Document:

EX-10.66

 Exhibit 10.66 

EXECUTION COPY 
 AGREEMENT
REGARDING COMMITMENTS 
 December 16, 2013 

Reference is made to that certain Credit Agreement dated as of December 21, 2012 (as amended, restated, supplemented or otherwise modified, renewed or
replaced from time to time, the “Credit Agreement”) among Kid Brands, Inc., a New Jersey corporation (the “Lead Borrower”), the Persons named on Schedule 1.01 thereto (collectively, together with the Lead Borrower,
the “Borrowers”), the Persons named on Schedule 1.02 thereto (collectively, the “Guarantors”), each lender party thereto from time to time (collectively, the “Lenders” and individually, a
“Lender”), and Salus Capital Partners, LLC (“Salus”), as Administrative Agent and Collateral Agent (in such capacities, the “Agent”). Capitalized terms not otherwise defined herein shall have the
respective meanings given such terms in the Credit Agreement. 
 As recently discussed between the Lead Borrower and the Agent, the parties agree that it is
the interests of the Borrowers, the Agent and the Lenders that each of the Aggregate Tranche A Commitment and Aggregate Tranche A-1 Commitment be reduced to the amounts set forth below (such reductions, the “Commitment Reduction”).
In connection with the Commitment Reduction, the Agent and each Lender hereby agrees that the Borrowers shall not be required to pay the Termination Fee (as defined in the Fee Letter) with respect to the Commitment Reduction. 

The Agent, each Lender and the Borrowers hereby agree that upon the effectiveness of this agreement as provided below (i) the Aggregate Tranche A
Commitment shall be $44,000,000 and (ii) the Aggregate Tranche A-1 Commitment shall be $16,000,000 (and the form of Borrowing Base Certificate and other relevant Loan Document or Exhibits thereto shall be deemed amended to reflect the foregoing
reductions). For purposes of clarity, a calculation of Availability, based on the most recent borrowing base certificate provided, but giving effect to the Commitment Reduction, is attached hereto as Exhibit A. Also attached hereto is a new Schedule
2.01 (Commitments and Applicable Percentages) to the Credit Agreement, which shall replace and supercede in its entirety the existing Schedule 2.01 to the Credit Agreement. 

 Notwithstanding anything to the contrary contained in the Credit Agreement, the Borrowers may, upon irrevocable
notice from the Lead Borrower to the Agent, reinstate $4,000,000 of the Aggregate Tranche A Commitment, such that the Aggregate Tranche A Commitment shall then be $48,000,000, and reinstate $1,000,000 of the Aggregate Tranche A-1 Commitment, such
that the Aggregate Tranche A-1 Commitment shall then be $17,000,000; provided, that (i) any such notice shall be received by the Agent not later than 11:00 a.m. three Business Days prior to the date of reinstatement, (ii) the
applicable conditions set forth in Section 4.02 shall be satisfied, (iii) no such notice may be delivered prior to January 15, 2014, and (iv) prior to such delivery, the Borrowers shall have delivered to the Agent an
updated Business Plan that demonstrates, to the reasonable satisfaction of the Agent, the need for the proposed reinstatement (it being agreed that any such notice for reinstatements of the Aggregate Commitments shall be considered a “Request
for Credit Extension” for the purposes of Section 4.02). Each Tranche A Lender agrees that, upon the effectiveness of any reinstatement of the Aggregate Tranche A Commitment pursuant to immediately preceding sentence, the Tranche A
Commitment of such Tranche A Lender affected thereby shall be increased by such Tranche A Lender’s Applicable Percentage of such increase amount (and the form of Borrowing Base Certificate and other relevant Loan Document or Exhibits thereto
shall be deemed amended to reflect the foregoing increase), and each Tranche A-1 Lender agrees that, upon the effectiveness of any reinstatement of the Aggregate Tranche A-1 Commitment pursuant to immediately preceding sentence, the Tranche A-1
Commitment of such Tranche A-1 Lender shall be increased by such Tranche A-1 Lender’s Applicable Percentage of such increase amount (and the form of Borrowing Base Certificate and other relevant Loan Document or Exhibits thereto shall be deemed
amended to reflect the foregoing increase). Salus agrees that, to the extent that any Tranche A Lender and/or any Tranche A-1 Lender (any such Lender, a “Declining Lender”) does not consent to the foregoing increase(s) in its
Tranche A Commitment and/or Tranche A-1 Commitment, Salus’ Tranche A Commitment and/or Tranche A-Commitment, as the case may be, shall be further increased (i.e., above the increase(s) referred to in the immediately preceding sentence) by the
amount of such Declining Lender’s Applicable Percentage of the applicable requested increase. The Agent and each Tranche A Lender and each Tranche A-1 Lender further agrees that any Assignment and Assumption entered into after the date hereof
with respect to the assignment of all or any portion of a Tranche A Lender’s Tranche A Commitment or a Tranche A-1 Lender’s Tranche A-1 Commitment shall contain an express consent to the provisions of this paragraph. 

This agreement shall become effective upon receipt by the Lead Borrower and the Agent of fully executed counterparts of this agreement, duly executed by the
Borrowers, the Agent and each of the Lenders. 
 This agreement shall be deemed to be a Loan Document for all purposes under the Credit Agreement. 

Except as explicitly set forth herein, this agreement is not a novation or discharge of the terms and provisions of the obligations of any Borrower or any
other Loan Party under the Credit Agreement and the other Loan Documents. There are no other understandings, express or implied, among the Borrowers, any other Loan Party, the Agent and the Lenders regarding the subject matter hereof or thereof 

The validity of this agreement, its construction, interpretation and enforcement, and the rights of the parties hereunder, shall be determined under, governed
by, and construed in accordance with, the laws of the State of New York. 

 This agreement may be executed in any number of counterparts and by different parties and separate counterparts,
each of which when so executed and delivered shall be deemed an original, and all of which, when taken together, shall constitute one and the same instrument. 

Delivery of an executed counterpart of a signature page to this agreement by facsimile or other electronic means shall be as effective as delivery of a
manually executed counterpart of this agreement. Any party delivering an executed counterpart of this agreement by facsimile or other electronic means also shall deliver a manually executed counterpart of this agreement but the failure to deliver a
manually executed counterpart shall not affect the validity, enforceability, and binding effect of this agreement. 
 [signature pages
follow] 

 Each of the parties has signed this agreement as of the day and year first written above. 

SALUS CAPITAL PARTNERS, LLC 
 As Agent and a Lender 

 

			
	By:	 	 /s/ Matthew T. O’Rourke

	Name: Matthew T. O’Rourke
	Title: Vice President

  

			
	KID BRANDS, INC., as the Lead Borrower
		
	By:	 	 /s/ Kerry Carr

	Name: Kerry Carr
	Title: EVP, COO + CFO

  

			
	KIDS LINE, LLC
	SASSY, INC.
	I & J HOLDCO, INC,
	LAJOBI, INC,
	COCALO, INC.
	RB TRADEMARK HOLDCO, LLC, each as a Borrower

  

			
	By:	 	 /s/ Kerry Carr

	Name: Kerry Carr
	Title: VP

 LENDER 

SALUS CLO 2012-1, LTD. 
 By: Salus Capital Partners II, LLC 

Its: Collateral Manager 
  

			
	By:	 	 /s/ Robert Kuppers

	Name: Robert Kuppers
	Title: EVP, CFO

 STERLING NATIONAL BANK, as a Lender 
  

			
	By:	 	 /s/ Leonard Rudolf

	Name: Leonard Rudolph
	Title: SVP

 Exhibit A 

CALCULATION OF BORROWING BASE/AVAILBILITY - BASED ON 

COMMITMENT REDUCTION 
  

					
	 CREDIT AGMT
	  	AMOUNT	 
	 Tranche A Loan Cap (lesser of Aggregate Tranche A Commitments [$44,000,000] or the Tranche A Borrowing Base
[$43,404,404])
	  	$	43,404,404	  
	 Tranche A-1 Loan Cap (least of Aggregate Tranche A-1 Commitments [$16,000,000], the Tranche A-1 Borrowing Base [$16,000,000] and 40%
of Combined Borrowing Base [$23,761,761,60])
	  	$	16,000,000	  
	 Maximum Loan Amount (lesser of Aggregate Commitments [$60,000,000] and the sum of the Tranche A Loan Cap and the Tranche A-1 Loan
Cap [$59,404,404])
	  	$	59,404,404	  
	 Availability (Maximum Loan Amount [$59,404,404] - Total Outstandings [$54,981,083])
	  	$	4,423,321	  

 Schedule 2.01 

Commitments and Applicable Percentages 
  

																									
	 Lender
	  	Commitment	 	  	Applicable
Percentage	 	 	Tranche A
Commitment	 	  	Tranche A
Applicable
Percentage	 	 	Tranche A-1
Commitment	 	  	Tranche A-1
Applicable
Percentage	 
	 Salus Capital Partners, LLC
	  	$	17,718,800	  	  	 	29.53	% 	 	$	17,718,800	  	  	 	40.27	% 	 	 	—  	  	  	 	—  	  
	 Salus CLO 2012-1, Ltd.
	  	 	29,015,200	  	  	 	48.36	% 	 	$	13,015,200	  	  	 	29.58	% 	 	 	16,000,000	  	  	 	100.0	% 
	 Sterling Bank, N.A.
	  	 	13,266,000	  	  	 	22.11	% 	 	$	13,266,000	  	  	 	30.15	% 	 	 	—  	  	  	 	—  	  
	 Total:
	  	 	60,000,000	  	  	 	100.0	% 	 	$	44,000,000	  	  	 	100.0	% 	 	 	16,000,000	  	  	 	100.0	%EX-10.67

 Exhibit 10.67 

ADDITIONAL RELEASE 
 1.
ADDITIONAL RELEASE. As provided for in Section 7 of the Transition and Release Agreement (“the Agreement”) dated as of May 28, 2013 between Kid Brands, Inc., a New Jersey Corporation (“the Company”) and Guy A.
Paglinco (“the Executive”), and in exchange for the consideration and benefits specified in the Agreement, the Executive hereby irrevocably releases and forever discharges any and all known and unknown liabilities, debts, obligations,
causes of action, demands, covenants, contracts, liens, controversies and any other claim of whatsoever kind or nature that the Executive ever had, now has or may have in the future against the Company, its stockholders, subsidiaries, affiliates,
successors, assigns, officers, directors, attorneys, fiduciaries, representatives, employees, licensees, agents and assigns (the “Releases”), whether or not arising out of or related to the performance of any services to or on behalf of
the Company or the termination of those services, including without limitation: (i) any such claims arising out of or related to any federal, state and/or local labor or civil rights laws including, without limitation, the federal Civil Rights
Acts of 1866, 1871, 1964, the Equal Pay Act, the Older Workers Benefit Protection Act, the Rehabilitation Act, the Jury Systems Improvement Act, the Uniformed Services Employment and Reemployment Rights Act, the Vietnam Era Veterans Readjustment
Assistance Act, the Fair Credit Reporting Act, the Occupational Health and Safety Act, the Employee Polygraph Protection Act, the retaliation provisions of the Sarbanes-Oxley Act of 2002, the Federal False Claims Act, the National Labor Relations
Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974, the Age Discrimination in Employment Act, the Americans with Disabilities Act of 1990, the
Fair Labor Standards Act of 1938, the New York Human Rights Law, the New Jersey Law Against Discrimination, the New Jersey wage and hour laws, and the New Jersey Conscientious Employee Protection Act, the California Fair Employment and Housing Act,
the California Labor Code; (ii) any and all other such claims arising out of or related to any contract, any and all other federal, state or local constitutions, statutes, rules, regulations or executive orders; or (iii) any and all such
claims arising from any common law right of any kind whatsoever, including, without limitation, any claims for any kind of tortious conduct, promissory or equitable estoppel, defamation, breach of the Company’s policies, rules, regulations,
handbooks or manuals, breach of express or implied contract or covenants of good faith, wrongful discharge or dismissal, and/or failure to pay, in whole or part, any compensation of any kind whatsoever (collectively, “Executive’s
Claims”). This paragraph does not release the obligations of the Company under the Agreement and the benefits explicitly preserved and/or provided to the Executive under the Agreement or any claims that lawfully cannot be waived, and shall not
offset any vested rights that the Executive may have under the Company’s employee benefit plans. The Company also agrees not to challenge any lawful claim for unemployment benefits made by the Executive in connection with his departure from the
Company and will not contest in connection with a claim for unemployment benefits the characterization of the Executive’s departure as involuntary and without cause. 

 Execution of this Additional Release by the Executive operates as a complete bar and defense
against any and all of the Executive’s Claims against the Company and/or the other Releases. If the Executive should hereafter assert any Executive’s Claims in any action or proceeding against the Company or any of the other Releases, as
applicable, in any forum, this Agreement may be raised as and shall constitute a complete bar to any such action or proceeding and the Company and/or the other Releases shall be entitled to recover from the Executive all costs incurred, including
attorneys’ fees, in defending against any such action or proceeding. 
 Executive further waives and relinquishes any rights and
benefits which he has or may have under California Civil Code § 1542 to the fullest extent that he may lawfully waive all such rights and benefits pertaining to the subject matter of this Agreement. Civil Code § 1542 provides that a
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor. Executive
acknowledges that he is aware that he may later discover facts in addition to or different from those which he now knows or believes to be true with respect to the subject matter of this Agreement, but it is his intention to fully and finally
forever settle and release any and all claims, matters, disputes, and differences, known or unknown, suspected and unsuspected, which now exist, may later exist or may previously have existed between the parties to the extent set forth herein, and
that in furtherance of this intention the Agreement and this Additional Release shall be and remain in effect as a full and complete general release to the extent set forth herein, notwithstanding discovery or existence of any such additional or
different facts. 
 The provisions of this Section 9 are not intended to preclude the Executive from: (i) enforcing the terms of
this Agreement; or (ii) filing a charge or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”) or the National Labor Relations Board. The Agreement and this Additional
Release shall not impact the EEOC’s rights, responsibilities or abilities to carry out its public duties and shall not impede the Executive’s participation in EEOC procedures and processes, except insofar as it precludes the Executive from
recovering any additional monies from the Company or any of the other Releases. To the extent permitted by applicable law, the Executive agrees to waive his right to any monetary or equitable recovery should any federal, state or local
administrative agency pursue any claims on his behalf arising out of or related to his employment with and/or separation from employment with the Company and promises not to seek or accept any award, settlement or other monetary or equitable relief
from any source or proceeding brought by any person or governmental entity or agency on his behalf or on behalf of any class of which he is a member with respect to any of the claims that he has waived. 

The Executive agrees that, for a period of two years from the date he signed Additional Release, he will not, either personally or as an
owner, director, employee, agent or consultant of another entity, engage in any proceeding intended to effect a change in control of the Company that has not been approved by the Board of Directors of the Company. A breach of this contract shall
entitle the Executive to recover the compensation and benefits provided to the Executive pursuant to this Agreement. 

  
 2 

 The Executive acknowledges that he has had a reasonable opportunity to review and consider the
terms of this Additional Release for a period of at least 21 days, that he understands and has had the opportunity to receive counsel regarding his respective rights, obligations and liabilities under this Additional Release and that to the extent
that the Executive has taken less than 21 days to consider this Additional Release, the Executive acknowledges that he has had sufficient time to consider this Additional Release and to consult with counsel and that he does not desire additional
time to consider this Additional Release. As long as the Executive signs and delivers this Additional Release within such 21 day time period, he will have seven days after such delivery to revoke his decision by delivering written notice of such
revocation to the Company. If the Executive does not revoke his decision during that seven-day period, then this Additional Release shall become effective on January 2, 2014. 

 

	
	 /s/ Guy Paglinco

	Guy A. Paglinco

  
 3

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