Document:

EX-10.49

Exhibit 10.49

Second Amendment to Employment Agreement

This Second Amendment to the employment agreement by and between THE WARNACO GROUP, INC., a
Delaware corporation (together with its successors and assigns, the “Company”), and JAY DUBINER
(the “Executive”), dated as of August 11, 2008, as amended (the “Agreement”) is made and entered
into on the date written below. All definitions not defined herein have the meaning ascribed to
such terms in the Agreement.

WHEREAS, the Company and the Executive desire to amend the Agreement to ensure that Section
3(d) of the Agreement relating to the Supplemental Awards conforms with the same provisions for
other executive officers;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually acknowledged, the Company
and the Executive agree as follows:

1. Section 3(d) of the Agreement is amended by replacing such provision in its entirety with the
following:

(d) Supplemental Award. During the Term beginning with fiscal year 2008, provided the
Executive is employed by the Company on the applicable grant date, the Executive shall be entitled
to an annual award with an aggregate grant date value equal to 6% of the sum of Base Salary plus
Annual Bonus as defined in this paragraph 3(d) if the Executive will be less than age 40 by the end
of the applicable fiscal year, 8% of such amount if the Executive will be age 40 and over and less
than 50 by the end of the applicable fiscal year, 10% of such amount if the Executive will be age
50 and over and less than age 60 at the end of the applicable fiscal year and 13% of such amount if
the Executive will be age 60 or older by the end of the applicable fiscal year (“Supplemental
Award”), with the first such award pro-rated to reflect the number of full months of service by the
Executive in fiscal year 2008. For this purpose, Base Salary shall be the Base Salary paid to the
Executive for the fiscal year prior to the award year and Annual Bonus shall be the annual bonus
awarded to the Executive by the Board for such fiscal year. The Supplemental Award shall not be
awarded to the Executive until after the determination by the Board of the Executive’s annual bonus
for the prior fiscal year and 50% of the value of the Supplemental Award shall be awarded in the
form of restricted shares pursuant to the applicable Stock Incentive Plan (“Career Shares”) and 50%
shall be awarded in the form of a credit to a bookkeeping account maintained by the Company for the
Executive’s account (the “Notional Account”). Any Career Shares awarded hereunder shall be
governed by the applicable Stock Incentive Plan and, if applicable, any award agreement. For
purposes of this Section 3(d), each Career Share shall be valued at the closing price of a share of
the Company’s common stock (“Share”) on the date that the Supplemental Award is made. For the
Notional Account, the Company shall select the investment alternatives available to the Executive
under the Company’s 401(k) plan. The balance in the Notional Account shall periodically be
credited (or debited) with the deemed positive (or negative) return based on returns of the
permissible investment alternative or alternatives under the Company’s 401(k) plan as selected in
advance by the Executive (and in accordance with the applicable rules of such plan or investment
alternative) to apply to such Notional Account, with such deemed

 

 

 

 returns calculated in the same
manner and at the same times as the return on such investment alternative(s). The Company’s obligation to
pay the amount credited to the Notional Account, including any return thereon provided for in this
Section 3(d), shall be an unfunded obligation to be satisfied from the general funds of the
Company. Except as otherwise provided in Section 5 below or the applicable Stock Incentive Plan
and provided that the Executive is employed by the Company on such vesting date, any Supplemental
Award granted in the form of Career Shares will vest as follows: 50% of the Career Shares will
vest on the earlier of the Executive’s 62nd birthday or upon the Executive’s obtaining 15 years of
“Vesting Service” and 100% of the Career Shares will vest on the earliest of (i) the Executive’s
65th birthday, (ii) upon the Executive obtaining 20 years of “Vesting Service” or (iii) 10th
anniversary of the date of grant. Except as otherwise provided in Section 5 below, and provided
that the Executive is employed by the Company on such vesting date, any Supplemental Award granted
as a credit to the Notional Account (as adjusted for any returns thereon) (“Adjusted Notional
Account”)) shall vest as follows: 50% on the earlier of the Executive’s 62nd birthday or upon the
Executive obtaining 5 years of “Vesting Service” and 100% on the earlier of the Executive’s 65th
birthday and upon the Executive obtaining 10 years of “Vesting Service”. In addition, any unvested
Adjusted Notional Account shall vest upon a Change in Control as defined in Section 1(d)(i) or (ii)
hereof which also qualifies as a “change in control event” under Section 409A (“409A Change in
Control Event”). For purposes of this Section 3(d), “Vesting Service” shall mean the period of
time that the Executive is employed by the Company as an executive officer. Subject to Section
15(b) hereof, upon vesting the Career Shares will be delivered to the Executive in the form of
Shares. The vested balance in the Adjusted Notional Account, if any, shall not be distributed to
the Executive until there has been a Separation From Service or, if earlier, there has been a 409A
Change in Control Event and, at such time, shall only be distributed at the earliest time that
satisfies the requirements of this Section 3(d). Upon a 409A Change in Control Event, the vested
Adjusted Notional Account, subject to Section 15(b) hereof, shall be paid to the Executive in a
lump-sum cash payment. In addition, if the Executive’s employment is terminated for any reason,
after taking into account Section 5 hereof, any unvested Supplemental Awards (whether in the form
of Career Shares or the Adjusted Notional Account) shall be forfeited and any vested balance in the
Adjusted Notional Account, subject to Section 15(b) hereof, shall be paid to the Executive in a
cash lump-sum payment immediately following the Executive’s Separation From Service; provided,
however, that if the Executive is a “specified employee” as determined pursuant to Section 409A of
the Internal Revenue Code of 1986, as amended from time to time (the “Code”), and the regulations
promulgated thereunder (“Section 409A”) as of the date of the Executive’s Separation From Service,
such distribution shall not be made until the first business day of the seventh calendar month
following the month in which the Executive’s Separation From Service occurs. The Executive can
elect to delay the time and/or form of payment of the Adjusted Notional Account under this Section
3(d), provided such election is delivered to the Company in writing at least 12 months before the
scheduled payment date for such payment and the new payment date for such payment is consistent
with the applicable deferral rules under Section 409A. Upon the expiration or termination of the
Term, the vesting and payment dates in this Section 3(d) (without regard to Section 5, except as
otherwise expressly provided in Section 5(d) of this Agreement) and the election right in this
Section 3(d) shall continue to apply to any outstanding Supplemental Award.

2. Except as otherwise set forth herein, the Agreement continues in full force and effect.

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date written below.

	 	 	 	 	 
	 	THE WARNACO GROUP, INC.

 	 
	 	By:  	/s/ Helen McCluskey
 	 
	 	 	Name:  	Helen McCluskey 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	THE EXECUTIVE

 	 
	 	/s/ Jay Dubiner
 	 
	 	JAY DUBINER 	 

Date:
February 27, 2012EX-10.91

Exhibit 10.91

PORTIONS OF THIS EXHIBIT 10.91 MARKED BY AN *** HAVE BEEN OMITTED

PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED

SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION

 

 

 

CONFIDENTIAL TREATMENT REQUESTED BY THE WARNACO GROUP, INC.

DMG

CKI/CKJE et al

Bridge Apparel — C&SA

18 Jan 11/26 Apr 11/2 Jun 11/9 Jun 11/16 Jun 11/12 Aug 11/12 Sep 11/24 Oct 11/26 Oct 11

D#8

31 October 2011

Warnaco Italy S.r.l. f/k/a

CK Jeanswear Europe S.r.l. (“CKJE”)

Via Provinciale Lucchese, 181/11

Sesto Fiorentino, Florence

Italy 50019

WF Overseas Fashion C.V. (“WFOF”)

501 Seventh Avenue

New York, New York 10018

United States

			
	      Re:	 	Calvin Klein Inc. (“CKI” or “Licensor”) and CKJE, and WFOF “CK/Calvin Klein
Bridge Apparel License” d. 31 Jan 06 as amended (“Bridge Apparel License”)

Ladies and Gentlemen:

CKI on the one hand and CKJE and WFOF (for themselves and their 100% owned affiliates), on the
other hand (hereinafter collectively as “Licensee”), are parties to a license as captioned above,
for the production and wholesale sale of CK/Calvin Klein bridge apparel articles.

The parties agree, effective as of the date set forth above upon full execution hereof, to amend
the Bridge Apparel License, to expand the Territory to include certain Central and South American
countries as set forth below as an additional region (“C&S America” or “C&SA Region”), under
certain conditions as set forth herein (“Amendment”) and otherwise as set forth in such Bridge
Apparel License.

1. As to the C&SA Region, Licensed Products shall include those from each seasonal Collection under
the Bridge Apparel License together with those bridge apparel localized Products referenced in §10
below, as approved by CKI.

 

 

 

CONFIDENTIAL TREATMENT REQUESTED BY THE WARNACO GROUP, INC.

2. The specific countries listed below in C&S America shall, subject to terms of this Amendment, be
added to the Territory.

	 	 	 
	Central America	 	South America
	Belize
	 	Argentina
	British West Indies
	 	Bolivia
	Leeward Islands
	 	Brazil
	Anguilla, Barbudo, St. Kitts
	 	Chile
	(St. Christopher), Nevis
	 	Colombia
	Windward Islands
	 	Ecuador
	Grenada, St. Vincent, St. Lucia
	 	French Guyana
	Costa Rica
	 	Guyana
	Greater Antilles
	 	Paraguay
	Haiti
	 	Peru
	Dominican Republic
	 	Suriname
	Grand Cayman Island
	 	Uruguay
	Little Cayman Island
	 	Venezuela
	Jamaica
	 	 
	Guatemala
	 	 
	El Salvador
	 	 
	Honduras
	 	 
	Nicaragua
	 	 
	Panama
	 	 
	Tortola
	 	 
	Virgin Gorda
	 	 
	(but specifically excluding
	 	 
	Cuba)
	 	 

3. Licensee shall maintain a showroom in Sao Paulo, Brazil for the purpose of displaying, promoting
and selling to accounts in C&S America the following products: Licensed Products, as well as the
“CK/Calvin Klein” bridge accessories articles under the “CK/Calvin Klein” bridge accessories
license, dated 31 January 2006, as amended, and, as applicable, the “Calvin Klein Jeans” jeans
apparel articles under the jeans apparel license for North, Central, and South America, dated 8
August 1994, as amended, and the “Calvin Klein Jeans” jeans accessories articles under the jeans
accessories license, dated 31 January 2006, as amended.

4. The Minimum Net Sales Thresholds (“MNST’s”) for the C&SA Region (which are separate and apart
from the other MNST’s under the Bridge Apparel License) for each Annual Period are as indicated
below:

	 	 	 	 	 	 	 	 	 
	Annual Period	 	Year	 	 	Minimum Net Sales Thresholds*	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**

	 	 	 
	*	 	***

	 
	**	 	***

 

 

 

CONFIDENTIAL TREATMENT REQUESTED BY THE WARNACO GROUP, INC.

If Licensee fails to attain the MNST’s of Licensed Products in the C&SA Region during any Annual
Period, as set forth above (except as specifically indicated in the immediately following
paragraph), such failure shall not be considered a breach or default nor give rise to the right to
terminate under §8.3 (I) or the best efforts provision of §1.5.1 for such Annual Period, if within
thirty (30) days following the close of the applicable Annual Period in which Licensee has failed
to meet such MNST amounts, Licensee shall remit additional “shortfall” Percentage Fees computed at
the regular Percentage Fee rate, and short fall Advertising Expenditure amounts, computed at the
regular percentage rate, based on the difference in the actual Net Sales during such Annual Period
(determined on the quarterly basis and year to date basis as to Percentage Fees on sales) and such
MNST amount without regard to Minimum Guaranteed Fees and Minimum Advertising Expenditures paid or
payable as to such Annual Period (or reduced Percentage Fee rates for certain close-outs goods as
applicable), for the C&SA Region. Licensor shall have no right to terminate this Agreement for the
C&SA Region pursuant to §8.3 (I) or pursuant to §1.5.1 solely as a result of failure to attain the
MNST’s if Licensee timely remits the shortfall payments described herein.

Notwithstanding the foregoing, if Licensee has failed to achieve the MNST’s set forth above for the
C&SA Region in the *** consecutive Annual Periods of the then current *** year period under the
Bridge Apparel License (i.e., ***, ***, *** consecutive Annual Periods), or the MNST’s for the ***
consecutive Annual Periods (or the ***, *** consecutive Annual Periods) of the then current ***
year period, CKI may, on twelve (12) months prior written notice in either instance, terminate this
Agreement for the C & SA Region. Expiration or termination of the C & SA Region, or of the Bridge
Apparel License, shall not affect any obligation of the Licensee to make payments hereunder
accruing prior to such expiration or termination.

Net Sales in the C&SA Region will not be applied towards satisfaction of the other MNST’s under
§2.1 of the Bridge Apparel License.

5. The Percentage Fee rate applicable to all Net Sales for the C&SA Region shall be at the
rate of ***.

Percentage Fees and advertising and other expenditure and/or remittable amounts such as for co-op
and public relations will be accounted for separately but payable or expendable and/or remittable
at the rate of ***.

 

 

 

CONFIDENTIAL TREATMENT REQUESTED BY THE WARNACO GROUP, INC.

§4.1.4 of the Bridge Apparel License, ***, is hereby deleted in its entirety.

6. All caps, limits and percentage limits under the Bridge Apparel License applicable to discounts,
deductions, reduced Percentage Fee rates (i.e. for OP sales of Close-out Articles) shall be
separately applied to Net Sales in the C&SA Region from the rest of the Territory.

7. The MGF’s in the C&SA Region for each Annual Period shall be as indicated below (and payable as
set forth in §4.1.3 under the Bridge Apparel License), and may be credited towards earned
Percentage Fees on Net Sales in the C&SA Region only.

	 	 	 	 	 	 	 	 	 
	Annual Period	 	Year	 	 	Minimum Guaranteed Fee (MGF) (US$)	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**
	***
	 	 	***	 	 	 	***	**

	 	 	 
	**	 	***

8. The MAE for each Annual Period, for the C&SA Region shall be as provided below as to the minimum
dollar amounts and otherwise as provided under §5.1.2, and may be credited towards earned
advertising amounts on Net Sales in the C&SA Region only.

	 	 	 	 	 	 	 	 	 
	Annual Period	 	Year	 	 	Minimum Advertising Expenditure	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 
	***
	 	 	***	 	 	 	***	 

 

 

 

CONFIDENTIAL TREATMENT REQUESTED BY THE WARNACO GROUP, INC.

9. The various amounts payable, expendable or reimbursable to CKI by Licensee (e.g. §6.8, §7.5.2)
as to any and all other expenditures and out-of-pocket reimbursement and travel and
related (e.g. room and board) costs and expenses, and maximum and/or annual amounts referenced or
contemplated thereunder shall apply separately and in addition to those “limits”
referred to therein (as applicable to such provisions, which relate to seasonal Collections of
Licensed Products and also to anti-counterfeiting and similar matters), for the C & SA Region (e.g.
§6.8, US$25,000 maximum amount referenced shall apply separately up to US$25,000 as to the
C & SA Region).

10. The parties agree to reasonably co-operate with each other in connection with requests by
Licensee or recommendations of CKI for additions of localized Products in accordance with the usual
development, production, and various review and approval procedures related to the seasonal
collections of Licensed Products. Licensee acknowledges that CKI will incur additional costs and
expenses (including, without limitation, additional travel costs and expenses) in connection with
the development, review and approval of any such localized Products, and Licensee agrees to pay (or
reimburse) CKI such additional costs and expenses in accordance with the Bridge Apparel License.
The provisions of §5.4 of the Bridge Apparel License relating to samples shall separately and
additionally apply as to C&S America and seasonal Collections of Licensed Products and Promo
Articles.

11. In addition to any and all other termination provisions under the Bridge Apparel License, this
Amendment and the C&SA Region as part of the Territory shall terminate automatically and forthwith
on the earliest to terminate of:

	 	(i)	 	Central & South America collectively (or either Central
America or South America separately) under the Jeans Apparel License, covering
North, Central, and South America, dated 8 August 1994, as amended (“Jeans
Apparel License”)

	 
	 	(ii)	 	the Jeans Apparel License,

	 
	 	(iii)	 	the Bridge Accessories License, dated as of 31 January 2006 as
amended.

12. Except as modified hereby, the Bridge Apparel License, shall remain in full force and effect.
Capitalized terms used herein and not otherwise defined herein, shall have the same meaning as set
forth in the Bridge Apparel License. This Amendment may not be modified or terminated except by
written amendment signed and delivered by the parties.

	 	 	 	 	 
	 	Very truly yours,

Calvin Klein, Inc.

 	 
	 	By:  	/s/ Tom Murry
 	 

Acknowledged and Agreed to:

Warnaco Italy S.r.l.

	 	 	 	 	 
	By:

	 	/s/ Stanley Silverstein
 

	 	 

 

 

 

CONFIDENTIAL TREATMENT REQUESTED BY THE WARNACO GROUP, INC.

WF Overseas Fashions C.V.

By: Warnaco U.S., Inc., its general partner

	 	 	 	 	 
	By:

	 	/s/ Stanley Silverstein

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