Document:

Exhibit 10.1

 

AMENDED AND RESTATED

 

EMPLOYMENT AGREEMENT

 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”)
is entered into as of April 19, 2005, by and between Thomas M. Prescott (the “Executive”)
and Align Technology, Inc., a Delaware corporation (the “Company”).  This Agreement supersedes and replaces in its
entirety that certain Employment Agreement dated March 27, 2002 between the
Executive and the Company.

 

1.             Duties and Scope of Employment.

 

(a)   Position.  For the term of his employment under this
Agreement (“Employment”), the Company agrees to employ the Executive in the
position of President and Chief Executive Officer.  Executive shall diligently, in good faith and
to the best of his abilities perform all duties incident to his position and as
are determined and assigned to him from time to time by the Board of Directors
of the Company (the “Board”).

 

(b)   Obligations
to the Company.  During the term of
his Employment, the Executive shall devote his full business efforts and time
to the Company.  The Executive agrees not
to actively engage in any other employment, occupation or consulting activity
for any direct or indirect remuneration without the prior approval of the Board,
provided, however, that the Executive may, without the approval of the Board,
serve in any capacity with any civic, educational or charitable
organization.  The Executive may own, as
a passive investor, no more than one percent (1%) of any class of the
outstanding securities of any publicly traded corporation.

 

(c)   No
Conflicting Obligations.  The Executive represents and warrants
to the Company that he is under no obligations or commitments, whether
contractual or otherwise, that are inconsistent with his obligations under this
Agreement.  The Executive represents and
warrants that he will not use or disclose, in connection with his employment by
the Company, any trade secrets or other proprietary information or intellectual
property in which the Executive or any other person has any right, title or
interest and that his employment by the Company as contemplated by this
Agreement will not infringe or violate the rights of any other person or
entity.  The Executive represents and
warrants to the Company that he has returned all property and confidential
information belonging to any prior employers.

 

2.             Cash and Incentive Compensation.

 

(a)   Salary.  The Company shall pay the Executive as
compensation for his services a base salary at a gross annual rate of $400,000,
payable in accordance with the Company’s standard payroll schedule.  The compensation specified in this Subsection
(a),

 

 

together with any adjustments by the Company from time
to time, is referred to in this Agreement as “Base Salary.”

 

(b)   Target
Bonus.  The Executive shall be
eligible to participate in an annual bonus program that will provide him with
an opportunity to earn a potential annual bonus equal to 100.0% of the
Executive’s Base Salary.  The amount of
the bonus shall be based upon the performance of the Executive, as set by the
individual performance objectives described in this Subsection, and the Company
in each calendar year, and shall be paid by no later than January 31 of the
following year, contingent on the Executive remaining employed by the Company
as of such date.  The Executive’s individual
performance objectives and those of the Company’s shall be set by the Board
after consultation with the Executive by no later than March 31, of each
calendar year.  Any bonus awarded or paid
to the Executive will be subject to the discretion of the Board.

 

(c)   Stock
Options.  The Executive shall be
eligible for an annual incentive stock option grant subject to the approval of
the Board.  The per share exercise price
of the option will be equal to the per share fair market value of the common
stock on the date of grant, as determined by the Board of Directors.  The term of such option shall be ten (10)
years, subject to earlier expiration in the event of the termination of the
Executive’s Employment.  Such option
shall be immediately exercisable, but the purchased shares shall be subject to
repurchase by the Company at the exercise price in the event that the Executive’s
Employment terminates before he vests in the shares.  The Executive shall vest in 25% of the option
shares after the first twelve (12) months of continuous service and shall vest
in the remaining option shares in equal monthly installments over the next
three (3) years of continuous service. 
The grant of each such option shall be subject to the other terms and
conditions set forth in the Company’s 2001 Stock Incentive Plan and in the
Company’s standard form of stock option agreement.

 

3.             Vacation and Executive Benefits.  During the term of his Employment, the
Executive shall be eligible for 17 days vacation per year, in accordance with
the Company’s standard policy for senior management, as it may be amended from
time to time.  During the term of his
Employment, the Executive shall be eligible to participate in any employee
benefit plans maintained by the Company for senior management, subject in each
case to the generally applicable terms and conditions of the plan in question
and to the determinations of any person or committee administering such plan.

 

4.             Business Expenses.  During the term of his Employment, the
Executive shall be authorized to incur necessary and reasonable travel,
entertainment and other business expenses in connection with his duties
hereunder.  The Company shall reimburse
the Executive for such expenses upon presentation of an itemized account and
appropriate supporting documentation, all in accordance with the Company’s
generally applicable policies.

 

5.             Term of Employment.

 

(a)   Basic
Rule.  The Company agrees to continue
the Executive’s Employment, and the Executive agrees to remain in Employment
with the Company, from the commencement date set forth in Section 1(d) until
the date when the Executive’s Employment terminates pursuant to Subsection (b)
below.  The Executive’s Employment with
the Company

 

2

 

shall be “at will,” and either the Executive or the
Company may terminate the Executive’s Employment at any time, for any reason,
with or without Cause.  Any contrary
representations, which may have been made to the Executive shall be superseded
by this Agreement.  This Agreement shall
constitute the full and complete agreement between the Executive and the
Company on the “at will” nature of the Executive’s Employment, which may only
be changed in an express written agreement signed by the Executive and a duly
authorized officer of the Company.

 

(b)   Termination.  The
Company may terminate the Executive’s Employment at any time and for any reason
(or no reason), and with or without Cause, by giving the Executive notice in
writing.  The Executive may terminate his
Employment by giving the Company fourteen (14) days advance notice in
writing.  The Executive’s Employment
shall terminate automatically in the event of his death or Permanent
Disability.  For purposes of this
Agreement, “Permanent Disability” shall mean that the Executive has become so
physically or mentally disabled as to be incapable of satisfactorily performing
the duties under this Agreement for a period of one hundred eighty (180)
consecutive calendar days.

 

(c)   Rights
Upon Termination.  Except as
expressly provided in Section 6, upon the termination of the Executive’s
Employment pursuant to this Section 5, the Executive shall only be entitled to
the compensation, benefits and reimbursements described in Sections 2, 3 and 4
for the period preceding the effective date of the termination.  The payments under this Agreement shall fully
discharge all responsibilities of the Company to the Executive.

 

(d)   Termination
of Agreement.  The termination of
this Agreement shall not limit or otherwise affect any of the Executive’s
obligations under Section 7.

 

6.             Termination Benefits.

 

(a)   General
Release.  Any other provision of this
Agreement notwithstanding, Subsections (b), (c) or (d) below shall not apply
unless the Executive (i) has executed a general release in a form prescribed by
the Company of all known and unknown claims that he may then have against the
Company or persons affiliated with the Company, and (ii) has agreed not to
prosecute any legal action or other proceeding based upon any of such claims.

 

(b)   Termination
without Cause.  If, during the term
of this Agreement, the Executive’s Employment is terminated for any reason
other than Cause, and not in connection with a Change of Control as addressed
by Subsection (c) below, then the Company shall pay the Executive, an amount
equal to:  (i) the then current year’s
Target Bonus prorated for the number of days of Executive is employed in said
year, payable in a lump sum within thirty (30) days of the date of termination
of Employment; (ii) twenty-four (24) months’ Base Salary, payable in equal
installments in accordance with the Company’s standard payroll schedule; and
(iii) the greater of one hundred fifty percent (150%) of the then current year’s
Target Bonus or the actual prior year’s bonus, payable in a lump sum on the one
year anniversary of termination of Employment. 
The Executive’s Base Salary shall be paid at the rate in effect at the
time of the termination of Employment.

 

3

 

(c)   Upon a
Change of Control. In the event of the occurrence of a Change in Control
while the Executive is employed by the Company:

 

(i)    the
Executive shall immediately vest as to all shares under all outstanding
options; and

 

(ii)   if within
twelve (12) months following the occurrence of the Change of Control, one of
the following events occurs:

 

(A) the Executive’s
employment is terminated by the Company without Cause; or

 

(B) the Executive resigns for Good Reason

 

then the Company shall pay the Executive, in a lump
sum, an amount equal to:  (i) the then
current year’s Target Bonus prorated for the number of days of Executive is
employed in said year; (ii) twenty-four (24) months’ Base Salary; and (iii) the
greater of one hundred fifty percent (150%) of the then current year’s Target
Bonus or the actual prior year’s bonus. 
The Executive’s Base Salary shall be paid at the rate in effect at the
time of the termination of Employment.

 

(d)   Health
Insurance.  If Subsection (b) or (c)
above applies, and if the Executive elects to continue his health insurance
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) following
the termination of his Employment, then the Company shall pay the Executive’s
monthly premium under COBRA until the earliest of (i) eighteen (18) months
following the termination of the Executive’s Employment, or (ii) the date upon
which The Executive commences employment with an entity other than the Company.

 

(e)   Definition
of “Cause.”  For all purposes under this Agreement, “Cause” shall
mean any of the following:

 

(i)    Unauthorized
use or disclosure of the confidential information or trade secrets of the
Company;

 

(ii)   Any breach
of this Agreement or the Employee Proprietary Information and Inventions
Agreement between the Executive and the Company;

 

(iii)  Conviction
of, or a plea of “guilty” or “no contest” to, a felony under the laws of the
United States or any state thereof;

 

(iv)  Misappropriation
of the assets of the Company or any act of fraud or embezzlement by Executive,
or any act of dishonesty by Executive in connection with the performance of his
duties for the Company that adversely affects the business or affairs of the
Company; or

 

4

 

(v)   Intentional
misconduct or the Executive’s failure to satisfactorily perform his/her duties
after having received written notice of such failure and at least thirty (30)
days to cure such failure.

 

The foregoing shall not be deemed an exclusive list of
all acts or omissions that the Company may consider as grounds for the
termination of the Executive’s Employment.

 

(f)    Definition
of ”Good Reason.”  For all purposes under this Agreement,
the Executive’s resignation for “Good Reason” shall mean the Executive’s
resignation within ninety (90) days the occurrence of any one or more of the
following events:

 

(i)    The
Executive’s position, authority or responsibilities being significantly
reduced;

 

(ii)   The
Executive being asked to relocate his principal place of employment such that
his commuting distance from his residence prior to the Change of Control is
increased by over thirty-five (35) miles;

 

(iii)  The
Executive’s annual Base Salary or bonus being reduced; or

 

(iv)  The
Executive’s benefits being materially reduced.

 

(g)   Definition
of “Change of Control.”  For all purposes under this Agreement, “Change
of Control” shall mean any of the following:

 

(i)    a sale of
all or substantially all of the assets of the Company;

 

(ii)   the
acquisition of more than fifty percent (50%) of the common stock of the Company
(with all classes or series thereof treated as a single class) by any person or
group of persons;

 

(iii)  a
reorganization of the Company wherein the holders of common stock of the
Company receive stock in another company (other than a subsidiary of the
Company), a merger of the Company with another company wherein there is a fifty
percent (50%) or greater change in the ownership of the common stock of the
Company as a result of such merger, or any other transaction in which the
Company (other than as the parent corporation) is consolidated for federal
income tax purposes or is eligible to be consolidated for federal income tax
purposes with another corporation; or

 

(iv)  in the
event that the common stock is traded on an established securities market, a public
announcement that any person has acquired or has the right to acquire
beneficial ownership of more than fifty percent (50%) of the then-outstanding
common stock and for this purpose the terms “person” and “beneficial ownership”
shall have the meanings provided in Section 13(d) of the Securities and
Exchange Act of 1934 or related rules promulgated by the Securities and
Exchange Commission, or the commencement of or public announcement of an
intention to make a

 

5

 

tender offer or
exchange offer for more than fifty percent (50%) of the then outstanding Common
Stock.

 

7.             Non-Solicitation and
Non-Disclosure.

 

(a)   Non-Solicitation.  During the period commencing on the date of
this Agreement and continuing until the first anniversary of the date when the
Executive’s Employment terminated for any reason, the Executive shall not
directly or indirectly, personally or through others, solicit or attempt to
solicit (on the Executive’s own behalf or on behalf of any other person or
entity) the employment of any employee of the Company or any of the Company’s
affiliates.

 

(b)   Proprietary
Information.  The Executive has
entered into a Proprietary Information and Inventions Agreement with the
Company, dated March 27, 2002, the terms of which are incorporated herein by
reference.

 

8.             Successors.

 

(a)   Company’s
Successors.  This Agreement shall be
binding upon any successor (whether direct or indirect and whether by purchase,
lease, merger, consolidation, liquidation or otherwise) to all or substantially
all of the Company’s business and/or assets. 
For all purposes under this Agreement, the term “Company” shall
include any successor to the Company’s business and/or assets which becomes
bound by this Agreement.

 

(b)   Executive’s
Successors.  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.

 

9.             Miscellaneous Provisions.

 

(a)   Notice.  Notices and all other communications
contemplated by this Agreement shall be in writing and shall be deemed to have
been duly given when personally delivered or when mailed by overnight courier,
U.S. registered or certified mail, return receipt requested and postage
prepaid.  In the case of the Executive,
mailed notices shall be addressed to him at the home address which he most
recently communicated to the Company in writing.  In the case of the Company, mailed notices
shall be addressed to its corporate headquarters, and all notices shall be
directed to the attention of its Secretary.

 

(b)   Modifications
and Waivers.  No provision of this
Agreement shall be modified, waived or discharged unless the modification,
waiver or discharge is agreed to in writing and signed by the Executive and by
an authorized officer of the Company (other than the Executive).  No waiver by either party of any breach of,
or of compliance with, any condition or provision of this Agreement by the
other party shall be considered a waiver of any other condition or provision or
of the same condition or provision at another time.

 

(c)   Whole
Agreement.  No other agreements,
representations or understandings (whether oral or written) which are not
expressly set forth in this Agreement have

 

6

 

been made or entered into by either party with respect
to the subject matter of this Agreement, except for that certain Employment
Agreement dated March 27, 2002 between the Executive and the Company which is superseded
and replaced in its entirety hereby. 
This Agreement and the Proprietary Information and Inventions Agreement
contain the entire understanding of the parties with respect to the subject
matter hereof.

 

(d)   Withholding
Taxes.  All payments made under this
Agreement shall be subject to reduction to reflect taxes or other charges
required to be withheld by law.

 

(e)   Choice
of Law.  The validity,
interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of California (except provisions governing
the choice of law).

 

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

 

(g)   Arbitration.  Each party agrees that any and all disputes
which arise out of or relate to the Executive’s employment, the termination of
the Executive’s employment, or the terms of this Agreement shall be resolved
through final and binding arbitration. 
Such arbitration shall be in lieu of any trial before a judge and/or
jury, and the Executive and Company expressly waive all rights to have such
disputes resolved via trial before a judge and/or jury.  Such disputes shall include, without
limitation, claims for breach of contract or of the covenant of good faith and
fair dealing, claims of discrimination, claims under any federal, state or
local law or regulation now in existence or hereinafter enacted and as amended
from time to time concerning in any way the subject of the Executive’s
employment with the Company or its termination. 
The only claims not covered by this Agreement to arbitrate disputes
are:  (i) claims for benefits under the
unemployment insurance benefits; (ii) claims for workers’ compensation benefits
under any of the Company’s workers’ compensation insurance policy or fund;
(iii) claims arising from or relating to the non-competition provisions of this
Agreement; and (iv) claims concerning the validity, infringement, ownership, or
enforceability of any trade secret, patent right, copyright, trademark or any
other intellectual property right, and any claim pursuant to or under any
existing confidential/proprietary/trade secrets information and inventions
agreement(s) such as, but not limited to, the Proprietary Information and
Inventions Agreement.  With respect to
such disputes, they shall not be subject to arbitration; rather, they will be
resolved pursuant to applicable law.

 

Arbitration shall be conducted in accordance with the
National Rules for the Resolution of Employment Disputes of the American
Arbitration Association (“AAA Rules”), provided, however, that the arbitrator
shall allow the discovery authorized by California Code of Civil
Procedure section 1282, et seq., or any
other discovery required by applicable law in arbitration proceedings,
including, but not limited to, discovery available under the applicable state
and/or federal arbitration statutes. 
Also, to the extent that any of the AAA Rules or anything in this
arbitration section conflicts with any arbitration procedures required by
applicable law, the arbitration procedures required by applicable law shall
govern.

 

7

 

Arbitration will be conducted in Santa Clara County,
California or, if the Executive does not reside within 100 miles of Santa Clara
County at the time the dispute arises, then the arbitration may take place in
the largest metropolitan area within 50 miles of the Executive’s place of
residence when the dispute arises.

 

During the course of the arbitration, the Executive
and the Company will each bear equally the arbitrator’s fee and any other type
of expense or cost of arbitration, unless applicable law requires otherwise,
and each shall bear their own respective attorneys’ fees incurred in connection
with the arbitration.  The arbitrator
will not have authority to award attorneys’ fees unless a statute or contract
at issue in the dispute authorizes the award of attorneys’ fees to the
prevailing party. In such case, the arbitrator shall have the authority to make
an award of attorneys’ fees as required or permitted by the applicable statute
or contract.  If there is a dispute as to
whether the Executive or the Company is the prevailing party in the
arbitration, the arbitrator will decide this issue.

 

The arbitrator shall issue a written award that sets
forth the essential findings of fact and conclusions of law on which the award
is based.  The arbitrator shall have the
authority to award any relief authorized by law in connection with the asserted
claims or disputes.  The arbitrator’s
award shall be subject to correction, confirmation, or vacation, as provided by
applicable law setting forth the standard of judicial review of arbitration
awards.  Judgment upon the arbitrator’s
award may be entered in any court having jurisdiction thereof.

 

(h)   No
Assignment.  This Agreement and all
rights and obligations of the Executive hereunder are personal to the Executive
and may not be transferred or assigned by the Executive at any time.  The Company may assign its rights under this
Agreement to any entity that assumes the Company’s obligations hereunder in
connection with any sale or transfer of all or a substantial portion of the
Company’s assets to such entity.

 

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

 

 

[The
remainder of this page intentionally left blank.]

 

8

 

IN WITNESS WHEREOF, each of the parties has executed
this Agreement, in the case of the Company by its duly authorized officer, as
of the day and year first above written.

 

	
   

  	
  Thomas M. Prescott

  
	
   

  	
   

  
	
   

  	
  /s/ Thomas M. Prescott

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Align Technology, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger E. George

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice President,

  	
   

  
	
   

  	
   

  	
  Legal and Corporate Affairs

  	
   

  
	
   

  	
   

  	
  General Counsel and

  	
   

  
	
   

  	
   

  	
  Corporate Secretary

  	
   

  
					

 

9Exhibit 10.9

 

SECOND AMENDMENT TO 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND
SECURITY AGREEMENT (this “Amendment”), dated as of December 17, 2004, is
entered into by and among the lenders signatory hereto (the “Lenders”),
CONGRESS FINANCIAL CORPORATION, a Delaware corporation, as agent for the
Lenders (in such capacity, “Agent”), THE CIT GROUP/BUSINESS CREDIT,
INC., a New York corporation, as documentation agent (“Documentation Agent”),
and LERNER NEW YORK, INC., a Delaware corporation (“Lerner”) and LERNCO,
INC., a Delaware corporation (“Lernco” and together with Lerner, “Borrowers”
and each a “Borrower”).

 

RECITALS

 

A.            Borrowers,
Agent, Documentation Agent and the Lenders have previously entered into that
certain Amended and Restated Loan and Security Agreement, dated March 16, 2004,
as amended by that certain First Amendment to Amended and Restated Loan and
Security Agreement dated May 19, 2004 (as amended, the “Loan Agreement”),
pursuant to which the Lenders have made certain loans and financial
accommodations available to Borrowers. 
Terms used herein without definition shall have the meanings ascribed to
them in the Loan Agreement.

 

B.            Borrowers,
Agent, Documentation Agent and the Lenders now wish to further amend the Loan
Agreement on the terms and conditions set forth herein.

 

C.            Borrowers
are entering into this Amendment with the understanding and agreement that,
except as specifically provided herein, none of Agent’s, Documentation Agent’s
or any Lender’s rights or remedies as set forth in the Loan Agreement is being
waived or modified by the terms of this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing and
the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows:

 

1.             Amendment to Loan Agreement.

 

(a)           Clauses (b) and (c) of the definition
of “Revolving Loan Interest Rate” as set forth in Section 1.181 of the Loan
Agreement are hereby amended and restated in their entirety to read as follows:

 

“(b)         So long as no Event of Default has
occurred and is continuing, on a quarterly basis, effective on the first day of
the first month following receipt of Borrowers’ quarterly financial statements,
the Revolving Loan Interest Rate as to Revolving Loans that are Eurodollar Rate
Loans will be adjusted to reflect the lowest Revolving Loan Interest Rate
applicable based on (i) Borrowers’ EBITDA during the twelve (12) month period
ending on the last day of the immediately

 

 

preceding fiscal
quarter, or (ii) Borrowers’ Average Excess Availability for the immediately
preceding fiscal quarter, as set forth below:

 

	
  EBITDA

  	
   

  	
  Average Excess

  Availability

  	
   

  	
  Adjusted Eurodollar

  Rate Basis

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greater than

  $80,000,000

  	
   

  	
  Greater than

  $30,000,000

  	
   

  	
  1.50%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greater than

  $55,000,000 but

  equal to or less than

  $80,000,000

  	
   

  	
  Greater than

  $15,000,000 but

  equal to or less than

  $30,000,000

  	
   

  	
  1.75%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Equal to or less than

  $55,000,000

  	
   

  	
  Equal to or less than

  $15,000,000

  	
   

  	
  2.00%

  	
   

  

 

(c)           Notwithstanding anything to the
contrary contained in clauses (a) and (b) of this Section 1.181, the Revolving
Loan Interest Rate shall mean the rate of two percent (2.00%) per annum in excess
of the Prime Rate as to Revolving Loans that are Prime Rate Loans and the rate
of four percent (4.00%) per annum in excess of the Adjusted Eurodollar Rate as
to Revolving Loans that are Eurodollar Rate Loans, at Agent’s option or, upon
the written direction of Required Revolving Loan Lenders, (i) either (A)
for the period on and after the date of termination or non-renewal hereof until
such time as all Obligations are indefeasibly paid and satisfied in full in
immediately available funds, or (B) for
the period from and after the date of the occurrence of any Event of Default,
and for so long as such Event of Default is continuing and (ii) on the Revolving Loans at any time
outstanding in excess of the Borrowing Base or the Revolving Loan Limit
(whether or not such excess(es) arise or are made with or without Agent’s or
any Lender’s knowledge or consent and whether made before or after an Event of
Default).”

 

(b)           The definition of “Revolving Loan
Limit” as set forth in Section 1.83 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows:

 

“
‘Revolving Loan Limit’ shall mean $90,000,000 unless Borrowers shall
have exercised their right to reduce such amount pursuant to Section 2.1(e)
hereof, in which event Revolving Loan Limit shall mean such reduced amount.”

 

(c)           The definition of “Term Loan Interest
Rate” as set forth in Section 1.202 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows:

 

“ ‘Term Loan
Interest Rate’ shall mean, for any month during which any Obligations
related to the Term Loan are outstanding, a per annum rate equal to the greater
of (a) five (5.0) percentage points in excess of the Adjusted Eurodollar Rate
(when calculated using the Eurodollar Rate existing as of the last day of the
month ended immediately prior to such month and an Interest Period of one

 

2

 

month) or (b) six
and three-quarters percent (6.75%); provided, however, at Agent’s
option or, upon the written direction of the Required Term Loan Lenders, the
Term Loan Interest Rate shall be increased by two (2.0) percentage points
either (i) for the period on and after
the date of termination or non-renewal hereof until such time as all
Obligations are indefeasibly paid and satisfied in full in immediately
available funds, or (ii) for the period
from and after the date of the occurrence of any Event of Default, and for so
long as such Event of Default is continuing.”

 

(d)           The following is hereby added to the
Loan Agreement as Section 2.1(e):

 

“(e)         At Borrowers’ option, upon not less
than ten (10) Business Days prior written notice to Agent by Borrowers,
Borrowers may permanently reduce the Revolving Loan Limit; provided, however,
that (i) such reductions may only be requested in increments of $10,000,000;
(ii) no such reduction shall be made if an Event of Default exists and is
continuing; and (iii) the Revolving Loan Limit may not be reduced to an amount
that is less than $60,000,000 unless reduced to zero in connection with the
termination of the Agreement or the Revolving Loan Facility in accordance with
the provisions of Section 14.1 hereof.”

 

(e)           Section 2.2(b) of the Loan Agreement
is hereby amended and restated in its entirety to read as follows:

 

“(b)         In addition to any charges, fees or
expenses charged by any bank or issuer in connection with the Letter of Credit
Accommodations, Borrowers shall pay to Agent, for the benefit of Revolving Loan
Lenders, a letter of credit fee at a rate equal to one percent (1.00%) per
annum (the “Letter of Credit Fee”), on the daily outstanding balance of
the Letter of Credit Accommodations for the immediately preceding month (or
part thereof), payable in arrears as of the first day of each succeeding month;
provided, however, that, so long as no Event of Default has
occurred and is continuing, on a quarterly basis, effective on the first day of
the first month following receipt of Borrowers’ quarterly financial statements,
the Letter of Credit Fee will be adjusted to reflect the lowest Letter of
Credit Fee applicable based on (i) Borrowers’ EBITDA, during the twelve (12)
month period ending on the last day of the immediately preceding fiscal
quarter, or (ii) Borrowers’ Average Excess Availability for the immediately
preceding fiscal quarter, as set forth below:

 

3

 

	
  EBITDA

  	
   

  	
  Average Excess

  Availability

  	
   

  	
  Adjusted Letter of

  Credit Fee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greater than $80,000,000

  	
   

  	
  Greater than $30,000,000

  	
   

  	
  1.00%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greater than $55,000,000

  but equal to or less than

  $80,000,000

  	
   

  	
  Greater than $15,000,000

  but equal to or less than

  $30,000,000

  	
   

  	
  1.25%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Equal to or less than

  $55,000,000

  	
   

  	
  Equal to or less than

  $15,000,000

  	
   

  	
  1.50%

  	
   

  

 

; provided, further,
however, that Agent may, and upon the written direction of the Required
Revolving Loan Lenders shall, require Borrowers to pay to Agent for the ratable
benefit of Revolving Loan Lenders such Letter of Credit Fee, at a rate equal to three and one-half of one percent (3.50%) per annum on such daily outstanding
balance for:  (i) the period from and after the date of termination hereof until
Agent and Lenders have received full and final payment of all Obligations
(notwithstanding entry of a judgment against any Borrower) and (ii) the period from and after the date of the
occurrence of an Event of Default for so long as such Event of Default is
continuing.  Such Letter of Credit Fee
shall be calculated on the basis of a three hundred sixty (360) day year and
actual days elapsed and the obligation of Borrowers to pay such fee shall
survive the termination of this Agreement.”

 

(f)            Section 3.2(a) of the Loan Agreement
is hereby amended and restated in its entirety to read as follows:

 

“(a)         Unused Line Fee.  Borrowers shall pay to Agent, for the Pro
Rata Share of each Revolving Loan Lender, monthly an unused line fee at a rate
equal to one-quarter percent (0.25%) per annum in aggregate of the difference
between (i) the average daily principal balance of the outstanding Revolving
Loans and Letter of Credit Accommodations during the immediately preceding
month (or part thereof) while this Agreement is in effect and for so long
thereafter as any of the Obligations are outstanding and (ii) the lesser of:
(A) $80,000,000, or (B) the Revolving Loan Limit (the “Unused Line Fee”),
which fee shall be payable on the first day of each month in arrears; provided,
however, that, so long as no Event of Default has occurred and is
continuing, on a quarterly basis, effective on the first day of the first month
following receipt of Borrowers’ quarterly financial statements, the Unused Line
Fee will be adjusted to reflect the lowest Unused Line Fee applicable based on
(i) Borrowers’ EBITDA, during the twelve (12) month period ending on the last
day of the immediately preceding fiscal quarter, or (ii) Borrowers’ Average
Excess Availability for the immediately preceding fiscal quarter, as set forth
below:

 

4

 

	
  EBITDA

  	
   

  	
  Average Excess

  Availability

  	
   

  	
  Adjusted Unused

  Line Fee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greater than $65,000,000

  	
   

  	
  Greater than $30,000,000

  	
   

  	
  0.25%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Greater than $40,000,000

  but equal to or less than

  $65,000,000

  	
   

  	
  Greater than $15,000,000

  but equal to or less than

  $30,000,000

  	
   

  	
  0.375%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Equal to or less than

  $40,000,000

  	
   

  	
  Equal to or less than

  $15,000,000

  	
   

  	
  0.50%”

  	
   

  

 

(g)           Section 7.1(a)(vii) of the Loan
Agreement is hereby amended and restated in its entirety to read as follows:

 

“(vii)       monthly (but in any event within fifteen
(15) Business Days after the end thereof), a Collateral mix report, in form and
substance satisfactory to Agent, certified by either the ‘vice president –
controller and treasurer’ or ‘chief financial officer’ of each Borrower;”

 

(h)           Clause (i) of Section 9.6(a) of the
Loan Agreement is hereby amended and restated in its entirety to read as
follows:

 

“(i) within thirty (30) days after the end of
each fiscal month, monthly unaudited consolidated financial statements, and
unaudited consolidating financial statements (including in each case balance
sheets, statements of income and loss, statements of cash flow, and statements
of shareholders’ equity), all in reasonable detail, fairly presenting the
financial position and the results of the operations of NY&Co and its
Subsidiaries as of the end of and through such fiscal month, certified to be
correct by either the ‘vice president — controller and treasurer’ or ‘chief
financial officer’ of each Borrower, subject to normal year-end adjustments and
accompanied by a compliance certificate substantially in the form of Exhibit C
hereto, along with a schedule in a form satisfactory to Agent of the
calculations used in determining, as of the end of such month, whether
Borrowers are in compliance with the covenants set forth in Sections 9.17 and
9.18 of this Agreement for such month,”

 

(i)            Section 9.6(d) of the Loan Agreement
is hereby amended and restated in its entirety to read as follows:

 

“(d)         Without limiting the rights of Agent
and Lenders under any other provision of this Agreement, as soon as available,
but in any event not later than fifteen (15) days after the end of each
calendar month, Borrowers shall deliver to Agent, in form and substance
satisfactory to Agent, in each case certified by either the ‘vice president —
controller and treasurer’ or ‘chief financial officer’ of each Borrower as true
and correct:  a statement confirming the
payment of rent and other amounts due to owners and lessors of real property
used by any

 

5

 

Borrower
in the immediately preceding month, subject to year-end or periodic
adjustments, the addresses of all new retail store locations of any Borrower
opened and existing retail store locations closed or sold, in each case since
the date of the most recent certificate delivered to Agent containing the information
required under this clause, and a report of any new deposit account established
or used by any Borrower with any bank or other financial institution, including
the Borrower in whose name the account is maintained, the account number, the
name and address of the financial institution at which such account is
maintained, the purpose of such account and, if any, the amount held in such
account on or about the date of such report.”

 

(j)            The first sentence of Section
14.1(d) of the Loan Agreement is hereby amended and restated in its entirety to
read as follows:

 

“If for any reason
this Agreement is terminated prior to March 16, 2006, in view of the
impracticality and extreme difficulty of ascertaining actual damages and by
mutual agreement of the parties as to a reasonable calculation of the Lenders’
lost profits as a result thereof, Borrowers agree to pay an early termination
fee upon the effective date of such termination (the “Early Termination Fee”)
(i) to Agent, for the ratable benefit of the Revolving Loan Lenders, in an
amount equal to one-half of one percent (0.50%) of the Revolving Loan Limit if
such termination occurs prior to November 27, 2004 or (ii) to Agent, for the
ratable benefit of the Revolving Loan Lenders other than Congress, in an amount
equal to one-half of one percent (0.50%) of the Revolving Loan Commitments of
all Revolving Loan Lenders other than Congress if such termination occurs on or
after November 27, 2004 but prior to March 16, 2006; provided, however,
if the Revolving Loan Facility is terminated as a result of (x) a debt
refinancing or public offering in which Arranger or its Affiliates is given the
opportunity to participate or (y) the sale of substantially all the assets of
Borrowers and Obligors or all the Capital Stock of Parent or NY&Co, then
the Early Termination Fee shall be waived.”

 

2.             Effectiveness of this Amendment.  Agent must have received the following items,
each in form and content acceptable to Agent, and be satisfied that the
following conditions have been met, before this Agreement is effective:

 

(a)           this Amendment and the attached
Acknowledgement by Guarantors, each fully executed in a sufficient number of
counterparts for distribution to all parties;

 

(b)           no Default or Event of Default shall
exist;

 

(c)           the representations and warranties
set forth herein and in the Loan Agreement must be true and correct;

 

(d)           all other documents and legal matters
in connection with the transactions contemplated by this Amendment shall have
been delivered or executed or recorded and shall be in form and substance
satisfactory to Agent.

 

6

 

3.             Representations and Warranties.  Each Borrower represents and warrants as
follows:

 

(a)           Authority.  Each Borrower has the requisite corporate
power and authority to execute and deliver this Amendment, and to perform its
obligations hereunder and under the Financing Agreements (as amended or
modified hereby) to which it is a party. 
The execution, delivery and performance by each Borrower of this
Amendment have been duly approved by all necessary corporate action and no
other corporate proceedings are necessary to consummate such transactions.

 

(b)           Enforceability.  This Amendment has been duly executed and
delivered by each Borrower.  This Amendment
and each Financing Agreement (as amended or modified hereby) is the legal,
valid and binding obligation of each Borrower, enforceable against each
Borrower in accordance with its terms, and is in full force and effect.

 

(c)           Due Execution.  The execution, delivery and performance of
this Amendment are within the power of each Borrower, have been duly authorized
by all necessary corporate action, have received all necessary governmental
approval, if any, and do not contravene any law or any contractual restrictions
binding on any Borrower.

 

4.             Choice of Law. 
The validity of this Amendment, its construction, interpretation and
enforcement, the rights of the parties hereunder, shall be governed by the
internal laws of the State of New York but excluding any principles of
conflicts of law or other rule of law that would cause the application of the
law of any jurisdiction other than the laws of the State of New York.

 

5.             Counterparts. 
This Amendment may be executed in any number of counterparts and by
different parties and separate counterparts, each of which when so executed and
delivered, shall be deemed an original, and all of which, when taken together,
shall constitute one and the same instrument. 
Delivery of an executed counterpart of a signature page to this
Amendment by telefacsimile shall be effective as delivery of a manually
executed counterpart of this Amendment.

 

6.             Reference to and Effect on the Financing Agreements.

 

(a)           Upon and after the effectiveness of
this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Loan Agreement, and each
reference in the other Financing Agreements to “the Loan Agreement”, “thereof”
or words of like import referring to the Loan Agreement, shall mean and be a
reference to the Loan Agreement as modified and amended hereby.

 

(b)           Except as specifically amended above,
the Loan Agreement and all other Financing Agreements, are and shall continue
to be in full force and effect and are hereby in all respects ratified and
confirmed and shall constitute the legal, valid, binding and enforceable
obligations of Borrowers to Agent, Documentation Agent and the Lenders.

 

(c)           The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of Agent,

 

7

 

Documentation
Agent or any Lender under any of the Financing Agreements, nor constitute a
waiver of any provision of any of the Financing Agreements.

 

(d)           To the extent that any terms and
conditions in any of the Financing Agreements shall contradict or be in
conflict with any terms or conditions of the Loan Agreement, after giving
effect to this Amendment, such terms and conditions are hereby deemed modified
or amended accordingly to reflect the terms and conditions of the Loan
Agreement as modified or amended hereby.

 

7.             Ratification. 
Each Borrower hereby restates, ratifies and reaffirms each and every
term and condition set forth in the Loan Agreement, as amended hereby, and the
Financing Agreements effective as of the date hereof.

 

8.             Integration. 
This Amendment, together with the other Financing Agreements,
incorporates all negotiations of the parties hereto with respect to the subject
matter hereof and is the final expression and agreement of the parties hereto
with respect to the subject matter hereof.

 

9.             Severability. 
In case any provision in this Amendment shall be invalid, illegal or
unenforceable, such provision shall be severable from the remainder of this
Amendment and the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

[Remainder of Page
Left Intentionally Blank]

 

8

 

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

 

	
   

  	
  LERNER NEW YORK, INC.,

  	
   

  
	
   

  	
  a Delaware corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
   

  	
  Chief
  Operating Officer,

  	
   

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer & Secretary

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LERNCO, INC.,

  	
   

  
	
   

  	
  a Delaware corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CONGRESS FINANCIAL
  CORPORATION,

  
	
   

  	
  as Agent and as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  John
  Williammee, Jr.

  	
   

  
	
   

  	
  Name:

  	
  John
  Williammee, Jr.

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE CIT GROUP/BUSINESS
  CREDIT, INC.,

  
	
   

  	
  as Documentation Agent
  and as a Lender

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Manuel
  Borges

  	
   

  
	
   

  	
  Name:

  	
  Manuel
  Borges

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
								

 

9

 

	
   

  	
  LASALLE RETAIL FINANCE,

  	 

	
   

  	
  a division of LaSalle
  Business Credit, Inc.,

  	 

	
   

  	
  as agent for Standard
  Federal Bank, National Association,

  	 

	
   

  	
  as a Lender

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ 

  	
  Craig
  Nutbrown

  	
   

  	 

	
   

  	
  Name:

  	
  Craig
  Nutbrown

  	
   

  	 

	
   

  	
  Title:

  	
  Vice
  President

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  ABLECO FINANCE LLC,

  	
   

  	 

	
   

  	
  on its behalf and on
  behalf of its Affiliate assigns,

  	 

	
   

  	
  as Lenders

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ 

  	
  Kevin
  Genda

  	
   

  	 

	
   

  	
  Name:

  	
  Kevin
  Genda

  	
   

  	 

	
   

  	
  Title:

  	
  Senior
  Vice President

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  AZURE FUNDING,

  	
   

  	 

	
   

  	
  as a Lender

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ 

  	
  Frank
  Fletcher

  	
   

  	 

	
   

  	
  Name:

  	
  Frank
  Fletcher

  	
   

  	 

	
   

  	
  Title:

  	
  Director

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  BERNARD
  NATIONAL LOAN INVESTORS, LTD.,

  	 

	
   

  	
  as a Lender

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ 

  	
  Daniel
  B. Zwirn

  	
   

  	 

	
   

  	
  Name:

  	
  Daniel
  B. Zwirn

  	
   

  	 

	
   

  	
  Title:

  	
  Director

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  FORTRESS
  CREDIT OPPORTUNITIES I LP,

  	 

	
   

  	
  as a Lender

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ 

  	
  Constantine
  Dakolias

  	
   

  
	
   

  	
  Name:

  	
  Constantine
  Dakolias

  	
   

  	 

	
   

  	
  Title:

  	
  Chief
  Credit Officer

  	
   

  	 

									

 

10

 

	
   

  	
  OAK HILL
  CREDIT PARTNERS I, LIMITED,

  
	
   

  	
  as a Lender

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Oak Hill CLO
  Management I, LLC, as

  
	
   

  	
   

  	
  Investment
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ 

  	
  Scott D.
  Krase

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Scott D.
  Krase

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OAK HILL
  CREDIT PARTNERS II, LIMITED,

  
	
   

  	
  as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Oak Hill CLO
  Management II, LLC, as

  	
   

  
	
   

  	
   

  	
  Investment
  Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ 

  	
  Scott D.
  Krase

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Scott D.
  Krase

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OAK HILL
  CREDIT PARTNERS III, LIMITED,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Oak Hill CLO
  Management III, LLC, as

  
	
   

  	
   

  	
  Investment
  Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ 

  	
  Scott D.
  Krase

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Scott D.
  Krase

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  	
   

  
									

 

11

 

ACKNOWLEDGEMENT BY
GUARANTORS

 

Dated as of December 17, 2004

 

Each of the undersigned, being a Guarantor (each a “Guarantor”
and collectively, the “Guarantors”) under their respective Amended and
Restated Guaranty and Security Agreements, each dated as of March 16, 2004,
made in favor of Agent (as amended, modified or supplemented, each a “Guaranty”
and collectively, the “Guaranties”), hereby (a) acknowledges and agrees
to the foregoing Second Amendment to Amended and Restated Loan and Security
Agreement (the “Amendment”), (b) agrees to the amendment to each
Guaranty set forth in Section 2(b) of the Amendment, and (c) confirms and
agrees that its Guaranty 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 the Amendment, each reference in
such Guaranty to the Loan Agreement (as defined in the Amendment), “thereunder”,
“thereof” or words of like import referring to the “Loan Agreement”, shall mean
and be a reference to the Loan Agreement as amended or modified by the Amendment.  Although Agent has informed Guarantors of the
amendments to the Loan Agreement as set forth above, and Guarantors have
acknowledged the same, each Guarantor understands and agrees that none of
Agent, Documentation Agent or any Lender has any duty under the Loan Agreement,
the Guaranties or any other agreement with any Guarantor 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 advances or transaction
hereafter.

 

 

	
   

  	
  NEW YORK & COMPANY,
  INC.,

  	
   

  
	
   

  	
  a Delaware corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Operating Officer,

  	
   

  
	
   

  	
   

  	
  Chief
  Financial Officer & Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  LERNER NEW YORK
  HOLDING, INC.,

  	
   

  
	
   

  	
  a Delaware corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
  Chief
  Operating Officer

  	
   

  
	
   

  	
   

  	
  &
  Secretary

  	
   

  
								

 

12

 

	
   

  	
  NEVADA RECEIVABLE
  FACTORING, INC.,

  
	
   

  	
  a Nevada corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ASSOCIATED LERNER SHOPS
  OF AMERICA, INC.,

  
	
   

  	
  a New York corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LERNER NEW YORK GC, LLC,

  
	
   

  	
  an Ohio limited
  liability company

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Name:

  	
  Ronald
  W. Ristau

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  
								

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]