Document:

Exhibit 10.4

 

AMENDMENT NO. 1

TO

EXECUTIVE STOCKHOLDERS
AGREEMENT

 

March 17, 2005

 

WHEREAS, Samsonite Corporation (the “Company”)
has previously entered into the Executive Stockholders Agreement (the “Agreement”),
dated as of September 25, 2003, by and among the Company, ACOF Management,
L.P., Bain Capital (Europe) LLC, Ontario Teachers’ Pension Plan Board and each
of the persons listed on Schedule I to this Amendment No. 1 (the “Executives”);

 

WHEREAS, the Agreement currently provides
that “Executive Securities” shall be subject to the terms thereof, which term
is defined to include Common Stock acquired by Executives pursuant to the
exercise of Company stock options;

 

WHEREAS, the Compensation Committee of the
Board of Directors of the Company (the “Committee”) has determined to amend and
restate the Company’s FY 1999 Stock Option and Incentive Award Plan, as
amended, in order, among other things, to provide for the grant of awards other
than stock options, which awards may be, in whole or in part, in the form of,
exercised for or settled in shares of the Company’s common stock, par value
$0.01 per share (the “Common Stock”);

 

WHEREAS, the Committee has determined that it
is in the best interests of the Company and its stockholders that any shares of
Common Stock acquired through the grant, exercise or settlement of Common
Stock-based awards other than stock options should also be subject to the
Agreement; and

 

WHEREAS, pursuant to a resolution of the
Board of Directors of the Company dated September 22, 2003, certain
individuals (the “Authorized Officers”) are authorized to approve, prepare and
execute changes to the Agreement;

 

NOW, THEREFORE, the Agreement is hereby
amended as follows:

 

1.                                       The
third recital of the Agreement is amended in its entirety to read as follows:

 

WHEREAS, the Executives may also (i) receive
awards from the Company from time to time that may be in the form of, exercised
for, or settled in, shares of common stock of the Company or (ii) acquire
common stock of the Company due to the conversion of New Preferred Shares (in
each case, such shares of common stock of the Company, the “Common Stock”
and, along with the New Preferred Shares held by the Executives and their
respective Permitted Transferees, collectively, the “Executive Securities”),
which Executive Securities shall be subject to the terms of this Agreement; and

 

 

2.                                       The
definition of “Original Cost” under Section 10 of the Agreement shall be
amended in its entirety to read as follows:

 

“Original Cost” shall mean the price paid by
an Executive for such Executive Securities; provided that the price paid with
respect to Common Stock acquired pursuant to the exercise or settlement of
awards described under clause (i) of the third recital of this Agreement
shall be the purchase price, if any, set forth in the agreement evidencing such
award.

 

Except as modified herein, the Agreement
shall remain in full force and effect. 
This Amendment No. 1 to the Agreement may be executed in
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

 

IN WITNESS WHEREOF, the authorized
representatives of the undersigned entities set forth below, and the
individuals set forth on Schedule 1 hereto, have set their respective
hands as of the date first set forth hereabove.

 

	
  Samsonite Corporation

  	
  ACOF Management, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard H. Wiley

  	
   

  	
  By:

  	
  /s/ Eric Beckman

  	
   

  
	
   

  	
  Name: Richard
  H. Wiley

  	
   

  	
  Name:

  
	
   

  	
  Title:   Chief
  Financial Officer

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Bain Capital (Europe) LLC

  	
  Ontario Teachers’ Pension Plan Board

  
	
  By Bain
  Capital Investors, LLC, its Manager

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Melissa Bethell

  	
   

  	
  By:

  	
  /s/ Lee Sienna

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Name:

  
	
   

  	
  Title:

  	
   

  	
  Title:

  

 

2

 

SCHEDULE 1

TO

AMENDMENT NO. 1

TO

EXECUTIVE STOCKHOLDERS
AGREEMENT

 

 

	
  /s/ Richard H. Wiley

  	
   

  	
  /s/ Shashi Dash

  	
   

  
	
  Richard H. Wiley

  	
  Shashi Dash

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Tom Korbas

  	
   

  	
  /s/ Lynne Berard

  	
   

  
	
  Tom Korbas

  	
  Lynne Berard

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Robert Farone

  	
   

  	
  /s/ Beppi Fremder

  	
   

  
	
  Robert Farone

  	
  Beppi
  Fremder

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Marc Matton

  	
   

  	
  /s/ Ramesh Tainwala

  	
   

  
	
  Marc Matton

  	
  Ramesh
  Tainwala

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Arne Borrey

  	
   

  	
   

  
	
  Arne BorreyEXHIBIT 10.1

 

SECOND AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN
AND SECURITY, 

DATED APRIL 12, 2005 BY AND AMONG THE CHILDREN’S
PLACE RETAIL STORES, INC. AND EACH OF 

ITS SUBSIDIARIES THAT ARE SIGNATORIES THERETO, AS
BORROWERS, THE FINANCIAL 

INSTITUTIONS NAMED THEREIN, AND WELLS FARGO RETAIL
FINANCE, LLC, AS AGENT.

 

 

	
  SECOND AMENDMENT TO

  FOURTH AMENDED AND RESTATED

  LOAN AND SECURITY AGREEMENT

  	
   

  	
  WELLS FARGO RETAIL FINANCE, LLC, Agent

  

 

April 12,
2005

 

THIS SECOND
AMENDMENT TO FOURTH AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Second Amendment”) is made in consideration of the mutual
covenants contained herein and benefits to be derived herefrom to the Fourth Amended and Restated Loan and Security
Agreement (the “Loan Agreement”)
dated October 30, 2004 and effective as of October 31, 2004,
among The Children’s Place Retail Stores, Inc. (the “Parent”)
and each of the Parent’s Subsidiaries identified on the signature pages thereto
(such Subsidiaries, together with Parent, are referred to hereinafter
individually and collectively, jointly and severally, as the “Borrowers”), with each of their chief executive offices
located at 915 Secaucus Road, Secaucus, New Jersey 07094, on the one hand,
and the financial institutions listed on the signature pages thereto (such
financial institutions, together with their respective successors and assigns,
are referred to hereinafter each individually as a “Lender”
and collectively as the “Lenders”), and
Wells Fargo Retail Finance, LLC,
as Agent, Congress Financial Corporation
(New England), as Documentation Agent, and LaSalle Retail Finance, a Division of LaSalle Business Credit, LLC,
as Co-Agent, on the other hand.

 

Background:

 

The Borrowers and
the Lenders desire to amend the Loan Agreement. 
Accordingly, it is hereby agreed by and between the Borrowers and the
Lenders, as follows:

 

1.                                       Amendments to Loan Agreement:

 

a.                                       Section 1.1
of the Loan Agreement is hereby amended by adding the following definition in
the appropriate alphabetical order:

 

“Capital Expenditures”
means the expenditure of funds or the incurrence of liabilities which may be
capitalized in accordance with GAAP, as then in effect as of the date of any
relevant determination.  If at any time a
change in GAAP or accounting method is implemented by the Company which would
be applicable to accounting periods ending subsequent to January 31, 2004,
the testing of compliance by the Borrowers with any financial performance
covenant relating to Capital Expenditures shall be made as if no such
accounting change in GAAP or accounting method had been made (other than any
such accounting change specifically mentioned herein and taken into account in
the setting of any such covenant).

 

b.                                      Section 7.20
of the Loan Agreement is hereby amended by deleting the phrase “Make capital
expenditures (based upon Parent’s Statement of

 

1

 

Cash Flows for
Investing Activities, exclusive of non-capital items)” and inserting the
following in its place:

 

“Make Capital Expenditures
(based upon Parent’s Statement of Cash Flows for Investing Activities, net of
construction allowances or other allowances granted by the applicable landlord,
exclusive of non-capital items and exclusive of any Capital Expenditures made
by Hoop Retail Stores, LLC and Hoop Canada Inc. during such period, to the extent
the aggregate amount of Capital Expenditures made by Hoop Retail Stores, LLC
and Hoop Canada, Inc. during such period exceeds the aggregate amount of
funding provided by the Borrower to such subsidiary during such period)”

 

2.                                       Ratification of Loan Documents. No Claims against the Lenders:

 

a.                                       Except
as provided herein, all terms and conditions of the Loan Agreement and of the
other Loan Documents remain in full force and effect.  The Borrowers hereby ratify, confirm, and
re-affirm all terms and provisions of the Loan Documents.

 

b.                                      The
Borrowers acknowledge and agree that there is no basis nor set of facts on
which any amount (or any portion thereof) owed by the Borrowers under any Loan
Document could be reduced, offset, waived, or forgiven, by rescission or
otherwise; nor is there any claim, counterclaim, off set, or defense (or other
right, remedy, or basis having a similar effect) available to the Borrowers
with regard thereto; nor is there any basis on which the terms and conditions
of any of the Obligations could be claimed to be other than as stated on the
written instruments which evidence such Obligations.

 

c.                                       The
Borrowers hereby acknowledge and agree that the Borrowers have no offsets,
defenses, claims, or counterclaims against the Lenders, or their respective
officers, directors, employees, attorneys, representatives, predecessors,
successors, or assigns with respect to the Obligations, or otherwise, and that
if the Borrowers now have, or ever did have, any offsets, defenses, claims, or
counterclaims against the Lenders, or their respective officers, directors,
employees, attorneys, representatives, predecessors, successors, and assigns,
whether known or unknown, at law or in equity, from the beginning of the world
through this date and through the time of execution of this Second Amendment,
all of them are hereby expressly WAIVED,
and the Borrowers hereby RELEASE
the Lenders, and their respective officers, directors, employees, attorneys,
representatives, predecessors, successors, and assigns from any liability
therefor.

 

2

 

3.                                       Change in Accounting Method does not constitute an
Event of Default:

 

a.                                       The
Lenders hereby acknowledge and agree that any change in accounting method
referred to in the revised definition of Capital Expenditures set forth above
does not constitute an Event of Default and to the extent such would have
constituted an Event of Default, the Lenders hereby waive in all respects the
Event of Default and agree they will not take any action against Borrowers with
respect thereto.

 

4.                                       Miscellaneous:

 

a.                                       Terms
used in this Second Amendment which are defined in the Loan Agreement are used
as so defined.

 

b.                                      This
Second Amendment may be executed in counterparts, each of which when so
executed and delivered shall be an original, and all of which together shall
constitute one agreement.  Delivery of an
executed counterpart by telefacsimile shall be equally as effective as delivery
of an original executed counterpart.

 

c.                                       This
Second Amendment expresses the entire understanding of the parties with respect
to the transactions contemplated hereby. 
No prior negotiations or discussions shall limit, modify, or otherwise
affect the provisions hereof.

 

d.                                      Any
determination that any provision of this Second Amendment or any application
hereof is invalid, illegal, or unenforceable in any respect and in any instance
shall not affect the validity, legality, or enforceability of such provision in
any other instance, or the validity, legality, or enforceability of any other
provisions of this Second Amendment.

 

e.                                       The
Borrowers shall pay on demand all costs and expenses of the Lenders, including,
without limitation, attorneys’ fees incurred by the Lenders in connection with
the preparation, negotiation, execution, and delivery of this Second Amendment.

 

f.                                         In
connection with the interpretation of this Second Amendment and all other
documents, instruments, and agreements incidental hereto:

 

i.                                          All
rights and obligations hereunder and thereunder, including matters of
construction, validity, and performance, shall be

 

3

 

governed by and
construed in accordance with the law of the State of California and are intended
to take effect as sealed instruments.

 

ii.                                       The
captions of this Second Amendment are for convenience purposes only, and shall
not be used in construing the intent of the Lenders and the Borrowers under
this Second Amendment.

 

iii.                                    In
the event of any inconsistency between the provisions of this Second Amendment
and any of the other Loan Documents or other agreements entered into by and
between the Lenders and the Borrowers, the provisions of this Second Amendment
shall govern and control.

 

g.                                      The Lenders and the Borrowers have prepared
this Second Amendment and all documents, instruments, and agreements incidental
hereto with the aid and assistance of their respective counsel.  Accordingly, all of them shall be deemed to
have been drafted by the Lenders and the Borrowers and shall not be construed
against either party.

 

 

	
   

  	
  THE CHILDREN’S PLACE RETAIL

  STORES, INC., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Seth
  Udasin

  	
   

  
	
   

  	
  Name: Seth
  Udasin

  
	
   

  	
  Title: Vice
  President, Chief Financial

  Officer and Treasurer

  

 

4

 

	
   

  	
  THE CHILDREN’S PLACE SERVICES

  COMPANY LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/  Seth Udasin

  	
   

  
	
   

  	
  Name: Seth
  Udasin

  
	
   

  	
  Title:   Manager, Vice President, Chief

  Financial Officer and Treasurer

  

 

 

	
   

  	
  WELLS FARGO RETAIL FINANCE,

  LLC, a Delaware limited liability

  company, as Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/  Erika Pfeifer

  	
   

  
	
   

  	
  Name:  Erika
  Pfeifer

  
	
   

  	
  Title:   Assistant Vice President

  

 

	
   

  	
  WACHOVIA CAPITAL FINANCE

  CORPORATION (NEW ENGLAND)

  formerly known as Congress

  Financial Corporation (New

  England), a Massachusetts

  corporation, as Documentation

  Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Willis
  A. Williams

  	
   

  
	
   

  	
  Name:

  	
  Willis A.
  Williams

  	
   

  
	
   

  	
  Title:  Vice President

  
						

 

	
   

  	
  LASALLE RETAIL FINANCE,
  

  a Division of LaSalle Business Credit,

  LLC, as Agent for Standard Federal

  Bank National Association

  as Co-Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/  Matthew Potter

  	
   

  
	
   

  	
  Name:   Matthew
  Potter

  
	
   

  	
  Title:   Assistant Vice President

  

 

5

 

	
   

  	
  WEBSTER BUSINESS CREDIT

  CORP.,

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Evan
  Israelson

  	
   

  
	
   

  	
  Name:  Evan
  Israelson

  
	
   

  	
  Title:  Vice President

  

 

 

	
   

  	
  THE CIT GROUP/BUSINESS CREDIT,

  INC.,

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Manuel
  Borges

  	
   

  
	
   

  	
  Name: 

  	
  Manuel
  Borges

  	
   

  
	
   

  	
  Title:

  	
   Vice President

  	
   

  
						

 

6

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