Document:

Modification Agreement of the Credit Facility

 Exhibit 4.32 
 EXECUTION VERSION 
 MODIFICATION AGREEMENT 
 THIS MODIFICATION AGREEMENT dated as of March 31, 2007 (this “Agreement”) of the Credit Agreement, the Stock Pledge
Agreement and the Canadian Pledge Agreement, each as defined below, is by and among MAYOR’S JEWELERS, INC., a Delaware corporation (the “U.S. Borrower”), BIRKS & MAYORS INC. (f/k/a Henry
Birks & Sons Inc.), a Canadian corporation (the “Canadian Borrower”, and together with the U.S. Borrower, the “Borrowers”), the other Subsidiaries of the Borrowers parties to the Credit Agreement
(the “Guarantors”), BANK OF AMERICA, N.A., a national banking association, as administrative agent (hereinafter, in such capacity, the “Administrative Agent”) for itself and the other U.S. lending
institutions (hereinafter, collectively, the “U.S. Lenders”), which are or may become parties thereto, BANK OF AMERICA, N.A. (acting through its Canada branch), a national banking association, as Canadian agent
(hereinafter, in such capacity, the “Canadian Agent”, and together with the Administrative Agent, the “Agents”) for itself and the other Canadian lending institutions which are or may become parties thereto
(hereinafter, collectively, the “Canadian Lenders”, and together with the U.S. Lenders, the “Lenders”) and the Lenders. Capitalized terms used but not otherwise defined herein shall have the meanings provided
in the Credit Agreement. 
 WITNESSETH 
 WHEREAS, a revolving credit facility was established in favor of the Borrowers pursuant to the terms of that certain Revolving Credit, Tranche B Loan and Security Agreement dated as of January 19, 2006 (as
amended and in effect from time to time, the “Credit Agreement”), among the Borrowers, the Guarantors, the Lenders and the Agents; 
 WHEREAS, in connection with Credit Agreement, the Borrowers, the Guarantors and the Administrative Agent entered into that certain Stock Pledge Agreement dated as of January 19, 2006 (the
“Stock Pledge Agreement”); 
 WHEREAS, in connection with Credit Agreement, the Canadian Borrower and
the Canadian Agent entered into that certain Pledge Agreement dated as of January 19, 2006 (the “Canadian Pledge Agreement”);  
 WHEREAS, the U.S. Borrower intends to acquire all the Capital Stock of Henry Birks and Sons U.S., Inc. from the Canadian Borrower (the “Acquisition”) in exchange for the issuance of one share
of additional Capital Stock by the U.S. Borrower to the Canadian Borrower; and 
 WHEREAS, the Borrowers have requested that the
Required Lenders consent to the Acquisition and amend certain provisions of the Credit Agreement, Stock Pledge Agreement and Canadian Pledge Agreement; 

 NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Consent to the
Acquisition. Subject to the satisfaction of the conditions set forth in this Section 1 and in Section 3 hereof, the Required Lenders hereby consent to the Acquisition; provided that (a) no
Default or Event of Default shall exist as of the date of such Acquisition and after giving effect to such Acquisition and (b) the Acquisition is effective on or prior to the date hereof. 
 2. Amendments to Certain Loan Documents. 
 (a) Each of the Borrowers agrees that Schedule 7.19 to the Credit Agreement is amended by deleting such Schedule 7.19 attached thereto in its entirety and replacing such schedule with Schedule 7.19
attached hereto as Exhibit A. 
 (b) Each of the Borrowers agrees that Annex A to the Stock Pledge
Agreement is amended by deleting such Annex A attached thereto in its entirety and replacing such schedule with Annex A attached hereto as Exhibit B. 
 (c) The Canadian Borrower agrees that Schedule 1 to the Canadian Pledge Agreement is amended by deleting such Schedule 1
attached thereto in its entirety and replacing such schedule with Schedule 1 attached hereto as Exhibit C. 
 3.
Conditions Precedent. This Agreement shall be effective immediately upon receipt by the Applicable Agent of all of the following, each in form and substance satisfactory to the Applicable Agent and the Lenders party hereto: 

(a) Executed Agreement. Counterparts of this Agreement duly executed by the Loan Parties and the Required Lenders. 

(b) Updated Schedules. An updated Schedule 7.19 to the Credit Agreement, Annex A to the Stock Pledge Agreement and Schedule 1 to
the Canadian Pledge Agreement from the Borrowers. 
 (c) Stock Certificates and Powers. The duly executed stock
certificates (i) representing all of the Capital Stock of Henry Birks & Sons U.S., Inc. owned by the U.S. Borrower delivered to the Administrative Agent and (ii) representing all of the additional Capital Stock of the U.S.
Borrower issued to the Canadian Borrower in connection with the Acquisition delivered to the Canadian Agent, together with transfer powers duly endorsed in blank. 
 (d) Acquisition Documents. Certified true, correct and complete copies of all of the documents executed and delivered to effectuate
the Acquisition including, without limitation, that certain Share Transfer Agreement by and between the Canadian Borrower and the U.S. Borrower dated as of March 31, 2007 and board resolutions of the U.S. Borrower and Canadian Borrower
approving the Acquisition. 
 (e) Acknowledgement of Pledge. A duly executed Acknowledgement of Pledge, in form and
substance substantially similar to the form attached as Schedule 2 to the Canadian Pledge Agreement, from the Canadian Borrower to the Canadian Agent with respect to the new shares issued by the U.S. Borrower to the Canadian Borrower in connection
with the Acquisition. 
  

 2 

 (f) Payment of Fees. The Borrowers shall have paid all reasonable unpaid fees and
expenses of the Administrative Agent’s counsel, Bingham McCutchen LLP and Ogilvy Renault LLP, to the extent that copies of invoices for such fees and expenses have been delivered to the Borrowers. 
 (g) Other Items. The Agents shall have received such other items, documents, agreements, items or actions as the Agents may
reasonably request in order to effectuate the transactions contemplated hereby. 
 For purposes of determining compliance with the conditions
specified in this Section 3, each of the Required Lenders that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be
consented to or approved by or acceptable or satisfactory to a Lender, unless the Applicable Agent shall have received notice from such Lender prior to the effectiveness of this Agreement specifying its objection thereto. 
 4. Effectiveness of Agreement. Upon execution and delivery of this Agreement, all references to the Credit Agreement, Stock Pledge
Agreement or Canadian Pledge Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement, Stock Pledge Agreement or Canadian Pledge Agreement as modified by this Agreement. Except as specifically modified or amended hereby or
otherwise agreed in writing, the Credit Agreement, Stock Pledge Agreement, Canadian Pledge Agreement and the other Loan Documents (including, in each case, schedules and exhibits thereto) are hereby ratified and confirmed and shall remain in full
force and effect according to their respective terms. 
 5. Representations and Warranties; Defaults. Each of the Borrowers and
the Guarantors affirms the following: 
 (a) all necessary action to authorize the execution, delivery and performance of this
Agreement has been taken; 
 (b) after giving effect to this Agreement, the representations and warranties set forth in the
Credit Agreement and the other Loan Documents are true and correct in all respects as of the date hereof (except those which expressly relate to an earlier period); and 
 (c) before and after giving effect to this Agreement, no Default or Event of Default shall exist. 
 6. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed
an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. Delivery by any party hereto of an executed counterpart of this Agreement by facsimile or other electronic
transmission shall be effective as such party’s original executed counterpart and shall constitute a representation that such party’s original executed counterpart will be delivered. 
  

 3 

 7. Fees and Expenses. Pursuant to Section 16.2 of the Credit Agreement, the Borrowers
shall pay all reasonable costs and expenses of the Agents in connection with the preparation, execution and delivery of this Agreement, including the reasonable fees and expenses of Bingham McCutchen LLP and Ogilvy Renault LLP. 
 8. Governing Law. This Agreement shall be governed by the laws of the State of New York. 
 [Remainder of page intentionally left blank.] 
  

 4 

			
	U.S. BORROWER AND BORROWER’S REPRESENTATIVE
	
	MAYOR’S JEWELERS, INC.
		
	By:	 	/s/ Thomas A. Andruskevich
	Name:	 	Thomas A. Andruskevich
	Title:	 	President & CEO
		
	By:	 	/s/ Michael Rabinovitch
	Name:	 	Michael Rabinovitch
	Title:	 	Senior VP and CFO

  

			
	CANADIAN BORROWER
	
	BIRKS & MAYORS INC.
		
	By:	 	/s/ Thomas A. Andruskevich
	Name:	 	Thomas A. Andruskevich
	Title:	 	President & CEO
		
	By:	 	/s/ Michael Rabinovitch
	Name:	 	Michael Rabinovitch
	Title:	 	Senior VP and CGO

 (Signature Page to Modification Agreement) 

			
	ADMINISTRATIVE AGENT
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Mark D. Twomey
	Name:	 	Mark D. Twomey
	Title:	 	Vice President

  
  
  
  

			
	CANADIAN AGENT
	
	BANK OF AMERICA, N.A. (acting through its Canada branch)
		
	By:	 	/s/ Nelson Lam
	Name:	 	Nelson Lam
	Title:	 	Vice President

  
  
  
  

			
	REVOLVING CREDIT LENDERS
	
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Mark D. Twomey
	Name:	 	Mark D. Twomey
	Title:	 	Vice President

 (Signature Page to Modification Agreement) 

			
	CF BLACKBURN LLC
	
	BY: GMAC COMMERCIAL FINANCE LLC (servicer)
		
	By:	 	/s/ Elizabeth C. White
	Name:	 	Elizabeth C. White
	Title:	 	Director

 (Signature Page to Modification Agreement) 

			
	LASALLE RETAIL FINANCE, a division of LASALLE BUSINESS CREDIT, LLC, as Agent for LASALLE BANK MIDWEST NATIONAL ASSOCIATION
		
	By:	 	/s/ Scott J. Wolkovich
	Name:	 	Scott J. Wolkovich
	Title:	 	Officer

 (Signature Page to Modification Agreement) 

			
	CF BLACKBURN LLC
	
	BY: GMAC COMMERCIAL FINANCE CORPORATION – CANADA (SERVICER)
		
	By:	 	/s/ Elizabeth C. White
	Name:	 	Elizabeth C. White
	Title:	 	Authorized Representative

 (Signature Page to Modification Agreement) 

			
	LASALLE BUSINESS CREDIT, a division of ABN AMRO BANK N.V., CANADA BRANCH
		
	By:	 	/s/ Nick Dounas
	Name:	 	Nick Dounas
	Title:	 	Vice President
		
	By:	 	/s/ Darcy Mack
	Name:	 	Darcy Mack
	Title:	 	First Vice President

 (Signature Page to Modification Agreement) 

 RATIFICATION OF GUARANTY 
 Each of the undersigned Guarantors hereby (a) acknowledges and consents to the foregoing Agreement and the Borrowers’ execution thereof;
(b) ratifies and confirms all of their respective obligations and liabilities under the Loan Documents to which any of them is a party and ratifies and confirms that such obligations and liabilities extend to and continue in effect with respect
to, and continue to guarantee and secure, as applicable, the Obligations of the Borrowers under the Credit Agreement; (c) acknowledge and confirm that the liens, hypothecs and security interests granted pursuant to the Loan Documents are and
continue to be valid and perfected first priority liens, hypothecs and security interests (subject only to Permitted Liens) that secure all of the Obligations on and after the date hereof; (d) acknowledges and agrees that, as of the date
hereof, such Guarantor does not have any claim or cause of action against any Agent or any Lender (or any of its respective directors, officers, employees or agents); and (e) acknowledges, affirms and agrees that, as of the date hereof, such
Guarantor does not have any defense, claim, cause of action, counterclaim, offset or right of recoupment of any kind or nature against any of their respective obligations, indebtedness or liabilities to any Agent or any Lender. 
  

			
	GUARANTORS
	
	HENRY BIRKS & SONS U.S., INC.
		
	By:	 	/s/ Thomas A. Andruskevich
	Name:	 	Thomas A. Andruskevich
	Title:	 	President & CEO
		
	By:	 	/s/ Michael Rabinovitch
	Name:	 	Michael Rabinovitch
	Title:	 	Senior VP and CFO

  

			
	 MAYOR’S JEWELERS OF FLORIDA, INC.
 JBM RETAIL COMPANY, INC.
 JBM VENTURE CO., INC.
 MAYOR’S JEWELERS INTELLECTUAL PROPERTY HOLDING COMPANY
 JAN BELL MARKETING-PUERTO RICO, INC.

		
	By:	 	/s/ Thomas A. Andruskevich
	Name:	 	Thomas A. Andruskevich
	Title:	 	President & CEO
		
	By:	 	/s/ Michael Rabinovitch
	Name:	 	Michael Rabinovitch
	Title:	 	Senior VP and CFO

 (Signature Page to Modification Agreement) 

 EXHIBIT A 
 SCHEDULE 7.19 
 SUBSIDIARIES 
 Canadian Borrower: 
 The Canadian Borrower owns 100% of the outstanding shares of the following entities:

  

	•	 	 U.S. borrower (a Delaware corporation) 

 5870 North Hiatus Road, Tamarac, Florida 33321 
  

	 •
	 	 Henry Birks & Sons Holding Inc.1 (incorporated under the Canadian Business Corporations Act) 

 1240 Phillips Square, Montreal, Québec H3B 3H4 
 U.S. Borrower: 
 The U.S. Borrower owns 100% of the outstanding shares of the following entities: 
  

	•	 	 Mayor’s Jewelers of Florida, Inc., a Florida corporation 

 5870 North Hiatus Road, Tamarac, Florida 33321 
  

	•	 	 Mayor’s Jewelers Intellectual Property Holding Company, a Delaware corporation 

 5870 North Hiatus Road, Tamarac, Florida 33321 
  

	•	 	 JBM Retail Company, Inc., a Delaware corporation 

 5870 North Hiatus Road, Tamarac, Florida 33321 
  

	•	 	 JBM Venture Co., Inc., a Delaware corporation 

 5870 North Hiatus Road, Tamarac, Florida 33321 
  

	•	 	 Jan Bell Marketing-Puerto Rico, Inc., a Puerto Rico company 

 5870 North Hiatus Road, Tamarac, Florida 33321 
  

	•	 	 Henry Birks & Sons U.S., Inc., a Delaware corporation 

 41 Century Drive West, Woonsocket, Rhode Island 02895-6162 
 The U.S. Borrower owns 99% of the outstanding shares of the
following entity: 
  

	 •
	 	 Exclusive Diamonds International, Ltd., an Israeli company2 

	 1
	 This entity has been liquidated and has been dissolved in accordance with the terms of the Credit
Agreement. It was a Non-Material subsidiary and therefore was not a party to the Guaranty. 

  

	 2
	 This entity will be liquidated, and is a Non-Material Subsidiary and therefore is not a party to the
Guaranty. JBM Venture Co., Inc., a Delaware corporation, owns 1% of the outstanding shares of the following entity: 

	 •
	 	 Exclusive Diamonds International, Ltd., an Israeli company3 

 5870 North Hiatus Road,
Tamarac, Florida 33321 
 Exclusive Diamonds International, Ltd., an Israeli company, owns 100% of the outstanding shares of the following entity:

  

	 •
	 	 Regal Diamond International (TA Ltd.), an Israeli company4 

 JOINT VENTURES 
  

	•	 	 BME IPCO, Inc., a Delaware corporation 

 5870 North Hiatus Road, Tamarac, Florida 33321 

	 3
	 This entity will be liquidated, and is a Non-Material Subsidiary and therefore is not a party to the
Guaranty. 

  

	 4
	 This entity will be liquidated, and is a Non-Material Subsidiary and therefore is not a party to the
Guaranty. 

 EXHIBIT B 
 ANNEX A TO PLEDGE AGREEMENT 
 None of the issuers has any authorized, issued or outstanding
shares of its capital stock of any class or any commitments to issue any shares of its capital stock of any class or any securities convertible into or exchangeable for any shares of its capital stock of any class except as otherwise stated in this
Annex A. 
  

													
	 Issuer
	  	 Record
 Owner
	  	 Class of Shares
	  	Number of
Authorized
Shares	  	Number
of Issued
Shares	  	Number of
Outstanding
Shares	  	 Par or
 Liquidation Value

	Mayor’s Jewelers of Florida, Inc.	  	Jan Bell Marketing, Inc. (n/k/a Mayor’s Jewelers, Inc.)	  	Common Stock	  	1,000	  	1	  	1	  	$.01 par value per share
	JBM Venture Co., Inc.	  	Jan Bell Marketing, Inc. (n/k/a Mayor’s Jewelers, Inc.	  	Common Stock	  	3,000	  	100	  	100	  	$1.00 par value per share
	JBM Retail Company, Inc.	  	Jan Bell Marketing, Inc. (n/k/a Mayor’s Jewelers, Inc.	  	Common Stock	  	3,000	  	100	  	100	  	$1.00 par value per share
	Jan Bell Marketing – Puerto Rico, Inc.	  	Jan Bell Marketing, Inc. (n/k/a Mayor’s Jewelers, Inc.	  	Common Stock	  	1,000	  	100	  	100	  	$1.00 par value per share
	Mayor’s Jewelers Intellectual Property Holding Company	  	Mayor’s Jewelers, Inc.	  	Common Stock	  	100	  	100	  	100	  	$.01 par value per share
	Mayor’s Jewelers, Inc.	  	Birks & Mayors Inc. (f/k/a Henry Birks & Sons Inc.)	  	Common Stock	  	200	  	101	  	101	  	$.01 par value per share
	Henry Birks & Sons U.S., Inc.	  	Mayor’s Jewelers, Inc.	  	Common Stock	  	1,000	  	1,000	  	1,000	  	$.01 par value per share

 EXHIBIT C 
 SCHEDULE 1 
 LIST OF PLEDGED SHARES 
 Mayor’s Jewelers, Inc.: 
 100 shares represented by Certificate
No. 2 
 1 share represented by Certificate No. 3Form of Stock Appreciation Right Agreement

 Exhibit 4.61 
 FORM OF 
 BIRKS & MAYORS INC. 
 STOCK APPRECIATION RIGHTS AGREEMENT 
 This Stock Appreciation Rights Agreement
(the “Agreement”), effective as of                  (the “Date of Grant”) is made by and between Birks & Mayors Inc., a
Canadian corporation (the “Company”), and                  (the “Grantee”). 
 Background 
 The Company has established the Birks & Mayors Inc.
Long-Term Incentive Plan (the “Plan”). The Company wishes to grant to the Grantee Stock Appreciation Rights pursuant to the terms of the Plan. 
 The Award is granted in accordance with the terms and conditions of the Plan, the terms of which are incorporated herein by reference, and the Agreement shall in all respects be interpreted in accordance with the
Plan. Any term used in the Agreement that is not otherwise defined in the Agreement shall have the meaning assigned to it by the Plan. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows: 
 1. Grant of SARs. In consideration of service to the Company and for other good and valuable consideration, the Company grants to the Grantee
                     cash-based Stock Appreciation Rights (“SARs”) in accordance with the terms and conditions of the Plan
and this Agreement (the “Award”). 
 2. Appreciation Available. Each SAR shall entitle the Grantee to receive one hundred
percent (100%) of the excess of (i) the Fair Market Value of one share of the Common Stock of the Company on the date the Grantee exercises the SAR (the “Appreciation Price”) over (ii) the Fair Market Value of one share of
the Common Stock of the Company on the Date of Grant (the “Exercise Price”), which is US$                     being the closing
sales price of one (1) share of Common Stock of the Company on the last market trading day prior to the Date of Grant. The total appreciation available to the Grantee as a result of any exercise of the SARs shall be equal to one hundred percent
(100%) of the product of (i) the number of SARs exercised multiplied by (ii) the excess of the Appreciation Price over the Exercise Price. The payment of such amount shall be in cash. 
 3. Adjustments in Award. In the event that the number of outstanding shares of stock to which the Award relates are increased or decreased by
reason of a stock split, reverse stock split, stock dividend, combination or reclassification of shares or other similar transaction, the number of SARs provided by the Award shall be equitably adjusted to reflect such changes. Any such adjustment
made by the Administrator shall be final and binding upon the Grantee, the Company and all other interested persons. 

 4. Manner of Exercise. The Award, or any portion thereof, may be exercised only in accordance with
the terms of the Plan and solely by delivery to the Secretary of the Company of all of the following items prior to the time when the Award or such portion becomes unexercisable under the terms of the Plan: 
 (a) Notice in writing signed by the Grantee or the other person then entitled to exercise the Award or portion thereof, stating that the
Award or portion thereof is thereby exercised, such notice complying with all applicable rules (if any) established by the Administrator; 
 (b) In the event the Award or any portion thereof shall be exercised pursuant to Section 4 of the Agreement by any person or persons other than the Grantee, appropriate proof, satisfactory to the Administrator,
of the right of such person or persons to exercise the Award. 
 5. Vesting and Exercisability. A Grantee’s interest in the Award
shall vest immediately. 
 6. Duration of Award. Except as specified below, the Award shall expire on
                                       
 . Notwithstanding the foregoing, the Award may expire prior to
                                       
 , in the following circumstances: 
 (a) In the case of the Grantee’s termination of directorship with
the Company for any reason other than Disability, death, retirement, or for Cause, the Award shall expire on the date which is three (3) months after the Grantee’s Date of Termination. 
 (b) If the case of the Grantee’s termination of directorship with the Company due to Disability, death or retirement, the Award shall
expire on the date which is one (1) year after the Grantee’s Date of Termination. 
 (c) If the case of the
Grantee’s termination of directorship with the Company for Cause, the Award shall expire on the Grantee’s Date of Termination. 
 For this purpose, Cause shall be determined by the Administrator in its sole discretion. 
 7. Change in Control. In the
event of a Change in Control, then the following provisions shall apply: 
 (a) Vesting. The Administrator, in the
exercise of its sole discretion, may provide that the Award outstanding on the date such Change in Control is determined to have occurred that is not yet exercisable and vested on such date shall become fully exercisable and vested on the date of
such Change in Control. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of
the Company, to the extent that the Award is outstanding, it will terminate immediately prior to the consummation of such proposed action. The Administrator may, in the exercise of its sole discretion in such instances, declare that the Award shall
terminate as of a date fixed by the Administrator and give the Grantee the right to exercise the Award as to all or any part of the Covered Shares, including Shares as to which the Award would not otherwise be exercisable. 
  

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 (c) Merger or Asset Sale or Other Change in Control. In the event of the
occurrence of a merger of the Company with or into another corporation or the sale of substantially all of the assets of the Company, in each case resulting in a Change in Control, or other event resulting in a Change in Control the Administrator,
in the exercise of its sole discretion, shall be entitled to take any of the following actions, or any other action that the Administrator in the exercise of its sole discretion determines to be fair to the holders of Awards: 
 (i) prior to the occurrence of such a Change in Control, provide that all outstanding Awards upon the consummation of such a merger or
sale shall be assumed by, or an equivalent option or right shall be substituted by, the successor corporation or a Parent or Subsidiary of the successor corporation; 
 (ii) prior to the occurrence of such a Change in Control, provide that all outstanding Awards, to the extent they are exercisable and
vested (including, if so determined by the Administrator in the exercise of its sole discretion, Awards that shall become exercisable and vested pursuant to Section 7(a) above), shall be terminated in exchange for a cash payment equal to the
Change in Control Price (reduced by the exercise price applicable to such Awards). These cash proceeds shall be paid to the Grantee or, in the event of death of a Grantee prior to payment, to the estate of the Grantee or to a person who acquired the
right to exercise the Award by bequest or inheritance; or 
 (iii) prior to the occurrence of such a Change in Control,
provide for the Grantee to have the right to exercise the Award as to all or a portion of the Shares covered by the Award, including, if so determined by the Administrator in the exercise of its sole discretion, Shares as to which it would not
otherwise be exercisable. If the Administrator makes the Award exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the Administrator shall notify the Grantee that the Award shall be fully exercisable for a
period of 15 days from the date of such notice (or such shorter period of time as the Administrator determines to be reasonable in the exercise of its sole discretion), and the Award will terminate upon the expiration of such period. 
 8. Administration. The Administrator shall have the power to interpret this Agreement and to adopt such rules for the administration,
interpretation and application of the Agreement as are consistent herewith and to interpret or rescind any such rules. All actions taken and all interpretations and determinations made by the Administrator shall be final and binding upon the
Grantee, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to this Agreement or any similar agreement to which the
Company is a party. 
  

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 9. Award Not Transferable. Except as otherwise provided in the Plan, the Award, and any right
under the Award, shall be exercisable only by the Grantee during the Grantee’s lifetime, or, if permissible under Applicable Law, by the Grantee’s guardian or legal representative, and no right under the Award, may be assigned, alienated,
pledged, attached, sold or otherwise transferred to encumbered by the Grantee otherwise than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be
void and unenforceable against the Company or any Subsidiary; provided, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. 
 10. Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary
and any notice to be given to the Grantee shall be addressed to him at the address given beneath his signature below. By a notice given pursuant to this Section 10, either party may hereafter designate a different address for notices to be
given to him. Any notice which is required to be given to the Grantee shall, if the Grantee is then deceased, be given to the Grantee’s personal representative if such representative has previously informed the Company of his status and address
by written notice under this Section 10. Any notice shall have been deemed duly given when enclosed in a properly sealed envelope addressed as aforesaid, deposited (with postage prepaid) in a postal receptacle. 
 11. Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

 IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties as of the date first written above. 
  

			
	BIRKS & MAYORS INC.
		
	Per:	 	  

  

	
	GRANTEE
	
	   
	(Name)
	(Address)

  

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