Document:

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                                                                   Exhibit 10.60

                             NON-EMPLOYEE DIRECTOR
                 [Insert Year] COMPENSATION DEFERRAL AGREEMENT

      This Compensation Deferral Agreement, dated as of [Insert date], is by
and between INGRAM MICRO INC., a Delaware corporation (the "Company"), and
[LEGAL NAME] ("Non-Employee Director").

      1. DEFERRAL OF CASH REMUNERATION. During and in respect of the period
commencing on January 1, [Insert Year] and ending on December 31, [Insert Year]
(the "Compensation Period"), Non-Employee Director elects to defer receipt of
cash remuneration otherwise payable to him/her pursuant to his/her [Insert Year]
Compensation Election Form with the Company as indicated on the attached [Insert
Year] Non-Employee Director Deferral Election Form (the "Deferred Cash
Compensation"). The Deferred Cash Compensation, with earnings thereon calculated
pursuant to Section 2 hereof, shall be paid to Non-Employee Director as provided
in Section 3 hereof.

      2. EARNINGS. Subject to Section 4 hereof, the Deferred Cash Compensation
shall be increased or decreased, as the case may be, by the imputed earnings or
losses which would have accrued to such amounts had Non-Employee Director been
eligible and chosen to defer such amounts pursuant to the Ingram Micro
Supplemental Investment Savings Plan from the dates payment or credit would, but
for this Agreement, be made, to the most recent date prior to the date of actual
payment practicable to permit the calculations of the amount due to be made and
payment to be processed ("Earnings"). For purposes of determining Earnings,
Non-Employee Director may choose in the manner designated by the Company from
time to time, and in such proportions as he/she may determine (provided that the
allocations shall be in 5% increments), among any or all of the investment
options provided by the Ingram Micro Supplemental Investment Savings Plan.
Non-Employee Director's initial investment option selections are indicated on
the attached [Insert Year] Non-Employee Director Deferral Election Form.

      3. PAYMENT OF DEFERRED CASH REMUNERATION. Subject to Section 4 hereof, the
Deferred Cash Compensation and Earnings thereon shall be paid to Non-Employee
Director in accordance with the most recent Non-Employee Director's Distribution
Election Form filed by Non-Employee Director with the Company.

      4. SOURCE OF PAYMENTS. The obligations of the Company under this Agreement
represent an unsecured, unfunded promise to pay Non-Employee Director and/or
his/her beneficiaries, and shall not entitle Non-Employee Director or such
beneficiaries to a preferential claim to any asset of the Company. All payments
of Deferred Cash Compensation and Earnings shall be paid in cash from the
general funds of the Company and no special or separate fund shall be
established and no other segregation of assets shall be made to assure the
payment of such deferred amounts. Non-Employee Director shall have no right,
title, or interest whatever in or to any investments which the Company may make
to aid it in meeting its obligation hereunder. Nothing contained in this
Agreement, and no action taken pursuant to its provisions, shall

                                       1
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create or be construed to create a trust of any kind or a fiduciary relationship
between the Company and Non-Employee Director or any other person. To the extent
Non-Employee Director has or acquires any rights to receive payments from the
Company, such rights shall be no greater than the right of an unsecured
creditor.

      5. NEW DIRECTOR COMPENSATION DEFERRAL PLAN. Notwithstanding Section 2 or
Section 3, in the event that the Company adopts a plan pursuant to which
non-employee directors of the Company may elect to defer payment of
compensation, the determination of Earnings and the terms and conditions of
payment of Deferred Cash Compensation and Earnings shall be governed by and
subject to the terms and conditions of such plan.

      6. GENERAL PROVISIONS. The Agreement shall be binding upon and inure to
the benefit of the Company and its successors and assigns, and Non-Employee
Director, his/her designees, and his/her estate. Neither Non-Employee Director,
his/her designees, nor his/her estate shall commute, pledge, encumber, sell or
otherwise dispose of the right to receive the payments provided for in this
Agreement, which payments and the rights thereto are expressly declared to be
nontransferable and nonassignable. This Agreement shall be governed by the laws
of the State of Delaware without reference to principles of conflicts of laws.
This Agreement represents the entire agreement between Non-Employee Director and
the Company with respect to the subject matter hereof, and this Agreement may
not be amended or modified except by a writing signed by the parties hereto,
provided that nothing herein shall affect Non-Employee Director's rights under,
or right to become covered by, any benefit program provided by the Company to
the non-employee members of its Board of Directors generally.

      IN WITNESS WHEREOF, the parties have executed this Agreement, to be
effective as of the day and year first written above.

Non-Employee Director:                  INGRAM MICRO INC.

______________________________________  By:_____________________________________
Signature
                                        Title:__________________________________

                                       2

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                                                             [INGRAM MICRO LOGO]

           [INSERT YEAR] NON-EMPLOYEE DIRECTOR DEFERRAL ELECTION FORM

FIRST NAME____________________________ LAST NAME________________________________

SSN____________________________________

================================================================================

1.    DEFERRAL ELECTION

I hereby irrevocably elect to defer the payment of the following compensation
for my services as a member of the Ingram Micro Inc. Board of Directors in
[INSERT YEAR]:

      CASH RETAINER: ________% of the annual cash retainer elected to be paid in
      four quarterly installments (not to exceed $67,000 or $82,000 for
      committee chairmen)

      MEETING FEES: ________% of the $1,000 for each meeting I attend during
      [INSERT YEAR] of the Ingram Micro Inc. Board of Directors and its
      committees on which I serve.

2.    INITIAL INVESTMENT ELECTIONS: CHOOSE AMONG OF THE FOLLOWING:

      The elections must be in whole percentages and must be divisible by 5%.
      The total percentage must be 100%. You may obtain a fund prospectus for
      any of the funds by contacting [Ingram Micro's 401(k) plan
      administrator]*.

                                [Fund Elections]

__________________________________________     _________________________________
NON-EMPLOYEE DIRECTOR'S SIGNATURE                         DATE

*To contact [Ingram Micro's 401(k) plan administrator], please call them at
_____________ or log on to the world wide web at ________________________.

<PAGE>

                                                             [INGRAM MICRO LOGO]

                      [INSERT YEAR] NON-EMPLOYEE DIRECTOR
              DISTRIBUTION ELECTION AND BENFICIARY DESIGNATION FORM

FIRST NAME____________________________ LAST NAME________________________________

SSN____________________________________

================================================================================

A.    DISTRIBUTION ELECTION: You may change your form of distribution, provided
      you complete a new Distribution Election form at least one (1) year prior
      to your distribution date. Once distribution begins, you may elect another
      form of distribution, however, you will be subject to a 10% penalty.

If the value of my deferred compensation account is $25,000 OR GREATER as of the
last day of the month in which I retire or terminate my service on the board, I
elect the following form of distribution:

_____20 Quarterly Installments (5 years) - Beginning the first full quarter
     after the quarter of retirement or termination of service.

_____40 Quarterly Installments (10 years) - Beginning the first full quarter
     after the quarter of retirement or termination of service.

_____60 Quarterly Installments (15 years) - Beginning the first full quarter
     after the quarter of retirement or termination of service.

____ Lump Sum Payment - 60 days after date of termination of service or
     retirement. Your deferred compensation account will be valued and frozen
     on the 60th day. A check will be generated from Ingram Micro within 2
     weeks of that date and mailed to your home address.

____ Lump Sum Payment - January 31st of the Calendar Year following termination
     of service or retirement. Your deferred account will be valued and frozen
     on January 31st . A check will be generated from Ingram Micro within 2
     weeks of January 31st and mailed to your home address.

B.    BENEFICIARY DESIGNATION: In the event of my death, the following
      beneficiaries are to share equally, unless otherwise specified, in my
      deferred compensation account.

<TABLE>
<CAPTION>
      Name           Relationship          Social Security Number     Percentage
      ----           ------------          ----------------------     ----------
<S>                  <C>                   <C>                        <C>

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</TABLE>

By signing below, I authorize Ingram Micro to distribute my deferred
compensation account according to the distribution election chosen above. I
understand that my distribution will be reported as taxable income on my 1099 in
the year(s) of distribution.

__________________________________________               _______________________
Non-Employee Director's Signature                                  Date

FOR BENEFITS DEPARTMENT USE ONLY

Effective Date: 1/1/2004       Date Received:     Benefits Dept. Representative:exv10w1

 

EXHIBIT 10.1

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED

SENIOR REVOLVING CREDIT AGREEMENT

     This THIRD AMENDMENT TO SECOND AMENDED AND RESTATED SENIOR REVOLVING
CREDIT AGREEMENT (the “Third Amendment”) is made as of this 2nd day of
November, 2004, by and among ENESCO GROUP, INC., an Illinois corporation (the
“Borrower”), the Borrowing Subsidiaries that may from time to time become a
party to the Second Amended and Restated Senior Revolving Credit Agreement,
FLEET NATIONAL BANK, a national banking association, as Agent and a Lender
(“Fleet”) and LaSalle Bank National Association, a national banking association
(“LaSalle” and together with Fleet, the “Lenders”).

RECITALS

     The Borrower and the Lenders are parties to a certain Second Amended and
Restated Senior Revolving Credit Agreement dated as of June 16, 2003, as
amended by a First Amendment to Second Amended and Restated Senior Revolving
Credit Agreement dated as of March 5, 2004, and as further amended by a Second
Amendment to Second Amended and Restated Senior Revolving Credit Agreement
dated as of August 10, 2004 (the “First Amendment” and collectively, the
“Credit Agreement”), pursuant to which the Lenders have extended certain
financial accommodations to the Borrower including those evidenced by a
Borrower Note in the face amount of $25,000,000 payable to Fleet, a Borrower
Note in the face amount of $15,000,000 payable to LaSalle, a Back-Up L/C and
B/A Demand Note in the face amount of $10,000,000 payable to Fleet and a
Back-Up F/X Demand Note in the face amount of $10,000,000 payable to Fleet, all
such promissory notes dated as of June 16, 2003, a Borrowing Subsidiary Note
dated as of September 10, 2003 made by Enesco International (H.K.) Limited
payable to Fleet in the face amount of $5,000,000, a Borrower Term Note in the
face amount of $5,390,000 payable to Fleet and a Borrower Term Note in the face
amount of $2,310,000 payable to LaSalle, both such term notes dated as of March
5, 2004 (all of which notes are collectively hereinafter referred to as the
“Notes”). The Borrower and the Lenders have agreed to further modify the terms
and provisions of the Credit Agreement and to ratify and confirm that all
Obligations of the Borrower to the Lenders continue to be evidenced by the Loan
Documents, all as more fully described and set forth hereinbelow. Capitalized
terms not otherwise defined in this Third Amendment shall have their meanings
as defined in the Credit Agreement.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Borrower and the Lenders agree
that the Credit Agreement is amended as follows:

	 	1.	 	A definition for the term “Inventory” is added to ARTICLE I
as follows:

“Inventory” means and includes all present and future Inventory as
defined in the Uniform Commercial Code, excluding raw materials,
work in process, and all materials used or consumed in the Debtor’s
business; all such Inventory as now owned or hereafter acquired,
anywhere located including, without limitation, with

 

 

manufacturers or at warehouses, including any such returned or
repossessed inventory or any such inventory in transit, all
products of the accessions to such inventory, and all documents of
title, whether negotiable or non-negotiable, representing any of
the foregoing.

	 	2.	 	ARTICLE V-A is amended by adding a new Section 5A-9 as
follows:

     5A.9 Financial Results. The preliminary financial
results of the Borrower for the fiscal period ending
September 30, 2004 delivered by the Borrower to the Agent on
October 28, 2004 are the financial results that shall be
reported in the Borrower’s 10-Q Report scheduled to be filed
on November 5, 2004 with the Securities Exchange Commission.

	 	3.	 	ARTICLE VI is amended by adding a new Section 6.21 as
follows:

     6.21. Covenants Related to Default Waivers. In
consideration of waiver by the Lenders of certain defaults by
the Borrower under Section 6.12.1 and 6.12.2 of this
Agreement as of September 30, 2004 (the “Financial Covenant
Defaults”), the Borrower agrees as follows:

     (i) The Borrower shall, on or before November 15,
2004, grant to the Agent on behalf of the Lenders a
security interest in the Borrower’s Account Receivable
and Inventory and a mortgage on the real estate owned
by the Borrower located at 225 Windsor Drive, Itasca,
Illinois and One Enesco Plaza, Elk Grove Village,
Illinois (the “Elk Grove Property”), as security for
the payment and performance of all Obligations,
pursuant to Loan Documents in form and substance
acceptable to the Lenders in all respects.

     (ii) Notwithstanding the pricing grid set forth in
the definition of the term “Applicable Margin” in
ARTICLE I of this Agreement, the Applicable Margin for
all LIBOR Advances or Cost of Funds Advances shall be
200 basis points.

     (iii) The Borrower shall pay to the Agent on
behalf of the Lenders a default fee equal to one-eighth
of one percent (0.125%) of aggregate total of the
Lenders’ respective Commitments, the L/C and B/A
Facility Limit and the Lenders’ respective Term Loan
Commitments, or $84,671.88 upon waiver by the Lenders
of the Financial Covenant Defaults.

     (iv) The definition of and requirements related to
Borrowing Capacity shall, on or before November 15,
2004, be amended to include amounts outstanding under
the Term Loan Commitments, and advance rates for
Accounts Receivable and

 

 

Inventory shall be based upon an updated field
examination of Borrower operations and real estate
appraisals of Borrower’s properties to be undertaken by
the Agent at the expense of the Borrower.

     (v) The Borrower shall, on or before December 20,
2004, pay to the Agent on behalf of the Lenders all
proceeds, net of ordinary and necessary closing costs,
related to sale by the Borrower of the Elk Grove
Property.

     (vi) Notwithstanding Section 6.12.5 of this
Agreement, the Borrower and Agent shall, on or before
November 22, 2004, agree to revised financial covenants
for fiscal periods ending December 31, 2004 and
thereafter.

     (vii) The Borrower shall furnish to the Agent, on
or before November 22, 2004, (a) consolidated cash flow
forecasts through the fiscal year ending December 31,
2004 and for the first quarter ending March 31, 2005,
and on or before November 15, 2004, (b) copies of
McKensie reports and (c) progress reports on the
PeopleSoft resolution project, all in form and
substance acceptable to the Lenders in all respects.

	 	4.	 	Section 7.3 is deleted in its entirety and replaced with the
following:

     7.3. The breach by the Borrower of any of the terms or
provisions of Sections 6.2, 6.3, 6.10, 6.11, 6.12 or 6.21.

	 	5.	 	Except as amended, modified or supplemented by this Third
Amendment, all of the terms, conditions, covenants, provisions,
representations, warranties and conditions of the Credit Agreement,
the Notes and other Loan Documents shall remain in full force and
effect and are hereby acknowledged, ratified, confirmed and
continued as if fully restated hereby.
	 
	 	6.	 	The invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of any other
term or provision hereof or contained in the Credit Agreement, the
Notes and other Loan Documents.
	 
	 	7.	 	It is the intention of the parties hereto that this Third
Amendment shall not constitute a novation and shall in no way
adversely affect or impair the validity or priority of any lien on
any collateral granted, pledged or mortgaged as security for the
payment and performance of the liabilities and obligations of the
Borrower under the Credit Agreement, the Notes or other Loan
Documents.
	 
	 	8.	 	The Borrower hereby confirms and ratifies the obligations
established under the Credit Agreement, the Notes and other Loan
Documents, as amended hereby, and

 

 

the continuing and continuous security interests, pledges and
mortgages in, of and to any and all collateral granted pursuant to
the Credit Agreement and other Loan Documents.

	 	9.	 	This Third Amendment is to be governed and construed in
accordance with the laws of the Commonwealth of Massachusetts.
	 
	 	10.	 	This Third Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one
agreement, and any of the parties thereto may execute this Third
Amendment by signing any such counterpart. This Third Amendment
shall be effective when it has been executed by the Borrower and the
Lenders.

     IN WITNESS WHEREOF, the foregoing Third Amendment has been executed as an
instrument under seal as of the date first above written.

	 	 	 	 	 	 	 
	 	 	ENESCO GROUP, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	/s/ George R. Ditomassi
	 	 	 	

	 	 	Print
Name:   George R. Ditomassi
	 	 	Title:   Interim Chief Executive Officer
	 
	 	 	 	 	 	 
	

	 	By:
	/s/ Charles E. Sanders
	 	 	 	

	 	 	Print
Name:   Charles E. Sanders
	

	 	Title:
	 	Treasurer
	 
	 	 	 	 	 	 
	 	 	FLEET NATIONAL BANK
	 
	 	 	 	 	 	 
	 	 	By:	/s/ Sheryl L. McQuade
	 	 	 	

	 	 	 	Its Senior Vice President
	 
	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 
	 	 	By:	/s/ Hollis J. Griffin
	 	 	 	

	 	 	 	Its Senior Vice President

 

 

Acknowledged and agreed to:

(Guarantor)

	 	 	 	 	 	 	 
	 	 	ENESCO INTERNATIONAL LTD.
	 
	 	 	 	 	 	 
	

	 	By:
	/s/ Charles E. Sanders
	 	 	 	

	 	 	Print
Name:   Charles E. Sanders
	

	 	Title:
	 	Treasurer

Acknowledged and agreed to:

(Borrowing Subsidiaries)

	 	 	 	 	 	 	 
	 	 	ENESCO INTERNATIONAL (H.K.) LIMITED
	 
	 	 	 	 	 	 
	

	 	By:
	/s/ Charles E. Sanders
	 	 	 	

	 	 	Print
Name:   Charles E. Sanders
	

	 	Title:
	 	Director
	 
	 	 	 	 	 	 
	 	 	GREGG MANUFACTURING, INC.
	 
	 	 	 	 	 	 
	

	 	By:
	/s/ Charles E. Sanders
	 	 	 	

	 	 	Print
Name:   Charles E. Sanders
	

	 	Title:
	 	Treasurer

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