or franchise relationship between the parties. This Agreement and the Addenda, which are
incorporated herein by reference, sets forth the entire agreement between the parties and supersedes any and all prior proposals, agreements or communications, written or oral, of the parties with
respect to the subject matter hereof. This Agreement may not be modified, altered or amended, except by written instrument duly executed by both parties. In the event there are conflicting terms in
the body of this Agreement and the Addendum, the terms in the body of this Agreement shall control. No failure or delay by either party in exercising any right hereunder will operate as a waiver
thereof. Crocodile may not assign, sublease or transfer this Agreement to any third party without the express written consent of Crocs. For the purposes of this Agreement, any dissolution, merger,
consolidation or other reorganization of Crocodile, or sale or other transfer of a controlling percentage of the ownership interest or assets shall be considered an Assignment. Crocs agrees to not
unreasonably withhold its consent. Crocs shall have a right of first refusal prior to any sale of all or substantially all of the assets or ownership interests of Crocodile. Crocs shall have thirty
days to evaluate whether to match any such offer in connection with its first right of refusal. This Agreement will be binding on the parties, their successors and permitted assigns. This Agreement
will be construed under the laws of the State of Colorado, without regard to its conflicts of law principles. The English language version of this Agreement shall be controlling in the interpretation
or application of the terms of this Agreement. If any provision of this Agreement is found invalid or unenforceable by an arbitrator or a court of competent jurisdiction, the remaining portions shall
remain in full force and effect. All notices required under this Agreement shall be (a) in writing, and (b) deemed to have been duly made and received when (i) personally served,
(ii) delivered by commercially established courier service, or (iii) ten (10) days after deposit in mail via certified mail, return receipt requested, to the addresses specified
on the first page of this Agreement or at such other address as the parties shall designate in writing from time to time. Each person executing this Agreement and the Addendum on behalf of any entity
hereby represents and warrants that he or she is duly authorized and has full authority to execute and deliver this Agreement and the Addendum. This Agreement may be executed simultaneously in two or
more counterparts, each or which will be considered an original, but all of which together will constitute one and the same instrument. 

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        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date above. 

	CROCS, INC.:	 	CROCODILE, LLC:
	
By:	

/s/  LYNDON V. HANSON III        
 (Authorized Signature)	
 	

By:	

/s/  CARL J. VERTUCA, JR.        
 (Authorized Signature)
	

Lyndon V. Hanson III
	
 	

Carl J. Vertuca, Jr.

	 	Printed Name	 	 	Printed Name
	

V.P. Manufacturing
	
 	

Member/Manager

	 	Title	 	 	Title

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ADDENDUM A    
    

	I.
	Products 

All
Crocs Products that have been released for sale to the network of retail outlets carrying Crocs products in the United States. 

	II.
	Territory 

        The
entirety of all airports Worldwide 

	III.
	Performance
Requirements 

        In
order to maintain the exclusivity of the licenses granted to Crocodile by Crocs as set forth in Section 2.1 of this Agreement, Crocodile must: 

	•
	have
six Kiosks open and operating from which a Licensee/Franchisee is actively and continuously selling the Products upon the two (2) year anniversary of the
Effective Date ("Anniversary")

	•
	have
added at least three (3) Kiosks in each twelve (12) month period following the second anniversary of the Effective Date. 

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QuickLinks

Exhibit 10.20

KIOSK AGREEMENT

ADDENDUM AQuickLinks
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Exhibit 10.21    
    

[*****]
= Certain confidential information contained in this document, marked with brackets, has been omitted and filed separately with the Securities and Exchange Commission
pursuant to a request for confidential treatment made pursuant to Rule 406 under the Securities Act of 1933, as amended. 

 
 

AMENDED AND RESTATED AGREEMENT FOR SUPPLY (the "Agreement"),    

between 

        Finproject S.p.A.    (hereinafter "FINPROJECT"), a company incorporated existing
and organized under the laws of Italy, with registered office at Contrada Campomaggio snc, 62010 Morrovalle, Macerata (Italy), corporate capital Euro 4.648.500,00 (fully p.i.), filed with the
Registrar of Companies of Macerata and Italian tax no. 03699921007 represented by its legal representative Mr. Euro Vecchiola 

And

        CROCS Inc.    (hereinafter "CROCS"), a company incorporated existing and
organized under the laws of the State of Colorado (USA), with registered office at 6273 Monarch Park Place, Niwot, Colorado (USA), represented by its legal representative Mr. Ron Snyder. 

(hereinafter
referred to collectively as "Parties" and singularly as "Party" without distinction) 

WHEREAS

	•
	CROCS, Inc.
(formerly known as Western Brands, LLC) has changed its name and corporate structure as stated herein;

	•
	FINPROJECT
and CROCS entered into that certain Agreement for Supply, dated as of June 29, 2004 (hereinafter the "Original
Agreement");

	•
	FINPROJECT
manufactures and sells a wide range of footwear components and high tech materials intended for the use in a number of market sectors, including the footwear
manufacturing sector;

	•
	FINPROJECT
manufactures materials called [*****] in accordance with, but not limited to, recipes (set forth in Annexe
1), as well as any other materials having similar composition and characteristics (hereinafter the "Material");

	•
	CROCS
is interested in securing supplies of the Material for the manufacture of Goods and FINPROJECT is willing to supply the Material in accordance with the recipes for the
manufacture of the Goods to CROCS on the terms set forth herein;

	•
	CROCS
manufactures and sells goods including, but not limited to, footwear using the name brand "Crocs" (hereinafter the
"Goods");

	•
	FINPROJECT
manufactures one or more models of shoe products for CROCS and desires assurance of near term order volume for the Finished Shoes;

	•
	CROCS
desires a supply of shoe products; and

	•
	FINPROJECT
and CROCS now desire to amend and restate the Original Agreement in its entirety under the terms and conditions set forth herein. 

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        NOW
THEREFORE, recitals and Annexes hereto being part and parcel of this Agreement, in consideration of the foregoing, the receipt and sufficiency of which is hereby acknowledged, the
Parties hereby agree as follows: 

        1.    Subject matter    

        1.1    Agreement as to the Material.    Subject to the terms set forth in Sections 2 through 18 of this
Agreement, FINPROJECT shall supply to CROCS or a company designated by the same under its own responsibility, and CROCS (or the company designated by the same under its own responsibility) shall buy
the Material for the manufacture of the Goods. 

        1.2    Agreement as to the Finished Shoes.    Subject to the terms set forth in Sections 9, 10,
13-19 of this Agreement, FINPROJECT shall supply to CROCS or a company designated by the same under its own responsibility, and CROCS (or the company designated by the same under its own
responsibility) shall buy the Finished Shoes. 

        2.    Exclusivity and pre-emption right specific to the
Material    

        2.1    On
the condition that CROCS purchases the minimum quantities provided by art. 3 below, FINPROJECT shall not sell any Material or product based on the Material to any
third party subject to the following exceptions: 

        a.     FINPROJECT
may provide midsoles for shoe products to its current and future customers. 

        b.     [*****] 

        2.2    CROCS
shall consider FINPROJECT a preferred supplier for the life of this Agreement. 

        3.    Minimum Quantity specific to the Material    

        3.1    The
following minimum quantities (hereinafter "Minimum Quantities") of the Material shall be purchased in any given contractual year in order to maintain exclusivity: 

	(i)
	1st
July, 2004 -30th June, 2005 (first contractual year):

[*****],

	(ii)
	1st
July, 2005 -30th June, 2006 (second contractual year):

[*****],

	(iii)
	1st
July, 2006 -30th June, 2007 (third contractual year):

[*****],

	(iv)
	1st
July, 2007 -30th June, 2008 (fourth contractual year):

[*****].

	(v)
	Contractual
years after 30th June, 2008:

[*****]. 

        3.2    In
addition to the above the Parties hereto agree that only the Minimum Quantities of Material for the first two contractual years are binding upon CROCS who shall
therefore purchase from FINPROJECT a quantity of Material of at least [*****] in the first contractual year and of at least [*****] in the second
contractual year. 

        3.3    Without
compromise to paragraph 3.2 above, no later than July 1st of each contractual year, CROCS shall forward to FINPROJECT a schedule of
the quantities of Material it actually intends to purchase in the upcoming contractual period (hereinafter the "Forecast"). 

        3.3.1    If,
by 31 December of each contractual year (first six-months), the quantity of Material actually ordered is less than 20% of that called for by the
Forecast, CROCS shall, 

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within
10 (ten) days confirm to FINPROJECT in writing its intention to purchase the Minimum Quantity guaranteed for the period. Failing this, FINPROJECT shall forthwith be released from the
exclusivity obligation. 

        3.3.2    The
Parties hereto agree that should the guaranteed minimum volume be confirmed as per paragraph 3.3.1. above, while at the end of the annual period CROCS has
ordered an amount of Material inferior to the Minimum Quantity of Material, CROCS shall pay to FINPROJECT a non reducible penalty corresponding to 10% of the value of the Material not ordered. 

        3.4.    Without
compromise to the provisions of paragraph 3.3 above relating to the Forecast, the actual quantities of Materials to be supplied from time to time for
each applicable year, shall be covered by one or more specific orders ("Specific Order/s") forwarded by CROCS to FINPROJECT. The Specific Orders shall
be passed and accepted as per Article 5 below and a "rolling forecast" shall be submitted to FINPROJECT with orders covering the quarter. 

        3.5.    Without
compromise to paragraph 3.2 above, FINPROJECT hereby expressly agrees and acknowledges that as from the third contractual year, if CROCS purchases the
Minimum Quantity of Material for the year in question, the right to exclusivity shall automatically renew. 

        3.6.    In
the event CROCS falls short of meeting the Minimum Quantity of Material for any contract year, it may elect to cure such shortfall in the following upon notice to
FINPROJECT without losing its right to exclusivity. Upon such notice, FINPROJECT shall apply all Specific Orders placed within the first 60 days of the next contract year to the contract year
in which the shortfall took place. If CROCS meets the Minimum Quantity for the previous contract year by applying these purchases, it shall maintain it's right to exclusivity. If purchases are applied
to a previous contract year in order to cure a shortfall, such purchases shall not count towards the Minimum Quantity for the current year (no double counting). 

        4.    Purchase Price of the Material and payment thereof    

        4.1.    Parties
agree that the purchase price of the Material for the Minimum Quantities shall be the one listed in the price list in Euro attached hereto as  Annex 2). 

        4.2.    It
is agreed between the Parties that the pricing for the Material shall be reviewed each quarter, and may be changed for the following reasons: 

          (i)  changes
in the cost of raw materials described by Annexe 1 affecting the manufacturing cost of the Material by 5% or
more in either direction. The material [*****] and relevant versions shall be used as reference: [*****]. 

         (ii)  exchange
rate variations for purchases made outside of Europe and/or in USD, considering the current exchange rate of USD 1,20 for 1 Euro, 

        (iii)  order
volumes, if these exceed the Minimum Quantity in accordance with Section 3.1 of this Agreement. 

        4.3.    Payment
must be made by CROCS, unless otherwise agreed upon between the Parties, in EURO within 30 days month end from the date of invoice, by SWIFT transfer in
favour of [*****]. Payment is deemed to be made when the respective sum is at FINPROJECT's disposal at its bank in Italy. 

        5.    Specific Orders and Delivery of the Material    

        5.1.    The
Specific Orders of the Material along with the quantities and the relevant delivery dates shall be sent by CROCS to FINPROJECT to fax nr. +39.0736.814259 marked for
the attention of Mr. Americo Malaccari. 

3

 

        Within
5 (five) days from receipt of the Specific Orders, FINPROJECT undertakes to communicate the acceptance of order placed, by forwarding the Specific Order signed for acceptance to
fax number +1-418-687-4420, marked for the attention of Mr. Andrew Reddyhoff. 

        5.2.    Any
suggested changes to the delivery dated shown on a single Specific Order should be advised immediately by FINPROJECT to CROCS in writing to number
+1-418-687-4420, for the attention of Andrew Reddyhoff, and will be intended as received upon issue of the report confirming transmission. 

        5.2.1.    Upon
receipt of the preceding communication, should CROCS decide to accept the different delivery date suggested by FINPROJECT as per the preceding paragraph, CROCS
shall forward to FINPROJECT to fax no. +39.0736.814259, marked to the attention of Mr. Americo Malaccari, a new Specific Order for the same quantity and indicating the different delivery
date proposed by FINPROJECT. In the latter case, the Specific Order is intended as automatically accepted by FINPROJECT without further confirmation. 

        5.2.2.    The
Parties hereto agree that if the different delivery date proposed by FINPROJECT as per paragraph 5.2 can not be accepted, CROCS shall have the right to
cancel the Specific Order. 

        5.3.    The
Parties expressly accept and agree that the quantity of each Specific Order shall not be under 11.000-12.000Kg., with a specified minimum of 1.000Kg per
colour, and shall not be superior to the contents of a full container corresponding to approximately 24.000Kg. 

        Unless
otherwise indicated by the single Specific Orders, partial deliveries are allowed. 

        5.4.    FINPROJECT
shall deliver or arrange delivery of the Materials to CROCS, on an EXWORKS (Incoterms 2000) dock of FINPROJECT basis, at a location or locations designated
by CROCS, to a reliable shipping agent. 

        Before
making any delivery, CROCS shall forward the import permits or other shipping documents required to FINPROJECT. 

        5.5.    Upon
delivery of the Material, CROCS takes over all the risks for any losses or damages to Materials delivered as above. 

        5.6.    If
FINPROJECT expects that it will be unable to deliver the Material at the date agreed for delivery, for reasons not attributable to the same, FINPROJECT shall inform
CROCS without delay, in writing, of such occurrence, stating, as far as possible, the estimated date of delivery. 

        5.7    In
case of delay in delivery for which FINPROJECT is responsible, CROCS may claim, after having served written notice on the latter, compensation for the damages
actually suffered, within the maximum amount of 10% of the price of the Material the delivery of which has been delayed, except for causes of force majeure. 

        For
purposes of the above, the parties hereto agree that FINPROJECT: 

          (i)  is
deemed to have performed, as from the notice to the selected carrier or freight agent that "goods are ready"; 

         (ii)  shall
be liable for delayed delivery only after 15 (fifteen) days from the established delivery term. 

        5.8    Any
complaints relating to packing, quantity, number or exterior features of the Material (apparent defects), must be notified to FINPROJECT, in writing, within
7 days from receipt of the Material; failing such notification CROCS's right to claim the above defects will be forfeited. Any complaints relating to defects which cannot be discovered on the
basis of a careful inspection upon receipt (hidden defects) shall be notified to FINPROJECT, by registered letter with return receipt, 

4

 

within
7 days from discovery of the defects and in any case no later than 3 months from delivery; failing such notification CROCS's right to claim the above defects will be forfeited. In
addition to the communication as per art. 13 below, such notices shall be forwarded by fax on +39.0736.814259, marked for the attention of Mr. Americo Malaccari. 

        6.    Warranty of the Material    

        6.1.    FINPROJECT
undertakes to remedy any defects, lack of quality or non-conformity of the Material for which it is liable, occurring within 3 (three) months
from delivery of the Material for raw Material, and one year from the date of Manufacture for the Goods, provided such defects have been promptly notified in accordance with paragraph 5.8,
above. 

        6.2    The
parties hereto agree that the warranty provided by 6.1 shall be valid only if the materials are transported within a period of time and in such a way as to preserve
the physical properties and characteristics of the Materials, as described by Annexe 1. 

        7.    Duration Specific to the Material    

        7.1.    This
Agreement is effective as of the date of execution of the Original Agreement ("Effective Date"), and will remain in
full force and effect for a four-year period, until June 30, 2008. This Agreement shall continuously automatically renew for one-year terms provided CROCS meets the
Minimum Quantity in any year after the fourth contract year, and in accordance with the terms contained herein. 

        7.2    Should
CROCS not be willing to renew this Agreement, it shall give notice thereof in writing to FINPROJECT within ninety (90) days from the date of expiration of
this Agreement or any extension term. 

        8.    FINPROJECT's Notice in Connection With Actions by Regulatory Authorities specific to the
Material    

        8.1.    The
Parties undertake to notify each other promptly in writing of any threatened or pending actions by regulatory authorities in general which might reasonably affect
the safety or the effectiveness of the Material or the supply commitment contained in this Agreement. 

        9.    Confidentiality and Disclosure    

        9.1.    So
long as CROCS orders the Minimum Quantities referenced in Section 3.1 herein, but in no event less than ten (10) years from the effective date of this
Agreement, CROCS and FINPROJECT shall not disclose the recipes set forth in Annexe 1, and shall maintain in confidence the respective Confidential Information received or obtained from the other or
owned by the other, and use such Confidential Information solely for the purposes contemplated and permitted by this Agreement. Each Party shall treat communications to the other Party as strictly
confidential. Upon termination of this Agreement, the parties shall cease using the Confidential Information of the other party. 

        9.2.    Each
Party acknowledges that all confidential information exchanged or developed hereunder shall be owned by the transferor and shall continue to be owned by the
transferor even following transfer. "Confidential Information" shall mean any and all confidential or proprietary information owned by FINPROJECT (or its affiliates) or by the CROCS (or its
affiliates) provided to the other Party including but not limited to the Material, which includes the recipes. Confidential Information shall not be deemed to include information that: 

          (i)  is
or becomes known publicly through no fault of the receiving Party; 

         (ii)  is
learned by the receiving Party from a third party entitled to disclose same; 

        (iii)  is
developed by the receiving Party independently of information obtained from the disclosing Party as shown by the receiving Party's written records; 

5

 

        (iv)  is
already known to the receiving Party before receipt from the disclosing Party, as shown by prior written records; or 

         (v)  is
released with the prior written consent of the disclosing Party. 

        10.    Permitted Disclosures    

        10.1.    Notwithstanding
Section 9 hereof, FINPROJECT and CROCS shall, upon prior written notice to the other Party and only to the extent necessary, have the right to
disclose the other Party's Confidential Information: 

          (i)  to
regulatory or government agencies for the purposes of preparing or supplementing any Regulatory Filing or Manufacturing Regulatory Documentation, as applicable, or
as required by law within each country where each Party's activity is being conducted, 

         (ii)  If
is legally requested to disclose by any Authority, provided that in such a case the receiving party promptly provides the disclosing party with a written notice so
that the disclosing party may seek a protective order. 

        11.    Termination Specific to the Material    

        11.1.    Any
Party shall have the right to terminate the agreement as to the Material as set forth in Sections 1.1 and 2 through 18 of this Agreement, immediately upon
written notice of termination to be sent to the other Party in writing upon the occurrence of one or more of the following events: 

          (i)  if
either Party fails to perform or observe or otherwise breaches any of its obligations as set forth in Sections 1.1 and 2 through 18 of this Agreement and such
failure or breach continues unremedied for a period of sixty (60) days after receipt by the breaching Party of a written notice thereof from the non-breaching Party; and 

         (ii)  appointment
of a trustee, receiver, custodian, liquidation or the like of either Party or of all or any substantial portion of their assets; 

        11.2.    In
the event of any termination the agreement as to the Material as set forth in Sections 1.1 and 2 through 18 of this Agreement, all amounts previously
invoiced and unpaid or owed to FINPROJECT shall be due and payable by CROCS on the date of termination. 

        11.3.    Regardless
of the reason for termination, the obligations under Section 9 of this Agreement shall survive the termination of this Agreement, or termination any
part of this Agreement. 

        11.4.    Termination
of the agreement as to the Material as set forth in Sections 1.1 and 2 through 18 of this Agreement shall not affect compliance as to the Finished
Shoes as set forth in Sections 1.2, 9, 10 and 13-19 of this Agreement. 

        12.    No Implied Waivers; Rights Cumulative specific to the
Material    

        12.1.    No
failure on the part of FINPROJECT or CROCS to exercise, and no delay in exercising, any right, power, remedy or privilege under this Agreement, or provided by
statute or at law or in equity or otherwise, including, without limitation, the right or power to terminate this Agreement, shall impair, prejudice or constitute a waiver of any such right, power,
remedy or privilege or be construed as a waiver of any breach of this Agreement or as an acquiescence therein, nor shall any single or partial exercise of any such right, power, remedy or privilege
preclude any other or further exercise thereof or the exercise of any other right, power, remedy or privilege. 

6

 

        13.    Notices    

        13.1.    All
notices, requests and other communications to FINPROJECT or CROCS hereunder shall be in writing (including telecopy or similar electronic transmissions) and shall
be personally delivered or sent by telecopy (fax) or other electronic facsimile transmission or by registered mail, or certified mail, return receipt requested, postage prepaid, or by other form of
courier requiring receipt in each case to the respective address specified below (or to such address as may be specified in writing to the other Party hereto) and shall be effective upon receipt
thereof: 

FINPROJECT
S.p.A.

Contrada Campomaggio snc,

62010 Morrovalle, Macerata (Italy)

Attn: Mr. Euro Vecchiola and Mr. Maurizio Vecchiola

Facsimile: +39.0733.564489 

CROCS

6273 Monarch Park Place,

Niwot,

Colorado (USA)

Att.ne: Mr. Ron Snyder

Facsimile: (303) 468-4266 

        14.    No Assignment    

        14.1.    This
Agreement shall not be assigned by either Party without the prior express written consent of the other Party, other than in the case of a business transfer or
change of majority ownership. 

        15.    Entire Agreement    

        15.1.    The
Original Agreement is hereby amended and superseded in its entirety and restated as set forth herein. Accordingly, this Agreement, together with its Annexes 1 and
2constitutes, on and as of the Effective Date hereof, the entire agreement of and between FINPROJECT and CROCS with respect to the subject matter hereof, and all prior or contemporaneous
understandings or agreements, between FINPROJECT and CROCS with respect to such subject matter are hereby superseded, as of the Effective Date. 

        16.    Counterparts    

        16.1.    This
Agreement may be executed in two or more counterparts, in English language and in Italian language. In the case of discrepancies or interpretation differences
between the Italian and English versions, the Italian version shall prevail. 

        17.    Governing Law    

        17.1.    This
Agreement, including the supply of Finished Shoes as per art. 19 hereinbelow,shall be governed by the laws of Italy. 

        18.    Arbitration Clause    

        18.1.    Any
dispute, claim or other controversy arising out of or relating to this Agreement, or any alleged breach thereof, shall be settled by arbitration as per the Italian
Civil Procedure Code by a panel of three arbitrators (the Arbitrators), two of which shall be appointed by each Party, and the third, who will act as president of the panel, upon mutual agreement of
the first two arbitrators. 

7

 

        18.2.    If
either Party fails to appoint its arbitrator within 20 (twenty) days from receiving notice of the appointment of an arbitrator by the other Party, such arbitrator
shall, at the request of the latter Party, be appointed by the President of Milan Court. The President of Miln Court shall appoint the third arbitrator in case the two arbitrators appointed by the
parties cannot reach an agreement upon the third arbitrator. 

        18.3.    Arbitration
shall be conducted according to court procedures in accordance with articles 806 and ss. of the Italian Code of Civil Procedure and the award shall
be made in accordance with the law. The place of arbitration shall be Milan and the language of arbitration shall be Italian. 

        19.    Finished Shoes    

        19.1.    Rate of Orders.    CROCS shall order Finished Shoes from FINPROJECT on a purchase order basis at an initial
rate of [*****] (hereinafter the "Initial Rate"). The Initial Rate may be reduced to any amount less than the Initial Rate at the exclusive and unfettered discretion of CROCS
upon six months written notice by CROCS to FINPROJECT, or increased to any
amount greater than the Initial Rate upon agreement of the parties. The Initial Rate is subject to FINPROJECT meeting the quality and delivery requirements of CROCS. 

        19.3.    Termination.    Either party may terminate the agreement as to Finished Shoes as set forth in
Sections 1.2, 9, 10, 13-19 of this Agreement upon six months written notice, Termination of the agreement as to Finished Shoes shall not affect compliance with the agreement as to
the Material as set forth in Sections 1.1 and 2-18 of this Agreement. 

        19.4.    Survival.    In any event, the obligations under Section 9 of this Agreement shall survive the
termination of this Agreement, or termination any part of this Agreement. 

        IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorised officers as of the Effective Date. 

	Finproject S.p.A.
	

Name:	
 	

Euro Vecchiola
	Title:	 	Chairman of the Board of Directors

	Place and Date:	 	July 26, 2005

	

Signature:	
 	

/s/  EURO VECCHIOLA    

	

CROCS, Inc.
	

Name:	
 	

Ron Snyder
	Title:	 	President

	Place and Date:	 	    

	

Signature:	
 	

/s/  RON SNYDER    

8

 

Annexe 1 MATERIALS  

	[*****]
 
	 	 
	 
	 
	 	%
	 
	[*****]	 	[*****]	 
	[*****]	 	[*****]	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	[*****]	 
	 	 	
	 
	 	 	100	%
	
[*****]
 
	
 	

 
	
 
	[*****]	 	[*****]	 
	[*****]	 	[*****]	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	[*****]	 
	 	 	
	 
	 	 	100	%
	
[*****]
 
	
 	

 
	
 
	[*****]	 	[*****]	 
	[*****]	 	[*****]	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	 	 
	[*****]	 	[*****]	 
	 	 	
	 
	 	 	100	%

*****

Instructions
for preserving the physical properties of the materials [*****] 

The
following prescriptions should be followed for the above materials: 

	•
	[*****];

	•
	[*****];

	•
	[*****];

	•
	[*****];

	•
	[*****]. 

9

 

ANNEXE No. 2  

PRICES
FOB ITALIAN PORT IN EURO FOR [*****] IN THE STANDARD COLOURS PRODUCED AND SOLD 

	[*****]
 
	 	 

	 
	 	€

	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]

10

QuickLinks

Exhibit 10.21

AMENDED AND RESTATED AGREEMENT FOR SUPPLY (the " Agreement "),

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}]]