Document:

exhibit10_3.htm

     

    
Exhibit
      10.3

    
      

    

    
      	
              TO:

            	
              Keith
                Clark, Vice President/GM – Consumer & Industrial Business
                Unit

            

    

    
      	
              DATE:

            	
              August
                8, 2007

            

    

    
      	
              FROM:

            	
              Angelo
                Brisimitzakis, President and Chief Executive
                Officer

            

    

    
      	
              SUBJECT:

            	
              Internal
                Job Offer

            

    

    
      

    

    

    This
      memo is confirmation of the employment offer promoting you to the position
      of
      Vice President and General Manager, North America Highway Business Unit
      reporting to me.  The effective date will be January 1,
      2008.

    

    

    
      	
               

               

              Base
                Salary

               

              Target
                AIP

               

              Target
                Total Cash

               

            	
              Current

               

              $257,000

               

              50%

               

              $385,000

            	
              New

               

              $300,000

               

              50%

               

              $450,000

            

    

    

    As
      a
      Long Term Incentive Plan participant you will receive an award commensurate
      with
      your new position as determined by the Board in March, 2008.  Your
      performance will be reviewed during the performance review cycle
      (February/March, 2008) however you will not be eligible for a merit increase
      until April 1, 2009.

    

    Please
      confirm your acceptance with your signature and date.

    

    

    

    
      
        

      
Signature                                                                                     DateEX-10.1

Date: October 24, 2007

Joe’s Jeans Subsidiary, Inc.

formerly known as Joe’s Jeans, Inc.

5901 S. Eastern Avenue

Commerce, CA 90040

Ladies and Gentlemen:

We refer to that certain Factoring Agreement dated June 1, 2001, by and between Joe’s Jeans, Inc.
(the “Company”) and The CIT Group/Commercial Services, Inc. (“CIT”), as supplemented and amended
from time to time (the “Agreement”). We also refer to that certain Guaranty (the “Guaranty”)
executed by the person on the signature page hereof (the “Guarantor”) with respect to indebtedness
owing by the Company to CIT. Unless otherwise defined, any capitalized terms used herein shall have
the meanings ascribed to them in the Agreement.

This letter shall confirm our agreement to amend certain terms of the Agreement. Effective
immediately unless otherwise stated below, the Agreement is hereby amended as follows:

	 	1.	 	Company has advised CIT that, effective on or about October 11, 2007, Company’s
corporate name was changed from Joe’s Jeans, Inc. to Joe’s Jeans Subsidiary, Inc. This
letter shall confirm our agreement to amend the Agreement by deleting the name Joe’s Jeans,
Inc. wherever it appears and by substituting in its place the name Joe’s Jeans Subsidiary,
Inc. This amendment shall become effective as of the relevant date of the name change to
Company’s corporation records on file with the Secretary of State of Delaware.

	 	2.	 	Sub-section 15.1 of the Agreement dated June 1, 2001, shall be amended and restated in
its entirety to read as follows:

“15.1 For our services hereunder, you will pay us a factoring fee or charge of six-tenths
of one percent (.60%) of the gross face amount of all Factor Risk Accounts factored with us;
and a factoring fee or charge of four-tenths of one percent (.40%) of the gross face amount
of all Client Risk Accounts factored with us. In addition, you will pay a fee of
one-quarter of one percent (1/4 of 1%) of the gross face amount of each Account for each
thirty (30) day period or part thereof by which the longest terms of sale applicable to such
Account exceed ninety (90) days (whether as originally stated or as a result of a change of
terms requested by you or the customer). For Accounts arising from sales to customers
located outside the fifty states of the United States of America, you will pay us an
additional factoring fee of one percent (1%) of the gross face amount of all such Accounts.
All factoring fees or charges are due and charged to your account upon our purchase of the
underlying Account. Commencing July 1 through and including June 30 of each year, if the
actual factoring fees or charges paid to us by you during any year or part thereof
(“Period”) is less than $200,000.00 (“Minimum Factoring Fees”), we shall charge your account
as of the end of such Period with an amount equal to the difference between the actual
factoring fees or charges paid during such Period and said Minimum Factoring Fees. “

	 	3.	 	The second sentence of sub-section 16.1 of the Factoring Agreement dated June 1, 2001,
shall be amended and restated in its entirety to read as follows:

“’Anniversary Date’ shall mean June 30, 2010, and June 30 in each year thereafter.”

To induce CIT to enter into this amendment, the Company represents and warrants that after giving
effect to this amendment no violations of the terms of the Agreements exist and all representations
and warranties contained in the Agreements are true, correct and complete in all material respects
on and as of the date hereof.

Except as amended above, all of the terms and conditions of the Agreements are unchanged, and said
agreement, as amended, shall remain in full force and effect and is hereby confirmed, affirmed and
ratified.

Guarantor hereby acknowledges that they have read this amendment and consent to the terms thereof
and further hereby confirm and agree that, notwithstanding the effectiveness of this amendment, the
obligations of such Guarantor under its respective Guaranty shall not be impaired or affected and
the Guaranty is, and shall continue to be, in full force and effect and are hereby confirmed and
ratified in all respects.

If the foregoing is in accordance with your understanding of our agreement, please so indicate by
signing in the place and manner provided below.

Very truly yours,

THE CIT GROUP/

COMMERCIAL SERVICES, INC.

By: /s/ Kulwant Kaur 

Name: Kulwant Kaur

Title: Vice President

Read and Agreed to:

JOE’S JEANS SUBSIDIARY, INC.

formerly known as Joe’s Jeans, Inc.

By: /s/ Marc Crossman

Name: Marc Crossman

Title: CEO

[Guarantor signature required on page 3]

1

GUARANTORS:

JOE’S JEANS INC.

formerly known as Innovo Group, Inc.

By:/s/ Marc Crossman

Name: Marc Crossman

Title: President and CEO

2EX-10.2

Date: October 24, 2007

Joe’s Jeans Inc.

formerly known as Innovo Group, Inc

5900 S. Eastern Avenue, Suite 104

Commerce, CA 90040

Ladies and Gentlemen:

We refer to that certain (i) Factoring Agreement dated June 1, 2001, by and between Joe’s Jeans
Subsidiary, Inc. formerly known as Joe’s Jeans, Inc. (the “Company”) and The CIT Group/Commercial
Services, Inc. (“CIT”), and (ii) that certain Guaranty dated April 11, 2003, as it may be amended
from time to time (the “Guaranty”) which was executed by Innovo Group, Inc. (“Guarantor”), with
respect to indebtedness owing by the Company to CIT.

Guarantor has advised CIT of a change in its name from Innovo Group, Inc. to Joe’s Jeans Inc. This
letter shall confirm our agreement to amend the Guaranty by deleting the name of Innovo Group, Inc.
wherever it appears in the Guaranty and by substituting in its place the name Joe’s Jeans Inc.
This amendment shall become effective as of the relevant effective date of the name change filed
with the Secretary of State for the State of Delaware.

Except as amended above, all of the terms and conditions of the Guaranty are unchanged, and the
Guaranty, as amended, shall remain in full force and effect and is hereby confirmed. Affirmed and
ratified.

If the foregoing is in accordance with your understanding of our agreement, please so indicate by
signing in the place and manner provided below.

Very truly yours,

THE CIT GROUP/

COMMERCIAL SERVICES, INC.

By: /s/ Kulwant Kaur 

Name: Kulwant Kaur

Title: Vice President

Read and Agreed to:

JOE’S JEANS INC.

formerly known as Innovo Group, Inc.

By: /s/ Marc Crossman

Name: Marc Crossman

Title: President and CEOEX-10.3

TERMINATION AGREEMENT

This Termination Agreement (“Termination Agreement”) is entered into as of October 25, 2007 by
and between JD Holdings Inc., a California corporation (“JD Holdings”), and Joe’s Jeans Inc.
(formerly known as Innovo Group Inc.) a Delaware corporation (collectively, with its subsidiary
Joe’s Jeans Subsidiary Inc., “Joe’s”).

W I T N E S S E T H:

WHEREAS, Joe’s and JD Holdings, successor to JD Design LLC, previously entered into that
certain Collateral Protection Agreement dated October 13, 2006, the First Amendment dated October
30, 2006, the Second Amendment dated April 13, 2007 and the Third Amendment dated June 25, 2007;
and

WHEREAS, the parties mutually agree to terminate the Collateral Protection Agreement; and

NOW THEREFORE, FOR AND IN CONSIDERATION of the mutual promises, covenants and conditions set
forth herein, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

1. The Collateral Protection Agreement is hereby terminated in its entirety and there are no
further obligations under the Agreement as of the date of this Termination Agreement.

2. This Termination Agreement may be executed in two or more counterparts, each of which shall
be deemed to be an original, and all of which, taken together, shall constitute one and the same
instrument.

IN WITNESS WHEREOF, the Parties hereto have caused this Termination Agreement to be executed
as of the date first set forth above.

JOE’S JEANS INC.

By: /s/ Marc Crossman

Its: CEO and President

JD HOLDINGS, INC.

By: /s/ Joseph M. Dahan

Its: President

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