Document:

FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 EXHIBIT 4.7 
 FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS FIFTH AMENDMENT TO SECOND AMENDED AND
RESTATED CREDIT AGREEMENT (the “Amendment”), dated as of August 11, 2006, is among ELIZABETH ARDEN, INC., a Florida Corporation (the “Borrower”), the banks listed on the signature pages hereto (the
“Banks”), JPMORGAN CHASE BANK, N.A. (formerly JPMorgan Chase Bank), as the administrative agent (the “Administrative Agent”), and BANK OF AMERICA, N.A. (successor in interest by merger to Fleet National Bank), as
the collateral agent (the “Collateral Agent”). 
 RECITALS: 
 A. The Borrower, the Administrative Agent, the Collateral Agent and the banks party thereto have entered into that certain Second Amended and Restated
Credit Agreement dated as of December 24, 2002 (as the same has been modified by that certain First Amendment to Second Amended and Restated Credit Agreement dated February 25, 2004, that certain Second Amendment to Second Amended and
Restated Credit Agreement dated June 2, 2004, that certain Third Amendment to Second Amended and Restated Credit Agreement dated September 30, 2004, that certain Fourth Amendment to Second Amended and Restated Credit Agreement dated
November 2, 2005, and as the same may hereafter be amended or otherwise modified from time to time, the “Agreement”). 
 B. The Borrower and the Guarantors have requested that the Agents and the Banks amend certain provisions of the Agreement and the Administrative Agent, the Collateral Agent, and the Banks have agreed to do so on and subject to the terms set
forth herein. 
 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows effective as of August 14, 2006 unless otherwise indicated: 
 ARTICLE I.  
 Definitions 
 Section 1.1. Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Agreement, as amended hereby. 
 ARTICLE II.  
 Amendments

 Section 2.1. Amendments to Certain Definitions in Section 1.01. The following definitions contained in
Section 1.01 of the Agreement are amended in their respective entireties to read as follows: 
 “Applicable Percentage” of any Bank means the percentage of the aggregate Commitments represented by such Bank’s Commitment. As of August 14, 2006, the aggregate amount of the Commitments is being increased to
$300,000,000, provided that not all Banks have agreed to participate in the amount of the increase on a pro rata basis in accordance with their Applicable Percentages in effect prior to August 14, 2006. As a 

 result, the Commitments will be divided into three tranches (collectively, the “Commitment
Tranches”): (a) the first being the First Tranche (herein so called) which will be in effect at all times the aggregate amount of the Commitments are in excess of $275,000,000; (b) the second, being the Second Tranche (herein so
called) which will be in effect at all times that the aggregate amount of Commitments equal $275,000,000 or less but more than $250,000,000; and (c) the third, being the Permanent Tranche which will be in effect at all times that the aggregate
amount of Commitments equal $250,000,000 or less. Each Bank’s Applicable Percentage in effect during the effectiveness of a Commitment Tranche is different and is set forth for each Commitment Tranche on Schedule 1.01. Upon any change in
the Applicable Percentage of a Bank under this definition, such Bank’s percentage participation or other interest in the then outstanding Swingline Loans and the Letter of Credit Exposure shall be adjusted automatically to be equal to the new
Applicable Percentage then determined pursuant to this definition. 
 “Borrowing Base” shall mean, as of any
date, the sum of the following, determined as of such date, without duplication: 
 (a) Eligible Accounts
Receivable. The product of the Advance Percent (as defined below in this definition) multiplied by the aggregate amount of all Eligible Accounts Receivable; plus 
 (b) Eligible Finished Goods Inventory; Packaged. The lesser of: 
 (i) the product of the percentage set forth in either clause (A), (B) or (C) below which is applicable
as of the date of determination multiplied by the aggregate amount of all Eligible Finished Goods Inventory and Eligible Arden Finished Goods Inventory, in each case, which have been packaged for delivery to a customer and valued based on the lower
of cost or market value: 
 (A) if the date of determination is during the period from and including 
 (1) Sovereign Closing Date to and including September 30, 2006, eighty-five percent (85%); 
 (2) October 1, 2006 to and including October 31, 2006, ninety percent (90%); 
 (3) November 1, 2006 to and including November 30, 2006, eighty-five percent (85%); and 
 (4) December 1, 2006 to and including December 31, 2006, eighty percent (80%); and 
 (B) In Season. except as is otherwise provided in clause (A) preceding, if the date of determination is during
the period from and including June 1 to and including November 30, seventy-five percent (75%); and 

 (C) Out of Season. except as is otherwise provided in clause
(A) preceding, if the date of determination is during the period from and including December 1 to and including May 31, sixty-five percent (65%); or 
 (ii) eighty-five percent (85%) of the product of the Appraised Liquidation Percentage (as defined below in this definition)
multiplied by the gross cost of all finished goods inventory of Borrower which has been packaged for delivery to a customer; plus 
 (c) Eligible Finished Goods Inventory; Unpackaged. The lesser of: 
 (i) the
product of the percentage set forth in either clause (A), (B) or (C) below which is applicable as of the date of determination multiplied by the aggregate amount of all Eligible Finished Goods Inventory and Eligible
Arden Finished Goods Inventory, in each case, which have not been packaged for delivery to a customer and valued based on the lower of cost or market value: 
 (A) if the date of determination is during the period from and including 
 (1) Sovereign Closing Date to and including September 30, 2006, eighty-five percent (85%); 
 (2) October 1, 2006 to and including October 31, 2006, ninety percent (90%); 
 (3) November 1, 2006 to and including November 30, 2006, eighty-five percent (85%); and 
 (4) December 1, 2006 to and including December 31, 2006, eighty percent (80%); and 
 (B) In Season. except as is otherwise provided in clause (A) preceding, if the date of determination is during
the period from and including June 1 to and including November 30, seventy-five percent (75%); and 
 (C) Out
of Season. except as is otherwise provided in clause (A) preceding, if the date of determination is during the period from and including December 1 to and including May 31, sixty-five percent (65%); or 
 (ii) eighty–five percent (85%) of the product of the Appraised Liquidation Percentage multiplied by the gross cost of all
finished goods inventory of Borrower which has not been packaged for delivery to a customer; plus  

 (e) Eligible Raw Materials Inventory. The lesser of: 
 (i) the product of twenty-five percent (25%) multiplied by the aggregate amount of all Eligible Raw Materials Inventory and Eligible
Arden Raw Materials Inventory, in each case valued based on the lower of cost or market value; or 
 (ii) eighty–five
percent (85%) of the product of the Appraised Liquidation Percentage multiplied by the gross cost of all work-in-process and raw materials inventory of Borrower; plus 
 (f) Eligible Gift Inventory. The lesser of: 
 (i) the product of ten percent (10%) multiplied by the aggregate amount of all Eligible Gift Inventory valued based on the lower of
cost or market value; or 
 (ii) eighty–five percent (85%) of the product of the Appraised Liquidation Percentage
multiplied by the gross cost of all inventory held as a gift given with purchased merchandise in the ordinary course of Borrower’s business or as promotional merchandise in the ordinary course of business; or 
 (iii) $500,000; plus 
 (g) Temporary Increase. If the date of determination is during the period from and including Sovereign Closing Date to and including December 31, 2006, $25,000,000; provided, however,
that: 
 (i) if (A) the Borrower delivers a Borrowing Base Certificate as of the month ended November 30, 2006 on or
before December 20, 2006 which shows that the Borrowing Availability, as calculated in accordance with such Borrowing Base Certificate, is equal to or greater than $25,000,000 but calculating the Borrowing Base on a pro forma basis without
giving effect to this clause (g) and (B) the Borrower shall have also reduced the aggregate amount of the Commitments to an amount not to exceed $250,000,000, then effective (retroactively) as of December 1, the Borrower may,
by written notice to the Administrative Agent, exclude the amount available under this clause (g) from the Borrowing Base; and 
 (ii) this clause (g) shall not be included when determining the Borrowing Base for purposes of determining Borrowing Availability, Average Borrowing Base Capacity or the Borrowing Base under the definition
of the term “Permitted Indebtedness” and under Sections 2.09(a), 5.01(f), 5.06, 5.09(j), 5.19 and 5.21(e); 
 plus 
 (h) Cash Collateral. The amount of cash or cash equivalents that are pledged to the
Collateral Agent as collateral for the Obligations; minus 
 (i) Reserves. The Bank Product Reserve and
the aggregate amount of the other reserves established by the Administrative Agent at any time and from time to time after the Effective Date that the Administrative Agent determines are necessary to protect 

 the Banks’ interests, such determination to be made in the Administrative Agent’s reasonable
and sole discretion. Reserves established under this clause (i) may include, without limitation: (i) with respect to accounts receivable, reserves for Allowance Accounts, customer markdowns, and destroyed in field and (ii) with
respect to inventory and to the extent not included as ineligibles (but without impairing the obligation to exclude from any eligible inventory all inventory which is required to be excluded under the definitions thereof hereunder); inventory
classified as long term assets; and capitalized costs. The “other reserves” established under this clause (i) shall not include any amounts attributable to Bank Products, such amounts shall be included in the Bank Product
Reserve. 
 As used in this definition, the term “Advance Percent” means eighty–five percent (85%) based on
continuing confirmation of a Dilution Percentage of no more than five percent (5%) determined, as of any date, upon the Administrative Agent’s most recent field examination or if the Dilution Percentage is more than five percent
(5%) determined, as of any date, upon the Administrative Agent’s most recent field examination, such other percent as the Administrative Agent may, at any time hereafter, determine is necessary to protect its interests, such determination
to be made in the Administrative Agent’s reasonable sole discretion. The term “Dilution Percentage” means the average dilution percentage for the accounts receivable of the Borrower for the period selected by the Administrative
Agent based on its most recent field examination. “Average dilution percentage” shall be calculated by the Administrative Agent for the period by dividing the dilution of accounts receivables occurring during such period by the
gross sales for such period and multiplying the resulting quotient by 100. For purposes of the foregoing, “dilution” means any reduction in the value of accounts receivables caused by returns, write–offs, discounts, credits,
allowances, and/or any other non–cash offsets asserted by account debtors having the effect of reducing the value of the accounts receivable; provided reductions in the value of accounts receivable arising from Allowance Accounts,
customer markdowns, destroyed in field and certain other sales allowances identified by the Administrative Agent will not be considered in calculating dilution if sufficient information is supplied in connection with the Administrative Agent’s
field examinations so that such amounts may be included in the reserves established pursuant to clause (i) above in a manner and in an amount satisfactory to the Administrative Agent in its reasonable and sole discretion. The
Administrative Agent shall also be entitled to reduce the other advance percentages used in this definition of Borrowing Base in its reasonable and sole discretion. The term “Appraised Liquidation Percentage” means the percentage
net liquidation value of inventory determined on an orderly going–out–of–business–sale basis, net of all commissions, associated costs, fees and expenses associated with such liquidation, as determined from the most recent
appraisal thereof performed by a credentialed appraiser satisfactory to the Administrative Agent; provided that notwithstanding anything contained in any appraisal to the contrary, the percentage designated therein for the high selling months
will be used as the Appraised Liquidation Percentage for the period from and including the Sovereign Closing Date to and including December 15, 2006. The Borrowing Base will be calculated without duplication and any items included in reserves,
in the calculation of the Dilution Percentage or in an ineligible category (a “Borrowing Base Deduction”) shall not also be included in any other Borrowing Base Deduction. No Accounts or Inventory acquired in a Permitted Acquisition

 or arising from a business acquired in a Permitted Acquisition shall be included in the Borrowing Base
unless and until the Administrative Agent shall be satisfied that the manner of calculating the Borrowing Base as herein set forth is appropriate for the assets and business acquired; provided that for the sole purpose of determining
compliance with the test under clause (v) (A) and (B) of the definition of the term “Permitted Acquisition” (and not otherwise), such Accounts and Inventory which satisfy the eligibility requirements hereunder
may be included in the Borrowing Base for purposes of the calculation of Borrowing Base Capacity under such test. The Administrative Agent shall make the determination of whether Accounts and Inventory acquired in a Permitted Acquisition or arising
from a business acquired in a Permitted Acquisition shall be included in the Borrowing Base as promptly as reasonably possible after receiving a request to do so from the Borrower and after receipt of all collateral audits and appraisals conducted
with respect to such Accounts and Inventory as reasonably requested by the Administrative Agent considering, among other factors, the materiality of the Acquisition and the relative similarity of the Accounts or Inventory to the Accounts and
Inventory already included in the Borrowing Base. As used herein, the term “Sovereign Closing Date” means the date of the closing of the asset purchase transaction under the terms of that certain Asset Purchase Agreement between
Borrower and Sovereign Sales, LLC. 
 “Commitment” means, with respect to a Bank, the obligation of such Bank
to make advances of funds and purchase participation interests in Letters of Credit in the aggregate principal or face amount at any time outstanding not to exceed the amount set forth opposite such Bank’s name on Schedule 1.01
hereto (or, in the case of an Assignee, in its Assignment and Assumption Agreement), as such amount may be: (a) reduced from time to time pursuant to Section 2.09, (b) increased from time to time pursuant to
Section 2.18, and (c) adjusted to reflect assignments pursuant to Section 9.06. As of August 14, 2006, the aggregate amount of the Commitments is being increased to $300,000,000, provided that not all Banks have
agreed to participate in the amount of the increase on a pro rata basis in accordance with their Applicable Percentages in effect prior to August 14, 2006. As a result, the amount of the Commitment of a Bank may be different in each Commitment
Tranche. The amount of each Bank’s Commitment in effect during the effectiveness of a Commitment Tranche is set forth for each Commitment Tranche on Schedule 1.01. On the date of a change from one Commitment Tranche to the next, the
outstanding Loans will no longer be held by the Bank pro rata in accordance with the new Commitments and Applicable Percentages. To remedy the foregoing, promptly upon the change from one Commitment Tranche to the next, the Banks shall make advances
among themselves (which may be through the Administrative Agent) so that after giving effect thereto, the Loans (which are not Swingline Loans) will be held by the Banks, pro rata in accordance with their applicable Commitments and Applicable
Percentages. The advances made under this definition by each Bank whose pro rata portion of the outstanding Loans has increased (as compared to its pro rata portion of the outstandings prior to the effectiveness of the change in the Commitments)
shall be deemed to be a purchase of a corresponding amount of the Loans of the Bank or Banks whose pro rata portions have decreased (as compared to the pro rata portions of the outstandings prior to the effectiveness of the change in the
Commitments). 

 “Debt Service Pricing Ratio” means, as of any fiscal quarter end, the
ratio of the following calculated for the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP as of the end of such fiscal quarter for the preceding twelve months: 
 (a) the sum of (i) Consolidated EBITDA minus (ii) Capital Expenditures which were not financed with Indebtedness
permitted under clauses (viii), (ix) or (x) of the definition of Permitted Indebtedness; minus (iii) all income and franchise taxes paid in cash; to 
 (b) the sum of: (i) Consolidated Net Interest Expense; plus (ii) regularly scheduled principal payments made in respect
of Indebtedness during such twelve month period but not including any regularly scheduled principal payments on the 2006 Acquisition Indebtedness (as such term is defined in the definition of “Permitted Indebtedness”); plus (iii) all
cash dividends paid on stock of the Borrower during such period. 
 “Swingline Limit” means $20,000,000 or
such other amount as may be established from time to time by the Swingline Lender. 
 Section 2.2. Amendments to the definition of
“Applicable Margin” in Section 1.01. The definition of “Applicable Margin” in Section 1.01 of the Agreement is amended to add the following sentence to the end of the last sentence of such definition:

 Notwithstanding anything contained herein to the contrary, until the date when the amount under clause (g) of the definition of
“Borrowing Base” is no longer included in the calculation of the Borrowing Base: (a) the Applicable Margin with respect to the first $25,000,000 of the Loan shall equal 2.50% and (b) unless otherwise required pursuant to the
operation of Article VIII, the Borrower agrees to cause the first $25,000,000 of the Loan to be a LIBOR Borrowing at all times. 
 Section 2.3. Amendment to Definition of “Permitted Indebtedness” in Section 1.01. Clause (iii) set forth in definition of the term “Permitted Indebtedness” in Section 1.01 of the Agreement is
amended in its entirety to read as follows: 
 (iii) Indebtedness consisting of the deferred purchase price obligations incurred in connection
with the Sovereign Sales, LLC and Riviera Concepts Inc. Acquisitions and Indebtedness assumed in connection with the Riviera Concepts Inc. Acquisition; provided that the aggregate outstanding amount of all Indebtedness permitted under this clause
(iii) does not at any time exceed the sum of $26,000,000 minus the principal payments required to be made on such Indebtedness and such Indebtedness is subordinated to the Obligations on terms and provisions satisfactory to the Administrative
Agent (the Indebtedness permitted under this clause (iii), herein the “2006 Acquisition Indebtedness”); 

 Section 2.4. Amendment to Section 2.01(c). Clause (c) of
Section 2.01 of the Agreement is amended in its entirety to read as follows: 
 (c) Total Availability. 
 The Total Availability shall be equal to the lesser of: 
 (x) the Borrowing Base as in effect from time to time, or 
 (y) the aggregate amount of the Commitments.

 The Borrowing Base shall be adjusted upon the Administrative Agent’s review and acceptance of (i) each Borrowing Base Certificate
submitted by the Borrower or (ii) any additional information obtained by the Administrative Agent (including any Notice of Borrowing or updated Borrowing Base Certificates) relating to the determination of Eligible Accounts Receivable and
Eligible Inventory. 
 Section 2.5. Amendment to Section 2.09(b). The word “Voluntary” is deleted from the title
of Section 2.09 of the Agreement and Clause (b) of Section 2.09 of the Agreement is amended in its entirety to read as follows: 
 (b) The aggregate amount of the Commitments shall: (i) be reduced to $275,000,000 on November 30, 2006, (ii) be reduced to $250,000,000 on December 31, 2006 and (ii) terminate on the
Termination Date. 
 Section 2.6. Amendment to Section 2.18. The first sentence of Section 2.18 of the Agreement
is amended in its entirety to read as follows: 
 By written notice sent to the Administrative Agent (which the Administrative
Agent shall promptly distribute to the Banks), the Borrower may request an increase of the aggregate amount of the Commitments: (a) by an aggregate amount equal to any integral multiple of $10,000,000 and (b) by an amount not to exceed
$50,000,000; provided that (i) no Default shall have occurred and be continuing; and (ii) the Borrower shall have provided evidence satisfactory to the Banks that the Indebtedness to be incurred pursuant to the increase in the
Commitments is permitted by the Senior Subordinated Note Indenture and the other Indentures, in each case, to the extent the applicable Indenture is still in effect. 
 Section 2.7. Amendment to Section 4.16(c). Clause (c) of Section 4.16 of the Agreement is amended in its entirety to read as follows; 
 (c) Except as permitted by the definition of the term “Approved Location”, no inventory included in the Borrowing Base as
eligible is now, or shall at any time or times hereafter be, stored with a bailee, warehouseman or similar party unless either: (i) the obligations payable to such third party are included in the reserves established under
clause (i) of the definition of the term “Borrowing Base” or (ii) such bailee, warehouseman or similar party has signed a Consent and Subordination Agreement, any warehouse receipts issued by such party in respect of such
inventory have been issued in non-negotiable form (or in negotiable form and delivered to the Administrative Agent) and Borrower shall have taken such other action required to cause the location at which such 

 inventory is held to constitute an “Approved Location” hereunder; provided that inventory
acquired under the terms of the that certain Asset Purchase Agreement between Borrower and Sovereign Sales, LLC. are not required to comply with this Section 4.16(c) until September 15, 2006 and prior to such date, such inventory may be
included in its applicable eligible inventory category under the Borrowing Base if it otherwise satisfies the other eligibility requirements thereunder. 
 Section 2.8. Amendment to Exhibits. Exhibits C and E of the Agreement are each amended to read as set forth on Exhibits C and E attached hereto. 
 Section 2.9. Amendment to Schedule 1.01. Schedule 1.01 to the Agreement is amended in its entirety to read as Schedule 1.01 attached hereto.

 ARTICLE III.  
 Conditions Precedent 
 Section 3.1. Conditions. The effectiveness of Article II of this Amendment is subject to
the satisfaction of the following conditions precedent: 
 (a) The Administrative Agent shall have received this Amendment duly executed by
the Borrower, the Guarantors and the Banks and each Bank shall have receive a new Note in the amount of its Commitment in effect after giving effect to this Amendment; 
 (b) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of Borrower
and the Guarantors, the authorization of this Amendment, the Notes and the transactions contemplated hereby and any other legal matters relating to this Amendment reasonably requested by the Administrative Agent, all in form and substance
satisfactory to the Administrative Agent and its counsel; 
 (c) The representations and warranties contained herein and in all other Loan
Documents, as amended hereby, shall be true and correct in all material respects as of the date hereof as if made on the date hereof, except for such representations and warranties limited by their terms to a specific date and the representations
and warranties in Section 4.15(b) which shall be deemed made as of the Effective Date; 
 (d) The receipt by each Bank of a fee equal
for each Bank to its Applicable Percentage of $50,000,000 multiplied by 7.5 basis points ; 
 (e) The Administrative Agent shall have
received all fees due and payable on or prior to the effective date of this Amendment; 
 (f) No Default shall exist; and 

 (g) All proceedings taken in connection with the transactions contemplated by this Amendment and all
documentation and other legal matters incident thereto shall be satisfactory to Administrative Agent and its legal counsel, Jenkens & Gilchrist, a Professional Corporation. 
 ARTICLE IV.  
 Miscellaneous 
 Section 4.1. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and
provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement, and the other Loan Documents are ratified and confirmed and shall continue in full force and effect.
The Borrower, the Agents and the Banks agree that the Agreement as amended hereby and the other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. For all matters arising prior to the
effective date of this Amendment, the Agreement (as unmodified by this Amendment) shall control. 
 Section 4.2. Representations and
Warranties; Release. The Borrower hereby represents and warrants to the Agents and the Banks as follows: (a) no Default exists; and (b) the representations and warranties set forth in the Loan Documents are true and correct on and as
of the date hereof with the same effect as though made on and as of such date except with respect to any representations and warranties limited by their terms to a specific date. IN ADDITION, TO INDUCE THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT
AND THE BANKS TO AGREE TO THE TERMS OF THIS AMENDMENT, THE BORROWER AND EACH GUARANTOR (BY ITS EXECUTION BELOW) REPRESENTS AND WARRANTS THAT AS OF THE DATE OF ITS EXECUTION OF THIS AMENDMENT THERE ARE NO CLAIMS OR OFFSETS AGAINST OR RIGHTS OF
RECOUPMENT WITH RESPECT TO OR DEFENSES OR COUNTERCLAIMS TO ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. 
 Section 4.3. Survival of
Representations and Warranties. All representations and warranties made in this Amendment or any other Loan Document including any Loan Document furnished in connection with this Amendment shall survive the execution and delivery of this
Amendment, and no investigation by any Agent or any Bank or any closing shall affect the representations and warranties or the right of the any Agent or any Bank to rely upon them. 
 Section 4.4. Reference to Agreement. Each of the Loan Documents, including the Agreement and any and all other agreements, documents, or
instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Agreement shall mean a reference to
the Agreement as amended hereby. 
 Section 4.5. Expenses of Administrative Agent. As provided in the Agreement, the Borrower
agrees to pay on demand all reasonable costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment, including without limitation, the reasonable costs and fees of the
Administrative Agent’s legal counsel provided it sends an invoice to the Borrower beforehand and addresses reasonable questions. 

 Section 4.6. Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
 Section 4.7. Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York other
than those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance (at least in part) on Section 5-1401 of the General Obligations Law of
the State of New York, as amended (as and to the extent applicable), and other applicable law. 
 Section 4.8. Successors and
Assigns. This Amendment is binding upon and shall inure to the benefit of the Agents, each Bank, the Borrower, each Guarantor and their respective successors and assigns, except neither the Borrower nor any Guarantor may assign or transfer any
of its rights or obligations hereunder without the prior written consent of the Banks. 
 Section 4.9. Counterparts. This
Amendment may be executed in one or more counterparts and on telecopy counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same agreement. 
 Section 4.10. Effect of Waiver. No consent or waiver, express or implied, by any Agent or any Bank to or for any breach of or deviation from
any covenant, condition or duty by the Borrower or any Guarantor shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty. 
 Section 4.11. Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the
interpretation of this Amendment. 
 Section 4.12. ENTIRE AGREEMENT. THIS AMENDMENT EMBODIES THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 Executed as of the date first written above. 
  

			
	ELIZABETH ARDEN, INC., as the Borrower
		
	By:	 	 /s/ Marcey Becker

		 	Marcey Becker, Senior Vice President, Finance

			
	 JPMORGAN CHASE BANK, N.A. (formerly JPMorgan
 Chase Bank), individually as a Bank, an Issuing Bank and
 as Administrative Agent

		
	By:	 	 /s/ Christy L. West

		 	Christy L. West, Vice President
	
	 BANK OF AMERICA, N.A. (successor in interest by
 merger to Fleet National Bank), as Collateral Agent and a
 Bank

		
	By:	 	 /s/ Scott A. McCauhey

		 	Scott A. McCauhey,
		 	Vice President
	
	 THE CIT GROUP/BUSINESS CREDIT, INC.
 (assignee of LaSalle Business Credit, L.L.C.)

		
	By:	 	 /s/ Robyn Pingree

		 	Robyn Pingree,
		 	Assistant Vice President
	
	U. S. BANK BUSINESS CREDIT
	(formerly known as Firstar Bank N.A.)
		
	By:	 	 /s/ Jeffrey D. Patton

		 	Jeffrey D. Patton,
		 	Asset-Based Loan Officer
	
	WACHOVIA BANK, NATIONAL ASSOCIATION
	(formerly known as First Union National Bank)
		
	By:	 	 /s/ Bruce Rhodes

		 	Bruce Rhodes,
		 	Director

			
	SIEMENS FINANCIAL SERVICES, INC.
		
	By:	 	 /s/ Joseph A. Accardi

		 	Joseph A.Accardi,
		 	Managing Director
	
	 CREDIT SUISSE, Cayman Islands Branch
 (formerly known as Credit Suisse First Boston)

		
	By:	 	 /s/ Karl Studer

		 	Karl Studer,
		 	Director
		
	By:	 	 /s/ Karl Lesnik

		 	Karl Lesnik,
		 	Assistant Vice President
	
	 NATIONAL CITY BUSINESS CREDIT, INC.
 (successor to The Provident Bank)

		
	By:	 	 /s/ Michael P. Gutia

		 	Michael P. Gutia,
		 	Vice President

 CONSENT OF GUARANTORS AND REAFFIRMATION OF LOAN DOCUMENTS 
 Each of the Guarantors consent and agree to this Amendment (including without limitation, the provisions of Section 4.2 hereof) and agree
that the Loan Documents to which it is a party shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of such Guarantor enforceable against it in accordance with their respective terms. 
  

			
	FD MANAGEMENT, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	DF ENTERPRISES, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	ELIZABETH ARDEN INTERNATIONAL
	HOLDING, INC., (formerly FFI International, Inc.)
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	RDEN MANAGEMENT, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	ELIZABETH ARDEN (FINANCING), INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President
	
	ELIZABETH ARDEN TRAVEL RETAIL, INC.
		
	By:	 	 /s/ Oscar E. Marina

		 	Oscar E. Marina, Vice President

 Index of Exhibits and Schedules 
 Exhibits 
 Exhibit C - Borrowing Base
Certificate 
 Exhibit E - Compliance Certificate 
 Schedules 
 Schedule 1.01 - Commitments2002 EMPLOYEE STOCK PURCHASE PLAN

 Exhibit 10.5 
 ELIZABETH ARDEN, INC. 
 2002 EMPLOYEE STOCK PURCHASE PLAN 
 ARTICLE I. PURPOSE AND DEFINITIONS 
  

	1.01	Purpose; Administration. The Elizabeth Arden, Inc. 2002 Employee Stock Purchase Plan, as amended from time to time (the “Plan”), provides a convenient method
of acquiring shares of stock of Elizabeth Arden, Inc. (the “Company”), for persons eligible to participate. The Plan is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as
amended (the “Code”), but is not intended to be subject to Section 401(a) of the Code or the Employee Retirement Income Security Act of 1974. 

  

	1.02	Definitions. A term defined in the Plan shall have the meaning ascribed to it wherever it is used herein unless the context indicates otherwise.

 ARTICLE II. PARTICIPATION 
  

	2.01	Adoption by Subsidiaries. The Board of Directors of the Company (the “Board”) may authorize the adoption of the Plan by one or more subsidiary companies or
corporations of the Company (“Participating Subsidiaries”), including subsidiaries in nations other than the United States. 

  

	2.02	Foreign Subsidiaries. The Committee (as defined in Paragraph 7.01) may set terms and conditions under this Plan that the Committee determines are necessary to comply
with applicable foreign laws or advisable in light of such laws, as well as take any action it deems advisable to obtain approval of this Plan and its terms by an appropriate foreign governmental entity; provided, however, that no such terms
and conditions may be set nor action may be taken that would result in a violation of the United States laws applicable to the Company, including, without limitation, the Securities Exchange Act of 1934, as amended, or that would cause this Plan to
fail to qualify as an employee stock purchase plan within the meaning of Section 423 of the Code for participants located in the United States. 

  

	2.03	Eligibility to Participate. A person is eligible to participate in an Offering under the Plan (as defined in Paragraph 4.02) if, as of the first day of such Offering,
such person is (i) an employee of the Company or a Participating Subsidiary and (ii) scheduled to work more than five (5) months per year for the Company or its participating subsidiaries (as determined by reference to the
Company’s employment records). 

  

	2.04	Participation Agreement. Participation in the Plan is voluntary with respect to each Offering. To participate in an Offering, a person must be eligible and must complete
a written enrollment form provided by the Company (“Participation Agreement”) authorizing payroll deductions from his or her paycheck. The Participation Agreement will remain in effect through each consecutive Offering unless the
participant chooses to revise or revoke it, or becomes ineligible to participate in the Plan. 

  

	2.05	Termination of Participation. A participant may withdraw at any time from any Offering by written notice to the Committee in such form as it may require. Participation
will also end upon termination of a participant’s employment with the Company and/or a Participating Subsidiary, if applicable, or when a participant becomes ineligible to participate (including by reason of the Company or any Participating
Subsidiary terminating its participation in the Plan). 

	2.06	Designation of Beneficiary. A participant shall, by written notice to the Committee, designate a person or persons to receive the value of his or her Account (as defined
in Paragraph 5.01) in the event of the participant’s death. A participant may, by written notice to the Committee during employment, alter or revoke such designation, subject always to any applicable law governing the designation of
beneficiaries. Such written notice shall be in such form and shall be executed in such manner as the Committee may determine. If upon a participant’s death the participant has not designated a beneficiary under the Plan or such beneficiary does
not survive the participant, the value of a participant’s Account shall be paid to his or her estate. 

 ARTICLE
III. CONTRIBUTIONS 
  

	3.01	Payroll Deductions. A participant may accumulate after-tax compensation to purchase Shares in an Offering by authorizing payroll deductions pursuant to a Participation
Agreement, subject to such minimum and maximum limits (expressed in dollars or as a percentage of base salary or base wages) as the Committee may impose. Such savings shall be credited to a participant’s Account with respect to the Offering to
which they relate. Payroll deductions for an Offering shall commence with the first paycheck a participant receives during such Offering and shall end with the last paycheck a participant receives during such Offering. Paychecks will be treated as
having been received when they are sent out or otherwise distributed. 

  

	3.02	Alternative Contributions. Where payroll deductions are not permitted by applicable law in a jurisdiction outside of the United States, the Committee may permit contributions
by alternate means. 

  

	3.03	Change in Rate or Suspension of Contributions. A participant may increase or decrease the rate of his or her payroll deductions one (1) time during an Offering by
written notice to the Committee in such form and manner as it requires. In addition, a participant may, at any time during an Offering, suspend his or her payroll deductions by written notice to the Committee in such form and manner as it requires.
Such change shall be effective as of the first pay period thereafter by which the Company is able to process the change. 

  

	3.04	Possession of Contributions. All payroll deductions made pursuant to the Plan shall be held for a participant’s benefit and on his or her behalf by the Company or any
custodian selected by the Committee. Such payroll deductions shall constitute a participant’s personal property notwithstanding that they may be commingled with the general assets of the Company or such custodian. 

 ARTICLE IV. OPTIONS TO ACQUIRE SHARES 
  

	4.01	Maximum Number of Shares. The number of shares of common stock of the Company (“Shares”) available for issuance under the Plan shall be 1,000,000 with respect to
the ten (10) years following the adoption of the Plan. Any Shares that are not actually purchased under the Plan for any reason shall remain available for purchase hereunder. In the event the number of shares of common stock to be purchased by
participants during any Offering exceeds the number of Shares then available under the Plan, the Committee shall make a pro rata allocation of the Shares of common stock remaining available in such uniform manner as it shall determine to be
equitable. Any excess cash amounts remaining in a participant’s Account as a consequence of the implementation of the provisions of this paragraph shall be returned to the participant, without interest, as soon as is administratively feasible.

	4.02	Offerings. The Company will offer Shares for purchase under the Plan (“Offering”) for six-month periods beginning on June 1 and December 1 of each
calendar year, commencing on June 1, 2004. The Company may make additional Offerings for different periods, provided that no Offering shall extend for more than 27 months. 

  

	4.03	Options. Each Offering shall constitute an option to purchase whole Shares at a price per Share equal to 85% of the lesser of (i) the fair market value of a Share on the
first day of such Offering or (ii) the fair market value of a Share on the last day of such Offering. The fair market value of a Share on any date shall be its closing price reported by The Nasdaq Stock Market on which Shares are traded for
such date or for the next earliest date on which Shares were traded. 

  

	4.04	Individual Limit on Options. In no event shall the fair market value of all shares purchased by an employee under the Plan or other plans qualifying under Section 423 of
the Code exceed $25,000 (determined on the date of grant, which is the first day of an Offering) with respect to any calendar year. 

  

	4.05	Purchase of Shares. Unless a participant withdraws or becomes ineligible prior to the end of an Offering, the accumulated payroll deductions, and/or such alternative
contributions as permitted by the Committee, deposited to his or her Account shall be automatically applied on the last day of the Offering to purchase whole Shares to the extent feasible in accordance with the Offering. Such purchase shall be
treated as the exercise of an option represented by the Offering. Any amount remaining in a participant’s Account after such purchase shall be applied to the next Offering. A participant is not entitled or permitted to make cash payments in
lieu of payroll deductions to acquire Shares in an Offering. In no event shall any Shares be purchased pursuant to an Offering more than 27 months after the commencement of the Offering. 

  

	4.06	Source of Shares. Shares offered under the Plan may be authorized and issued Shares, authorized but unissued Shares or treasury Shares. Shares may be purchased directly from
the Company or by the Custodian (as defined in Paragraph 5.02) pursuant to directions from the Committee. If the Custodian acquires Shares pursuant to an open market transaction, such purchase shall be made at the market price prevailing on the
applicable exchange. 

  

	4.07	Restriction on 5% Owners. No employee shall be permitted to purchase Shares under the Plan if, immediately after such purchase, such employee would possess stock having five
percent (5%) or more of the total combined voting power of all classes of stock of the Company or any of its parent or subsidiary corporations, determined by applying the stock ownership rules of Section 424(d) of the Code.

  

	4.08	Prohibition Against Assignment. A participant’s right to purchase Shares under the Plan is exercisable only by the participant and may not be sold, pledged, assigned,
surrendered or transferred in any manner other than by will or the laws of descent and distribution. Any attempt to sell, pledge, assign, surrender or transfer such rights shall be void and shall automatically cause any purchase rights held by the
participant to be terminated. In such event, the Committee may refund in cash, without interest, all contributions credited to a participant’s Account. 

 ARTICLE V. ACCOUNTS 
  

	5.01	Establishment of Accounts. The Committee shall cause to be maintained a separate account for each participant (“Account”) to record the amount of payroll deductions
with respect to each Offering, and the purchase price for and the number of Shares, credited to such participant. No interest or other earnings shall be credited to any contributions to an Account under the Plan. 

  

	5.02	Custody of Shares. The Committee shall select an administrator (“Custodian”) which shall hold and act as custodian of Shares purchased pursuant to the Plan. Absent
written instructions to the contrary from a participant, certificates for Shares purchased will not be issued by the Custodian to a participant. 

  

	5.03	Voting of Shares. A participant shall direct the Custodian as to how to vote the full Shares credited to his or her Account following the purchase of such Shares.

 ARTICLE VI. DISBURSEMENTS FROM ACCOUNT 
  

	6.01	Withdrawal of Contributions. Upon a participant’s withdrawal from any Offering, all or any designated portion of the contributions credited to a participant’s
Account with respect to such Offering shall be disbursed, without interest, to the participant. 

  

	6.02	Withdrawal of Shares. A participant may at any time withdraw all or any number of whole Shares credited to his or her Account under the Plan by directing the Custodian to
cause his or her Shares to be (i) issued as certificates in his or her name (subject to the charges described in Section 7.03) or (ii) sold and the net proceeds (less applicable commissions and other charges) distributed in cash to
the participant. A participant may also direct the Custodian to cause Shares to be transferred to another brokerage account of the participant, provided the Shares are held by the participant for at least two (2) years following the first day
of the Offering pursuant to which the Shares were acquired. 

  

	6.03	Distribution Upon Termination. Upon termination of a person’s participation in the Plan as a whole prior to the expiration of all Offerings thereunder, all contributions
and Shares credited to a participant’s Account shall be disbursed to, and as directed by, him or her in accordance with the Plan. All contributions credited to a participant’s Account that have not been applied to the purchase of Shares
shall be returned to him or her without interest. Shares credited to a participant’s Account shall, in accordance with instructions to the Custodian from a participant and at his or her expense, be distributed in the same manner as permitted
upon any withdrawal. 

  

	6.04	Failure to Provide Directions. If within ninety (90) days after a participant has withdrawn from the Plan a participant has not notified the Custodian of his or her
instructions as set forth herein, the Committee shall direct the Custodian to issue Shares in a participant’s name and deliver the same to the participant at his or her last known address. 

  

	6.05	Sale of Shares. If a participant elects to receive the proceeds from the sale of his or her Shares, the amount payable shall be determined by the Custodian on the date of
sale, less any applicable commissions, fees and charges. The Custodian, acting on a participant’s behalf, shall take such action as soon as practicable, but in no event later than five (5) business days after receipt of notification from
the participant. The Company assumes no responsibility in connection with such transactions, and all commissions, fees or other charges arising in connection therewith shall be borne directly by the participant. The amount thus determined shall be
paid in a lump sum to the participant. 

	6.06	Unpaid Leave of Absence. Unless a participant has voluntarily withdrawn his or her contributions from the Plan, Shares will be purchased with contributions to his or her
Account on the last day of the Offering next following commencement of an unpaid leave of absence by such participant provided such leave does not constitute a termination of employment. The number of Shares to be purchased will be determined by
applying to the purchase the amount of the participant’s contributions made up to the commencement of such unpaid leave of absence. Upon the termination of a participant’s unpaid leave of absence and the participant’s return to work
at the Company, payroll deductions and alternative contributions shall resume at the rate in effect at the commencement of the unpaid leave of absence. 

 ARTICLE VII. ADMINISTRATION AND EXPENSES 
  

	7.01	Committee. The Plan shall be administered by a Committee, which shall consist of such members as determined by the Company (the “Committee”). The Committee shall
interpret and apply the provisions of the Plan in its good faith discretion, and the Committee’s decision is final and binding. The Committee may establish rules for the administration of the Plan. 

  

	7.02	Expenses for Purchase of Shares. The Company shall pay brokerage commissions, fees and other charges, if any, incurred for purchases of Shares with payroll deductions made
under the Plan. 

  

	7.03	Expenses to Sell or Transfer Shares. All brokerage commissions, fees or other charges in connection with any sale or other transfer of Shares shall be paid by the
participant. In addition, any charges by the Custodian in connection with a participant’s request to have certificates representing Shares registered in his or her name shall be paid by the participant. 

  

	7.04	Post-Termination Expenses. Upon a participant’s termination of employment or his or her withdrawal from the Plan for any other reason, all commissions, fees and other
charges thereafter relating to the participant’s Account will be the participant’s responsibility. 

  

	7.05	Exchange Rate Risk. Contributions of participants who are: (i) employed by a Participating Subsidiary of the Company located outside of the United States, (ii) paid
in foreign currency and (iii) contributed in foreign currency to the Plan (whether through payroll deductions or alternative contributions), will be converted to U.S. dollars at an exchange rate determined in the manner prescribed by the
Committee. Each such participant shall bear the risk of currency exchange fluctuations between the date on which contributions are converted to U.S. dollars and the day Shares are purchased pursuant to Paragraph 4.05 of the Plan. In no event shall
any exchange rate conversion cause the purchase price of any Share to fall below the price determined pursuant to Paragraph 4.03 of the Plan. 

 ARTICLE VIII. MERGERS AND OTHER SHARE ADJUSTMENTS 
  

	8.01	Mergers or Other Consolidations. In the event that the Company is a party to a sale of substantially all of its assets, a merger or consolidation, outstanding options to
purchase Shares under the Plan shall be subject to the agreement of sale, merger or consolidation. Such agreement, without the consent of any participant, may provide for: 

	 	(a)	the continuation of such outstanding options by the Company (if the Company is the surviving corporation); 

  

	 	(b)	the assumption of the Plan and such outstanding options by the surviving corporation or its parent; 

  

	 	(c)	the substitution by the surviving corporation or its parent of options with substantially the same terms for such outstanding options, including the substitution of shares of common
stock of the surviving corporation with such appropriate adjustments so as not to enlarge or diminish the rights of participants; 

  

	 	(d)	the cancellation of such outstanding options without payment of any consideration other than the return of contributions credited to participants’ Accounts, without interest;
or 

  

	 	(e)	the shortening of any Offering then in progress by setting a new last day of the Offering (the “New Purchase Date”). The New Purchase Date shall be before the date of the
proposed sale, merger or consolidation. Each participant will be notified in writing that the last day of the Offering has been changed to the New Purchase Date and that the applicable number of Shares will be purchased automatically on the New
Purchase Date, unless prior to such date the participant has withdrawn from the Plan as provided in Paragraph 6.01. 

  

	8.02	Adjustments to Shares or Options. In the event of a subdivision of the outstanding common stock, a declaration of a dividend payable in Shares, a declaration of an
extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the fair market value of the Shares, a combination or consolidation of the outstanding Shares into a lesser number of Shares, a recapitalization, a
spin-off, a reclassification or a similar occurrence, the Board shall make appropriate adjustments so as not to enlarge or diminish the rights of participants, in one or more of (i) the number of Shares available for purchase under the Plan,
(ii) the number of Shares subject to purchase under outstanding options, or (iii) the purchase price per Share under each outstanding option. 

 ARTICLE IX. AMENDMENT AND TERMINATION 
  

	9.01	Authority. The Board may at any time terminate or amend the Plan in any respect, including, but not limited to, terminating the Plan prior to the end of an Offering Period or
reducing the term of an Offering Period; provided, however, that the number of Shares subject to purchase under the Plan shall not be increased without approval of the Company’s shareholders. 

  

	9.02	Termination of the Plan. This Plan shall terminate at the earliest to occur of: 

  

	 	(a)	the tenth anniversary following shareholder approval of the Plan; 

  

	 	(b)	the date the Board acts to terminate the Plan in accordance with paragraph 9.01; and 

 (c) the date when the total number of Shares to be offered under this Plan, as set forth in Paragraph 4.01, have been purchased. 

	9.03	Distributions on Plan Termination. Upon termination of the Plan at the end of an Offering, Shares shall be issued to participants, and cash, if any, remaining in the Accounts
of the participants, shall be refunded to them. Upon termination of the Plan prior to the end of an Offering, all amounts not previously applied to the purchase of Shares shall be distributed to the participants, as if the Plan had terminated at the
end of an Offering. 

  

	9.04	Effect on Custodian. No amendments to the Plan which affects the responsibilities or duties of the Custodian shall be effective without the agreement and approval of the
Custodian. 

 ARTICLE X. MISCELLANEOUS 
  

	10.01	Joint Ownership. Shares may be registered in the name of the participant, or, if he or she so designates, in his or her name jointly with his or her spouse, with a right of
survivorship. 

  

	10.02	No Employment Rights. The Plan shall not be deemed to constitute a contract of employment between the Company and any participant, nor shall it interfere with the right of
the Company to terminate a participant and treat a participant without regard to the effect which such treatment might have upon you under the Plan. 

  

	10.03	Tax Withholding. The Company shall withhold from amounts to be paid to a participant as wages, any applicable Federal, state or local withholding or other taxes which it is
from time to time required by law to withhold. 

  

	10.04	Compliance with Laws. The Company may direct the Custodian to delay the issuance of any certificate in the name of any person or the delivery of Shares to any person if it
determines that listing, registration or qualification of such Shares upon any national securities market or exchange or under any law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or
in connection with, the sale or purchase of Shares under the Plan, until such listing, registration, qualification, consent or approval shall have been effected or obtained, or otherwise provided for, free of any conditions not acceptable to the
Company. 

  

	10.05	Governing Law. The Plan shall be governed by, and construed in accordance with, the laws of the State of Florida and without regard to the conflict of laws principles of such
state. 

 As adopted by the Board of Directors on March 22, 2002. 
 As amended by the Board of Directors on March 18, 2003, and August 5, 2004.

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