Document:

EX-10.1

Exhibit 10.1

G-III APPAREL GROUP, LTD.

2005 STOCK INCENTIVE PLAN

DEFERRED STOCK AWARD AGREEMENT

     AGREEMENT, made as of the 15th day of April, 2009, between G-III APPAREL GROUP,
LTD. (the “Company”) and                                          (the “Executive”), pursuant to the G-III Apparel
Group, Ltd. 2005 Stock Incentive Plan (the “Plan”).

     1. Deferred Stock Award. The Company hereby grants to the Executive a deferred stock
award under the Plan, consisting of the right to receive
                     shares of the Company’s common
stock (“Shares”) upon the terms and conditions set forth in this Agreement.

     2. Vesting Conditions. Except as otherwise provided by this Agreement and the Plan,
the Executive’s right to receive the Shares shall become vested in four equal annual increments
beginning on the first anniversary of the date hereof, subject to the Executive’s continuous
employment or other service with the Company through the applicable vesting date; provided,
however, the Executive shall have no right to receive any Shares unless, during any period of
twenty consecutive trading days beginning subsequent to the date hereof and ending on April 14,
2013, the average closing price per share of Company common stock on the national exchange on which
such stock is traded is at least $6.93. For the avoidance of doubt, the time-based vesting
percentages will be cumulative prior to the attainment of the performance condition, such that, if
the performance condition is attained and the Executive is then still in the continuous employ or
service of the Company, then, upon the attainment of the performance condition, the Executive’s
vested percentage in the Shares covered by the award will be equal to the product of 25% and the
number of time-based vesting dates that occurred prior to the attainment of the performance
condition.

     3. Capital Changes. In the event of a stock dividend, stock split, spin off or other
recapitalization with respect to the outstanding shares of the Company’s common stock, the

- 1 -

 

Company will make such adjustments to the number of Shares covered by this Agreement and the
targeted stock price as it deems equitable under the circumstances.

     4. Termination of Employment or Service. Upon the termination of the Executive’s
employment or other service with the Company, the Executive’s right to receive Shares covered by
this Agreement, to the extent not previously vested, will thereupon terminate and be canceled.

     5. Issuance of Shares; Rights as a Shareholder.

     (a) General. If and as soon as practicable after the Executive’s right to receive any
Shares becomes vested in accordance with the provisions hereof, the Company will cause such Shares
to be issued and delivered in certificated or electronic form to the Executive, subject to the
satisfaction of applicable tax withholding requirements.

     (b) Tax Withholding. The Company shall require as a condition of the issuance of
vested Shares under this Agreement that the Executive remit to the Company an amount sufficient in
the opinion of the Company to satisfy any federal, state and other governmental tax withholding
requirements attributable to the vesting or issuance and delivery of the Shares. In addition, or in
the alternative, the Company may satisfy such tax withholding obligation (to the minimum required
extent) in whole or in part by withholding Shares that would otherwise be delivered to the
Executive based upon the fair market value of the Shares on the applicable date.

     (c) Rights as a Shareholder. The Executive shall have no voting or other rights of a
shareholder with respect to the Shares unless and until such Shares are issued to the Executive in
accordance with the provisions hereof.

     6. Restrictions on Transfer. The Executive’s right to receive Shares under this
Agreement may not be sold, assigned, transferred, pledged or otherwise alienated or disposed of
(except by will or the laws of descent and distribution), and may not become subject to

- 2 -

 

attachment, garnishment, execution or other legal or equitable process, and any attempt to do
so shall be null and void.

     7. No Other Rights Conferred. Nothing contained herein shall be deemed to give the
Executive a right to be retained in the employ of the Company or any affiliate or affect the right
of the Company and its affiliates to terminate or amend the terms and conditions of the Executive’s
employment.

     8. Provisions of the Plan Control. The provisions of the Plan, the terms of which are
incorporated in this Agreement, shall govern if and to the extent that there are inconsistencies
between those provisions and the provisions hereof.

     9. Successors. This Agreement shall be binding upon and shall inure to the benefit of
the parties hereto and their respective successors and permitted assigns. This Agreement,
constitutes the entire agreement between the parties with respect to the subject matter hereof and
may not be modified except by written instrument executed by the parties.

     10. Governing Law. This Agreement shall be governed by the laws of the State of
Delaware, without regard to its principles of conflict of laws.

     11. Counterparts. This Agreement may be executed in separate counterparts, each of
which will be an original and all of which taken together shall constitute one and the same
agreement.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	G-III APPAREL GROUP, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

- 3 -EX-10.2

Exhibit 10.2

AMENDMENT NO. 2

TO

AMENDED & RESTATED FINANCING AGREEMENT

     This Amendment No. 2 to Amended & Restated Financing Agreement (this “Amendment No.
2”) is entered into as of April 20, 2009, by and among G-III Leather Fashions, Inc., a New York
corporation (“G-III Inc.”), J. Percy for Marvin Richards, Ltd., a New York corporation
(“JPMR”), CK Outerwear, LLC, a New York limited liability company (“CKO”), A. Marc
& Co., Inc., a New York corporation (“AMC”), Andrew & Suzanne Company Inc., a New York
corporation (“A&S”), AM Retail Group, Inc., a Delaware corporation (“AMRGI”, and
together with G-III Inc., JPMR, CKO, AMC and A&S, individually a “Company” and
collectively, the “Companies”), The CIT Group/Commercial Services, Inc., a New York
corporation (“CIT”) (CIT and the financial institutions which are now or hereafter become a
party to the Financing Agreement (as hereafter defined) each a “Lender” and collectively,
“Lenders”), and CIT as agent for Lenders (CIT, in such capacity, “Agent”).

BACKGROUND

     The Companies, Agent and Lenders are parties to an Amended and Restated Financing Agreement,
dated as of April 3, 2008 (as amended by Joinder and Amendment No. 1 to Amended and Restated
Financing Agreement dated as of July 21, 2008, and as further amended, restated, modified and/or
supplemented from time to time, the “Financing Agreement”) pursuant to which Agent and
Lenders provide the Companies with certain financial accommodations.

     The Companies have requested Agent and Lenders to amend certain of the terms of the Financing
Agreement as hereinafter set forth. Agent and Lenders have agreed to amend the Financing Agreement
on the terms and conditions set forth below.

     NOW, THEREFORE, in consideration of any loan or advance or grant of credit heretofore or
hereafter made to or for the account of the Companies by Agent and Lenders, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows:

     1. Definitions. All capitalized terms not otherwise defined herein shall have the
meanings given to them in the Financing Agreement.

     2. Amendments to Financing Agreement. Subject to satisfaction of the conditions
precedent set forth in Section 3 below, the Financing Agreement is hereby amended as follows:

          (a) The definition of the term “Applicable Margin” appearing in Section 1.1 of the Financing
Agreement is hereby amended by amending clause (a) thereof to read in its entirety as follows:

(a) the Revolving Loans, plus 0.75% for Chase Bank Rate Loans and 3.00% for LIBOR
Loans,

 

 

          (b) The definition of the term “Chase Bank Rate” appearing in Section 1.1 of the Financing
Agreement is hereby amended by inserting the following sentence at the end thereof:

Notwithstanding the foregoing, in no event shall the Chase Bank Rate be less than a
rate of interest per annum equal to one month LIBOR plus 2.50%

          (c) The definition of the term “Line of Credit Fee” appearing in Section 1.1 of the Financing
Agreement is hereby amended by deleting the text “$95,000” contained therein and inserting the text
“$150,000” in lieu thereof.

          (d) The definition of the term “Permitted Encumbrances” appearing in Section 1.1 of the
Financing Agreement is hereby amended by (x) deleting the word “and” immediately prior to clause
(j) thereof; and (y) by changing the period appearing at the end thereof to a semi-colon and by
inserting the following immediately thereafter:

and (k) liens with respect to certain assets of AMRGI granted to G-III Inc. which
(i) secure the Intercompany AMRGI-GIII Note, (ii) are subordinate to the liens of
the Agent and the Lenders and (iii) have been collaterally assigned to the Agent for
the benefit of the Agent and the Lenders.

          (e) The definition of the term “Permitted Indebtedness” appearing in Section 1.1 of the
Financing Agreement is hereby amended by changing the letter of clause “(i)” to “(j)” and by
inserting a new clause “(i)” immediately after clause “(h)” to read as follows:

(i) Swap Contracts entered into with Agent, Lenders and/or Affiliates of Agent or
Lenders;

          (f) Section 1.1 of the Financing Agreement is hereby amended by inserting a definition for the
new term “Intercompany AMRGI-GIII Note” in appropriate alphabetical order to read as follows:

“Intercompany AMRGI-GIII Note” shall mean that certain secured subordinated
revolving promissory note dated as of April 20, 2009, executed by AMRGI to the order
of G-III Inc.

          (g) Section 7.3 of the Financing Agreement is hereby amended by deleting the table contained
in Subclause (a) thereof in its entirety and inserting the following table in lieu thereof:

	 	 	 	 	 
	Twelve Months Ending	 	Senior Leverage Ratio
	April 30, 2009
	 	 	1.60 to 1.00	 
	July 31, 2009
	 	 	5.00 to 1.00	 
	October 31, 2009
	 	 	8.50 to 1.00	 
	January 31, 2010
	 	 	2.40 to 1.00	 
	April 30, 2010
	 	 	1.60 to 1.00	 

2

 

	 	 	 	 	 
	Twelve Months Ending	 	Senior Leverage Ratio
	July 31, 2010
	 	 	5.00 to 1.00	 
	October 31, 2010
	 	 	8.50 to 1.00	 
	January 31, 2011
	 	 	2.40 to 1.00	 
	April 30, 2011
	 	 	1.60 to 1.00	 

          (h) Section 7.3 of the Financing Agreement is hereby amended by deleting the table contained
in Subclause (b) thereof in its entirety and inserting the following table in lieu thereof:

	 	 	 	 	 
	 	 	Fixed Charge Coverage
	Twelve Months Ending	 	Ratio
	April 30, 2009
	 	 	1.00 to 1.00	 
	July 31, 2009
	 	 	1.00 to 1.00	 
	October 31, 2009
	 	 	1.10 to 1.00	 
	January 31, 2010
	 	 	1.10 to 1.00	 
	April 30, 2010
	 	 	1.00 to 1.00	 
	July 31, 2010
	 	 	1.00 to 1.00	 
	October 31, 2010
	 	 	1.10 to 1.00	 
	January 31, 2011
	 	 	1.10 to 1.00	 
	April 30, 2011
	 	 	1.00 to 1.00	 

     3. Conditions of Effectiveness. This Amendment No. 2 shall become effective as of the
date hereof upon satisfaction of the following conditions: Agent shall have received:

          (a) Fourteen (14) copies of this Amendment No. 2 duly executed by Companies, Agent and
Required Lenders, and consented to by each Guarantor;

          (b) An amendment fee in the sum of $200,000 for the pro rata benefit of the Lenders executing
this Amendment No. 2;

          (c) A true and correct copy of the Intercompany AMRGI-GIII Note and the Security Agreement
pursuant to which G-III Inc. has been granted a security interest in certain assets of AMRGI as
collateral for the obligations of AMRGI under the Intercompany AMRGI-GIII Note, each of which shall
be in form and substance reasonably satisfactory to Agent and its counsel;

          (d) Six (6) copies of a duly executed collateral assignment in favor of Agent, in form and
substance satisfactory to Agent, with respect to (i) the Intercompany AMRGI-GIII Note and (ii) the
subordinated lien in favor of G-III Inc. securing the obligations of AMGRI under the Intercompany
AMRGI-GIII Note;

          (e) Six (6) copies of a duly executed Subordination and Intercreditor Agreement by and among
Agent, AMRGI and G-III Inc. with respect to the Intercompany AMRGI-GIII Note and the subordinated
lien in favor of G-III Inc. securing the obligations of

3

 

AMGRI under the Intercompany AMRGI-GIII
Note and the related Security Agreement, in form and substance satisfactory to Agent and its
counsel; and

          (f) such other certificates, instruments, documents and agreements as may reasonably be
required by Agent or its counsel, each of which shall be in form and substance satisfactory to
Agent and its counsel.

     4. Representations and Warranties. Each of the Companies hereby represents, warrants
and covenants as follows:

          (a) This Amendment No. 2, the Financing Agreement and the other Loan Documents are and shall
continue to be legal, valid and binding obligations of each of Companies and Guarantors,
respectively, and are enforceable against each Company and each Guarantor in accordance with their
respective terms.

          (b) Upon the effectiveness of this Amendment No. 2, each Company and each Guarantor hereby
reaffirms all covenants, representations and warranties made in the Financing Agreement and the
other Loan Documents and agree that all such covenants, representations and warranties shall be
deemed to have been remade and are true and correct in all material respects as of the effective
date of this Amendment No. 2, after giving effect to this Amendment No. 2, provided, however, that
the information contained in the Schedules attached to the Financing Agreement continues to be
true, correct and complete as of the Closing Date, and there have been no changes to such matters
as of the date hereof except to the extent any such change would not have a Material Adverse
Effect, constitute a Default or Event or Default, or otherwise require notice to the Agent in
accordance with the terms of the Financing Agreement.

          (c) Each Company and each Guarantor has the corporate or limited liability company power, and
has been duly authorized by all requisite corporate or limited liability company action, to execute
and deliver this Amendment No. 2 and to perform its obligations hereunder. This Amendment No. 2
has been duly executed and delivered by each Company and consented to by each Guarantor.

          (d) Each Company has no defense, counterclaim or offset with respect to any of the Loan
Documents.

          (e) The Loan Documents are in full force and effect, and are hereby ratified and confirmed.

          (f) The recitals set forth in the Background section above are truthful and accurate and are
an operative part of this Amendment No. 2.

          (g) Agent and Lenders have and will continue to have a valid first priority lien and security
interest in all Collateral except for liens permitted by the Financing Agreement, and each Company
and each Guarantor expressly reaffirms all guarantees, security interests and liens granted to
Agent and Lenders pursuant to the Loan Documents.

          (h) No Defaults or Events of Default are in existence.

4

 

     5. Effect of Agreement.

          (a) Except as specifically modified herein, the Financing Agreement, and all other documents,
instruments and agreements executed and/or delivered in connection therewith, shall remain in full
force and effect, and are hereby ratified and confirmed.

          (b) The execution, delivery and effectiveness of Amendment No. 2 shall not operate as a
waiver of any right, power or remedy of Agent or any Lender, nor constitute a waiver of any
provision of the Financing Agreement, or any other documents, instruments or agreements executed
and/or delivered under or in connection therewith.

     6. Governing Law. This Amendment No. 2 shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns and shall be governed by and
construed in accordance with the laws of the State of New York.

     7. Headings. Section headings in this Amendment No. 2 are included herein for
convenience of reference only and shall not constitute a part of this Amendment No. 2 for any other
purpose.

     8. Counterparts; Facsimile. This Amendment No. 2 may be executed by the parties
hereto in one or more counterparts, each of which shall be deemed an original and all of which when
taken together shall constitute one and the same agreement. Any signature delivered by a party by
facsimile or other electronic transmission (including in “pdf” format) shall be deemed to be an
original signature hereto.

[balance of page intentionally left blank]

[signature pages follow]

5

 

     IN WITNESS WHEREOF, this Amendment No. 2 has been duly executed
as of the day and year first written above.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	G-III LEATHER FASHIONS, INC., as

a Company and the Funds Administrator	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Neal S. Nackman
 

Neal S. Nackman
	 	 
	 

	 	Title:
	 	Vice President – Finance	 	 
	 
	 	 	 	 	 	 
	 	 	J. PERCY FOR MARVIN RICHARDS, LTD., as a Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Neal S. Nackman
 

Neal S. Nackman
	 	 
	 

	 	Title:
	 	Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	CK OUTERWEAR, LLC, as a Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Neal S. Nackman
 

Neal S. Nackman
	 	 
	 

	 	Title:
	 	Secretary	 	 
	 
	 	 	 	 	 	 
	 

	 	A. MARC & CO., INC., as a Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Neal S. Nackman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Neal S. Nackman	 	 
	 

	 	Title:
	 	Vice President – Finance and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	ANDREW & SUZANNE COMPANY INC., as a Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Neal S. Nackman	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Neal S. Nackman	 	 
	 

	 	Title:
	 	Vice President – Finance and Secretary	 	 

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	AM RETAIL GROUP, INC., as a Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael Brady
 

Michael Brady
	 	 
	 

	 	Title:
	 	Controller and Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	THE CIT GROUP/COMMERCIAL SERVICES, INC., 

as Agent and
Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Edward J. Ahearn
 

Edward J. Ahearn
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	HSBC BANK USA, NATIONAL ASSOCIATION, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael P. Behuniak, Jr.
 

Michael P. Behuniak, Jr.
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SOVEREIGN BANK, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Matilde Reyes
 

Matilde Reyes
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	ISRAEL DISCOUNT BANK OF NEW YORK, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ George Commander
 

George Commander
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Steven Leavenworth
 

Steven Leavenworth
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	COMMERCE BANK, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Martin Noren
 

Martin Noren
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	SIGNATURE BANK, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert A. Bloch
 

Robert A. Bloch
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BANK LEUMI USA, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John Koenigsberg
 

John Koenigsberg
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Iris Steinhardt
 

Iris Steinhardt
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WEBSTER BUSINESS CREDIT, as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Daniel Dupre
 

Daniel Dupre
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Britt O’Rourke
 

Britt O’Rourke
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ David Gutierrez
 

David Gutierrez
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	WACHOVIA BANK, N.A., as Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert Maichin
 

Robert Maichin
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	ACKNOWLEDGED AND AGREED TO

BY EACH OF THE GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	G-III APPAREL GROUP, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Neal S. Nackman

 

Neal S. Nackman

	 	 
	 

	 	Title:
	 	Chief Financial Officer and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	G-III RETAIL OUTLETS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Neal S. Nackman
 

Neal S. Nackman
	 	 
	 

	 	Title:
	 	Vice President – Finance	 	 
	 
	 	 	 	 	 	 
	 	 	G-III LICENSE COMPANY, LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: G-III Apparel Group, Ltd.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Neal S. Nackman
 

	 	 
	 

	 	Name:
	 	Neal S. Nackman	 	 
	 

	 	Title:
	 	Chief Financial Officer & Treasurer	 	 

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	G-III BRANDS, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Neal S. Nackman
 

Neal S. Nackman
	 	 
	 

	 	Title:
	 	Vice President – Finance	 	 
	 
	 	 	 	 	 	 
	 	 	AM APPAREL HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael Brady
 

Michael Brady
	 	 
	 

	 	Title:
	 	Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	ASH RETAIL CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael Brady
 

Michael Brady
	 	 
	 

	 	Title:
	 	Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	ASH RETAIL OF EASTHAMPTON, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael Brady
 

Michael Brady
	 	 
	 

	 	Title:
	 	Treasurer

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