Document:

ex10-32_f10k12312010.htm

 

Exhibit 10.32

SECOND AMENDMENT

of

EMPLOYMENT AGREEMENT

THIS SECOND AMENDMENT Of EMPLOYMENT AGREEMENT, dated as of this 9th day of November, 2010 (this “Second Amendment”), by and between LIFETIME BRANDS, INC., a Delaware corporation (the "Employer"), and JEFFREY SIEGEL (the "Executive").

 

W I T N E S S E T H:

 

WHEREAS, Employer and Executive entered into an Employment Agreement dated as of May 2, 2006 (the “Original Employment Agreement”);

 

WHEREAS, Employer and Executive entered into an Amendment of Employment Agreement dated as of August 10, 2009 (the “First Amendment”); and

 

WHEREAS, Employer and Executive desire to further amend the Employment Agreement, as amended by the First Amendment (the “Amended Employment Agreement”), upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

	
1.

	
Amendment.  The second and third sentences of the first paragraph of clause (ii) of Sections 3(b) of the Amended Employment Agreement are hereby amended to read as follows:

 

Similarly, the threshold Adjusted IBIT for such year will be 50% of the target Adjusted IBIT for such year which, if achieved, would entitle the Executive to receive 50% of the target bonus for such year consistent with the Adjusted IBIT Performance Bonus Table for such year.  Similarly, the maximum Adjusted IBIT for such year will be 200% of the target Adjusted IBIT for such year which, if achieved, would entitle the Executive to receive 200% of the target bonus for such year, consistent with the Adjusted IBIT Performance Table for such year.

 

	
2.

	
No Other Modification or Amendment.  Except as specifically provided herein, the Amended Employment Agreement is not modified or amended in any respect and remains in full force and effect.

 

	
3.

	
Governing Law.  This Second Amendment shall be governed by and construed in accordance with the laws of the State of New York (determined without regard to the choice of law provisions thereof), and the parties consent to jurisdiction in the United States District Court for the Southern District of New York.

 

	
4.

	
Counterparts.  This Second Amendment may be executed by the parties hereto in counterparts, each of which shall be deemed an original, but both such counterparts shall together constitute one and the same document.

 

IN WITNESS WHEREOF, the parties have executed this Second Amendment effective as of the day and year first written above.

 

	 	
LIFETIME BRANDS, INC.

	 	
 

By:  /s/ Ronald Shiftan

	 	
           Name: Ronald Shiftan

	 	
           Title:   Chief Operating Officer

	 	
 

 

EXECUTIVE

	 	
 

__/s/ Jeffrey Siegel

	 	
          Jeffrey Siegelex10-33_f10k12312010.htm

 

Exhibit 10.33

 

AMENDMENT

of

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDMENT Of EMPLOYMENT AGREEMENT, dated as of this 9th day of November, 2010 (this “Amendment”), by and between LIFETIME BRANDS, INC., a Delaware corporation (the "Employer"), and RONALD SHIFTAN (the "Executive").

W I T N E S S E T H:

 

WHEREAS, Employer and Executive entered into an Amended and Restated Employment Agreement dated as of August 10, 2009 (the “Amended and Restated Employment Agreement”); and

 

WHEREAS, Employer and Executive desire to amend the Amended and Restated Employment Agreement, upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

	
1.

	
Amendment.  The second sentence of the first paragraph of clause (ii) of Section 3(b) of the Amended and Restated Employment Agreement is hereby amended to read as follows:

 

Similarly, the threshold Adjusted IBIT for such year will be 50% of the target Adjusted IBIT for such year which, if achieved, would entitle the Executive to receive 50% of the target bonus for such year consistent with the Adjusted IBIT Performance Bonus Table for such year.

 

	
2.

	
No Other Modification or Amendment.  Except as specifically provided herein, the Amended and Restated Employment Agreement is not modified or amended in any respect and remains in full force and effect.

	
3.

	
Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York (determined without regard to the choice of law provisions thereof), and the parties consent to jurisdiction in the United States District Court for the Southern District of New York.

 

	
4.

	
Counterparts.  This Amendment may be executed by the parties hereto in counterparts, each of which shall be deemed an original, but both such counterparts shall together constitute one and the same document.

 

IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the day and year first written above.

	
LIFETIME BRANDS, INC.

	
 

By: /s/ Jeffrey Siegel

	
           Name: Jeffrey Siegel

	
           Title:   CEO and President

	
 

 

EXECUTIVE

	
 

/s/ Ronald Shiftan

	
          Ronald Shiftanex10-34_f10k12312010.htm

                                                                                                           Exhibit 10.34

 

AMENDMENT NO. 1, dated as of March 9, 2011, among LIFETIME BRANDS, INC., a Delaware corporation (“Borrower”), CITIBANK, N.A., as Administrative Agent (the “Administrative Agent”), and the Subsidiary Guarantors and Lenders listed on the signature pages hereto to that certain Second Lien Credit Agreement, dated as of June 9, 2010 (as further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”) among Borrower, the Subsidiary Guarantors, the Lenders from time to time party thereto and CITIBANK, N.A., as Administrative Agent and Collateral Agent.  Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 

WHEREAS, Borrower has requested that the Administrative Agent and the Lenders agree to amend certain provisions of the Credit Agreement pursuant to the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

Section 1.   Amendments.

 

(a)   Section 6.08 of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

“SECTION 6.08   Dividends.  Dividends under this Agreement shall be permitted in accordance with and so long as such dividends are permitted under Section 6.08(a) of the First Lien Credit Agreement, as such section is in existence as of March 9, 2011, regardless of whether the First Lien Credit Agreement is in effect at the time of such Dividend; provided that for purposes of such section, any references therein to “Default” or “Event of Default” shall mean a “Default” or “Event of Default” under this Agreement; provided further that any such Dividends by the Borrower made pursuant to clauses (ii) or (iv) of such Section 6.08(a) shall not exceed $5.0 million in any fiscal year; provided further still that in the case of such Dividends by the Borrower made pursuant to clause (ii) of such Section 6.08(a), no Default or Event of Default has occurred and is continuing. ”

 

(b)           Schedule 1.01(b) to the Credit Agreement is hereby amended and restated in its entirety to read as Schedule 1.01(b) attached hereto.

 

(c)           Schedule 3.05 to the Credit Agreement is hereby amended and restated in its entirety to read as Schedule 3.05 attached hereto.

 

(d)           Schedule 3.15 to the Credit Agreement is hereby amended and restated in its entirety to read as Schedule 3.15 attached hereto.

 

(e)           Exhibit D to the Credit Agreement is hereby amended and restated by removing Schedule 2 thereof in its entirety together with the sentence in item (a) of such Exhibit D which refers to such Schedule 2.

 

 

  

  

  

 

Section 2.   Representations and Warranties.  Borrower represents and warrants to the Lenders as of the date hereof and the date of effectiveness of this Amendment No. 1  that:

 

(a)   The execution, delivery and performance by Borrower of this Amendment No. 1  has been duly authorized by all necessary corporate action, and does not and will not (a) contravene the terms of Borrower’s organizational documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Obligations to which Borrower is a party or affecting Borrower or the properties of Borrower or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which Borrower or its property is subject; or (c) violate any law, except, in each case referred to in clauses (b) and (c), to the extent that conflict, breach, contravention, creation, payment or violation could not reasonably be expected to have a Material Adverse Effect;

 

(b)   Before and after giving effect to this Amendment No. 1, the representations and warranties set forth in the Credit Agreement are true and correct in all material respects on and as of the date of effectiveness of this Amendment No. 1, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; and

 

(c)           At the time of and after giving effect to this Amendment No. 1, no Default or Event of Default has occurred or is continuing.

 

Section 3.   Conditions to Effectiveness.  This Amendment No. 1 shall become effective on the date on which each of the following conditions is satisfied:

 

 

(i)   The Administrative Agent (or its counsel) shall have received from the Required Lenders and each of the other parties hereto a signature page to Amendment No. 1 signed on behalf of such party; and

 

(ii)   The representations and warranties in Section 2 of this Amendment No. 1  shall be true and correct.

 

Section 4.   Counterparts.   This Amendment No. 1 may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment No. 1 by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof.

 

Section 5.   Applicable Law.  THIS AMENDMENT NO. 1 SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

Section 6.   Headings.  The headings of this Amendment No. 1 are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

 

  

  

  

Section 7.   Effect of Amendment.  Except as expressly set forth herein, this Amendment No. 1 shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Secured Parties or the Agents under the Credit Agreement or any other Loan Documents, and shall not alter, modify, amend or in any way affect any of the terms or conditions contained in the Credit Agreement or any other Loan Documents, all of which are ratified and affirmed in all respects, as expressly amended by this Amendment No. 1,  and shall continue in full force and effect.

 

[THE REMAINDER OF THIS PAGE IS  INTENTIONALLY LEFT BLANK.]

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1  to be duly executed as of the date first above written.

 

 

 

 

	 	 	
LIFETIME BRANDS, INC.

	 	 

 

 

	 	 	
By:

	/s/  Laurence Winoker	 
	 	 	 	Name: Laurence Winoker	 
	 	 	 	Title: Senior Vice President & CFO	 
	 	 	 	 	 
	 	 	 	 
	 	 	
SUBSIDIARY GUARANTORS:

	 
	 	 	 	 

 

	  	  	

PFALTZGRAFF FACTORY STORES, INC.

	  	  

 

	  	  	
By:

	
/s/ Laurence Winoker

	  
	  	  	  	
Name: Laurence Winoker

	  
	  	  	  	
Title: Senior Vice President & CFO

	  

 

	  	  	
TMC ACQUISITION, INC.

	  	  

 

	  	  	
By:

	
/s/ Laurence Winoker

	  
	  	  	  	
Name: Laurence Winoker

	  
	  	  	  	
Title: Senior Vice President & CFO

	  

 

	  	  	CITIBANK, N.A., as Administrative Agent and Lender	  	  

 

	  	  	
By:

	
/s/ James R. Williams

	  
	  	  	  	
Name: James R. Williams

	  
	  	  	  	
Title: Vice President

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