Document:

Exhibit 10.1

                     AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
                     ---------------------------------------

Amendment No. 1 to Employment Agreement (the "Amendment"), effective as of March
13, 2006, by and between Windswept Environmental Group, Inc. (the "Company") and
Michael O'Reilly (the "Executive").

     WHEREAS,  the Company and Executive  entered into an Employment  Agreement,
dated as of June 30, 2005 (the "Employment Agreement"); and

     WHEREAS,  the  Company  and  Executive  desire  to  modify  the  Employment
Agreement on the terms and conditions set forth herein.

     NOW,  THEREFORE,  for good and  valuable  consideration,  the  receipt  and
sufficiency  of  which is  hereby  acknowledged,  the  parties  hereto  agree as
follows:

1.      Paragraph 1.5(a) shall be amended to increase,  effective March 1, 2006,
        the  Executive's  annual  salary  from a rate of  $285,000  per annum to
        $342,000 per annum.

2.      Paragraph  1.5(c)  shall be amended  and  restated  in its  entirety  as
        follows:

        "In addition to his salary,  the Executive  shall be entitled to receive
        for each fiscal year,  during the Term of Employment,  a cash bonus (the
        "Annual Bonus") in an amount equal to 5% of the EBITDA  (Earnings Before
        Interest,  Taxes,  Depreciation and Amortization) of the Company and its
        consolidated   subsidiaries  determined  in  accordance  with  Generally
        Accepted Accounting Principles at the time applied on a basis consistent
        with past  practices  and  calculated  without  taking into  account any
        payments made by the Company to Laurus  Master Fund,  Ltd. The amount of
        such Annual  Bonus and the date of payment  shall be  authorized  by the
        Compensation Committee of the Company's Board of Directors within ninety
        (90) days after the end of each fiscal  year.  The Annual  Bonus will be
        paid on such date authorized by the Compensation Committee within ninety
        (90) days after  then end of the fiscal  year on a pro rata basis if the
        Executive has not been employed  pursuant to the terms of this Agreement
        for the entire fiscal year."

3.      Except as expressly amended herein,  the Employment  Agreement is hereby
        ratified  and  confirmed  in all respects and shall remain in full force
        and effect in accordance with its terms.

<PAGE>

IN WITNESS  WHEREOF,  the Company has caused this  Amendment to be duly executed
and  delivered  by its  duly  authorized  officer,  and the  Executive  has duly
executed and delivered this Amendment,  as of the date first written above. This
Amendment  may be executed  in one or more  counterparts,  and by the  different
parties  hereto in separate  counterparts,  each of which when executed shall be
deemed to be an original,  but all of which taken together shall  constitute one
and the same agreement.

                                  WINDSWEPT ENVIRONMENTAL GROUP, INC.

                                  By:  /s/Andrew C. Lunetta
                                     --------------------------------
                                     Name:  Andrew C. Lunetta
                                     Title: Chief Financial Officer

                                     /s/Michael O'Reilly
                                  -----------------------------------
                                     Michael O'Reillyexv10w27

 

EXHIBIT 10.27

AMENDED AND RESTATED CREDIT FACILITY AGREEMENT

AMENDMENT NUMBER 2

     This AMENDED AND RESTATED CREDIT FACILITY AGREEMENT AMENDMENT NUMBER 2 (“Amendment”) is made
as of the 31day of January, 2006, by and among PHOENIX FOOTWEAR GROUP, INC., a corporation formed
under the laws of the State of Delaware (“Borrower”) and MANUFACTURERS AND TRADERS TRUST COMPANY
(“Agent”), a New York banking corporation, with offices at 255 East Avenue, Rochester, New York
14604 as administrative agent for the Lenders, and each of the LENDERS (defined in the Agreement
described below).

     This Amendment amends the Amended and Restated Credit Facility Agreement (“Credit Agreement”)
dated as of August 3, 2005 made between Borrower, the Agent, and the Lenders described therein, as
previously amended by Amendment Number 1.

     1. The definition of “Bridge Loan Maturity Date” contained in Section 1.1 of the Credit
Agreement is hereby amended to read in its entirety as follows:

“Bridge Loans Maturity Date” means February 28, 2006.

     2. In connection with this Amendment the Borrower agrees to pay to the Bank an amendment fee
of $10,000 as well as the Bank’s legal fees in connection herewith.

     3. All other terms of the Credit Agreement shall remain in full force and effect.

     4. Borrower represents and warrants that no Event of Default, or event that with the giving of
notice or the passage of time or both would constitute an Event of Default, under the Credit
Agreement has occurred and is continuing.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

[Signature Pages Follow]

 

 

	 	 	 	 	 
	MANUFACTURERS AND TRADERS TRUST COMPANY,

as Administrative Agent	 	 
	 
	 	 	 	 
	By:

	 	/s/ John C. Morsch	 	 
	 

	 	 	 	 
	 

	 	John C. Morsch	 	 
	 

	 	Vice President	 	 
	 
	 	 	 	 
	PHOENIX FOOTWEAR GROUP, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kenneth Wolf	 	 
	 

	 	 	 	 
	 

	 	Kenneth Wolf, CFOexv10w28

 

EXHIBIT 10.28

AMENDED AND RESTATED CREDIT FACILITY AGREEMENT

AMENDMENT NUMBER 3

     This AMENDED AND RESTATED
 CREDIT FACILITY AGREEMENT AMENDMENT NUMBER 3 (“Amendment”) is made
as of the 28day of February, 2006, by and among PHOENIX FOOTWEAR GROUP, INC., a corporation formed
under the laws of the State of Delaware (“Borrower”) and MANUFACTURERS AND TRADERS TRUST COMPANY
(“Agent”), a New York banking corporation, with offices at 255 East Avenue, Rochester, New York
14604 as administrative agent for the Lenders, and each of the LENDERS (defined in the Agreement
described below).

     This Amendment amends the
 Amended and Restated Credit Facility Agreement (“Credit Agreement”)
dated as of August 3, 2005 made between Borrower, the Agent, and the Lenders described therein, as
previously amended by Amendment Number 1 and Amendment Number 2.

     1. The definition of
 “Bridge Loan Maturity Date” contained in Section 1.1 of the Credit
Agreement is hereby amended to read in its entirety as follows:

“Bridge Loans Maturity Date” means
 March 31, 2006.

     2. All other terms of the Credit Agreement shall remain in full force and effect.

     3. Borrower represents and warrants that no Event of Default, or event that with the giving of
notice or the passage of time or both would constitute an Event of Default, under the Credit
Agreement has occurred and is continuing, with the sole exception of
an Event of Default with respect to Section 11.1 thereof (Average Borrowed Funds to EBITDA).

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

[Signature Pages Follow]

 

 

MANUFACTURERS AND TRADERS TRUST COMPANY,

as Administrative Agent

	 	 	 	 	 	 	 
	By:

	 	     /s/ John C. Morsch
	 	 
	 	 
	 

	 	 	 	 	 	 
	 

	 	     John C. Morsch	 	 	 	 
	 

	 	     Vice President	 	 	 	 

PHOENIX FOOTWEAR GROUP, INC.

	 	 	 	 	 	 	 
	By:

	 	     /s/ Kenneth Wolfexv10w29

 

EXHIBIT 10.29

AMENDED AND RESTATED CREDIT FACILITY AGREEMENT

AMENDMENT NUMBER 4

     This
AMENDED AND RESTATED CREDIT FACILITY AGREEMENT AMENDMENT NUMBER 4 (“Amendment”) is made
as of the 31 day of March, 2006, by and among PHOENIX FOOTWEAR GROUP, INC., a corporation formed
under the laws of the State of Delaware (“Borrower”) and MANUFACTURERS AND TRADERS TRUST COMPANY
(“Agent”), a New York banking corporation, with offices at 255 East Avenue, Rochester, New York
14604 as administrative agent for the Lenders, and each of the LENDERS (as defined in the Agreement
described below).

     This Amendment amends the Amended and Restated Credit Facility Agreement (“Credit Agreement”)
dated as of August 3, 2005 made between Borrower, the Agent, and the Lenders described therein, as
previously amended by Amendment Number 1, 2, 3.

     1. The definition of “Bridge Loan Maturity Date” contained in Section 1.1 of the Credit
Agreement is hereby amended to read in its entirety as follows:

“Bridge Loans Maturity Date” means May 1, 2006.

     2. In connection with this Amendment the Borrower agrees to pay to the Bank an amendment fee
of $10,000 as well as the Bank’s legal fees in connection herewith.

     3. All other terms of the Credit Agreement shall remain in full force and effect.

     4. Borrower represents and warrants that no Event of Default, or event that with the giving of
notice or the passage of time or both would constitute an Event of Default, under the Credit
Agreement has occurred and is continuing.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

[Signature Pages Follow]

 

 

	 	 	 	 	 
	MANUFACTURERS AND TRADERS TRUST COMPANY,

as Administrative Agent	 	 
	 
	 	 	 	 
	By:

	 	/s/ John C. Morsch	 	 
	 

	 	 	 	 
	 

	 	John C. Morsch

Administrative Vice President	 	 
	 
	 	 	 	 
	PHOENIX FOOTWEAR GROUP, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kenneth Wolf	 	 
	 

	 	 	 	 
	 

	 	Title: CFOexv10w30

 

EXHIBIT 10.30

M&T BANK

M&T Place

255 East Avenue

Rochester, New York 14604

March 29, 2006

Mr. Ken Wolf, CFO

Phoenix Footwear Group, Inc.

5759 fleet Street, Suite 220

Carlsbad, California 92008

Re: Covenant Waiver — Amendment #5

Dear Ken:

This letter will serve to amend the Covenant Levels for the Average Funded Debt to EBITDA covenant
under §11.1 of the Amended and Restated Credit Agreement dated August 3, 2005, the Current Ratio
covenant under §11.2 of the Amended and Restated Credit Agreement dated August 3, 2005 and the Cash
Flow Coverage Ratio under §11.3 of the Amended and Restated Credit Agreement dated August 3, 2005
per the following:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Average Borrowed	 	 	 	 
	 	 	Funds to EBITDA	 	Cash Flow Coverage Ratio	 	Current Ratio	 	 	 	 
	Quarter	 	 	 	Amended	 	 	 	Amended	 	 	 	Amended
	Ending	 	Old Ratio	 	Ratio	 	Old Ratio	 	Ratio	 	Old Ratio	 	Ratio
	3/31/06
	 	<3.25:1	 	<4.75:1	 	>2.00:1	 	>1.75:1	 	>1.30:1	 	>1.25:1
	6/30/06
	 	<3.00:1	 	<4.00:1	 	>2.00:1	 	>1.75:1	 	>1.30:1	 	>1.30:1
	9/30/06
	 	<3.00:1	 	<3.70:1	 	>2.00:1	 	>1.75:1	 	>1.30:1	 	>1.30:1
	12/31/06 and
thereafter
	 	<2.75:1	 	<3.40:1	 	>2.25:1	 	>2.00:1	 	>1.30:1	 	>1.30:1

In addition, M&T Bank agrees to amend Article 9.1a for the fiscal year ended 12/31/05 only and
extend the time required to submit the audited financial statements from 90 days to 120 days after
the close of the Fiscal Year.

As a condition of this amendment and waiver, you must pay an amendment and waiver fee of $40,000 to
the Bank.

All other definitions, terms and conditions of the Amended and Restated Credit Agreement dated
August 3, 2005 between Phoenix Footwear Group, Inc. and Manufacturers and Traders Trust Company
remain in full force and effect.

Sincerely yours,

/s/ John C. Morsch

John C. Morsch

Administrative Vice President

Accepted

Date: 3/31/06

Phoenix Footwear Group, Inc.

By: /s/ Kenneth Wolf

Title: CFO

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