Document:

Exhibit

Exhibit 10.1
SHARE REPURCHASE AGREEMENT
THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is made and entered into as of this 2nd day of December, 2018, by and among Blackstone Capital Partners VI L.P. (“BCP VI”) and Blackstone Family Investment Partnership VI-ESC L.P. (“Blackstone Family” and, together with BCP VI, “Sellers” and each, a “Seller”) and Crocs, Inc. a Delaware corporation (the “Purchaser”). 
RECITALS
WHEREAS, BCP VI currently holds 198,503 shares of Series A Convertible Preferred Stock, par value $0.001 per share, of the Purchaser (the “Preferred Stock”) and Blackstone Family currently holds 497 shares of Preferred Stock.
WHEREAS, Sellers desire to sell to the Purchaser, and Purchaser desires to purchase from Sellers, 99,500 shares of “Preferred Stock, on the terms and conditions set forth in this Agreement (the “Repurchase Transaction”). 
WHEREAS, in connection with the closing of the Repurchase Transaction, (i) Sellers will receive a cash payment of $11,940,000 from Purchaser and (ii) Sellers will convert the remaining 99,500 shares of Preferred Stock that they own into 6,862,066  shares of common stock of Purchaser, par value $0.001 per share (the “Common Stock”), 6,844,929 shares of which will be issued to BCP VI and 17,137 shares of which will be issued to Blackstone Family, and a right to receive a cash payment of $34.75 from Purchaser in respect of fractional shares, on the terms and conditions set forth in this Agreement.
WHEREAS, after due consideration, the Board of Directors of the Purchaser (excluding those directors that were appointed by Sellers pursuant to the Investment Agreement, dated as of December 28, 2013 between BCP VI and Purchaser, as amended by that certain First Amendment to Investment Agreement, dated as of January 27, 2014 between BCP VI and Purchaser and that Second Amendment to Investment Agreement dated as of June 6, 2017 between BCP VI and Purchaser (the “Investment Agreement”)) have approved the Repurchase Transaction and related matters set forth in this Agreement. 
NOW, THEREFORE, in consideration of the premises and the agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
ARTICLE I  
SALE AND PURCHASE OF COMMON SHARES

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SECTION 1.1  Purchase. Subject to the terms and conditions of this Agreement, at the Closing (as defined below), Sellers shall sell, assign, transfer, convey and deliver to the Purchaser, and the Purchaser shall purchase, acquire and accept from Sellers, 99,500 shares of Preferred Stock (the “Purchased Shares”) for a purchase price of $182,805,471.54  (the “Purchase Price”), which purchase price shall be allocated as follows: $182,348,917.17 to BCP VI and $456,554.37 to Blackstone Family.  
SECTION 1.2  Conversion. Subject to the terms and conditions of this Agreement, at the Closing, (i) Sellers shall receive a cash payment of $11,940,000 from Purchaser (the “Additional Payment” and together with the Purchase Price, the “Consideration”), which Additional Payment shall be allocated as follows: $11,910,180 to BCP VI and $29,820 to Blackstone Family and (ii) the remaining 99,500 shares of Preferred Stock owned by Sellers (the “Converted Shares” and, together with the Purchased Shares, the “Shares”) will be irrevocably converted into 6,862,066 shares of Common Stock (the “Conversion”), 6,844,929 of which shall be issued to BCP VI and 17,137 of which shall be issued to Blackstone Family. For clarity, upon the Conversion and except as set forth in Section 1.3, no further amounts shall be payable in respect of the Converted Shares (including any accrued but unpaid dividends as of the time of Conversion).
SECTION 1.3  Additional Consideration. In addition to the Consideration, (i) BCP VI shall be entitled to receive $2,977,545.00 in respect of the 198,503 shares of the Preferred Stock held by BCP VI as of the date hereof and (ii) Blackstone Family shall be entitled to receive $7,455.00 in respect of the 497 shares of the Preferred Stock held by Blackstone Family as of the date hereof, that is, in each case, payable in cash on January 1, 2019.
SECTION 1.4  Lock-Up.  
(a)    Each Seller agrees that, (i) for a period (the “Lock-Up Period”) beginning on the Closing Date and ending on, and including, the date immediately prior to the first date (the “Lock-Up Release Date”) on which the Company’s trading window  opens following release of the Purchaser’s report on Form 10-Q to be filed with the Securities and Exchange Commission (“SEC”) for the quarterly period ended June 30, 2019 (but in any event, the Lock-UP Release Date shall be no later than August 12, 2019), such Seller will not, without the prior written consent of Purchaser, (A) sell, offer to sell, contract or agree to sell, make any short sale, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Exchange Act”) with respect to, any Common Stock issued upon the Conversion (the “Conversion Common Stock”), (B) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Conversion Common Stock or (C) publicly announce an intention to effect any transaction specified in clause 

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(A) or (B) (the foregoing (A), (B) and (C), collectively, the “Lock-Up Prohibited Actions”) and (ii) beginning on the Lock-Up Release Date, such Seller shall be permitted to take any Lock-Up Prohibited Action in respect of all of the shares of Conversion Common Stock held by such Seller and the restrictions set forth in this Section 1.4(a) will no longer be applicable to any of Sellers.  The foregoing sentence shall not apply to transfers, sales or other actions with respect to Conversion Common Stock (i) to another corporation, partnership or other business entity that, directly or indirectly, controls, is controlled by or is under common control with such Seller or to any other Permitted Transferee (as defined in the Investment Agreement), (ii) to any successor entity of such Seller, (iii) as part of a disposition, transfer or distribution without consideration by such Seller to its stockholders, members, limited or general partners or other equity holders, in each case of the foregoing clauses (i), (ii) and (iii), provided that any such transfer shall not involve a disposition for value, it shall be a condition of such transfer that each transferee, or distributee sign and deliver a lock-up agreement substantially in the form of this Section 1.4, (iv) as part of a sale, disposition or transfer of Common Stock pursuant to a bona fide third party tender offer for all or substantially all of the outstanding shares of Common Stock of the Purchaser, or exchange offer, merger, consolidation or other business combination, acquisition of assets or similar transaction or any change of control transaction involving the Purchaser or any subsidiary of Purchaser or (v) otherwise approved in writing by the Board of Directors of the Purchaser.
(b)    Each Seller agrees that all certificates representing the Conversion Common Stock will bear a legend substantially to the following effect:
“THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS.
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF DECEMBER 28, 2013, AS AMENDED, AND A REPURCHASE AGREEMENT, DATED DECEMBER __, 2018, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.”
(c)    For the avoidance of doubt, for purposes of Section 4.2(c) of the Investment Agreement, the parties agree that no shares of Preferred Stock shall be deemed to be outstanding as of the Closing.

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SECTION 1.5  Closing. The closing of the Repurchase Transaction (the “Closing”) will take place at the offices of Perkins Coie LLP, 1900 Sixteenth Street, Denver, Colorado 80202 on the 3rd business day following the date of this Agreement (the “Closing Date”). At the Closing, (0) Sellers shall deliver or cause to be delivered to Purchaser certificates representing the Purchased Shares and the Converted Shares, together with such endorsements and other transfer documents as may be reasonably requested by Purchaser or necessary to transfer to Purchaser right, title and interest in and to the Purchased Shares or to cancel the Converted Shares, (b) Purchaser shall pay to Sellers the Consideration in cash by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by Sellers to Purchaser and (c) each Seller will deliver to Purchaser a duly completed and executed conversion notice in the form provided by Purchaser.
ARTICLE 2    
REPRESENTATIONS AND WARRANTIES OF SELLERS
Sellers makes the following representations and warranties to the Purchaser: 
SECTION 2.1  Existence and Power. 
(a)    Each Seller has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. 
(b)    The execution and delivery of this Agreement by each Seller and the consummation by such Seller of the transactions contemplated hereby (i) do not require the consent, approval, authorization, order, registration or qualification of, or (except for filings pursuant to Section 16 or Regulation 13D under the Securities Exchange Act of 1934, as amended (the “Exchange Act Filings”)) filing with, any governmental authority or court, or body or arbitrator having jurisdiction over such Seller; and (ii) do not and will not constitute or result in a breach, violation or default under (x) any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, to which such Seller is a party or (y) such Seller’s organizational documents, or (z) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority or similar body applicable to such Seller, except in each case in this clause (ii) as would not materially adversely affect the ability of such Seller to consummate the transactions contemplated by this Agreement. 
SECTION 2.2  Valid and Enforceable Agreement; Authorization. This Agreement has been duly executed and delivered by each Seller and constitutes a legal, valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other 

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similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity. 
SECTION 2.3  Ownership of Shares. Sellers, collectively, are the sole record owner of the Shares and has good, valid and marketable title to the Shares, free and clear of all liens, encumbrances, equities or adverse claims.  Upon payment of the Purchase Price in accordance with this Agreement, good and valid title to the Purchased Shares, free and clear of all liens, encumbrances, equities or adverse claims, will pass to Purchaser.  
SECTION 2.4  Receipt of Information. Each Seller has received all the information it considers necessary or appropriate for deciding whether to consummate the Repurchase Transaction. Each Seller has had an opportunity to ask questions and receive answers from the Purchaser. Each Seller has had the opportunity to discuss with its tax advisors the consequences of the Repurchase Transaction. Each Seller has not received, nor is it relying on, any representations or warranties from Purchaser other than as provided herein, and Purchaser hereby disclaims any other express or implied representations or warranties with respect to itself.
ARTICLE 3    
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
Purchaser hereby makes the following representations and warranties to Sellers: 
SECTION 3.1  Existence and Power. 
(a)    Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. 
(b)    The execution and delivery of this Agreement by Purchaser and the consummation by Purchaser of the transactions contemplated hereby (i) does not require the consent, approval, authorization, order, registration or qualification of, or filing with, any governmental authority or court, or body or arbitrator having jurisdiction over Purchaser; and (ii) does not and will not constitute or result in a breach, violation or default under, any note, bond, mortgage, deed, indenture, lien, instrument, contract, agreement, lease or license, whether written or oral, express or implied, to which Purchaser is a party, with Purchaser’s certificate of incorporation, or any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority, arbitrator, mediator or similar body on the part of the Purchaser or cause the acceleration or termination of any obligation or right of the Purchaser or any other party thereto, except in each case in this 

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clause (ii) as would not materially adversely affect the ability of Purchaser to consummate the transactions contemplated by this Agreement. 
SECTION 3.2  Valid and Enforceable Agreement; Authorization. This Agreement has been duly executed and delivered by Purchaser and constitutes a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally and general principles of equity. 
SECTION 3.3  Sufficient Funds. Purchaser has as of the date hereof or will have as of the Closing Date access to fully committed funds sufficient to consummate the transactions contemplated by this Agreement.  
ARTICLE 4    
MISCELLANEOUS PROVISIONS
SECTION 4.1  Notice. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) with return receipt requested or sent by reputable overnight courier service (charges prepaid) to the address and to the attention of the person set forth in this Agreement. Notices will be deemed to have been given hereunder when delivered personally, three business days after deposit in the U.S. mail postage prepaid with return receipt requested and two business days after deposit postage prepaid with a reputable overnight courier service for delivery on the next business day. 
If delivered to the Purchaser, to: 

Crocs, Inc.
7477 East Dry Creek Parkway
Niwot, CO 80504
Attention: Daniel Hart 
Facsimile No: (303)-848-7010 

with a copy to: 

Perkins Coie LLP
1900 16th Street
Suite 1400
Denver, CO 80202
Attention: Jason Day 
Facsimile No: (303) 291-2462

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if to any Seller or Sellers, to: 

Blackstone Capital Partners VI, L.P.
c/o The Blackstone Group
345 Park Avenue
New York, NY 10154 
Attention: Prakash Melwani
Facsimile No: (212)-583-5596

with a copy to: 
Simpson Thacher & Bartlett LLP 
425 Lexington Ave
New York, New York 10017
Attention: Anthony F. Vernace 
Facsimile No: (212) 455-2502 
SECTION 4.2  Entire Agreement. This Agreement and the other documents and agreements executed in connection with the Repurchase Transaction and the Conversion embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any term sheets, emails or draft documents. 
SECTION 4.3  Assignment; Binding Agreement. This Agreement and the various rights and obligations arising hereunder shall inure to the benefit of and be binding upon the parties hereto and their successors and assigns. 
SECTION 4.4  Counterparts. This Agreement may be executed in multiple counterparts, and on separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereupon delivered by facsimile shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party. 
SECTION 4.5  Governing Law. This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of Delaware, without giving effect to principles of conflicts of laws. Each party hereto waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any action, suit or proceeding arising out of or relating to this Agreement or any transaction contemplated hereby. 
SECTION 4.6  No Third Party Beneficiaries or Other Rights. Nothing herein shall grant to or create in any person not a party hereto, or any such person’s dependents or heirs, any right to any 

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benefits hereunder, and no such party shall be entitled to sue any party to this Agreement with respect thereto. 
SECTION 4.7  Waiver; Consent. This Agreement and its terms may not be changed, amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto. 
SECTION 4.8  No Broker. Except as previously disclosed in writing to each other party, no party has engaged any third party as broker or finder or incurred or become obligated to pay any broker’s commission or finder’s fee in connection with the transactions contemplated by this Agreement. 
SECTION 4.9  Further Assurances. Each party hereto hereby agrees to execute and deliver, or cause to be executed and delivered, such other documents, instruments and agreements, and take such other actions consistent with the terms of this Agreement as may be reasonably necessary in order to accomplish the transactions contemplated by this Agreement. 
SECTION 4.10  Costs and Expenses. Each party hereto shall each pay their own respective costs and expenses, including, without limitation, any commission or finder’s fee to any broker or finder, incurred in connection with the negotiation, preparation, execution and performance of this Agreement. 
SECTION 4.11  Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
SECTION 4.12  Termination. This Agreement may be terminated and the Repurchase Transaction and Conversion abandoned at any time prior to the Closing Date by (i) mutual written consent of each party or (ii) by either party if the Closing Date has not occurred within 30 days after the date hereof.
SECTION 4.13  Public Announcements. Sellers, on the one hand, and the Purchaser, on the other hand, shall, to the extent feasible, consult with each other before issuing, and provide each other reasonable opportunity to review and comment upon, any press release or other public statements with respect to the Repurchase Transaction and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable law, court process or by obligations pursuant to any listing agreement with any national securities exchange or automated inter-dealer quotation system. Notwithstanding anything to the contrary herein, Sellers shall be permitted to make the Exchange Act Filings and the Purchaser shall be permitted to make the disclosures required in its filings pursuant to the Exchange Act, in each case without such review and consultation. 

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SECTION 4.14  Non-Recourse.   All claims or causes of action (whether based in contract, tort, fraud, strict liability, other laws or otherwise, at law or in equity) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties in the introduction to this Agreement (or their respective successors or assignees).  No person who is not a named party to this Agreement, including without limitation any past, present or future director, officer, employee, incorporator, member, partner, equityholder, affiliate, agent, attorney or representative of any named party to this Agreement, shall have any liability (whether in contract or in tort, in law or in equity, or based upon any theory that seeks to impose liability of an entity party against its owners or affiliates) for any obligations or liabilities arising under, in connection with or related to this Agreement or for any claim based on, in respect of, or by reason of this Agreement or its negotiation or execution.  The Purchaser (on behalf of itself, each other Purchaser Related Party and any of their respective successors, heirs or representatives) covenants and agrees that it shall not institute, and shall cause its representatives and affiliates not to bring, make or institute any action, claim, proceeding (whether based in contract, tort, fraud, strict liability, other laws or otherwise, at law or in equity) arising under or in connection with this Agreement or any of the transactions contemplated hereby or thereby against any of the Blackstone Related Parties and that none of the Blackstone Related Parties shall have any liability or obligations (whether based in contract, tort, fraud, strict liability, other Laws or otherwise) to the Purchaser or any other Purchaser Related Party or any of their respective successors, heirs or representatives (or any person claiming by, through or on behalf of the Purchaser or any other Purchaser Related Party) thereof arising out of or relating to this Agreement or any of the transactions contemplated hereby or thereby.  Without limiting the generality of the foregoing, to the maximum extent permitted under applicable law (and subject only to the specific contractual provisions of this Agreement), the Purchaser (on behalf of itself, each other Purchaser Related Party, any person claiming by, through or on behalf of the Purchaser or any other Purchaser Related Party, and any of their respective successors, heirs or representatives) hereby waives, releases and disclaims any and all rights in respect of any such actions, claims, proceedings, obligations and liabilities against the Blackstone Related Parties. For the purpose of this Section 4.14, (i) “Purchaser Related Party” shall mean the Purchaser and each of its former, current or future general or limited partners, parents, subsidiaries, divisions, affiliates, predecessors, successors and assigns, and their present and former directors, officers, members, employees, agents, attorneys, representatives, successors, beneficiaries, heirs and assigns and (ii) “Blackstone Related Party” shall mean each Seller, and any of their respective former, current, or future general or limited partners, stockholders, managers, members, directors, officers, affiliates, employees, agents, attorneys or other representatives, successors, beneficiaries, heirs and assigns.
SECTION 4.15  Tax Treatment. The parties agree that for U.S. federal (and applicable state and local) tax purposes the Consideration and the additional consideration payable pursuant to Section 1.3 will be treated as gain from a sale or exchange.

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(Signatures appear on the next page.)

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written. 
	
					
	 
	 
	 
	 

	 
	PURCHASER:

	 
	 

	 
	CROCS, INC.

	 
	 
	 

	 
	 

	By:
	 
	/s/ Anne Mehlman

	 
	 
	 
	 

	 
	Name: Anne Mehlman

	 
	Title: Executive Vice President and   Chief Financial Officer

	 
	 

142302146.1 

	
						
	 
	 
	 
	 

	 
	SELLERS:

	 
	 

	 
	BLACKSTONE CAPITAL PARTNERS VI, L.P.
By: Blackstone Management Associates VI L.L.C., its general partner
By: BMA VI L.L.C., its sole member

	 
	 
	 

	 
	 

	By:
	 
	/s/ Prakash Melwani

	 
	Name: Prakash Melwani

	 
	Title:   Sr. Managing Director

	 
	 
	 
	 

	 
	 

	 
	 

	 
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI-ESC L.P.
By: BCP VI Side-By-Side GP L.L.C., its general partner

	 
	 
	 

	 
	 

	By:
	 
	/s/ Prakash Melwani

	 
	Name: Prakash Melwani

	 
	Title: Sr. Managing Director

142302146.1Exhibit

Exhibit 10.2
SEVENTEENTH AMENDMENT TO 
AMENDED AND RESTATED CREDIT AGREEMENT
This Seventeenth Amendment to Amended and Restated Credit Agreement (the “Amendment”), is made this 2nd day of December, 2018 among CROCS, INC., a corporation organized under the laws of the State of Delaware (“Crocs”), CROCS RETAIL, LLC, a limited liability company organized under the laws of the State of Colorado (“Retail”), JIBBITZ, LLC, a limited liability company organized under the laws of the State of Colorado (“Jibbitz” together with Crocs, Retail and each other Person joined as a borrower from time to time to the Credit Agreement (as defined below), collectively “Borrowers” and each a “Borrower”), the Lenders who have executed this Amendment (the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as syndication agent, and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Administrative Agent”).  All capitalized terms used and not otherwise defined herein shall have the meaning ascribed thereto in the below-defined Credit Agreement, as amended hereby. 
BACKGROUND
A.    On December 16, 2011, Borrowers, Lenders and Administrative Agent entered into, inter alia, that certain Amended and Restated Credit Agreement (as same has been or may hereafter be amended, modified, renewed, extended, restated or supplemented from time to time, including without limitation as amended by that certain First Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of December 10, 2012, that certain Second Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of June 12, 2013, that certain Third Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of December 27, 2013, that certain Fourth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of March 27, 2014, that certain Fifth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of September 26, 2014, that certain Sixth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of April 2, 2015,  that certain Seventh Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of April 21, 2015, that certain Eighth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of September 1, 2015, that certain Ninth Amendment to Amended and Restated Credit Agreement by and among parties hereto dated as of November 3, 2015, that certain Tenth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of December 24, 2015, that certain Eleventh Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of February 18, 2016, that certain Twelfth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of June 13, 2016, that certain Thirteenth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of November 22, 2016, that certain Fourteenth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of October 13, 2017, that certain Fifteenth Amendment to Amended and Restated Credit Agreement by and among the parties hereto dated as of February 22, 2018 and that certain Sixteenth Amendment to Amended and Restated Credit Agreement by and among the parties 

hereto dated as of November 5, 2018, the “Credit Agreement”) to reflect certain financing arrangements among the parties thereto.  
B.    Borrowers have requested, and Administrative Agent and Lenders have agreed, to modify certain terms and provisions of the Credit Agreement, in each case, on the terms and subject to the conditions contained in this Amendment.
NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
Section 1.Amendments to Credit Agreement.  Upon the Effective Date (as defined below):
(m)    Definitions.   The following definitions contained in Section 1.2 of the Credit Agreement shall be amended and restated in their entirety as follows:
Applicable Commitment Fee Rate shall mean (a) if the Revolving Facility Usage is greater than fifty percent (50%) of the aggregate Revolving Commitments, an amount equal to one quarter of one percent (0.25%) and (b) if the Revolving Credit Usage is less than or equal to fifty percent (50%) of the aggregate Revolving Commitments, an amount equal to three eighths of one percent (0.375%).
Applicable Margin shall mean (a) from December 2, 2018 through and including the first Adjustment Date, (i) an amount equal to one and three quarters of one percent (1.75%) for Revolving Credit Loans accruing interest at the LIBOR Rate, and (ii) an amount equal to three quarters of one percent (0.75%) for Revolving Credit Loans accruing interest at the Base Rate and Swing Loans, and (b) effective as of the date on which the annual financial statements of the Loan Parties and related Compliance Certificate required under Section 8.3.2 hereof for the fiscal year ending December 31, 2018 are due to be delivered and thereafter on the date on which the annual or quarterly financial statements of the Loan Parties and related Compliance Certificate are required under Sections 8.3.1 or 8.3.2 hereof for each fiscal period thereafter, as applicable, are due to be delivered (each day on which such delivery is due, an “Adjustment Date”), the Applicable Margin for Revolving Credit Loans shall be adjusted, if necessary, to the applicable percent per annum set forth in the pricing table below corresponding to the Leverage Ratio as of the last day of the most recently completed fiscal quarter prior to the applicable Adjustment Date:

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	Leverage Ratio
	Applicable Margin for Base Rate and Swing Loans
	Applicable margin for LIBOR Rate Loans

	Less than 1.00 to 1.00
	—%
	1%

	Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00
	1%
	2%

	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00
	1%
	2%

	Greater than or equal to 2.00 to 1.00
	1%
	2%

If the Loan Parties shall fail to deliver the financial statements, certificates and/or other information required under Sections 8.3.1 or 8.3.2 hereof by the dates required pursuant to such sections, each Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above until the date of delivery of such financial statements, certificates and/or other information, at which time the Applicable Margin will be adjusted based upon the Leverage Ratio reflected in such financial statements and the applicable Compliance Certificate.  Any increase in interest rates payable by the Loan Parties under this Agreement and the Loan Documents pursuant to the provisions of the foregoing sentence shall be in addition to and independent of any increase in such interest rates resulting from the occurrence of any Event of Default and/or the effectiveness of the default rate provisions of Section 4.3 hereof.
If, as a result of any restatement of, or other adjustment to, the financial statements of the Loan Parties or for any other reason, Administrative Agent determines that (a) the Leverage Ratio as previously calculated as of any applicable date for any applicable period was inaccurate, and (b) a proper calculation of the Leverage Ratio for any such period would have resulted in a different Applicable Margin for such period, then (i) if the proper calculation of the Leverage Ratio would have resulted in a higher interest rate for such period, automatically and immediately without the necessity of any demand or notice by Administrative Agent or any other affirmative act of any party, the interest accrued on the applicable outstanding Revolving Credit Loans for such period under the provisions of this Agreement and the Loan Documents shall be deemed to be retroactively increased by, and the Loan Parties shall be obligated to immediately pay to Administrative Agent for the ratable benefit of Lenders an amount equal to the excess of the amount of interest that should have been paid for such period over the amount of interest actually paid for such period; and (ii) if the proper calculation of the Leverage Ratio would have resulted in a lower interest rate for such period, then the interest accrued on the applicable outstanding Revolving Credit Loans for such period under the provisions of this Agreement and the Loan Documents shall be deemed to remain unchanged, and Administrative Agent and Lenders shall have no obligation to repay 

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interest to the Loan Parties; provided, that, if as a result of any restatement or other event or other determination by Administrative Agent a proper calculation of the Leverage Ratio would have resulted in a higher interest rate for one or more periods and a lower interest rate for one or more other periods (due to the shifting of income or expenses from one period to another period or any other reason), then the amount payable by the Loan Parties pursuant to clause (i) above shall be based upon the excess, if any, of the amount of interest that should have been paid for all applicable periods over the amounts of interest actually paid for such periods.
Cash Dominion Period shall mean any period (a) commencing on the date that Revolver Availability is less than the greater of (i) $25,000,000 and (ii) ten percent (10%) of the aggregate Revolving Commitments, in each case for five consecutive days  and (b) ending on the first date thereafter on which (i) Revolver Availability is greater than the greater of (X) $25,000,000 and (Y) ten percent (10%) of the aggregate Revolving Commitments, and (ii) average Revolver Availability (measured for the 30 consecutive days then ending) has been equal to or greater than (X) $25,000,000 and (Y) ten percent (10%) of the aggregate Revolving Commitments.
Fixed Charge Coverage Ratio  shall mean, with respect to any fiscal period, the ratio of (a) Consolidated EBITDA, minus Unfunded Capital Expenditures made during such period, minus distributions (including tax distributions) and dividends made during such period (excluding any dividends or distributions paid in accordance with Sections 8.2.5(iii) and (iv) hereof), minus cash taxes paid during such period, in each case, of the Borrowers on a Consolidated Basis, to (b) all Fixed Charges made during such period.
(n)    Increase in Revolving Credit Commitments.  Section 2.10.1(iii) of the Credit Agreement shall be amended and restated in its entirety as follows:
(iii)    Aggregate Revolving Credit Commitments.  The aggregate increase of the Revolving Credit Commitments shall not exceed $50,000,000.
(o)    Dividends and Related Distributions.   Sections 8.2.5(iii) and (iv) of the Credit Agreement shall be amended and restated in their entirety as follows:
(iii)    purchases, redemptions or retirements of equity interests of any Borrower, in an amount not to exceed $250,000,000 in any fiscal year (excluding any purchases, redemptions or retirements of equity interests of Crocs pursuant to Section 8.2.5(iv) below) so long as (a) no Potential Default or Event of Default has occurred and is continuing or would occur, and (b) Borrowers’ Revolver Availability would be not less than $50,000,000, in each case, after giving effect to such purchase, redemption or retirement; provided that the aggregate amount of all such purchases, redemptions or retirements does not exceed $800,000,000 in the aggregate since January 1, 2014 

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(excluding any purchases, redemptions or retirements of equity interests of Crocs pursuant to Section 8.2.5(iv) below); 
(iv)    purchases, redemptions or retirements of equity interests of Crocs held by Blackstone Capital Partners VI L.P. or its Affiliates or permitted transferees, in an amount not to exceed $200,000,000 in the aggregate so long as no Potential Default or Event of Default has occurred and is continuing or would occur; and 
(p)    Capital Expenditures and Leases.  Section 8.2.13 of the Credit Agreement shall be amended and restated in its entirety as follows:
8.2.13    Capital Expenditures and Leases.  Each of the Loan Parties shall not, and shall not permit any of their Subsidiaries to, contract for, purchase or make any expenditure or commitments for Capital Expenditures in an aggregate amount for all Loan Parties in excess of $70,000,000 per fiscal year.
(q)    Maximum Leverage Ratio.   Section 8.2.15 of the Credit Agreement shall be amended and restated in its entirety as follows:
8.2.15    Maximum Leverage Ratio.  Cause to be maintained as of the last day of any fiscal quarter for which a Covenant Triggering Event has occurred, a Leverage Ratio of the Loan Parties of not more than the ratio set forth below opposite the applicable measurement date:
	
		
	Measurement Date
	Maximum Leverage Ratio

	December 31, 2018 and March 31, 2019
	3.00 to 1.00

	June 30, 2019
	2.75 to 1.00

	September 30, 2019 and the last day of each fiscal quarter thereafter
	2.50 to 1.00

(r)    Commitments of Lenders and Addresses for Notices.   Schedule 1.1(B) to the Credit Agreement shall be deleted in its entirety and replaced with Schedule 1.1(B) attached to this Amendment.
Section 2.    Acknowledgment of Guarantors.  With respect to the amendments to the Credit Agreement effected by this Amendment, each Guarantor signatory hereto hereby acknowledges and agrees to this Amendment and confirms and agrees that its Guaranty Agreement (as modified and supplemented in connection with this Amendment) and any other Loan Document to which it is a party is and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects except that, upon the effectiveness of, and on and after the date of this Amendment, 

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each reference in such Guaranty or Loan Document to the Credit Agreement, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended or modified by this Amendment.  Although Administrative Agent and the Consenting Lenders have informed the Guarantors of the matters set forth above, and the Guarantors have acknowledged the same, each Guarantor understands and agrees that neither Administrative Agent nor any Lender has any duty under the Credit Agreement, the Guaranty Agreements or any other Loan Document to so notify any Guarantor or to seek such an acknowledgement, and nothing contained herein is intended to or shall create such a duty as to any transaction hereafter.
Section 3.    Conditions Precedent.  This Amendment shall be effective upon satisfaction of the following conditions (the date of such satisfaction, the “Effective Date”):
(m)     Agent’s receipt of this Amendment fully executed by the Borrowers, the Guarantors, Administrative Agent and Lenders;
(n)    Administrative Agent shall have received a Revolving Credit Notes in favor of each Lender evidencing the increase of the Revolving Credit Commitments set forth herein; 
(o)     Administrative Agent and each Lender shall have received any information and/or documentation reasonably requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act; 
(p)    Administrative Agent shall have received an amendment fee of $200,000, to be allocated to each Lender pro rata based on the amount of the increase of such Lender’s Revolving Credit Commitment (or, with respect to any new Lender, the amount of such Lender’s new Revolving Credit Commitment) pursuant to this Amendment, which fee shall be fully earned and non-refundable upon execution of this Amendment by the Lenders; and
(q)    Administrative Agent shall have received a fee letter fully executed by the Borrowers. 
Section 4.    Representations and Warranties.  Each Loan Party:
(m)    reaffirms all representations and warranties made to Administrative Agent and Lenders under the Credit Agreement and all of the other Loan Documents and confirms that all are true and correct in all material respects as of the date hereof (except (i) to the extent any such representations and warranties specifically relate to a specific date, in which case such representations and warranties were true and correct in all material respects on and as of such other specific date, and (ii) to the extent any such representations and warranties are qualified by materiality, in which case such representations and warranties were true and correct in all respects);

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(n)    reaffirms all of the covenants contained in the Credit Agreement, covenants to abide thereby until satisfaction in full of the Obligations and termination of the Credit Agreement and the other Loan Documents;
(o)    represents and warrants to the Administrative Agent and the Lenders that no Potential Default or Event of Default has occurred and is continuing under any of the Loan Documents or will result from this Amendment; 
(p)    represents and warrants to the Administrative Agent and the Lenders that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were duly authorized by all necessary limited liability company or corporate action, as applicable, and that the officers executing this Amendment on its behalf were similarly authorized and empowered, and that this Amendment does not contravene any provisions of its certificate of incorporation or formation, operating agreement, bylaws, or other formation documents, as applicable, or of any contract or agreement to which it is a party or by which any of its properties are bound; and
(q)    represents and warrants to the Administrative Agent and the Lenders that this Amendment and all assignments, instruments, documents, and agreements executed and delivered in connection herewith, are valid, binding and enforceable in accordance with their respective terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally.
Section 5.    General Provisions.
(m)    Payment of Expenses.  Borrowers shall pay or reimburse Administrative Agent for its reasonable attorneys’ fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto.
(n)    Reaffirmation.  Except as modified by the terms hereof, all of the terms and conditions of the Credit Agreement, as amended, and all of the other Loan Documents are hereby reaffirmed by each Loan Party and shall continue in full force and effect as therein written.
(o)    Third Party Rights.  No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary.
(p)    Headings.  The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

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(q)    Modifications.  No modification hereof or any agreement referred to herein shall be binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought.
(r)    Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within the State of New York.
(s)    Counterparts.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission or PDF shall be deemed to be an original signature hereto.
Section 6.    Existing Revolving Credit Notes. Administrative Agent and Lenders shall, upon request from Borrowers, return the existing Revolving Credit Notes to Borrower or provide Borrower with a receipt of an affidavit of an officer of the Administrative Agent or applicable Lender and an indemnity related thereto as to the loss, theft, destruction or mutilation of such Revolving Credit Note in each case as reasonably acceptable to Borrowers
 (Signature Pages Follow)

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.
BORROWERS:
	
	
	CROCS, INC.

By:  /s/ Anne Mehlman___________________
Name:    Anne Mehlman
Title:    Executive Vice President and Chief    Financial Officer

	 

	CROCS RETAIL, LLC

By:  /s/ Anne Mehlman___________________
Name:    Anne Mehlman
Title:    Manager

	 

	 

	JIBBITZ, LLC

By:  /s/ Anne Mehlman___________________
Name:    Anne Mehlman
Title:    Manager

	 

	

GUARANTORS:

WESTERN BRANDS HOLDING COMPANY, LLC

By:  /s/ Anne Mehlman___________________
Name:    Anne Mehlman
Title:    Manager

 

	
	
	 

	PNC BANK, NATIONAL ASSOCIATION, 
as a Lender and as Administrative Agent

By:  /s/ Steve C. Roberts__________________
Name:  Steve C. Roberts
Title:  Senior Vice President

KEYBANK NATIONAL ASSOCIATION,   
as a Lender
 
By: /s/ Dru S. Chiesa_____________________ 
Name:  Dru S. Chiesa 
Title:  Senior Vice President

	
	
	HSBC BANK USA, N.A.,   
as a Lender
 
By: /s/ Zhiyan Zeng_______________________ 
Name:  Zhiyan Zeng 
Title:  Vice President

BANK OF AMERICA, N.A. 
as a Lender
 
By: /s/ John Sletten______________________ 
Name:  John Sletten 
Title:  Vice President

SCHEDULE 1.1(B)
COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
Page 1 of 2
Part 1 - Commitments of Lenders and Addresses for Notices to Lenders
	
					
	Lender
	Amount of Commitment for Revolving Credit Loans
	 
 
 
Commitment
	 
 
 
Ratable Share

	PNC Bank, National Association 
350 South Grand Avenue, Suite 3850
Los Angeles, CA 90071 
Attention: Steve Roberts
Telephone: 626-432-6128 
Facsimile: 626-432-4589
	$95,000,000
	$95,000,000
	38%

	KeyBank National Association
	 
	 
	 

	Commercial Banking
1675 Broadway, Suite 300
Denver, CO 80202
Attention: Dru Steinly-Chiesa
	 
	 
	 

	Facsimile: 720-904-4515 
Telephone: 720-904-4509
	$65,000,000
	$65,000,000
	26
	%

	

Bank of America, N.A.
370 Seventeenth Street, Suite 5195 
Denver, CO  80202 
Attn:  John Sletten  
Telephone:  303-825-7588
Fax:  206-585-9043

	

$50,000,000

$40,000,000

	

$50,000,000

$40,000,000

	

                    
20%

16%

	

	

TOTAL
	$250,000,000
	$250,000,000
	100
	%

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SCHEDULE 1.1(B)
COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
Page 2 of 2 
Part 2 - Addresses for Notices to Administrative Agent, Borrower and Guarantors:
ADMINISTRATIVE AGENT
PNC Bank, National Association 
350 South Grand Avenue, Suite 3850
Los Angeles, CA 90071 
Attention: Steve Roberts 
Telephone:    626-432-6128 
Telecopy:    626-432-4589
With a Copy To: 
Agency Services, PNC Bank, National Association 
Mail Stop: P7-PFSC-04-I 
Address: 500 First Avenue 
Pittsburgh, PA 15219 
Attention:    Agency Services 
Telephone:    412-762-6442 
Telecopy:    412-762-8672
BORROWER:
Crocs, Inc. 
7477 East Dry Creek Parkway
Niwot, CO 80503 
Attention:  William Plon
Telephone:    303-848-7461 
Email:    WPlon@Crocs.com    
With a copy to:
Perkins Coie LLP 
1900 Sixteenth Street, Suite 1400 
Denver, CO 80202 
Attention:  Jason Day 
Telephone: (303) 291-2362 
Facsimile:  (303) 291-2400

    

SCHEDULE 1.1(B) -

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