Document:

exv10w4

 

Exhibit 10.4

NEW YORK BRANCH

	 	 	 
	PHONE: (212) 697-1717
	 	245 PARK AVENUE
	TELEX: 6720068
	 	29TH FLOOR
	FAX: (212) 697-5754
	 	NEW YORK, N.Y. 10167

Acceptance of Extension

April 17, 2007

To : The Talbots, Inc.

Re : Revolving Credit Agreement dated as of January 25, 1994 ; First
Amendment, dated as of November 21, 1995; Second Amendment, dated as of
April 18, 1996; Third Amendment, dated as of April 17, 1998; and Fourth
Amendment Agreement, dated as of April 16, 1999, between The Talbots, Inc.
as borrower, and The Norinchukin Bank (the “Agreement”)

Dear Sirs :

Pursuant to Section 14 (j)(ii) of the Agreement, we hereby irrevocably accept
your one year extension of the Revolving Credit Period (as defined in the
Agreement) so that the Revolving Credit Period would expire on April 17, 2009.

Very truly yours,

The
Norinchukin Bank,

New York Branch

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ KAORU YAMADA
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Kaoru Yamada 

Joint General ManagerEXHIBIT 10.5(d)

AMENDMENT TO THE

FINLAY ENTERPRISES, INC.

1997 LONG TERM INCENTIVE PLAN

WHEREAS, Finlay Enterprises, Inc. (the “Corporation”) maintains the Finlay Enterprises, Inc. 1997 Long Term Incentive Plan (the “Plan”); and

WHEREAS, pursuant to Section 9.5 of the Plan, the Corporation, through action of its Board of Directors, may amend the Plan at any time; and

WHEREAS, the Corporation desires to amend the Plan to extend the term of the Plan indefinitely subject to stockholder approval.

NOW, THEREFORE, the Plan is hereby amended, effective February 27, 2007, by adding the following new paragraph to the end of Section 9.15:

Notwithstanding any other provision herein, subject to the authority of the Board to terminate the Plan at any time under Section 9.5 hereto, the Plan shall not terminate on March 5, 2007 and shall instead be extended indefinitely, subject to approval at the next annual meeting of the Corporation’s stockholders at which a quorum is present, by the affirmative votes of a majority of the Corporation’s voting securities, present in person or represented by proxy and entitled to vote at the meeting, in accordance with applicable provisions of the Delaware General Corporation Law. In the event the Corporation’s stockholders fail to approve this Amendment or a successor plan, then any Awards granted under the Plan after March 4, 2007 shall be forfeited and cancelled.

IN WITNESS WHEREOF, this Amendment has been executed this 27th day of February, 2007.

 

  	
         

      	
         

      	
        FINLAY
          ENTERPRISES, INC.

      
	 	 	 
	
        
        

      	
         

      	
        By 

      	
        

          /s/ Arthur E. Reiner

      
	
         

      	
         

      	
         

      	
        Arthur
          E. Reiner

          Chairman and Chief Executive OfficerEXHIBIT 10.6(d)
	 

	 
		AMENDMENT TO THE
	 

	 
		FINLAY ENTERPRISES, INC.
	 

	 
		EXECUTIVE DEFERRED COMPENSATION AND STOCK
		PURCHASE PLAN
	 

	 
		WHEREAS, Finlay Enterprises, Inc. (the
		“Corporation”) maintains the Finlay Enterprises, Inc. Executive
		Deferred Compensation and Stock Purchase Plan (the “Plan”);
		and
	 

	 
		WHEREAS, pursuant to the Article 12 of the
		Plan, the Corporation may amend the Plan at any time; and
	 

	 
		WHEREAS, the Corporation desires to amend
		the Plan to provide for cash awards instead of restricted stock units
		(“RSUs”) in the event stockholder approval of the extension of the
		Finlay Enterprises, Inc. 1997 Long Term Incentive Plan is not obtained.
	 

	 
		NOW, THEREFORE, the Plan is hereby amended,
		effective February 27, 2007, as follows:
	 

	 
		Notwithstanding any other provision of the
		Plan, all Participant RSUs and Matching RSUs awarded to Participants on April
		25, 2007 shall be automatically forfeited and immediately replaced with the
		cash equivalent, in the event the Corporation’s stockholders do not extend
		the term of the Finlay Enterprises, Inc. 1997 Long Term Incentive Plan or adopt
		a successor plan. Accordingly, each RSU shall be replaced with a cash amount
		equal to the value of the RSU on the date of forfeiture and the cash amounts
		shall be credited to the Accounts held under the Plan on behalf of the
		Participants on a book entry basis. Interest on the cash amounts shall be
		credited to the Accounts on the first business day of each fiscal quarter
		beginning August 6, 2007 (the “Crediting Date”) based upon the
		account balances on each Crediting Date through the end of the Deferral Period.
		Interest credited on each Crediting Date shall be calculated using the Fidelity
		Managed Income Portfolio II interest rate on the applicable Crediting Date. The
		cash amounts (including interest) shall be subject to all terms of the Plan
		(including vesting) not inconsistent with this paragraph.
	 

	 
		IN WITNESS WHEREOF, this Amendment has been
		executed this 27th day of February, 2007.
	 

	 
		  
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  FINLAY ENTERPRISES,
				  INC.
				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By 
				

			 	
				
				  
 /s/ Arthur E. Reiner
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Arthur E. Reiner

				  Chairman and Chief Executive OfficerEXHIBIT 10.21
	 

	 
		Description of Director and Named
		Executive Officer Compensation*
	 

	 
		Directors
	 

	 
		Directors who are also employees of either
		the Holding Company or Finlay Jewelry receive no additional compensation for
		serving as members of the Board.
	 

	 
		For serving as a director of the Holding
		Company and Finlay Jewelry during 2006, each non-employee director with the
		exception of Mr. Cornstein, received aggregate compensation at the rate of
		$25,000 per year plus $1,000 for each Board meeting and each committee meeting
		attended in person, and $500 for each such meeting attended by conference
		telephone call, with the chairman of the Audit Committee receiving an
		additional annual fee of $6,000 and the Compensation Committee chairman and
		Nominating and Corporate Governance Committee chairman each receiving an
		additional annual fee of $3,000. 
	 

	 
		Prior to 2007, in lieu of receiving
		compensation for service on the Holding Company and Finlay Jewelry’s
		Boards, Mr. Cornstein was provided free use of an office in the Holding
		Company’s headquarters building. The Holding Company incurred no aggregate
		incremental cost to provide this office to Mr. Cornstein. Beginning in
		2007, Mr. Cornstein receives compensation under the same arrangement as
		the Company’s other non-employee directors and is paying rent to the
		Holding Company of $25,000 per year for the use of the office.
	 

	 
		Non-employee directors of the Holding
		Company and Finlay Jewelry will receive compensation for Board service under
		the same arrangements for 2007, except that beginning in 2007,
		Mr. Matthews, as Lead Independent Director, will receive an additional
		annual fee of $25,000.          
	 

	 
		Each non-employee director has the option,
		under the Holding Company’s Director Deferred Compensation and Stock
		Purchase Plan (the “Director Deferred Compensation Plan”), to defer
		100% of his or her annual retainer and committee chairperson fees that would
		otherwise be paid in cash and receive restricted stock units
		(“RSUs”). The participant RSUs are awarded and credited to the
		director participant’s account quarterly in an amount based on a formula
		which divides the cash amount deferred by the fair market value of a share of
		Common Stock on the award date, and are immediately vested. The Holding Company
		also credits the participant’s account with one matching RSU, which vests
		on the one-year anniversary date of the award date, for each participant RSU
		purchased by the director.
		
	 

	 
		Named Executive Officers
	 

	 
		The following table sets forth the annual
		base salaries of the Chief Executive Officer and the four other most highly
		compensated executive officers of the Holding Company for the fiscal year
		ending February 2, 2008, and the target bonus for each such executive
		officer.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Base Salary
				

			 	
				
				  Target Bonus %
				

			 
	
				
				  Arthur E. Reiner
				

				
				  Chairman, President and Chief
				  Executive Officer of the Holding Company and Chairman and Chief Executive
				  Officer of Finlay Jewelry
				

			 	

				
				  $1,005,000
				

			 	

				
				  100%
				

			 
	
				
				   
				

			 	

				
				   
				

			 	

				
				   
				

			 
	
				
				  Bruce E. Zurlnick

				  Senior Vice President, Treasurer and Chief
				  Financial Officer of the Holding Company and Finlay Jewelry
				

			 	

				
				  $310,000
				

			 	

				
				  60%
				

			 
	
				
				   
				

			 	

				
				   
				

			 	

				
				   
				

			 
	
				
				  Joseph M. Melvin

				  Executive Vice President, and Chief Operating
				  Officer of the Holding Company and President and Chief Operating Officer of
				  Finlay Jewelry
				

			 	

				
				  $452,056
				

			 	

				
				  60%
				

			 
	
				
				   
				

			 	

				
				   
				

			 	

				
				   
				

			 
	
				
				  Leslie A. Philip

				  Executive Vice President, and Chief
				  Merchandising Officer of the Holding Company and Finlay Jewelry
				

			 	

				
				  $471,690
				

			 	

				
				  60%
				

			 
	
				
				   
				

			 	

				
				   
				

			 	

				
				   
				

			 
	
				
				  Edward J. Stein

				  Senior Vice President and Director of Stores of
				  Finlay Jewelry
				

			 	

				
				  $390,056
				

			 	

				
				  60%
				

			 

 

	 
		Pursuant to the terms of his employment
		agreement, Mr. Reiner is also entitled to certain stock
		compensation.
	 

	 
		The executive officers named above are also
		eligible to receive those benefits available to all of Finlay Jewelry’s
		senior officers, including performance-based cash bonuses, the ability to
		participate in the Holding Company’s Executive Deferred Compensation and
		Stock Purchase Plan, supplemental executive medical benefits, company-paid
		group life insurance (other than for Mr. Reiner who is entitled to key man
		life insurance under the terms of his employment agreement), as well as various
		other benefits available to all full-time employees of Finlay Jewelry
		including, but not limited to, paid vacation time, participation in the Holding
		Company’s 401(k) plan and short-term disability benefits. 
	 

	 
		*References herein to Holding Company are
		intended to refer to Finlay Enterprises, Inc. and references herein to Finlay
		Jewelry are intended to refer to Finlay Fine Jewelry Corporation.

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