Document:

First Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED 
 CREDIT AGREEMENT

 This First Amendment to Amended and Restated Credit Agreement (the “Amendment”), is made this 10th
day of December, 2012 among CROCS, INC., a corporation organized under the laws of the State of Delaware (“Crocs”), CROCS RETAIL, INC., a
corporation organized under the laws of the State of Colorado (“Retail”), OCEAN MINDED, INC., a corporation organized under the laws of the State of Colorado
(“Ocean”), JIBBITZ, LLC, a limited liability company organized under the laws of the State of Colorado (“Jibbitz”), BITE, INC., a corporation organized
under the laws of the State of Colorado (“Bite”, together with Crocs, Retail, Ocean, Jibbitz and each other Person joined as a borrower from time to time to the Credit Agreement (as defined below), collectively
“Borrowers” and each a “Borrower”), the financial institutions which are now or which hereafter become a party to the Credit Agreement (collectively, the “Lenders” and each individually a
“Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Administrative Agent”).

 BACKGROUND 
 A. On December 16, 2011, Borrowers, Lenders and Administrative Agent entered into, inter alia, that certain Amended and Restated Credit Agreement (as same has been or may hereafter be
amended, modified, renewed, extended, restated or supplemented from time to time, the “Credit Agreement”) to reflect certain financing arrangements among the parties thereto. The Credit Agreement and all other documents executed in
connection therewith to the date hereof are collectively referred to as the “Existing Financing Agreements”. All capitalized terms used and not otherwise defined herein shall have the meaning ascribed thereto in the Credit
Agreement, as amended hereby. 
 B. Borrowers have requested and Administrative Agent and Lenders have agreed to modify certain
terms and provisions of the Credit Agreement on the terms and subject to the conditions contained in this Amendment. 
 NOW,
THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

Section 1. Amendments to Credit Agreement. 

(a) Definitions. Upon the Effective Date (as defined below), the definition of “Expiration Date” in
Section 1.1 of the Credit Agreement shall be amended and restated in its entirety as follows: 

“Expiration Date” shall mean, with respect to the Revolving Credit Commitments, December 16, 2017.

 (b) Definitions. Upon the Effective Date, the following definition of “Global
Cash” is hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical sequence: 

“Global Cash” means unrestricted cash of the Borrowers maintained in deposit accounts, as evidenced by the
Borrowers’ most recent financial statements, and as confirmed on a Compliance Certificate. 
 (c) Definitions. Upon
the Effective Date, clauses (a) and (b) of the definition of “Permitted Acquisitions” in Section 1.1 of the Credit Agreement shall be amended and restated in their entirety as follows: 

(a) after giving effect to such Acquisition, Borrowers have Availability of not less than $25,000,000 and Global Cash of
not less than $150,000,000; (b) the Total Costs (as defined below) of all such acquisitions do not exceed $50,000,000 for any single acquisition or $100,000,000 in any fiscal year. “Total Costs” shall mean cash or equity
consideration plus the value of any other stock or assets transferred, plus assumed Indebtedness less cash acquired plus all earn out payments, all deferred payments and direct transaction related costs; 

(d) Definitions. Upon the Effective Date, clause (i) of the definition of “Permitted Liens” in
Section 1.1 of the Credit Agreement shall be amended and restated in its entirety as follows: 
 (i) Liens
in favor of Administrative Agent for the benefit of Administrative Agent or Lenders and Liens in favor of any Lender granted to secure reimbursement obligations owing to such Lender in connection with the issuance of a letter of credit by such
Lender in accordance with this Agreement; 
 (e) Use of Proceeds. Upon the Effective Date, Section 2.7 of the Credit
Agreement shall be amended and restated in its entirety as follows: 
 Section 2.7 Use of
Proceeds. The proceeds of the Loans shall be used (i) to pay fees and expenses relating to this transaction, (ii) for Borrowers’ working capital needs and capital expenditures and for general corporate purposes, (iii) to
finance Permitted Acquisitions (including fees and expenses related to Permitted Acquisitions), (iv) to reimburse drawings under Letters of Credit, and (v) for other permitted uses hereunder, including, but not limited to, permitted
dividends, distributions, purchases, redemptions and retirements of equity interests. 
 (f) Section 8.2.1
Indebtedness. Upon the Effective Date, Section 8.2.1(iv) and Section 8.2.1(xvi) of the Credit Agreement shall be amended and restated in their entirety as follows: 

(iv) Indebtedness owing to Foreign Subsidiaries to the extent that such Indebtedness is subordinated to the Obligations
pursuant to the Intercompany Subordination Agreement and such Indebtedness does not exceed $50,000,000 outstanding in the aggregate at any time; 
 (xvi) Indebtedness of Foreign Subsidiaries from third party lenders and guaranties thereof permitted under Section 8.2.3(iii) [Guaranties] in an amount not to exceed $50,000,000 at any time;

  
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 (g) Section 8.2.3 Guaranties. Upon the Effective Date,
Section 8.2.3(iii) of the Credit Agreement shall be amended and restated in its entirety as follows: 

(iii) guaranties by Crocs or any Foreign Subsidiary of Indebtedness of Foreign Subsidiaries not to exceed $50,000,000 in
the aggregate outstanding at any time (excluding guaranties of Lender Provided Hedges); 
 (h) Section 8.2.5
Dividends and Related Distributions Upon the Effective Date, Section 8.2.5(iii) of the Credit Agreement shall be amended and restated in its entirety as follows: 

(iii) any purchase, redemption or retirement of equity interests of any Borrower so long as (A) the amount of such
purchases, redemptions or retirements does not exceed $50,000,000 in any fiscal quarter or $150,000,000 in any fiscal year, and (B) at the time of and after giving Pro Forma effect to such purchase, redemption or retirement, (I) no
Potential Default or Event of Default has occurred and is continuing or would occur, (II) the difference between the Revolving Facility Usage and the aggregate Revolving Credit Commitments is not less than $25,000,000, and (III) the Borrowers shall
have (1) Global Cash of not less than $200,000,000 in connection with any purchases, redemptions or retirements in an aggregate amount greater than $100,000,000 in any fiscal year, (2) Global Cash of not less than $175,000,000 in
connection with any purchases, redemptions or retirements in an aggregate amount greater than $50,000,000 and less than or equal to $100,000,000 in any fiscal year, and (3) Global Cash of not less than $150,000,000 in connection with any
purchases, redemptions or retirements in an aggregate amount less than or equal to $50,000,000 in any fiscal year. 
 (i)
Section 8.2.7 Dispositions of Assets or Subsidiaries. Upon the Effective Date, Section 8.2.7(iii) of the Credit Agreement shall be amended and restated in its entirety as follows: 

(iii) the donation of inventory to charity during any fiscal year in an aggregate not to exceed $3,000,000 in any fiscal
year; 
 (j) Section 8.2.13 Capital Expenditures. Upon the Effective Date, Section 8.2.13 of the Credit
Agreement shall be amended and restated in its entirety as follows: 
 8.2.13 Capital Expenditures.
Each of the Loan Parties shall not, and shall not permit any of their Subsidiaries to, contract for, purchase or make any expenditure or commitments for Capital Expenditures in an aggregate amount for all Loan Parties in excess of $75,000,000 per
fiscal year (excluding Capital Expenditures made in connection with the implementation of a new enterprise resource planning and accounting system in an amount up to $60,000,000). 

(k) Section 8.2.15 Maximum Leverage Ratio. Upon the Effective Date, Section 8.2.15 of the Credit Agreement shall
be amended and restated in its entirety as follows: 
 8.2.15 Maximum Leverage Ratio. The Loan Parties
shall not at any time permit the Leverage Ratio to be greater than 3.25 to 1.00. 

  
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 (l) Section 8.2.16 Global Cash. Upon the Effective Date, the following
Section 8.2.15 is hereby added to the Credit Agreement: 
 8.2.16 Global Cash. The Loan Parties shall
at all times maintain Global Cash of not less than $100,000,000, measured as of the last day of each fiscal quarter; provided however that for purposes of calculating Global Cash solely for this Section 8.2.16, only $20,000,000 of unrestricted
cash located in or maintained on deposit in China will be included in such calculation. 
 (m) Schedule 1.1(A). Upon the
Effective Date, Schedule 1.1(A) of the Credit Agreement shall be amended and restated in its entirety as set forth on Schedule 1.1(A) to this Amendment. 
 (n) Form of Quarterly Compliance Certificate. Upon the Effective Date, Exhibit 8.3.3 to the Credit Agreement shall be amended and restated as set forth on Exhibit 8.3.3 to this
Amendment. 
 Section 2. Increase in Revolving Credit Commitments.  

(a) Borrowers hereby request that the current Lenders increase their Revolving Credit Commitments to an aggregate amount of $100,000,000
in accordance with Section 2.10 of the Credit Agreement and each Lender hereby agrees, on the Effective Date, to increase its Revolving Commitment in the amounts set forth on Schedule 1.1(B) attached to this Amendment. Schedule
1.1(B) attached hereto shall amend and restate in its entirety Schedule 1.1(B) attached to the Credit Agreement. The Administrative Agent hereby agrees that the foregoing is an acceptable acknowledgement of each Increasing Lender as
required under Section 2.10.1(vii) of the Credit Agreement and waives the five (5) calendar day requirement thereunder. 
 (b) Upon the Effective Date, Administrative Agent and Lenders hereby agree that Borrowers may, at any time and from time to time, request (1) that the current Lenders increase their Revolving Credit
Commitments (any current Lender which elects to increase its Revolving Credit Commitment shall be referred to as an “Increasing Lender”) or (2) one or more new lenders (each a “New Lender”) join the Credit Agreement and
provide a Revolving Credit Commitment thereunder, in each case on the terms and conditions set forth in Section 2.10 of the Credit Agreement provided however that notwithstanding the limitation in Section 2.10.1(iii) of the Credit
Agreement, after giving effect to any increase, the total Revolving Credit Commitments shall not exceed $125,000,000. 

  
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 Section 3. Acknowledgment of Guarantors. By execution of this
Amendment, each Guarantor hereby covenants and agrees that each of the Amended and Restated Guaranty and Suretyship Agreements dated December 16, 2011 shall remain in full force and effect and shall continue to cover the existing and future
Obligations of Borrowers to Administrative Agent and Lenders under the Credit Agreements. 
 Section 4.
Conditions Precedent. This Amendment shall be effective upon (the “Effective Date”) Administrative Agent’s receipt of: 
 (a) this Amendment fully executed by the Borrowers, the Guarantors, Administrative Agent and Lenders; 
 (b) certificates of the corporate secretaries of each Borrower with attached resolutions certifying that the increase in the Revolving Credit Commitments up to $100,000,00 has been approved by each Loan
Party; 
 (c) an opinion of counsel addressed to Administrative Agent and the Lenders addressing the authorization and execution
of this Amendment by, and enforceability of this Amendment against, the Loan Parties; 
 (d) replacement revolving credit Notes
in favor of each Increasing Lender reflecting the new amount of such Increasing Lender’s Revolving Credit Commitment after giving effect to the increase approved in this Amendment; and 

(e) an Amendment Fee of $225,000 in immediately available funds, to be allocated among the Lenders pro rata in proportion to their
respective Revolving Credit Commitments. 
 Section 5. Representations and Warranties. Each Borrower:

 (a) reaffirms all representations and warranties made to Administrative Agent and Lenders under the Credit Agreement and all
of the other Existing Financing Agreements and confirms that all are true and correct in all material respects as of the date hereof (except to the extent any such representations and warranties specifically relate to a specific date, in which case
such representations and warranties were true and correct in all material respects on and as of such other specific date); 

(b) reaffirms all of the covenants contained in the Credit Agreement, covenants to abide thereby until satisfaction in full of the
Obligations and termination of the Credit Agreement; 
 (c) represents and warrants to the Administrative Agent and the Lenders
that no Default or Event of Default has occurred and is continuing under any of the Existing Financing Agreements; 
 (d)
represents and warrants to the Administrative Agent and the Lenders that it has the authority and legal right to execute, deliver and carry out the terms of this Amendment, that such actions were duly authorized by all necessary limited liability
company or corporate action, as applicable, and that the officers executing this Amendment on its behalf were similarly authorized and empowered, and that this Amendment does not contravene any provisions of its

  
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certificate of incorporation or formation, operating agreement, bylaws, or other formation documents, as applicable, or of any contract or agreement to which it is a party or by which any of its
properties are bound; and 
 (e) represents and warrants to the Administrative Agent and the Lenders that this Amendment and all
assignments, instruments, documents, and agreements executed and delivered in connection herewith, are valid, binding and enforceable in accordance with their respective terms, except as such enforceability may be limited by any applicable
bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally. 
 Section 6.
General Provisions. 
 (a) Payment of Expenses. Borrowers shall pay or reimburse Administrative Agent and Lenders for its
reasonable attorneys’ fees and expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto. 

(b) Reaffirmation of Credit Agreement. Except as modified by the terms hereof, all of the terms and conditions of the Credit
Agreement, as amended, and all of the other Existing Financing Agreements are hereby reaffirmed and shall continue in full force and effect as therein written. 
 (c) Third Party Rights. No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or incidental beneficiary. 

(d) Headings. The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any
provision hereof. 
 (e) Modifications. No modification hereof or any agreement referred to herein shall be binding or
enforceable unless in writing and signed on behalf of the party against whom enforcement is sought. 
 (f) Governing Law.
This Amendment shall be governed by and construed in accordance with the laws of the State of New York applied to contracts to be performed wholly within the State of New York. 

(g) Counterparts. This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of
which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission or PDF shall be deemed to be an original signature hereto.

 (h) Further Assurances. Each Lender shall stamp “Cancelled” on any and all originals and copies of the
replaced revolving credit Notes issued to such Lender and return the same to the Borrower. 
 (Signature Pages Follow)

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed
by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	BORROWERS:
	
	CROCS, INC.
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	Jeffrey J. Lasher
	Title:	 	Chief Financial Officer
	
	CROCS RETAIL, INC.
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	Jeffrey J. Lasher
	Title:	 	Chief Financial Officer
	
	OCEAN MINDED, INC.
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	Jeffrey J. Lasher
	Title:	 	Chief Financial Officer
	
	JIBBITZ, LLC
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	Jeffrey J. Lasher
	Title:	 	Manager
	
	BITE, INC.
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	Jeffrey J. Lasher
	Title:	 	Chief Financial Officer

 [SIGNATURE PAGE TO FIRST AMENDMENT] 

 
			
	GUARANTORS:
	
	WESTERN BRANDS HOLDING COMPANY
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	 Jeffrey J. Lasher

	Title:	 	 Chief Financial Officer

	
	RA FOOTWEAR, LLC
		
	By:	 	 /s/ John P. McCarvel

	Name:	 	 John P. McCarvel

	Title:	 	 Manager

	
	FURY, INC.
		
	By:	 	 /s/ Jeffrey J. Lasher

	Name:	 	 Jeffrey J. Lasher

	Title:	 	 Chief Financial Officer

 [SIGNATURE PAGE TO FIRST AMENDMENT] 

 
			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	PNC BANK, NATIONAL ASSOCIATION, As Lender and as Administrative Agent
		
	By:	 	 /s/ Steve C. Roberts

	Name:	 	 Steve C. Roberts

	Title:	 	 Vice President

	
	JPMORGAN CHASE BANK, as Lender
		
	By:	 	 /s/ Donatella Scanniello

	Name:	 	 Donatella Scanniello

	Title:	 	 SVP

	
	WELLS FARGO BANK, N.A., as Lender
		
	By:	 	 /s/ Ariana Fahrney

	Name:	 	 Ariana Fahrney

	Title:	 	 Assistant Vice President

 [SIGNATURE PAGE TO FIRST AMENDMENT] 

 AMENDED SCHEDULES 
 SCHEDULE 1.1(A) 
 PRICING GRID— 

VARIABLE PRICING AND FEES BASED ON LEVERAGE RATIO 
  

															
	 Level
	  	 [Leverage Ratio]
	  	Letter of
Credit Fee	 	 	Revolving Credit Base
Rate Spread	 	 	Revolving Credit
LIBOR Rate Spread	 
	 I
	  	Less than 1.0 to 1.0	  	 	1.25	% 	 	 	0.25	% 	 	 	1.25	% 
	 II
	  	Greater than or equal to 1.0 to 1.0 but less than 1.50 to 1.0	  	 	1.50	% 	 	 	0.50	% 	 	 	1.50	% 
	 III
	  	Greater than or equal to 1.50 to 1.0 but less than 2.00 to 1.0	  	 	1.75	% 	 	 	0.75	% 	 	 	1.75	% 
	 IV
	  	Greater than or equal to 2.0 to 1.0	  	 	2.00	% 	 	 	1.00	% 	 	 	2.00	% 

 For purposes of determining the Applicable Margin and the Applicable Letter of Credit Fee Rate:

 (a) The Applicable Margin and the Applicable Letter of Credit Fee Rate shall be recomputed as of the end of each fiscal
quarter based on the Leverage Ratio as of such quarter end. Any increase or decrease in the Applicable Margin or the Applicable Letter of Credit Fee Rate computed as of a quarter end shall be effective on the date on which the Compliance Certificate
evidencing such computation is due to be delivered under Section 8.3.3 [Certificate of Borrower]. If a Compliance Certificate is not delivered when due in accordance with such Section 8.3.3, then the rates in Level IV shall apply as of the
first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered. 

(b) If, as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the
Borrower or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period,
the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender), an amount equal to the excess of the amount of
interest and fees that should have been paid for such period over the 

 
amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing Lender, as the case may be, under
Section 2.8 [Letter of Credit Subfacility] or 4.3 [Interest After Default] or 9 [Default]. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations
hereunder. 
 APPLICABLE COMMITMENT FEE BASED ON REVOLVING FACILITY USAGE 

 

					
	 	 	 Revolving Facility Usage >

50% of aggregate Revolving

Credit Commitments
	 	 Revolving Facility Usage <

50% of aggregate Revolving

Credit Commitments

	 Applicable Commitment Fee Rate
	 	.25%	 	.375%

 For purposes of determining the Applicable Commitment Fee Rate: 
 The Applicable Commitment Fee Rate shall be computed as of the end of each fiscal quarter based on the average Revolving Facility Usage for such fiscal quarter. Any increase or decrease in the Applicable
Commitment Fee Rate computed as of a quarter end shall be effective on such date. 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 
 Page 1 of 2 
 Part 1 - Commitments of Lenders and Addresses for Notices to Lenders

  

													
	 Lender
	  	Amount of
Commitment
for Revolving
Credit Loans	 	  	Commitment	 	  	Ratable
Share	 
	 PNC Bank, National Association

2 North Lake Avenue, Suite 440

Pasadena, CA 91101

Attention: Steve Roberts

Telephone: 626-432-6128

Telecopy:   626-432-4589
	  	$	50,000,000	  	  	$	50,000,000	  	  	 	50	% 
	 Wells Fargo Bank N.A.

333 S. Grand Ave. , Suite 800

Los Angeles, CA 90071

Attention: VP / Relationship Manager

Telephone: 213-253-3571

Telecopy:   213-625-1055
	  	$	25,000,000	  	  	$	25,000,000	  	  	 	25	% 
	 JPMorgan Chase Bank

1125 17th Street, 3rd Floor
 Denver, CO 80202
 Attention: Monica Popowczak

Telephone: 303-244-3238

Telecopy:   303-244-3105
	  	$	25,000,000	  	  	$	25,000,000	  	  	 	25	% 
	 Total
	  	$	100,000,000	  	  	$	100,000,000	  	  	 	100	% 

 SCHEDULE 1.1(B) 

COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES 
 Page 2 of 2 
  

 Part 2 - Addresses for Notices to Administrative Agent, Borrower and Guarantors:

 ADMINISTRATIVE AGENT 
 PNC
Bank, National Association 
 2 North Lake Avenue, Suite 440 
 Pasadena, CA 91101 
 Attention: Steve Roberts 

Telephone: 626-432-6128 
 Telecopy:
  626-432-4589 
 With a Copy To: 
 Agency Services, PNC Bank, National Association 
 Mail Stop: P7-PFSC-04-I 

Address: 500 First Avenue 
 Pittsburgh, PA 15219

 Attention: Agency Services 

Telephone: 412-762-6442 
 Telecopy:
  412-762-8672 
 BORROWER: 
 Crocs, Inc. 
 7477 East Dry Creek Parkway 
 Niwot, CO 80503 
 Attention: Mario Pasquale 

Telephone: 303-848-7576 
 Telecopy:
  303-848-7010 
 With a copy to: 
 Perkins Coie LLP 
 1900 Sixteenth Street, Suite 1400 

Denver, CO 80202 
 Attention: Jason Day

 Telephone: (303) 291-2362 

Facsimile:   (303) 291-2400 
 SCHEDULE 1.1(B) - 2 

 EXHIBIT 8.3.3 
 COMPLIANCE CERTIFICATE 
 PNC Bank, National Association 

2 North Lake Avenue, Suite 440 
 Pasadena, CA
91101 
 Attention: Steve Roberts 
 The undersigned, the [Chief Executive Officer / President / Chief Financial Officer / Treasurer / Director of Treasury] of CROCS, INC., a Delaware corporation
(“Crocs”), delivers this certificate to PNC BANK, NATIONAL ASSOCIATION (“Administrative Agent”), in accordance with the requirements of
Section 8.3.3 of that certain Amended and Restated Credit Agreement dated December 16, 2011 (as may be supplemented, restated, superseded, amended or replaced from time to time, the “Credit Agreement”) among Crocs,
CROCS RETAIL, INC., a corporation organized under the laws of the State of Colorado (“Retail”), OCEAN MINDED, INC., a
corporation organized under the laws of the State of Colorado (“Ocean”), JIBBITZ, LLC, a limited liability company organized under the laws of the State of Colorado (“Jibbitz”), and
BITE, INC., a corporation organized under the laws of the State of Colorado (“Bite”, together with Crocs, Retail, Ocean, Jibbitz and each other Person joined as a borrower from time to time to
the Credit Agreement, collectively the “Borrowers” and each a “Borrower”), Administrative Agent and certain financial institutions party thereto as lenders from time to time (the “Lenders”).
Capitalized terms used in this Compliance Certificate, unless otherwise defined herein, shall have the meanings ascribed to them in the Credit Agreement. 
 1. Based upon my review of the consolidated balance sheets and statements of income of Borrowers for the fiscal period ending             ,
201    , copies of which are attached hereto, I hereby certify, in my capacity as an officer of Crocs and not in my individual capacity, that: 
  

	 	(a)	the Fixed Charge Coverage Ratio was             to 1.0 (minimum required – 1.25 to 1.0);

  

	 	(b)	Borrowers’ Leverage Ratio was             to 1.0 (maximum permitted – 3.25 to 1.00);

  

	 	(c)	Borrowers had Global Cash of $            with
$            of unrestricted cash located in or maintained on deposit in China; and 

  

	 	(d)	Borrower was in compliance with the requirements of Sections 8.2.1, 8.2.3, 8.2.4 and 8.2.5 of the Credit Agreement; 

Attached as Schedule “A” are the details underlying such financial covenant calculations. 

	 	2.	No Potential Default exists on the date hereof, other than:
                                [if none, so state, if a Potential Default exists, state
steps being taken with respect to such Potential Default]; and 

  

	 	3.	No Event of Default exists on the date hereof, other than:
                                [if none, so state, if an Event of Default exists, state
steps being taken with respect to such Event of Default]. 

  

			
	
	Very truly yours,
		
	By:	 	  

		 	
                      
          , as
                                        

 of CrocsEX-10.1

 Exhibit 10.1 
 SIXTH AMENDMENT 
 TO 

THE PROGRESSIVE CORPORATION 
 2010 EQUITY INCENTIVE PLAN 
 WHEREAS, The Progressive Corporation
2010 Equity Incentive Plan, as previously amended (the “Plan”), is currently in effect; and 
 WHEREAS, it is deemed
desirable to amend the Plan; 
 NOW, THEREFORE, the Plan is hereby amended as follows: 

1. Section 10(d) of the Plan is hereby deleted and the following is substituted in its place: 

“(d) If the Committee determines that the Participant has engaged or is engaging in any Disqualifying Activity, then:

 (i) if the Vesting Date of any Award Installment under an Award then held by the Participant is scheduled to
occur after the date of Committee’s determination that the Participant has engaged in a Disqualifying Activity (or with respect to vested Stock Options and Stock Appreciation Rights, such Award Installment has not been exercised by the
Participant), then each such Award Installment shall terminate immediately upon the date of the Committee’s determination, and all related shares of Stock, Units, Stock Options or Stock Appreciation Rights shall be forfeited automatically at
that time; and 
 (ii) if the Vesting Date of any Award Installment occurred (or with respect to vested Stock
Options and Stock Appreciation Rights, such Award Installment was exercised by the Participant) after the Disqualification Date but prior to the date of the Committee’s determination with respect thereto, such Award Installment shall be deemed
to have automatically terminated and forfeited as of the Disqualification Date. Accordingly, promptly upon the Company’s demand, the Participant shall transfer or pay to the Company all shares of Stock (or, if such Stock has been sold or
otherwise transferred by the Participant, an equivalent number of shares of Stock or, at the Company’s election, the value thereof as of the applicable Vesting Date or exercise date) or other proceeds received or deferred by the Participant in
connection with such vesting (or exercise) event(s), and the Participant will be entitled to no consideration in connection therewith. If such shares of Stock or other proceeds are not transferred or paid to the Company promptly upon such demand,
then the Company will have the right to recover from the Participant all such shares or other proceeds, plus the costs and expenses incurred by the Company in recovering such shares or other proceeds from the Participant and enforcing its rights
hereunder, including, without limitation, reasonable attorneys fees and court costs, and plus interest at the rate of eight percent (8%) per annum or, if lower, the highest rate permitted by law, calculated from the applicable Vesting Date (or
exercise date). 
 Any determination by the Committee hereunder, which may act upon the recommendation of the Chief Executive
Officer or other senior officer of the Company, that the Participant has engaged or is engaging in any Disqualifying Activity, and as to the Disqualification Date, shall be final and conclusive.” 

 2. In Section 7(b)(iv), the phrase “at the time and to the extent such Award would
have become vested” is hereby revised to delete the words “at the time and”; vesting events for Time-Based Awards that are required by that section will be processed on or before the earlier of sixty (60) days after the
Participant’s death and the scheduled vesting date. 
 3. With respect to Awards of Restricted Stock Units to be made after
February 2013, the following shall apply: 
 A. A new Section10A shall be inserted into the Plan, as follows:

 “SECTION 10A. Special Provisions Relating to Awards of Restricted Stock Units Made after February 2013.

 With respect to each Award of Restricted Stock Units made after February 2013, but subject to all other
applicable provisions of this Plan and the Award Agreement relating to such Awards: 
 (a) In Section 1(b):

 (i) The definition of “Qualified Retirement” is hereby modified to delete the words “death
or” from the parenthetical preceding clause (a) therein; and 
 (ii) The following definition is
hereby inserted: 
 “Qualified Retirement Eligibility Date” means the first day of the calendar month in which the
Participant is scheduled to satisfy the age and years-of-service requirements for a Qualified Retirement.” 

(b) In the first sentence of Section 5(b)(vi), the phrase “except as provided in Section 10” is hereby
modified to read as follows: “except as provided in Sections 10 and 10A hereof”. 
 (c) Upon the
occurrence of a Participant’s Qualified Retirement Eligibility Date, the provisions of Section 6(b)(v) (relating to the termination of a Participant’s employment by reason of death) shall not apply to such Award; and 

(d) With respect to Awards of Time-Based Restricted Stock Units: 

(i) If a Participant’s Qualified Retirement Eligibility Date occurs after the grant date for such an Award but prior
to the Vesting Date for an Award Installment specified in the applicable Award Agreement, then upon the Participant’s Qualified Retirement Eligibility Date (or such date promptly thereafter as may be specified in the applicable Award
Agreement), fifty percent (50%) of each such Award Installment shall vest and be free of applicable restrictions; the remaining fifty percent (50%) of each such Award Installment shall not vest at such time, but shall remain subject to the
vesting schedule as set forth in the Award Agreement unless earlier forfeited in accordance with the Plan; 

 (ii) If the Participant’s Qualified Retirement Eligibility Date has
occurred prior to the grant date for an Award, then fifty percent (50%) of each Award Installment under such Award shall vest and be free of applicable restrictions on the date promptly after the grant date that is specified in the applicable
Award Agreement (the “Specified Date”); the remaining fifty percent (50%) of each such Award Installment shall not vest at such time, but shall remain subject to the vesting schedule as set forth in the Award Agreement unless earlier
forfeited in accordance with the Plan; and 
 (iii) Section 10 (relating to Qualified Retirement) shall not
apply to such Time-Based Awards, except as provided in this Subsection (d)(iii). Due to administrative reasons, the vesting event occurring upon the grant of a Time-Based Award under Subsection (d)(ii) above, or that would otherwise occur with
respect to a Time-Based Award promptly after its grant under Subsection (d)(i) above, is expected to occur shortly thereafter on the Specified Date. If a Participant’s employment terminates in a Qualified Retirement after the grant date of a
Time-Based Award but prior to the related Specified Date, the provisions of Section 10 hereof will apply to such Time-Based Award (but not to any other Awards of Restricted Stock Units made after February 2013 that are then outstanding).

 (iv) Except as provided in the preceding Subsection (d)(iii), after a Participant’s Qualified Retirement
Eligibility Date, all Awards of Time-Based Restricted Stock Units made after February 2013 (or portions thereof) that are unvested or subject to restriction at the time of the Participant’s termination of employment for any reason, including
death, shall thereupon be forfeited automatically.” 
 B. Section 6(b)(v) is hereby amended as
follows: 
 (a) The phrase “at the time and to the extent such Award would have become vested” is
hereby revised to delete the words “at the time and”; vesting events for Time-Based Awards that are required under that section will be processed on or before the earlier of sixty (60) days after the Participant’s death and the
scheduled vesting date; and 
 (b) The following new sentence is hereby inserted at the end of the existing
provision: 
 “Notwithstanding the foregoing, as further provided in Section 10A hereof, with respect to Awards of
Restricted Stock Units made after February 2013, this subsection shall no longer apply to any such Award upon the occurrence of a Participant’s Qualified Retirement Eligibility Date.” 

This Amendment will be effective as of December 7, 2012. 

 

	
	/s/ Charles E. Jarrett
	Charles E. Jarrett
	Secretary

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