Document:

Exhibit 10.57

 

AMENDMENT

TO THE

EMPLOYMENT AGREEMENT

 

This
Amendment to the Employment Agreement is made as of December 15, 2009 by
and among FGX International Inc., a Delaware corporation (the “Company”) and Robert
Grow, a resident of the State of Rhode Island (the “Executive”).

 

WHEREAS,
the Company and the Executive are parties to a certain Employment Agreement
dated as of November 6, 2009 (the “Agreement”); and

 

WHEREAS,
pursuant to and in accordance with Section 13 of the Agreement, the
Company and the Executive desire to amend the Agreement in order to provide for
compliance with Section 409A of the Internal Revenue Code of 1986, as
amended.

 

NOW,
THEREFORE, in consideration of the foregoing promises and agreements contained
herein, and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company and the Executive agree as follows:

 

1.             Section 1 of the Agreement is
restated in its entirety to read as follows:

 

The term of Executive’s Employment by the Company pursuant to this
Agreement (the “Employment Period”) shall commence
on the date hereof (the “Effective Date”)
and shall continue until terminated as provided herein; provided, however, that
if a Change in Control shall have occurred during the Employment Period, the
Employment Period shall expire no earlier than twenty-four (24) months beyond
the month in which such Change in Control occurred.  For purposes of this Agreement, “Termination
Date” means the date on which the Employment Period ends.

 

2.             Section 6.c.i is amended in
its entirety to read as follows:

 

i.  If the Company terminates Executive’s
employment without Cause, or if Executive terminates his employment pursuant to
Section 6(b) hereof, then, subject to Section 8, the Company
shall provide Executive with a severance package for 18 months, commencing on
the first business day of the third month following the effective date of such termination,
which shall consist of the following:  (x) payment
on the first business day of the month of an amount equal to one-twelfth of
Executive’s then current Salary under Section 3(a) hereof; (y) payment
on the first business day of each month of an amount equal to one-twelfth of
Executive’s Annual Target Bonus Amount (as defined in Section 3(b) above)
for the year of termination, provided, however, that the first payment to be
made under clauses (x) and (y) of this Section 6(c)(i) shall
be an amount equal to three-twelfths of such Salary and Annual Target Bonus
amounts; and (z) 

 

1

 

continuation of all benefits under Section 4(a) hereof at the
same cost to Executive as is applicable to active employees of the Company
(with the Executive being entitled to reimbursement by the Company of any
amounts paid by the Executive due to the delay in the commencement of such
benefit pursuant to this sentence); provided, however, that benefits under Section 4(a) shall
be discontinued as of the date on which Executive is provided comparable
benefits from any other source.  Notwithstanding
anything herein to the contrary, each severance payment shall be deemed to be a
separate payment within the meaning of Section 409A of the Code and the
regulations thereunder.

 

3.             Section 6.c.ii of the
Agreement is amended in its entirety to read as follows:

 

Notwithstanding any other provision of this Agreement to the contrary, as
a condition precedent to receiving any severance payment Executive shall
execute, not later than forty-five (45) days following (and not prior to) the
effective date of such termination of employment, a general release of any and
all claims which Executive or his heirs, executors, agents or assigns might
have against the Company, its subsidiaries, affiliates, successors, assigns and
its past, present and future executives, officers, directors, agents and
attorneys, except for claims arising under this agreement or any benefit plan
in which Executive is a participant (other than any such plan providing a
benefit in the nature of a severance benefit) or for any right to indemnification
to which Executive may be entitled as an officer and director of the Company.

 

4.             The
first sentence of Section 6.c.iv of the Agreement is restated in its
entirety to read as follows:

 

Anything in this Agreement to the contrary notwithstanding, in the
event it shall be determined that any payment or distribution by the Company to
or for the benefit of the Executive, whether paid or payable or distributed or
distributable pursuant to the terms of this agreement or otherwise (a “Payment”) would constitute an “excess parachute payment”
within the meaning of Section 280G(b) of the Code, and thus would
result in the Executive incurring an excise tax under Section 4999 of the
code, then amounts payable or distributable to or for the benefit of the Executive
pursuant to this Agreement (such payments or distributions pursuant to this
Agreement are hereinafter referred to as “Agreement Payments”)
shall be reduced to the Reduced Amount, but only if and to the extent that the
after-tax value to the Executive of reduced Agreement Payments would exceed the
after-tax value to the Executive of the Agreement Payments received by the
Executive without application of such reduction; provided, that such
reduction shall occur in the following order: 
(1) cash payments subject to Section 409A of the Code; (2) cash
payments not subject to Section 409A of the Code; and (3) non-cash
forms of benefits; and provided, further, that to the extent any
payment to be reduced 

 

2

 

pursuant to this sentence is to be made over time (e.g., in
installments, etc.), then such payments shall be reduced in reverse
chronological order.

 

5.             The first two sentences of Section 8.a
of the Agreement are restated in their entirety to read as follows:

 

If Executive’s employment is terminated by the Company without Cause or
by the Executive for Good Reason within six (6) months before and in
anticipation of, or twenty-four (24) months after, a Change in Control (as
defined in Paragraph (b) of this Section 8), Executive shall be
entitled to receive a supplemental bonus payment (the “Change in
Control Payment”) from the Company equal to one and one-half (1.5)
times the sum of (x) the Executive’s then current Base Salary plus (y) Executive’s
Annual Target Bonus Amount (as defined in Section 3(b) above) for the
year in which Executive’s employment is terminated or, if greater, for the year
in which the Change in Control occurs.  The
Change in Control Payment shall be paid to Executive within fifteen (15) days
after: (i) the Change in Control if Executive’s employment was terminated
within six (6) months before the Change in Control; or (ii) the
termination of Executive’s employment by the Company if Executive’s employment
terminates within twenty-four (24) months after the Change in Control.

 

6.             The following is added as a new
final sentence of Section 8.a of the Agreement:

 

Notwithstanding any other provision of this Agreement, in the event
that the event constituting a Change in Control is not a “change in control
event” within the meaning of Section 409A of the Code:  (1) an amount equal to the excess, if
any, of (x) the Change in Control Payment over (y) the aggregate
amount that would have been paid to the Executive under clauses (x) and (y) of
Section 6(c)(i) hereof if such termination had occurred absent a
Change in Control, shall be paid to the Executive as provided in the second
sentence of this Section 8(a); and (2) the remaining amount of the Change
in Control Payment shall be paid in accordance with Section 6.c.i.

 

7.             Except as expressly provided
herein, no other modifications or amendments to the Agreement are being made
and, with the exception of the amendment set forth herein, the terms and
conditions of the Agreement are hereby ratified and confirmed.

 

3

 

IN WITNESS WHEREOF, the parties have executed this
Amendment as of the date first written above.

 

 

	
   

  	
  FGX INTERNATIONAL INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ ALEC TAYLOR

  
	
   

  	
  By: Alec Taylor

  
	
   

  	
  Title: Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ ROBERT GROW

  
	
   

  	
  Robert Grow

  

 

4Exhibit 10.58

 

December 22,
2009

 

FGX International Inc.

	
  500 George Washington Highway

  
	
  Smithfield, Rhode Island 02917

  
	
  Attention:

  	
  Anthony
  Di Paola

  
	
   

  	
  Chief
  Financial Officer

  

 

Ladies and Gentlemen:

 

We refer to that certain Revolving Credit and
Term Loan Agreement, dated as of December 19, 2007 (as amended or modified
from time to time, the “Credit Agreement”), among FGX International Holdings
Limited, a British Virgin Islands business company, FGX International Limited,
a British Virgin Islands business company, FGX International Inc., a Delaware
corporation, SunTrust Bank, as Administrative Agent and the lenders from time
to time parties thereto.  Capitalized
terms used herein and not defined herein have the meanings assigned to them in
the Credit Agreement.

 

Pursuant to that certain Stock Purchase and Sale Agreement, dated as of
October 28, 2009, by and among Borrower, Corinne McCormack, Inc. (“CMI”),
eye-bar inc. (“eye-bar”) and Corinne McCormack, as shareholder, Borrower
acquired all of the issued and outstanding shares of CMI and eye-bar, and each
of CMI and eye-bar have become a Domestic Subsidiary of the Borrower.  Section 5.10(a)(y)(iii) of the
Credit Agreement requires, among other things, that within thirty (30) days
after any Person becomes a Domestic Subsidiary, Borrower shall cause such
Person to grant Liens in favor of Administrative Agent in all of such Person’s
leasehold interests in Real Estate (the “Leasehold Mortgage Requirement”).  Pursuant to that certain letter agreement,
dated as of November 25, 2009, we agreed, at your request, to extend the
date by which the Borrower and CMI must comply with the Leasehold Mortgage
Requirement for CMI’s leasehold interest in the premises located at 7 West 36th Street, 9th Floor, New
York, NY 10018 (the “CMI Leasehold Mortgage Requirement”).  As of the date hereof, the CMI Leasehold
Mortgage Requirement has not been fulfilled and you have requested that we
further extend the date for compliance.

 

Per your request, we agree to extend the date by which the Borrower and
CMI must comply with the CMI Leasehold Mortgage Requirement until March 31,
2010 (or such other date, which shall be
no later than May 14, 2010, as the Administrative Agent may determine in
its sole discretion); provided, that the foregoing extension is
conditioned upon, and shall not become effective until, receipt by the
Administrative Agent of (a) executed counterparts to this letter agreement
(this “Second Extension”) from the Borrower, each Guarantor and the Required
Lenders and (b) reimbursement or payment of its fees, costs and expenses
(including, without limitation, all reasonable fees, charges and disbursements
of King & Spalding LLP (US counsel to the Administrative Agent),
Lakatos, Köves and Partners Ügyvédi Iroda (Hungarian counsel to the Administrative Agent) and Ganado &
Associates (Maltese counsel to the Administrative Agent)) incurred in
connection with, or related to, (i) the joinder of Quantum Direct LLC, CMI
and eye-bar as Loan Parties, (ii) the authorization and release of certain
jewelry business assets in connection with the July 23rd, 2009 sale of the
same, (iii) the contemplated First Amendment to Revolving Credit and Term
Loan Agreement and related Hungarian and Maltese security documents and
opinions and (iv) this Second Extension.

 

To induce the Administrative Agent and the Lenders to execute and
deliver this Second Extension, by signing below, (i) the Borrower consents
to the terms of this Second Extension and 

 

 

represents and warrants that no Default or Event of Default has
occurred and is continuing and the representations and warranties of the Loan
Parties set forth in the Loan Documents are true and correct in all material
respects except to the extent such representations and warranties relate solely
to an earlier date, and (ii) each Guarantor consents to the terms of this
Second Extension and ratifies the terms of the Guaranty and Security Agreement
with respect to the indebtedness now or hereafter outstanding under the Credit
Agreement as amended hereby.

 

Except as expressly set forth herein, this Second Extension shall not
be deemed to waive, amend or modify any other provision of the Loan Documents
or any other agreement between you and us, and shall not serve as a consent,
waiver or amendment to any other matter prohibited by the terms and conditions
of the Loan Documents.  This Second
Extension may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one
and the same instrument.   This Second
Extension shall constitute a Loan Document.

 

THIS SECOND EXTENSION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW
(WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF) OF THE STATE
OF NEW YORK.

 

(Remainder of this page intentionally left blank.)

 

2

 

Please countersign below to evidence your acknowledgment and agreement
to the terms of this Second Extension.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  SUNTRUST BANK, individually and as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL VEGH

  
	
   

  	
  Name:

  	
  Michael Vegh

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  RAYMOND
  JAMES BANK, FSB, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ THOMAS F. MACINA

  
	
   

  	
  Name:

  	
  Thomas F. Macina

  
	
   

  	
  Title:

  	
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  TD
  BANK, N.A., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBYN ZELLER

  
	
   

  	
  Name:

  	
  Robyn Zeller

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, NA, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RICHARD MACDONALD

  
	
   

  	
  Name:

  	
  Richard MacDonald

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BRANCH
  BANKING AND TRUST COMPANY, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ ROBERTS A. BASS

  
	
   

  	
  Name:

  	
  Roberts A. Bass

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BROWN
  BROTHERS HARRIMAN & CO., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ BARBARA R. FLIGHT

  
	
   

  	
  Name:

  	
  Barbara R. Flight

  
	
   

  	
  Title:

  	
  SVP

  
	
   

  	
   

  	
   

  
	
   

  	
  COMMERCE
  BANK, N.A., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

Second
Extension

 

 

	
   

  	
  ALLIED
  IRISH BANKS, p.l.c., as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DES BRENNAN

  
	
   

  	
  Name:

  	
  Des Brennan

  
	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ NORBERT GALLIGAN

  
	
   

  	
  Name:

  	
  Norbert Galligan

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  On
  behalf of AIB Debt Management Limited, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DES BRENNAN

  
	
   

  	
  Name:

  	
  Des Brennan

  
	
   

  	
  Title:

  	
  Assistant Vice President

  
	
   

  	
   

  	
  Investment Advisor to

  
	
   

  	
   

  	
  AIB Debt Management, Limited

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ NORBERT GALLIGAN

  
	
   

  	
  Name:

  	
  Norbert Galligan

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
  Investment Advisor to

  
	
   

  	
   

  	
  AIB Debt Management, Limited

  

 

Second
Extension

 

 

Acknowledged
and agreed:

 

	
   

  	
  FGX
  INTERNATIONAL INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO, Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FGX
  INTERNATIONAL HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO, Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FGX
  INTERNATIONAL LIMITED

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO, Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  QUANTUM
  OPTICS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO, Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIOPTICS
  MEDICAL PRODUCTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO, Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  QUANTUM
  DIRECT LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  Treasurer and CFO

  

 

Second
Extension

 

 

	
   

  	
  CORINNE
  MCCORMACK, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EYE-BAR
  INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ANTHONY DI PAOLA

  
	
   

  	
   

  	
  Name:
  Anthony Di Paola

  
	
   

  	
   

  	
  Title:
  EVP, CFO and Treasurer

  

 

Second
Extension

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]