Document:

Exhibit 10.19

KEMET Corporation

Code of Business Integrity and Ethics

Governing Principle

The fundamental principle
governing corporate actions of KEMET Corporation and its subsidiaries
(collectively, “KEMET” or the “Company”) and the actions of employees and
officers of the Company is that ethics and business are inseparable at KEMET,
that no business objective can be achieved without following the highest
ethical standards and complying with all the local and national laws and
regulations that pertain to our operations.

Conflict of Interest

No officer or employee of
the Company may have a personal, financial or family interest that could in any
way keep the individual from acting in the best interest of the Company. Any
actual or potential conflict of interest must be reported to corporate
management as soon as recognized.

Business Relationships

The use of the funds or assets of the Company for any
unlawful purpose or to influence others through bribes is strictly prohibited,
i.e., there shall be no reward, gift, or favor bestowed or promised with a view
to perverting the judgment or corrupting the conduct of a person in a position
of trust.

Offering or accepting properly recorded business
meals, entertainment, or token gifts intended and understood as simple
courtesies meant to foster understanding and communication with suppliers,
customers, and public officials is allowed.

Token tips or minor
payments to government, institutional, vendor, or customer service personnel
that simply facilitate service, are traditional in the country or locality,
nominal in amount, do not involve a perversion of judgement or corruption of
conduct, and are properly recorded are acceptable. Minor payments meet this
test only if, through the generation of goodwill, and not by any other means,
they encourage timely performance of an act which the recipient already has a
duty to perform because of some legal requirement or job responsibility.

Memberships

Memberships should serve
legitimate business needs. They are appropriate only in organizations whose
objectives and activities are lawful and ethical, and fit within the framework
of broadly accepted social values.

Financial Integrity

No unrecorded fund will be established for any
purpose. All assets of the Company will be recorded on the books of the Company
at all times unless specifically exempted by corporate procedures which are
consistent with generally accepted accounting principles.

No false entry or entry that obscures the purposes of
the underlying transaction shall be made in the books and records of the
Company for any reason.

No payment on behalf of the Company shall be
authorized or made with the intention or understanding that any part of such
payment is to be used for a purpose other than that described by the documents supporting
the payment.

Each employee is responsible for the protection of the
Company’s assets from loss, damage, misuse or theft. Company assets, such as
funds, products, or computers, may only be used for business purposes and other
purposes approved by management. Company assets may never be used for illegal
purposes.

The Company requires
honest and accurate recording and reporting of information in order to make
responsible business decisions. This includes such data as quality, safety, and
personnel records, as well as all financial records. All financial books,
records and accounts must accurately reflect transactions and events, and
conform both to required accounting principles and to the Company’s system of
internal controls. No false or artificial entries may be made, and no
undisclosed or unrecorded funds or assets may be maintained for any purpose.
When a payment is made, it can only be used for the purpose spelled out in the
supporting document.

Corporate Opportunities

Employees are prohibited from
(i) taking for themselves personally any opportunities that are discovered
through the use of Company property, information or position; (ii) using
corporate property, information or position for personal gain; and (iii) competing
with the Company. Employees have a duty to the Company to advance its
legitimate interests when the opportunity to do so arises.

Confidential Information

Each employee will
safeguard all confidential information by marking such information accordingly,
keeping it secure, and limiting access to those who have a need to know in
order to do their jobs. Confidential information includes any information that
is not generally known to the public and is helpful to the Company, or would be
helpful to competitors. It also includes information that suppliers and
customers have entrusted to the Company. The obligation to preserve
confidential information continues even after employment ends.

Inside
Information and Securities Trading

Company employees are not
allowed to trade in securities or any other kind of property based on knowledge
that comes from their jobs, if that information has not been reported publicly.
It is against the laws of many countries, including the U.S., to trade or to “tip”
others who might make an investment decision based on inside information. For
example, using non-public information to buy or sell Company stock, options in
Company stock or the stock of a Company supplier, customer or competitor is
prohibited.

Compliance with the Law

Company employees are
required to comply with all applicable laws and regulations wherever the
Company does business. Perceived pressures from supervisors or demands due to
business conditions are not excuses for violating the law.

Fair Competition and Antitrust

The Company and all employees
are required to comply with the antitrust and unfair competition laws of the
many countries in which the Company does business. These laws are complex and
vary considerably from country to country. They generally concern agreements
with competitors that harm customers, including price fixing and allocations of
customers or contracts, agreements that unduly limit a customer’s ability to
sell a product, including establishing the resale price of a product or
service, or conditioning the sale of products on an agreement to buy other
Company products and services, and attempts to monopolize, including pricing a
product below cost in order to eliminate competition. In the event that an
employee is uncertain or has a question regarding such compliance, he or she
should contact their immediate supervisor for clarification.

Reporting of Behavior

Each employee shall promptly bring to the attention of
the Audit Committee of the Board of Directors any information he or she may
have concerning evidence of a material violation of the securities or other
laws, rules or regulations applicable to the Company or its employees or
agents. Each employee shall promptly bring to the attention of the Audit
Committee any information he or she may have concerning any violation of this
Code of Business Integrity and Ethics. The Board of Directors may determine, or
designate appropriate persons to determine, appropriate additional disciplinary
or other actions to be taken in the event of violations of this Code of
Business Integrity and Ethics and a procedure for granting any waivers of this
Code of Business Integrity and Ethics.Exhibit 10.1

 

SAMSONITE
CORPORATION

 

DEFERRED
COMPENSATION AWARD AGREEMENT

 

This Award Agreement, dated March 17, 2005, sets forth the terms
and conditions of the grant to Stonebridge Development Limited, a corporation
organized under the laws of the British Virgin Islands (“Grantee”) by Samsonite
Corporation (the “Company”) of a deferred compensation award (the “Award”).  This Award Agreement relates to the stock
option (the “Original Option”) previously granted to Grantee by the Company,
evidenced by the Stock Option Agreement entered into by Grantee, Marcello
Bottoli and the Company, effective April 19, 2004 (the “Option Agreement”).  The Award (as defined in Section 1 of
this Award Agreement) is granted under the Samsonite Corporation Amended and
Restated FY 1999 Stock Option and Incentive Award Plan (the “1999 Plan”) and
shall be subject to all of the terms and conditions thereof.

 

1.                                       Grant
of Award.  The Company hereby grants
to Grantee effective as of March 17, 2005 (the “Award Grant Date”), an
Award in the amount of $4,725,000.00 (the “Award Amount”).  The Award Amount has been calculated as the
product of (A) 15,000,000 (the number of shares of Stock subject to Tier
One of the Original Option as of the date of grant of the Original Option)
multiplied by (B) $0.315 (the difference between the per share Fair Market
Value (as defined in the Option Agreement) of the Stock (as defined in the 1999
Plan) as of the Award Grant Date — $0.665 — and the per share exercise price of
the Tier One Options — $0.35).  The Award
Amount is subject to adjustment pursuant to Section 2 of this Award
Agreement.

 

2.                                       Adjustment
to Award Amount.  Under certain
circumstances, the Award Amount is subject to downward adjustment.  If, on the date of vesting of any portion of
the Award, the per share Fair Market Value of the Stock is less than $0.665,
the Award Amount shall be adjusted so as to be equal to the product of (A) the
excess (if none, then this sub-clause (A) shall equal zero) of the per
share Fair Market Value of the Stock on such vesting date over $0.35,
multiplied by (B) 15,000,000, which aggregate amount shall then be
multiplied by the percentage of the Award to be paid pursuant to Section 4
of this Award Agreement.

 

3.                                       Vesting
of Award.

 

(a)                                  Subject
to paragraph (b) below, the Award shall vest in full on the earlier to
occur of (i) a “Change of Control” (as defined in the Option Agreement), (ii) March 2,
2014 and (iii) Mr. Bottoli’s resignation from his position as chief
executive officer of the Company pursuant to the first sentence of Section 8(a) of
the Option Agreement, provided that, with respect to clauses (i) and (ii) above,
Mr. Bottoli is employed by the Company or one of its subsidiaries as of
such event or date (each such date or event, a “Vesting Event”).

 

(b)                                 In
the event that, prior to the occurrence of a Vesting Event, Mr. Bottoli is
no longer employed by the Company or any of its subsidiaries as a result of (i) Mr. Bottoli’s

 

 

death or
Permanent Disability (as defined in the Option Agreement), (ii) Mr. Bottoli’s
termination without Cause (as defined in the Option Agreement) or (iii) Mr. Bottoli’s
resignation with Good Reason (as defined in the Option Agreement), all or a
portion of the Award shall become vested as of the effective date of such a
termination of employment, according to the following schedule:

 

	
  Termination
  on or after March 3, 2005 and prior to March 3, 2006

  	
   

  	
  20

  	
  %

  
	
  Termination
  on or after March 3, 2006 and prior to March 3, 2007

  	
   

  	
  40

  	
  %

  
	
  Termination
  on or after March 3, 2007 and prior to March 3, 2008

  	
   

  	
  60

  	
  %

  
	
  Termination
  on or after March 3, 2008 and prior to March 3, 2009

  	
   

  	
  80

  	
  %

  
	
  Termination
  on or after March 3, 2009

  	
   

  	
  100

  	
  %

  

 

Any portion of the Award that does not become
vested pursuant to this Section 3(b) upon termination of Mr. Bottoli’s
employment with the Company and its subsidiaries shall be immediately forfeited
and cancelled and Grantee shall have no further rights with respect to such
cancelled portion of the Award.

 

4.                                       Payment
of Award.  Grantee shall be entitled
to receive payment in respect of any portion of the Award that becomes vested
in accordance with Section 3 no later than one month following the date
upon which such portion becomes vested.

 

5.                                       Form of
Payment.  Payment of the vested
portion of the Award shall be made in a lump sum, in cash or Stock or a
combination of cash and Stock (the “Payment”), in the discretion of the
Company; provided, however, that any Payment shall include an amount of cash at
least equal to the amount necessary to satisfy all tax obligations incurred by Mr. Bottoli
or Grantee with respect to such Payment (the “Tax Obligation”).  The amount of Mr. Bottoli’s and Grantee’s
Tax Obligation shall be reasonably determined by the Company, provided that Mr. Bottoli
and Grantee shall each be deemed to pay income tax at the highest marginal rate
of income taxation applicable in the year such Payment is to be made in the
applicable jurisdiction.  If any portion
of the Payment is paid in Stock, the number of shares to be issued shall be
calculated by dividing the dollar value of such portion of the Award by the
Fair Market Value of a share of Stock on the relevant vesting date.  Any fractional shares shall be paid in
cash.  Shares of Stock payable pursuant
to the Award shall be issued under the 1999 Plan.

 

6.                                       CEO
Stockholders Agreement.  As a
condition to the grant of the Award, each of Grantee and Mr. Bottoli agree
to the amendment of the Chief Executive Officer Stockholders Agreement, dated
as of March 2, 2004, by and among (i) the Company, (ii) ACOF
Management, L.P., (iii) Bain Capital (Europe) LLC, (iv) Ontario
Teachers’ Pension Plan Board, (v) Marcello Bottoli, (vi) Grantee and (vii) The
Bottoli Trust (such agreement, the “CEO Stockholders Agreement”), which
amendment will provide that any shares of

 

2

 

Stock issued
pursuant to this Award shall be included under the CEO Stockholders Agreement
as “New Common Stock.”  The CEO
Stockholders Agreement shall be fully applicable to all shares of Stock that
may be issued pursuant to the Award.  If
either the authorized representative of Grantee or Mr. Bottoli does not
execute the amendment to the CEO Stockholders Agreement for any reason, the
signatures set forth below (as well as signifying Mr. Bottoli’s and
Grantee’s agreement to the terms and conditions of this Award Agreement) shall
also constitute their agreement to and signature upon the amendment to the CEO
Stockholders Agreement as if fully set forth on a signature page attached
thereto.

 

7.                                       Representations
and Warranties of Grantee and Mr. Bottoli.  As a condition to the grant of the Award,
Grantee and Mr. Bottoli hereby represent and warrant to the Company as
follows:

 

(a)                                  Sophisticated
Purchaser.  Each of Grantee and Mr. Bottoli
(i) is a sophisticated individual and is able to bear any financial risks
associated with the Award and the Payment of the Award, (ii) has adequate
information to make an informed decision regarding the Award and the Payment of
the Award, (iii) has such knowledge and experience, and has made investments
of a similar nature, so as to be aware of and understand the risks inherent in
the Award and the Payment of the Award, and (iv) has independently, and
without reliance upon the Company, and based on such information as Grantee or Mr. Bottoli,
as applicable, has deemed appropriate, made or performed its or his own
analysis and decision regarding the Award and the Payment of the Award.

 

(b)                                 Unregistered
Securities Acknowledgment.  Each of
Grantee and Mr. Bottoli understands that any shares of Stock issued to
Grantee in connection with the Payment of the Award will constitute “restricted
securities” and have not been registered under the Securities Act of 1933, as
amended (the “Act”), and may not be sold in the United States except pursuant
to an effective registration statement, or pursuant to a duly available
exemption from such registration requirements.

 

(c)                                  Accredited
Investor.  Mr. Bottoli is an “accredited
investor” within the meaning of Regulation D promulgated under the Act.  Each of Grantee and Mr. Bottoli
represents that Grantee is accepting the Award, and any Stock issued to Grantee
as the Payment of the Award, for its own account and for investment, not as
nominee or agent, and not with the view to or for resale in connection with the
distribution thereof.

 

(d)                                 Loss of Investment. 
Grantee (i) is able to bear the risk of holding the shares of Stock
issued to Grantee in connection with the Payment of the Award for an indefinite
period and (ii) is able to bear a complete loss of Grantee’s investment in
such shares of Stock.

 

8.                                       Non-transferability.  The Award may not be assigned, transferred or
disposed of, or pledged or hypothecated in any way, and may not be subject to
execution, attachment or other process, other than by will or by the laws of
descent and distribution.  During Mr. Bottoli’s
lifetime, payments with respect to the Award may be made only to Grantee.

 

3

 

9.                                       Withholding.  The Company shall have the right to withhold
from any Payment otherwise due to Grantee amounts necessary to satisfy any
applicable federal, state, local taxes or other withholding requirements that
may be applicable to the Award, or to require Grantee to make other
arrangements (which may include a payment to the Company in cash) with respect
to the satisfaction of such withholding requirements.

 

10.                                 Approval
of Counsel.  Any issuance and
delivery of Stock hereunder is subject to approval by the Company’s counsel of
all legal matters, including compliance with the requirements of the Securities
Act, the Securities Exchange Act of 1934, as amended, the requirements of any
stock exchange upon which the Stock may then be listed and any applicable
foreign securities laws, state securities or “blue sky” laws.

 

11.                                 Registration;
Certificates.  The Company may, but
shall have no obligation under this Award Agreement to, register under the
securities laws of any jurisdiction the shares of Stock issuable pursuant to
the Award.  Unless the Company determines
otherwise in its discretion, certificates evidencing Payment of the Award in
Stock will bear a legend stating:

 

THE SHARES EVIDENCED BY THIS CERTIFICATE MAY NOT
BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNLESS, IN THE
OPINION OF COUNSEL FOR THE COMPANY, SUCH REGISTRATION IS NOT REQUIRED.

 

12.                                 Notices.  All notices, demands and other communications
with respect to this Award Agreement shall be in writing and be deemed to have
been duly given (i) when hand delivered, (ii) when sent, if sent by
overnight mail, overnight courier or facsimile transmission or (iii) when
mailed by United States registered mail, return receipt requested, postage
prepaid, addressed as follows:

 

Samsonite Corporation

11200 East Forty-Fifth Avenue

Denver, Colorado 80239-3018

Attention: 
Corporate Secretary

 

All notices to Grantee, or another person or
persons entitled to receive payment in respect of the Award shall be addressed
to Grantee or such other person or persons at Grantee’s then current address
contained in the employee payroll records of the Company or a Company
subsidiary.  Anyone to whom a notice may
be given under this Award Agreement may designate a new address by notice to
that effect.

 

13.                                 Successors
and Assigns.  This Award Agreement
shall inure to the benefit of and be binding upon each successor and assign of
the Company.  All obligations imposed
upon Grantee and all rights granted to the Company under this Award Agreement
shall be binding upon Grantee, Mr. Bottoli and, to the extent provided in
this Award Agreement, their respective heirs, legal representatives and
successors.  No other person has any
rights under this Award Agreement.

 

4

 

14.                                 No
Right to Continued Employment. 
Nothing in this Award Agreement confers upon Mr. Bottoli the right
to continue in the employ of the Company or any of its subsidiaries, entitles
Grantee or Mr. Bottoli to any right or benefit not set forth in this Award
Agreement or interferes with or limits in any way the right of the Company or a
Company subsidiary to terminate Mr. Bottoli’s employment.

 

15.                                 Governing
Law; Compliance with Law; Waivers. 
This Award Agreement will be construed and governed in accordance with
the laws of the State of New York.  Each
of Grantee and Mr. Bottoli agree to abide by any laws concerning insider
trading and the policies and decisions of the Company’s management in all
matters concerning the Award.  No waiver
by either party of any breach by the other party to this Award Agreement shall
be deemed a waiver of similar or dissimilar breaches at the same, prior or
subsequent time.

 

16.                                 Severability;
Counterparts.  If any one or more
provisions of this Award Agreement are deemed to be illegal or unenforceable,
the illegality or unenforceability will not affect the validity and
enforceability of the remaining legal and enforceable provisions, which will be
construed as if such illegal or unenforceable provision or provisions had not
been inserted.  This Award Agreement may
be executed in counterparts, each of which shall be deemed an original and both
together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties hereto have
set their hands as of the date first hereabove written.

 

	
  SAMSONITE CORPORATION

  	
  GRANTEE

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Richard
  H. Wiley

  	
   

  	
  /s/ Stefania
  Tomasini

  	
   

  
	
   

  	
  Richard H. Wiley

  	
  Stonebridge Development Limited

  
	
   

  	
  Chief
  Financial Officer

  	
  By Stefania
  Tomasini, its Sole Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Marcello
  Bottoli

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Marcello
  Bottoli

  	
   

  
					

 

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