Document:

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                                                                    Exhibit 10.2

                              EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT (this "Agreement"), effective as of June 15, 2001,
(the "Effective Date"), by and between SAMSONITE CORPORATION, a Delaware
corporation (the "Company"), and RICHARD H. WILEY, a resident of Colorado (the
"Executive").

                              W I T N E S S E T H:

     WHEREAS, the Company desires to retain the services of the Executive and to
enter into this Agreement as of the Effective Date.

     WHEREAS, the Executive is willing to serve the Company on the terms and
conditions herein provided.

     NOW, THEREFORE, in consideration of the foregoing and of the premises and
covenants herein contained, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1.   EMPLOYMENT

          The Company agrees to employ the Executive and the Executive agrees to
serve the Company on the terms and conditions set forth herein.

     2.   TERM

          The term of this Agreement (the "Term") shall begin on February 1,
2001 and shall continue for successive one-year periods (each a "Contact Year")
ending on January 31, 2002 and January 31 of each year thereafter; provided that
the Term shall end on the last day of a Contract Year if the Company gives the
Executive written notice of its intention not to extend this Agreement (a
"Non-Renewal Notice") no less than six (6) months prior to the end of such
Contract Year. The Executive's employment hereunder shall terminate at the end
of the Term, unless sooner terminated pursuant to Section 5.

     3.   POSITION AND DUTIES

          (a)  The Executive shall serve as a Senior Vice President and Chief
Financial Officer of the Company, shall report to the Chief Executive Officer of
the Company (the "CEO") and shall perform the duties and services prescribed
herein and as may be prescribed from time to time by the CEO and/or the Board of
Directors of the Company or any duly authorized committee thereof (the "Board").
The Executive shall perform such duties to the best of his ability and in a
diligent and proper manner.

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          (b)  Except during customary vacation periods and periods of illness,
the Executive shall, during his employment hereunder, devote his full business
time and attention to the performance of services for the Company, and as
determined by the Board.

          (c)  Nothing in this Agreement shall affect the Executive's duty of
loyalty and duty of care to the Company and its subsidiaries as provided under
applicable state laws.

          (d)  If the Company has a committee of senior executives to oversee
the Company's operations, then the Company shall cause the Executive to be a
member of such committee.

     4.   COMPENSATION AND RELATED MATTERS

          (a)  SALARY. During the period of the Executive's employment
hereunder, the Company shall pay to the Executive a salary ("Base Salary") in
equal installments in accordance with normal payroll practices of the Company
but not less frequently than monthly. Effective February 1, 2001, the Base
Salary shall be payable at the rate of $300,000 per annum. The payments of Base
Salary hereunder shall not in any way limit or reduce any other obligation of
the Company hereunder, and no other compensation, benefit or payment hereunder
shall in any way limit or reduce the obligation of the Company to pay the
Executive's Base Salary hereunder. The Board, at any time and from time to time,
may increase (but not reduce) the Base Salary payable under this Agreement, and
increase in the Base Salary shall become effective at the time indicated by the
Board without the need for an amendment to this Agreement.

          (b)  EXPENSES. The Executive shall be entitled to receive prompt
reimbursement from the Company of all reasonable expenses incurred by the
Executive in performing services hereunder, including all expenses of travel and
living expenses while away from home on business or at the request of and in the
service of the Company, in accordance with the policies and procedures
established by the Company from time to time. If the Executive relocates his
principal residence at the request of the Company, the Company shall reimburse
the Executive for the expenses of such relocation to the extent provided in the
Company's corporate relocation policy as in effect on October 14, 1996. The
Executive shall furnish the Company with evidence that all such expenses covered
by this Section 4(b) were incurred as the Company may from time to time
reasonably request.

          (c)  OTHER BENEFITS. The Executive shall be entitled to participate in
all of the Company's employee pension plans, welfare benefit plans, tax-deferred
savings plans, or other benefit arrangements (including any insurance or trust
arrangements maintained generally for the benefit of the Company's directors and
officers) and in which the senior executives of the Company who receive
equity-based compensation are entitled to participate (collectively, the
"Company Plans"), on the same basis as other senior executives of the Company
residing in the United States who receive equity-based compensation, and shall
be provided, without limitation, with the use of a Company provided automobile
in accordance

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with the Company's current policy for executive officers. Without limiting the
generality of the foregoing, the Executive shall be entitled to participate in
any supplemental executive retirement plan or excess benefit plan (a "SERP")
that the Company may maintain from time to time for the benefit of its senior
executive officers on the same terms and conditions as are applicable to other
senior executive officers of the Company residing in the United States who
receive equity-based compensation, provided that the amount of compensation with
respect to which benefits are determined under such plan shall be limited as
determined by the Board. The Company and the Executive agree that nothing in
this Agreement shall preclude the Company from amending or terminating any such
employee benefit plan, policy or practice, whether now or hereinafter in effect.

          (d)  INCENTIVE BONUS. The Executive shall be eligible to receive an
annual incentive bonus (the "Incentive Bonus") in respect of each fiscal year of
the Company that ends during the Term (each, a "Reference Year"), subject to the
provisions of Section 6. For each Reference Year ending after January 31, 2001,
the Incentive Bonus shall consist of two parts, an EBITDA Target Bonus
(comprising 75% of the Incentive Bonus) and an Individual Performance Bonus
(comprising 25% of the Incentive Bonus), both of which shall be calculated as a
percentage of annual Base Salary, as set forth below. It is contemplated that
the Executive's Incentive Bonus for the relevant Reference Year will equal 50%
of the Executive's annual Base Salary, if 100% of the targeted EBITDA and 100%
of the targeted individual performance are achieved.

          (i)  The EBITDA Target Bonus is intended to reflect an assessment of
     the financial performance of the Company on a consolidated basis. The
     Board, in consultation with the CEO, shall determine the EBITDA target for
     each Reference Year (the "Annual EBITDA Target"), promptly after the
     business plan for such Reference Year is presented to, and approved by, the
     Board (such business plan, the "Business Plan"). The Executive shall be
     informed of the Annual EBITDA Target promptly after it is determined by the
     Board. It is understood that the Annual EBITDA Target for the relevant
     Reference Year will be based on the Business Plan for such Reference Year,
     and will represent a realistic and achievable forecast that is not intended
     to be unduly conservative or aggressive. Notwithstanding the foregoing, the
     Annual EBITDA Target for the relevant Reference Year shall include the
     EBITDA of the Company's non-U.S. operations at the exchange rate specified
     in the Business Plan for such Reference Year, and shall eliminate the
     effect of any realized or unrealized hedging gains and/or losses reflected
     in the Business Plan. The Board shall have the right, acting unilaterally
     and in good faith, to adjust any Annual EBITDA Target upon the occurrence
     of any acquisition, disposition or other significant event, that was not
     contemplated at the time that such target was determined. "EBITDA" means,
     for the relevant Reference Year, the Company's consolidated operating
     earnings, plus depreciation and amortization (as reflected in the Company's
     audited financial statements), adjusted so that it is calculated on the
     same basis as the Annual EBITDA Target for such Reference Year (including,
     without limitation, the exchange rate calculation referred to above);
     provided that EBITDA shall exclude extraordinary

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     gains and/or losses and gains and/or losses from the sale of assets outside
     of the ordinary course of business, unless such gains and/or losses were
     reflected in the Business Plan. The "EBITDA Attainment Percentage" means,
     for the relevant Reference Year, the quotient obtained by dividing EBITDA
     by the Annual EBITDA Target.

          (ii) The EBITDA Target Bonus for the relevant Reference Year shall be
     that percentage of the Executive's annual Base Salary set forth in the
     right-hand column of the following table directly opposite the EBITDA
     Attainment Percentage set forth in the left-hand column of said table.
     "ABS" refers to the Executive's Base Salary actually paid or payable during
     the Reference Year for which the Incentive Bonus is being calculated.

<Table>
<Caption>
             EBITDA Attainment %             % of ABS
<S>                                          <C>
                Less than 90                     0
                     90                        9.38
                     91                       12.19
                     92                       15.00
                     93                       17.81
                     94                       20.63
                     95                       23.44
                     96                       26.25
                     97                       29.06
                     98                       31.88
                     99                       34.69
                    100                       37.50
                    101                       38.06
                    102                       38.63
                    103                       39.19
                    104                       39.75
                    105                       40.31
                    106                       40.88
                    107                       41.44
                    108                       42.00
                    109                       42.56
                    110                       43.13
                    111                       44.44
                    112                       45.75
                    113                       47.06
                    114                       48.38
                    115                       49.69
</Table>

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<Table>
<S>                                          <C>
                    116                       51.00
                    117                       52.31
                    118                       53.63
                    119                       54.94
                    120                       56.25
             Greater than 120                 56.25
</Table>

          If the calculation of an EBITDA Attainment Percentage results in a
     whole percentage number plus a fraction, then the EBITDA Attainment
     Percentage shall be rounded up to the next whole percentage number shown in
     the foregoing tables if that fraction is .50 or greater and down to the
     next whole percentage number shown in the foregoing tables is that fraction
     is .49 or less.

          (iii) The Individual Performance Bonus is intended to reflect an
     assessment of the Executive's individual job performance in the areas of
     the business for which the Executive has significant management
     responsibility. The Board, in consultation with the CEO, shall identify any
     specific financial and non-financial goals on which the Executive's
     performance will be judged (in addition to overall job performance, as
     described above) for the Reference Year, and the Executive shall be
     informed of such specific goals no later than the time that he is informed
     of the Annual EBITDA Target for such Reference Year. The Board, in
     consultation with the CEO, shall determine the amount of the Executive's
     Individual Performance Bonus for each Reference Year, based on the extent
     to which, in the good faith judgment of the Board, the Executive has
     succeeded in achieving (or exceeding) the level of performance reasonably
     expected by the Board to be achieved by the Company's senior executives
     (such level, including specific goals for the relevant Reference Year, if
     any, the "Annual Performance Target"); provided that the Individual
     Performance Bonus shall be (x) 0, if the Executive achieves less than 90%
     of the Annual Performance Target, (y) 12.50% of ABS, if the Executive
     achieves 100% of the Annual Performance Target and (z) up to 18.75% of ABS,
     if the Executive substantially exceeds the Annual Performance Target. It is
     understood that the Company expects a high level of commitment and
     performance from its senior executives, and the Executive acknowledges that
     the assessment of the Executive's performance is likely to depend on
     subjective judgments by the Board, in consultation with the CEO. The
     Executive agrees that the determination by the Board with respect to the
     Executive's Individual Performance Bonus shall be conclusive for all
     purposes, so long as such determination shall be made in good faith.

          (iv) Each Incentive Bonus (including the EBITDA Target Bonus and the
     Individual Performance Bonus) shall be paid not more than 30 days after a
     determination by the Board that the applicable performance goals have been
     met, and such determination shall be made not later than 10 days following
     the filing of a Form 10-K for the Company, or if the Company is not
     required to file a Form 10-K, not later

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     than 10 days following the date upon which the Company's audited financial
     statements first become available.

          (e)  VACATIONS. The Executive shall be entitled to the number of paid
vacation days in each calendar year determined in accordance with the Company's
vacation policy as in effect immediately prior to the execution of this
Agreement.

          (f)  SERVICES FURNISHED. The Company shall furnish the Executive with
office space, secretarial assistance and such other facilities and services as
shall be suitable to the Executive's position and adequate for the performance
of his duties hereunder.

     5.   TERMINATION

     The Executive's employment hereunder may be terminated under the following
circumstances:

          (a)  DEATH. The Executive's employment hereunder shall terminate upon
his death.

          (b)  DISABILITY. If the Board determines in good faith, based on
medical evidence acceptable to it, that the Executive has become physically or
mentally disabled or incapacitated during his employment hereunder for a
continuous period of ninety (90) days to such an extent that he shall be unable
to perform his duties hereunder then, notwithstanding the provisions of Section
2, the Company may, after the expiration of said ninety (90) day period and
during the continuance of such disability or incapacity, give to the Executive a
Notice of Termination (as defined in Section 5(e) hereof) of the Executive's
employment hereunder and such employment shall terminate on the date provided in
Section 5(f) hereof.

          (c)  TERMINATION BY THE COMPANY. The Company may terminate the
Executive's employment hereunder at any time with or without Cause. For purposes
of this Agreement, the Company shall have "Cause" to terminate the Executive's
employment hereunder upon (A) the engaging by the Executive in willful
misconduct that is materially injurious to the Company, (B) the embezzlement or
misappropriation of funds or property of the Company by the Executive or the
conviction of the Executive of a felony or the entrance of a plea of guilty by
the Executive to a felony or (C) the failure or refusal by the Executive to
devote his full business time and attention (as described in Section 3(b) of
this Agreement) to the performance of his duties and responsibilities hereunder
or any other breach by the Executive of this Agreement in any material respect
if such breach has not been cured by the Executive within thirty (30) days after
the Preliminary Notice (as defined below) has been given to the Executive. For
purposes of this paragraph, no act, or failure to act, on the Executive's part
shall be considered "willful" unless done, or omitted to be done, by him not in
good faith and without reasonable belief that his action or omission was in the
best interest of the Company. The Executive shall not be deemed to have been
terminated for Cause, unless the Company shall have given the Executive (i)
notice (the "Preliminary Notice")

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setting forth, in reasonable detail the facts and circumstances claimed to
provide a basis for termination for Cause, (ii) a reasonable opportunity for the
Executive, together with his counsel, to be heard before the Board and (iii) a
Notice of Termination stating that, in the good faith judgment of the Board, the
Executive was guilty of conduct set forth in clauses (A), (B) or (C) above, and
specifying the particulars thereof in reasonable detail. Upon receipt of the
Preliminary Notice, the Executive shall have thirty (30) days in which to appear
before the Board with counsel, or take such other action as he may deem
appropriate, and such thirty (30) day period is hereby agreed to as a reasonable
opportunity for the Executive to be heard.

          (d)  TERMINATION BY THE EXECUTIVE. The Executive may voluntarily
terminate his employment hereunder at any time with or without Good Reason. For
purposes of this Agreement, "Good Reason" shall mean, so long as the Executive
has not been guilty of the conduct set forth in clauses (A), (B) or (C) of
Section 5(c) hereof, (i) a failure by the Company to comply with any material
provision of this Agreement that has not been cured within thirty (30) days
after written notice of such noncompliance has been given by the Executive to
the Company or (ii) the assignment to the Executive by the Company of duties
inconsistent with the Executive's position, duties or responsibilities as in
effect on January 31, 2001, including, but not limited to, any material
reduction in such position, duties or responsibilities or material change in his
title or (iii) the relocation by the Company of its executive offices to a
location outside the United States, in each case of clauses (ii) through (iii)
above, without the consent of the Executive. The Executive's election to
terminate under this Section 5(d) shall be made by giving Notice of Termination
not later than 60 days from, as applicable, the date that the Company fails to
cure under (i) above, the assignment of duties under (ii) above, and the date
that the Executive is advised of the proposed relocation under (iii).
Notwithstanding the provisions of clause (ii) of the first sentence of this
Section 5(d), a change in title which represents a promotion and the assignment
of different or additional duties or responsibilities in connection therewith
shall not constitute "Good Reason."

          (e)  NOTICE OF TERMINATION. Any termination of the Executive's
employment by the Company or by the Executive (other than termination pursuant
to Section 5(a) hereof) shall be communicated by written Notice of Termination
to the other party hereto. For purposes of this Agreement, a "Notice of
Termination" shall mean a notice that shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances, if any, claimed to provide a basis for termination
of the Executive's employment under the provision so indicated.

          (f)  DATE OF TERMINATION. Except to the extent otherwise herein
provided, "Date of Termination" shall mean (i) if the Executive's employment is
terminated pursuant to Section 5(a), the date of his death, (ii) if the
Executive's employment is terminated pursuant to Section 5(b) or (c), the date
of or a later date specified in the Notice of Termination, (iii) if the
Executive's employment is terminated pursuant to Section 5(d), the date on which
the Notice of Termination is given, or (iv) if the Company has given timely
Non-Renewal Notice in accordance with the provisions of Section 2 and the
Executive's employment is not

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terminated pursuant to Sections 5(a), (b), (c) or (d), the day following the end
of the Term. Except as provided in and subject to Section 6 hereof, the Company
shall not have any obligation to Executive for salary continuation, severance or
termination pay upon termination of this Agreement.

     6.   COMPENSATION UPON TERMINATION

          (a)  If the Executive's employment is terminated (i) by the Company
for Cause, (ii) by the Executive other than for Good Reason, or (iii) by reason
of the Executive's death or disability (pursuant to Section 5(b) hereof), then
the Company shall pay the Executive his full Base Salary through the Date of
Termination (to the extent not otherwise paid through the Date of Termination)
at the rate in effect immediately prior to the Date of Termination, provided
that if the Executive's employment hereunder terminates by reason of his death,
the Company shall continue to make salary payments at the rate of the Base
Salary then in effect in respect of the month of death and three calendar months
immediately following the month of death. In addition, notwithstanding any
provision to the contrary in this Agreement, the Executive shall continue to
participate in, and shall receive all accrued benefits to which the Executive is
entitled under, all of the Company Plans through the Date of Termination,
provided that the Executive shall only be entitled to an Incentive Bonus as
provided in Section 6(c).

          (b)  If the Executive's employment is terminated (i) by the Company
without Cause (other than for disability pursuant to Section 5(b) hereof), or
(ii) by the Executive for Good Reason, or if the Company has given timely
Non-Renewal Notice in accordance with the provisions of Section 2 and the
Executive's employment terminates at the end of the Term, then the Company shall
pay to the Executive as severance pay in a lump sum, not later than the fifth
day following the Date of Termination, the following amounts, which shall not be
discounted to take into account present value:

          (i)  to the extent not otherwise paid through the Date of Termination,
     the Executive's full Base Salary through the Date of Termination at the
     rate in effect at the time Notice of Termination is given, and

          (ii) in lieu of any further salary and bonus or other incentive
     compensation payments to the Executive for periods subsequent to the Date
     of Termination (except as provided in Section 6(c)), a sum equal to
     eighteen (18) months of Base Salary; provided, however, in the event the
     Company has given timely Non-Renewal Notice in accordance with the
     provisions of Section 2 and the Executive's employment terminates at the
     end of the Term, the amount of Base Salary paid to the Executive between
     the date of such Non-Renewal Notice and the Date of Termination shall
     constitute a credit against and shall be subtracted from the eighteen (18)
     months of Base Salary provided for in this Section 6(b)(ii).

          In addition to the foregoing, if the Executive's employment is
terminated (i) by the Company without Cause (other than for disability pursuant
to Section 5(b) hereof), or (ii) by

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the Executive for Good Reason, then until such time that the Executive becomes
eligible for coverage under a program maintained or sponsored by a subsequent
employer of the Executive (not including self-employment), the Company shall, at
the Company's expense, allow the Executive to continue to participate until the
end of the then current Contract Year, to the same extent and upon the same
terms as the Executive participated in such plans immediately prior to the
termination of his employment, in the Company's medical reimbursement and other
welfare benefit plans in which the Executive was entitled to participate
immediately prior to the Date of Termination; provided that the Executive's
continued participation in such plans shall be continued pursuant to this
sentence only to the extent permissible under the general terms and provisions
of such plans and applicable law; and further provided that the foregoing shall
not be construed so as to deprive the Executive of the right to continue
benefits under COBRA or other applicable laws and regulations.

          (c)  Notwithstanding the provisions of Sections 6(a) and (b), the
Executive shall be eligible to receive an Incentive Bonus for a Reference Year
only if the Executive is employed by the Company through the end of such
Reference Year. If the Date of Termination occurs after the end of a Reference
Year and prior to the determination of whether the EBITDA Target Bonus and/or
Individual Performance Bonus for such Reference Year were earned, such EBITDA
Target Bonus and/or Individual Performance Bonus shall be payable if, and to the
extent that, it is determined that such bonuses were earned in accordance with
the provisions of Section 4(d) hereof, and such bonuses, if any, shall be paid
to the Executive at the time specified in Section 4(d)(iv).

          (d)  Any amounts paid pursuant to the provisions of Section 6(b) above
shall be in lieu of any amounts payable to Executive pursuant to any severance
or termination pay program maintained by the Company, and the Executive hereby
expressly waives and relinquishes all rights under any such programs.

     7.   LEGAL FEES; REIMBURSEMENT OF CERTAIN EXPENSES

          The Company shall promptly reimburse the Executive for the reasonable
legal fees and expenses incurred by the Executive in connection with enforcing
or defending any right of the Executive pursuant to this Agreement; provided
that the Company shall have no obligation to reimburse the Executive for any
such fees and expenses unless the resolution of any action taken by the
Executive to enforce such right is in favor of the Executive. In addition, the
Company hereby agrees that the amount of any such legal fees and expenses
reimbursed to the Executive in connection with obtaining or enforcing any right
or benefit provided to the Executive by the Company pursuant to or in accordance
with this Agreement shall not be taken into account by the Company in
determining the aggregate compensation paid or payable to the Executive under
this Agreement.

     8.   INDEMNIFICATION

          The Company shall indemnify the Executive (and his legal
representatives), unless expressly prohibited by applicable law, against all
losses, claims, damages, liabilities,

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costs, charges and expenses incurred or sustained by him or his legal
representatives in connection with any action, suit or proceeding to which he
(or his legal representatives) may be made a party by reason of his being or
having been a director, officer or employee of the Company (including payment of
expenses in advance of the final disposition of the proceeding). The Company
further agrees, upon demand by the Executive, promptly to reimburse the
Executive for, or pay, any loss, claim, damage, liability or expense, unless
expressly prohibited by applicable law, to which the Company has agreed to
indemnify the Executive pursuant to Sections 7 and 8 hereof. If any action, suit
or proceeding is brought or threatened against the Executive in respect of which
indemnity may be sought against the Company pursuant to the foregoing, the
Executive shall notify the Company promptly in writing of the institution of
such action, suit or proceeding. Such action, suit or proceeding shall be
defended by and be under the exclusive control of the Company and its counsel;
except that the Executive shall have the right to designate separate counsel,
acceptable to the Executive in his sole discretion, and, to the extent of a
conflict of interest with the Company, the right to direct, control and
supervise the Executive's defense of such action, suit or proceeding.

     9.   TAXES

          The Company shall deduct from all amounts payable under this Agreement
all federal, state, local and other taxes required by law to be withheld with
respect to such payments.

     10.  CONFIDENTIALITY AND NONCOMPETITION

          (a)  Unless otherwise required by law or judicial process, the
Executive shall keep confidential all confidential information known to the
Executive concerning the Company and its businesses during his employment with
the Company and for the shorter of three (3) years following the termination of
the Executive's employment with the Company or until such information is
publicly disclosed by the Company or otherwise becomes publicly disclosed other
than through the Executive's actions; provided, that the Executive shall provide
notice to the Company in advance of any disclosure required by law or judicial
process in a timely manner to permit the Company to oppose such compelled
disclosure.

          (b)  The Executive agrees that during his employment with the Company
and for a period of one (1) year thereafter (unless such employment is
terminated by the Company pursuant to Section 5(c) without Cause or by the
Executive pursuant to Section 5(d) with Good Reason, provided that the Company
does not contest that such termination was for Good Reason), he shall not,
directly or indirectly, as a principal, officer, director, employee or in any
other capacity whatsoever, without the prior written consent of the Company,
engage in, or be or become interested or acquire any ownership of any kind in,
or become associated with, or make loans or advance property to any person
engaged in or about to engage in, any business activity that is in substantial
competition (in excess of 15% of net sales of the business) with any of the
businesses engaged in by the Company during the Term in any of

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the geographic areas in which such businesses are then conducted by the Company
or have been conducted by the Company during the twelve months preceding the
termination of the Executive's employment. Nothing in this Agreement shall
prevent the Executive from making or holding any investment in any amount in
securities traded on any national securities exchange or traded in the over the
counter market, provided said investments do not exceed one percent (1%) of the
issued and outstanding stock of any one such corporation.

     11.  SUCCESSORS; BINDING AGREEMENT

          (a)  This Agreement shall be binding upon and inure to the benefit of
the Company and any successor of the Company, including, without limitation, any
corporation or corporations acquiring directly or indirectly all or a
substantial portion of the stock, business or assets of the Company, whether by
merger, restructuring, reorganization, consolidation, division, sale or
otherwise (and such successor shall thereafter be deemed the "Company" for the
purposes of this Agreement).

          (b)  This Agreement and all rights of the Executive hereunder shall
inure to the benefit of and be enforceable by the Executive's personal or legal
representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees. If the Executive should die while any amounts would be
still payable to him hereunder if he had continued to live, all such amounts,
unless otherwise provided hereunder, shall be paid in accordance with the terms
of this Agreement to the Executive's devisee, legatee, or other beneficiary or,
if there be no such beneficiary, to the Executive's estate.

     12.  NOTICE

          For purposes of this Agreement, notices, demands and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given (i) when hand delivered, (ii) when sent if sent
by overnight mail, overnight courier or facsimile transmission or (iii) when
mailed by United States certified mail, return receipt requested, postage
prepaid, addressed as follows:

          IF TO THE EXECUTIVE:

               Richard H. Wiley
               9480 East Hidden Hills Lane
               Littleton, Colorado 80124

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          IF TO THE COMPANY:

               Samsonite Corporation
               11200 East Forty-Fifth Avenue
               Denver, Colorado  80239-3018
               Attention:  Board of Directors

(with a copy to the attention of: General Counsel, at the same address) or to
such other address as any party may have furnished to the others in writing in
accordance herewith, except that notices of change of address shall be effective
only upon receipt.

     13.  SURVIVORSHIP

          The respective rights and obligations of the parties hereunder set
forth in Sections 6, 7, 8, 9 and 10 of this Agreement shall survive any
termination of this Agreement to the extent necessary to the intended
preservation of such rights and obligations.

     14.  REPRESENTATIONS AND WARRANTIES

          The Company represents and warrants that (a) it is fully authorized
and empowered to enter into this Agreement and that its Board has approved the
terms of this Agreement, (b) the execution of this Agreement and the performance
of its obligations under this Agreement shall not violate or result in a breach
of the terms of any material agreement to which the Company is a party or by
which it is bound, (c) no approval by any governmental authority or body is
required for it to enter into this Agreement, and (d) the Agreement is valid,
binding and enforceable against the Company in accordance with its terms, except
to the extent affected or limited by applicable bankruptcy laws or other
statutes governing the rights of creditors generally and any regulations or
interpretations thereof. The Executive represents and warrants that his
execution of this Agreement and his performance of his duties and
responsibilities under this Agreement shall not violate or result in a breach of
the terms of any material agreement to which he is a party or by which he is
bound.

     15.  MISCELLANEOUS

          (a)  ENTIRE AGREEMENT. The parties hereto agree that this Agreement,
together with:

          (i)  the Stock Option Agreement made as of the 28th day of March 1996,

          (ii) the Nonqualified Stock Option Agreement dated effective as of the
               29th day of October, 1996,

                                       12
<Page>

         (iii) the Nonqualified Stock Option Agreement dated effective as of
               the 1st day of February, 1997,

          (iv) Amendment to Stock Option Agreement executed as of August 21,
               1998, amending Option Agreement dated October 29, 1996,

          (v)  Amendment to Stock Option Agreement executed as of August 21,
               1998, amending Option Agreement dated February 1, 1997,

          (vi) Amendment to Stock Option Agreement executed as of July 16, 1998,
               amending Option Agreement of March 28, 1996,

         (vii) Nonqualified Stock Option Agreement effective as of July 15,
               1998,

        (viii) Stock Option Agreement dated as of November 12, 1999,

          (ix) Stock Option Agreement dated as of March 24, 1999, and

          (x)  Stock Option Agreement dated as of February 8, 2000

contain the entire understanding and agreement between them, and supersedes all
prior understandings and agreements between the parties respecting the
employment by the Company of the Executive, and that the provisions of this
Agreement may not be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing signed by the parties hereto.
No agreements or representations, oral or otherwise, express or implied, with
respect to the subject matter hereof have been made by either party which are
not set forth expressly in this Agreement.

          (b)  WAIVER. No waiver by either party hereto at any time of any
breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.

          (c)  CHOICE OF LAW. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of New
York without giving effect to the conflict of laws principles thereof.

     16.  VALIDITY

          The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other
provision or provisions of this Agreement, which shall remain in full force and
effect.

                                       13
<Page>

     17.  COUNTERPARTS

          This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

     IN WITNESS WHEREOF, the Company has caused its name to be subscribed to
this Agreement by its duly authorized representative and the Executive has
executed this Agreement as of the date and the year first above written.

SAMSONITE CORPORATION                   RICHARD H. WILEY

By /s/ Luc Van Nevel                    /s/ Richard H. Wiley
  -----------------------------         ------------------------
Name: Luc Van Nevel
     ----------------------------
Title: Chief Executive Officer
       and President
      ---------------------------

                                       14Prepared by MERRILL CORPORATION

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Exhibit 10.26    
  

 
 

SEVENTH AMENDMENT TO
  CREDIT AGREEMENT    
  

    THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT ("Seventh Amendment") dated as of September 4, 2001. by and among SUCCESSORIES, INC., an Illinois
corporation, SUCCESSORIES OF ILLINOIS, INC., an Illinois corporation, and CELEX SUCCESSORIES, INC., a Canadian corporation (hereinafter, together with their successors in title and
assigns, called the "Borrowers" and each of which individually is a "Borrower"), THE PROVIDENT BANK, as Agent, an Ohio banking corporation ("Agent"), and various Lenders as set forth in the Credit
Agreement. 

 
 

PRELIMINARY STATEMENT    

    WHEREAS,
Borrowers, Agent and Lenders have entered into a Credit Agreement dated as June 20, 1997, as amended by a First Amendment dated as of July 16, 1997, a Second
Amendment dated as of May 14, 1998, a Third Amendment dated as of September 1, 1998, a Fourth Amendment dated as of April 28, 1999, a Fifth Amendment dated as of April 6,
2000, and a Sixth Amendment dated as of August 28, 2000 (as so amended, the "Credit Agreement"); 

    WHEREAS,
Successories, Inc., Celebrating Excellence, Inc. and British Links Acquisition Corp. entered into a plan of merger dated March 21, 2001, pursuant to
which Celebrating Excellence, Inc. and British Links Acquisition Corp. merged with and into Successories, Inc. (the "First Merger") and to which Agent and Lenders consented pursuant to a
side letter dated February 1, 2001; 

    WHEREAS,
Successories, Inc. and B.L.G.C., Inc. entered into a plan of merger dated April 11, 2001, pursuant to which B.L.G.C., Inc. merged with and into
Successories, Inc. (the "Second Merger") and to which Agent and Lenders consented pursuant to a side letter dated February 1, 2001; 

    WHEREAS,
Borrowers have requested and Agent and Lenders have agreed to make amendments to certain definitions and covenants set forth in the Credit Agreement; and 

    WHEREAS,
Borrowers, Agent and Lenders now wish to amend the Credit Agreement in accordance with the terms and provisions hereof. 

    NOW,
THEREFORE, the parties hereto agree to supplement and amend the Credit Agreement upon such terms and conditions as follows: 

    1.  Capitalized Terms. All capitalized terms used herein shall have the meanings assigned to them in the Credit
Agreement unless the context hereof requires otherwise. Any definitions as capitalized terms set forth herein shall be deemed incorporated into the Credit Agreement as amended by this Seventh
Amendment. 

 

    2.  Definitions; Exhibits. 

    (a) The
following definitions contained in Section 1.2 of the Credit Agreement are hereby amended in their entirety to read as follows: 

    "Applicable Margin" means the amount set forth below, as a percentage, to be added to the Prime Rate, as the case may be, and used in
calculating the rate of interest for the applicable Loan at any time. 

	 
	 	Applicable Margin
	 
	Margin Ratio
 
	 	Revolving Credit Loan
	 	Term Loan
	 
	Greater than or equal to 3.00 to 1.00	 	.75	%	3.00	%
	Greater than or equal to 2.50 to 1.00 but less than 3.00 to 1.00	 	.50	%	1.25	%
	Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00	 	.25	%	1.00	%
	Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00	 	0.00	%	.75	%
	Less than 1.50 to 1.00	 	(.25	%)	.50	%

    The
determination of Applicable Margin hereunder as of any Interest Adjustment Date shall be based on quarterly compliance certificates required to be delivered pursuant to
Section 6.1(b), hereof, and made retroactive to the most recent Interest Adjustment Date; provided, however, that in the event of any discrepancy
between the computations based upon any compliance certificate and the related audited financial statements furnished pursuant to Section 6.1(c), the computation based on such audited financial
statements shall govern (retroactive to the Interest Adjustment Date as to which such adjustment applies). Notwithstanding the foregoing, if Borrower fails to deliver to Agent the compliance
certificates as required pursuant to Sections 6.1(b), Agent may, at its option, adjust the Interest Rate to reflect the highest Applicable Margin, until such time as the compliance certificates are
delivered. In the event of a retroactive correction of the determination of the Applicable Margin in favor of the Lenders, the amount of interest thereby overdue and payable by the Borrowers shall be
paid to the Lenders within five (5) days after the date of such retroactive correction. In the event of a retroactive correction of the determination of the Applicable Margin in favor of the
Borrowers, the amount of interest overpaid by the Borrowers shall be applied by the Lender as a credit against any fees, charges and interest or principal payments then due hereunder or to become due
hereunder to Lenders. No downward adjustment of the Applicable Margin shall occur if, at the time such downward adjustment would otherwise be made, there shall exist any Default or Event of Default,
provided that such downward adjustment shall be made on the first day of the first month after the date on which any Default or Event of Default shall have been waived or cease to exist. 

    "Commitment Fee" means a fee equal to one-quarter of one percent (0.25%) per annum (computed on the basis of a
360-day year for the actual number of days elapsed) on the daily unused amount of the Maximum Revolving Commitment. 

    "Interest Adjustment Date" means the first day of the first month after each quarter of each fiscal year of Borrowers." 

2

 

    "Maximum Revolving Commitment" means the following amounts during the periods set forth below: 

	PERIOD
	 	MAXIMUM REVOLVING

COMMITMENT

	January 1, 2002 through June 30,2002 and each succeeding January 1, through June 30	 	Five Million and 00/100 Dollars ($5,000,000.00)
	Seventh Amendment Closing Date through December 31, 2001 and each succeeding July 1, through December 31	 	Six Million and 00/100 Dollars ($6,000,000.00)

    "Maximum Borrowing Base" means an amount equal to the lesser of (a) the Maximum Revolving Commitment, or (b) the
Borrowing Base; provided, however, that during any EBITDA Deficiency Period, the Maximum Borrowing Base shall be equal in amount to the Adjusted
Borrowing Base. Notwithstanding the foregoing, if Borrower fails to deliver to Agent financial statements, compliance reports or Borrowing Base Certificates when and as required pursuant to
Section 6.1, Agent may, at its option, adjust the Maximum Borrowing Base to reflect an amount equal to the Adjusted Borrowing Base for such period, until such time as the Borrowers comply with
Section 6.1 in form and substance satisfactory to Agent. 

    (b) Section 1.2
of the Credit Agreement is hereby amended to add the following definition to read in its entirety as follows: 

    "Adjusted Borrowing Base" means an amount equal to the lesser of (i) the Maximum Revolving Commitment minus $1,000,000.00, or
(ii) the Borrowing Base minus $1,000,000.00. 

    "EBITDA Deficiency Period" means the period beginning on any Computation Date in which Borrowers' EBITDA is calculated to be equal to
or less than Four Million and 00/100 Dollars ($4,000,000.00) and continuing until Borrowers' EBITDA exceeds the amount of Four Million and 00/100 Dollars ($4,000,000.00), calculated pursuant to and as
set forth in the financial statements, compliance reports and certificates required to be delivered under Section 6.1. 

    "Seventh Amendment Closing Date" means the day on which the Seventh Amendment to Credit Agreement is executed and delivered by all
applicable parties. 

    (c) The
financial covenants set forth in Article 7 of the Credit Agreement are hereby amended and restated in their entirety by Schedule 7A to this
Seventh Amendment. 

    3.  Key Man Life Insurance. Section 6.3 of the Credit Agreement is hereby deleted and shall read in its entirety
as follows: 

    "Section 6.3
Intentionally Omitted." 

    4.  Reaffirmation of Covenants, Warranties and Representations. Borrowers hereby agree and covenant that all
representations and warranties set forth in the Credit Agreement including, without limitation, all of those representations and warranties set forth in Article 5 thereof, are true and accurate
as of the date hereof and except to the extent that such relate to a specific date. Borrowers further reaffirm all covenants set forth in the Credit Agreement, and reaffirm each of the affirmative
covenants set forth in Article 6, all financial covenants set forth in Article 7 except to the extent modified or amended by this Seventh Amendment, and all negative covenants set forth
in Article 8 thereof, as if fully set forth herein. 

3

 

    5.  Conditions Precedent to Closing of Seventh Amendment. On or prior to the closing of this Seventh Amendment
(hereinafter the "Seventh Amendment Closing Date"), each of the following conditions precedent shall have been satisfied: 

    (a) Documents. Each of the documents to be executed and delivered at the Seventh Amendment Closing and all other
certificates, documents and instruments to be executed in connection herewith shall have been duly and properly authorized, executed and delivered by Borrowers and shall be in full force and effect on
and as of the Seventh Amendment Closing Date. 

    (b) Adjusted Borrowing Base. Pursuant to Section 6.1(l) of the Credit Agreement, Borrowers shall provide to Agent
a Compliance Certificate and a Borrowing Base Certificate, for the most recent period in reasonable detail, accurate and complete in all material respects, useable in determination of the Maximum
Borrowing Base. 

    (c) Legality of Transactions. No change in applicable law shall have occurred as a consequence of which it shall have
become and continue to be unlawful (i) for Agent and each Lender to perform any of their agreements or obligations under any of the Loan Documents, or (ii) for Borrowers to perform any
of their agreements or obligations under any of the Loan Documents. 

    (d) Performance. Except as set forth herein, Borrowers shall have duly and properly performed, complied with and
observed each of their covenants, agreements and obligations contained in each of the Loan Documents. Except as set forth herein, no event shall have occurred on or prior to the Seventh Amendment
Closing Date, and no condition shall exist on the Seventh Amendment Closing Date which constitutes a Default or an Event of Default. 

    (e) Proceedings and Documents. All corporate, governmental and other proceedings in connection with the transactions
contemplated on the Seventh Amendment Closing Date, each of the other Loan Documents and all instruments and documents incidental thereto, shall be in form and substance reasonably satisfactory to
Agent. 

    (f)  No Changes. Since the date of the most recent balance sheets of Borrowers delivered to Agent, no changes shall have
occurred in the assets, liabilities, financial condition, business, operations or prospects of Borrowers which, individually or in the aggregate, are material to Borrowers, and Agent shall have
completed such review of the status of all current and pending legal issues as Agent shall deem necessary or appropriate. 

    6.  Miscellaneous.

    (a) Borrowers
shall reimburse Agent for all fees and disbursements of legal counsel to Agent which shall have been incurred by Agent in connection with the preparation,
negotiation, review, execution and delivery of this Seventh Amendment and the handling of any other matters incidental hereto. 

    (b) All
of the terms, conditions and provisions of the Credit Agreement not herein modified shall remain in full force and effect. In the event a term, condition or
provision of the Credit Agreement conflicts with a term, condition or provision of this Seventh Amendment, the latter shall govern. 

    (c) This
Seventh Amendment shall be governed by and shall be construed and interpreted in accordance with the laws of the State of Ohio. 

    (d) This
Seventh Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. 

    (e) This
Seventh Amendment may be executed in several counterparts, each of which shall constitute an original, but all which together shall constitute one and the same
agreement. 

    [Remainder of this page intentionally left blank. Signature pages to follow.]

4

 

    IN WITNESS WHEREOF, this Seventh Amendment has been duly executed and delivered by or on behalf of each of the parties as of the day and year first above written. 

 
 

BORROWERS:    
  

	 	 	SUCCESSORIES, INC., an Illinois corporation
	

 	
 	

By:	
 	

	 	 	Name: Gary J. Rovansek

Title: President
	

 	
 	

SUCCESSORIES OF ILLINOIS, INC.,

an Illinois corporation
	

 	
 	

By:	
 	

	 	 	Name: Gary J. Rovansek

Title: President
	

 	
 	

CELEX SUCCESSORIES, INC.,

a Canadian corporation
	

 	
 	

By:	
 	

	 	 	Name: Gary J. Rovansek

Title: President
	

 	
 	
AGENT:

THE PROVIDENT BANK, as Agent,

an Ohio banking corporation
	

 	
 	

By:	
 	

	 	 	Name: Nick Jevic

Title: Senior Vice President
	

 	
 	
LENDERS:

THE PROVIDENT BANK,

an Ohio banking corporation
	

 	
 	

By:	
 	

	 	 	Name: Nick Jevic

Title: Senior Vice President

5

 
 
 

EXHIBIT 7A
  TO SEVENTH AMENDMENT TO CREDIT AGREEMENT    
  

    Section 7.1 EBITDA. Borrowers shall not permit its EBITDA for the Reference Period ending on each
Computation Date set forth below to be less than the dollar amount set forth below opposite such date: 

	COMPUTATION DATE

closest to
	 	CONSOLIDATED

EBITDA

	January 31, 1998	 	$4,164,000
	April 30, 1998	 	$4,000,000
	July 31, 1998	 	$4,200,000
	October 31, 1998	 	$4,500,000
	January 31, 1999	 	$5,300,000
	April 30, 1999	 	($1,565,000)
	July 31, 1999	 	($230,000)
	October 31, 1999	 	$830,000
	January 31, 2000	 	$4,100,000
	April 30, 2000	 	$3,050,000
	July 31, 2000	 	$3,200,000
	October 31, 2000	 	$3,350,000
	January 31, 2001	 	$3,480,000
	April 30, 2001	 	$3,600,000
	July 31, 2001	 	$1,913,000
	October 31, 2001	 	$489,000
	January 31, 2002	 	$252,000
	April 30, 2002	 	$1,058,000
	July 31, 2002	 	$2,222,000
	October 31, 2002	 	$3,323,000
	January 31, 2003	 	$3,298,000

6

 

    Section 7.2
Interest Coverage Ratio. On each Computation Date, Borrowers shall not permit the ratio of Consolidated EBITDA to
Consolidated Cash Interest Expense to be less than the amount set forth below opposite such date. 

	COMPUTATION DATE

closest to
	 	RATIO

	January 31, 1998	 	Not Applicable
	April 30, 1998, July 31, 1998,

October 31, 1998	 	3.0 to 1.0
	January 31, 1999	 	4.0 to 1.0
	April 30,1999	 	Not Applicable
	July 31, 1999	 	Not Applicable
	October 31, 1999	 	0.75 to 1.0
	January 31, 2000	 	3.80 to 1.00
	April 30, 2000	 	2.60 to 1.00
	July 31, 2000	 	2.75 to 1.00
	October 31, 2000	 	3.15 to 1.00
	January 31, 2001	 	3.40 to 1.00
	April 30, 2001	 	3.40 to 1.00
	July 31, 2001	 	3.40 to 1.00
	October 31, 2001	 	2.73 to 1.00
	January 31, 2002	 	2.55 to 1.00
	April 30, 2002 and each Computation Date thereafter through January 31, 2003	 	3.40 to 1.00

    Section 7.3
Fixed Charge Coverage. Borrower shall not permit the Consolidated ratio of Cash Flow to Fixed Charges for the
Reference Period ending on the dates set forth below to be less than the amount set forth opposite such date: 

	COMPUTATION DATE

closest to
	 	RATIO

	January 31, 1998, April 30, 1998,

July 31, 1998, October 31, 1998 and

January 31, 1999	 	1.25 to 1.0
	April 30, 1999, July 31, 1999, and October 31, 1999	 	Not Applicable
	January 31, 2000	 	2.60 to 1.00
	April 30, 2000	 	Not Applicable
	July 31, 2000	 	1.25 to 1.00
	October 31, 2000	 	1.15 to 1.00
	January 31, 2001	 	1.10 to 1.00
	April 30, 2001	 	1.10 to 1.00
	July 31, 2001 and each

Computation Date thereafter	 	Not Applicable

    Section 7.4
Minimum Net Worth. For each fiscal year through January 31, 2001, Borrowers shall not permit their
Consolidated Net Worth to be less than $12,000,000.00; for each Computation Date thereafter, Minimum Net Worth shall not be applicable. 

7

 

    Section 7.5 Debt to EBITDA. Borrower shall not permit the Consolidated ratio of Indebtedness for Borrowed Money on such date to
EBITDA for the Reference Period ending on the dates set forth below to be greater than the amount set forth opposite such date: 

	COMPUTATION DATE

closest to
	 	RATIO

	October 31, 1997; January 31, 1998	 	3.50 to 1.00
	April 30, 1998; July 31, 1998;

October 31, 1998 and January 31, 1999	 	3.00 to 1.00
	April 30, 1999; July 31, 1999 and

October 31, 1999	 	Not Applicable
	January 31, 2000; April 30, 2000;

July 31, 2000; October 31, 2000;

January 31, 2001; and April 30, 2001	 	3.00 to 1.00
	July 31, 2001 and each

Computation Date thereafter	 	Not Applicable

    Section 7.6
Limitation on Capital Expenditures. Borrowers shall not make or incur any Capital Expenditures in the aggregate
during any of the periods set forth below in excess of the maximum amount set forth below for such period: 

	PERIOD
	 	CAPITAL EXPENDITURES

	February 4, 1997 through January 31, 1998	 	$4,600,000
	February 1, 1998 through January 31, 1999	 	$2,000,000
	February 1, 2000 through January 31, 2001	 	$1,000,000
	Each fiscal year thereafter	 	Not Applicable

    Section 7.7
Lease Obligations. 

    (a) Borrowers
will not become or remain liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the lessee under
any Capital Lease, if the aggregate amount of all rents paid by Borrowers under all such Capital Leases would exceed One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00) in any fiscal year. 

    (b) Section 7.7(b)
of the Credit Agreement is hereby deleted and shall read in its entirety as follows: 

    "Section 7.7(b)
Intentionally Omitted." 

8

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Exhibit 10.26

SEVENTH AMENDMENT TO CREDIT AGREEMENT

PRELIMINARY STATEMENT

BORROWERS

EXHIBIT 7A TO SEVENTH AMENDMENT TO CREDIT AGREEMENT

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