Document:

exv10w1w1

 

Exhibit 10.1.1

NONQUALIFIED STOCK OPTION AGREEMENT

UNDER

BAKERS FOOTWEAR GROUP, INC.

2003 STOCK OPTION PLAN

          THIS AGREEMENT (“Agreement”), made this            day of                                     , by and between BAKERS
FOOTWEAR GROUP, INC., a Missouri corporation (hereinafter called the “Company”), and [                    ]
(hereinafter called “Optionee”);

          WITNESSETH THAT:

          WHEREAS, the Board of Directors of the Company (“Board of Directors”) has adopted the Bakers
Footwear Group, Inc. 2003 Stock Option Plan (the “Plan”) pursuant to which options covering an
aggregate of Six Hundred Thousand (600,000) shares of the Common Stock of the Company may be
granted, not including shares described in paragraph 20 of the Plan; and

          WHEREAS, the Company desires to grant to Optionee the option to purchase certain shares of its
stock under the terms of the Plan, which option is not intended to qualify as an incentive stock
option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended
(hereinafter referred to as an “Incentive Stock Option”); and

          WHEREAS, Optionee agrees and acknowledges that the grant of said option is valuable
consideration;

          NOW, THEREFORE, in consideration of the premises, and of the mutual agreements hereinafter set
forth, it is covenanted and agreed as follows:

          1. Grant Subject to Plan. This option is granted under and is expressly subject to,
all the terms and provisions of the Plan, which terms are incorporated herein by reference. The
Compensation Committee (“Committee”) of the Board of Directors has been appointed by the Board of
Directors, and designated by it, as the Committee to make grants of options. The Compensation
Committee may, in its discretion, authorize and delegate to the Chief Executive Officer (“CEO”) of
the Company the authority to grant certain options in accordance with and subject to the conditions
set forth in the Plan; provided, however, that the CEO shall not grant such options to employees of
the Company who are subject to the reporting requirements of Section 16(a) of the Securities
Exchange Act of 1934, as amended.

          2. Grant and Terms of Option. Pursuant to action of the Committee or the CEO under
delegated authority, the Company hereby grants to Optionee the option to purchase all or any part
of [                    ] shares of the Common Stock of the Company, par value of $0.0001 per share (“Common
Stock”) for a period of ten (10) years from the date hereof, at the purchase price of $                     per
share; provided, however, that the right to exercise such option shall be, and is hereby,
restricted so that no shares may be purchased during the first year of the term hereof; that at any
time during the term of this option after the end of the first year of the term hereof Optionee may
purchase up to 20% of the total number of shares to which this option relates; that at any time
during the term of this option after the end of the second year of the term hereof Optionee may
purchase up to an additional 20% of the total number of shares to which this

 

 

option relates; that at any time during the term of this option after the end of the third
year of the term hereof Optionee may purchase up to an additional 20% of the total number of shares
to which this option relates; that at any time during the term of this option after the end of the
fourth year of the term hereof Optionee may purchase up to an additional 20% of the total number of
shares to which this option relates; and that at any time during the term of this option after the
end of the fifth year of the term hereof Optionee may purchase up to an additional 20% of the total
number of shares to which this option relates; so that upon expiration of the fifth year of the
term of this option, and thereafter during the term hereof, Optionee will have become eligible to
purchase the entire number of shares to which this option relates. The foregoing right to exercise
is subject to the provisions of Sections 6 and 7 hereof. Notwithstanding the foregoing, in the
event of a Change of Control (as defined in the Plan) Optionee may purchase 100% of the total
number of shares to which this option relates. In no event may this option or any part thereof be
exercised after the expiration of ten (10) years from the date hereof. The purchase price of the
shares subject to the option must be in cash. The Optionee is required to pay any applicable
amounts to the Company in cash for federal and state taxes or otherwise in satisfaction of
withholding obligations in accordance with Paragraph 7 of the Plan.

          3. Anti-Dilution Provisions. In the event that, during the term of this Agreement,
there is any change in the number of shares of outstanding Common Stock by reason of stock
dividends, recapitalizations, mergers, consolidations, split-offs, split-ups, combinations or
exchanges of shares and the like, the number of shares covered by this option agreement and the
price thereof shall be appropriately adjusted, as determined by the Committee in its discretion,
which determination shall be conclusive.

          4. Investment Purpose. If the shares subject to the Plan are not registered under the
Securities Act of 1933, Optionee acknowledges that a restrictive legend, in substantially the
following form, will be printed on the certificates representing the shares acquired by Optionee on
exercise of all or any part of this option:

“The shares represented by this certificate have not been registered
under the Securities Act of 1933, but have been issued or
transferred to the registered owner pursuant to the exemption
afforded by Section 4(2) of said Act. No transfer or assignment of
these shares by the registered owner shall be valid or effective,
and the issuer of these shares shall not be required to give any
effect to any transfer or attempted transfer of these shares,
including without limitation, a transfer by operation of law, unless
(a) the issuer shall have received an opinion of its counsel that
the shares may be transferred without requirement of registration
under said Act, or (b) there shall have been delivered to the issuer
a ‘no-action’ letter from the staff of the Securities and Exchange
Commission, or (c) the shares are registered under said Act.”

          5. Non-Transferability. Neither the option hereby granted nor any rights thereunder
or under this Agreement may be assigned, transferred or in any manner encumbered except by will or
the laws of descent and distribution, and any attempted assignment, transfer, mortgage, pledge or
encumbrance except as herein authorized, shall be void and of no effect.

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The option may be exercised during Optionee’s lifetime only by Optionee. Notwithstanding the
foregoing, the Committee may, in its sole discretion permit Optionee to transfer this option to any
one or more of the following: a descendant of Optionee, Optionee’s spouse, a descendant of
Optionee’s spouse, a spouse of any of the foregoing, a trust established primarily for the benefit
of any of the foregoing or of Optionee, or an entity which is a corporation, partnership, or
limited liability company (or any such similar entity) the owners of which are primarily the
aforementioned persons or trusts. In the event of any such transfer, the option shall still be
subject to the provisions of Paragraph 6 hereof and Paragraph 10 of the Plan concerning the
exercisability during Optionee’s employment.

          6. Termination of Employment. Any option issued pursuant to this Agreement and
according to the terms of the Plan must be exercised prior to the Optionee’s termination of
employment (or the Optionee’s capacity as a director or consultant) with the Company, a subsidiary
or any affiliate, except that if the employment (or engagement as a director or consultant) of an
Optionee terminates with the consent and approval of the Optionee’s employer (or, in the case of a
director or consultant, the Company), the Committee in its absolute discretion may permit the
Optionee to exercise the option, to the extent that the Optionee was entitled to exercise it at the
date of such termination of employment (or capacity as a director or consultant), at any time
within three (3) months after such termination, but not after ten (10) years from the date of the
granting thereof. In addition, in the event the Company, a subsidiary or an affiliate divests
itself of all its interest in a subsidiary or an affiliate, all outstanding options held by an
Optionee employed by (or engaged as a director or consultant by) such divested subsidiary or
affiliate may be exercised by such Optionee at any time within three (3) months after such
divestiture, but not after ten (10) years from the date on which such options were granted.
Furthermore, all outstanding options held by an Optionee who terminates employment (or capacity as
a director or consultant) on account of retirement (as determined by the Committee) shall be fully
exercisable at any time within one (1) year after such retirement, but not after ten (10) years
from the date on which such options were granted. If the Optionee terminates employment (or
capacity as a director or consultant) on account of disability, as defined in Section 10 of the
Plan, the Optionee may exercise such option, to the extent the Optionee was entitled to exercise it
at the date of such termination, at any time within one (1) year of the termination of employment
(or the termination of the Optionee’s capacity as a director or consultant) but not after ten (10)
years from the date of the granting thereof. The effect of approved leaves of absence shall be
determined by the Committee in its sole and absolute discretion.

          7. Death of Optionee. In the event of the death of an Optionee while he or she is
employed (or engaged as a director or consultant) by the Company (or a subsidiary or affiliate of
the Company), the options held by the Optionee at death shall become fully vested immediately and
may be exercised by a legatee or legatees under the Optionee’s last will, or by personal
representatives or distributees, at any time within a period of one (1) year after death, but not
after ten (10) years from the date of granting thereof. In the event of the death of an Optionee
within three months after termination of employment (or the Optionee’s capacity as a director or
consultant) (or one (1) year in the case of the termination of an Optionee who is disabled as
above provided or one (1) year in the case of termination of employment (or termination of the
Optionee’s capacity as a director or consultant) on account of retirement, as provided in Paragraph
6 above) the option theretofore granted may be exercised, to the extent

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exercisable at the date of death, by a legatee or legatees under the Optionee’s last will, or
by personal representatives or distributees, at any time within a period of one (1) year after
death, but not after ten (10) years from the date of granting thereof.

          8. Shares Issued on Exercise of Option. It is the intention of the Company that on
any exercise of this option it will transfer to Optionee shares of its authorized but unissued
stock or transfer Treasury shares, or utilize any combination of Treasury shares and authorized but
unissued shares, to satisfy its obligations to deliver shares on any exercise hereof.

          9. Committee Administration. This option has been granted pursuant to a determination
made by the Committee or the CEO under delegated authority. In accordance with Paragraph 3 of the
Plan, the Committee or any successor or substitute committee authorized by the Board of Directors
or the Board of Directors itself, subject to the express terms of this option, shall have plenary
authority to interpret any provision of this option and to make any determinations necessary or
advisable for the administration of this option and the exercise of the rights herein granted. In
accordance with Paragraph 16 of the Plan, the Committee or any successor or substitute committee
authorized by the Board of Directors or the Board of Directors itself may waive or amend any
provisions hereof in any manner not adversely affecting the rights granted to Optionee by the
express terms hereof.

          10. Option Not An Incentive Stock Option. The option granted hereunder is not
intended to be, and will not be treated as, an Incentive Stock Option.

          11. No Contract of Employment. Nothing contained in this Agreement shall be
considered or construed as creating a contract of employment or a consulting agreement for any
specified period of time. The employment (or consulting or director) relationship shall continue
to be at the will of both parties, either of which may terminate such employment relationship at
any time for any reason.

          12. Severability. Any word, phrase, clause, sentence or other provision hereof which
violates or is prohibited by any applicable law, court decree or public policy shall be modified as
necessary to avoid the violation or prohibition and so as to make this Agreement enforceable as
fully as possible under applicable law, and if such cannot be so modified the same shall be
ineffective to the extent of such violation or prohibition without invalidating or affecting the
remaining provisions hereof.

          13. Governing Law. This agreement is made in and shall be construed and administered
in accordance with the laws of the State of Missouri, without regard to conflicts of law principles
which might otherwise be applied. Any litigation arising out of, in connection with or concerning
any aspect of this agreement shall be conducted exclusively in the State or Federal Courts in the
State of Missouri, and Optionee hereby consents to the jurisdiction of said courts.

[Remainder of page intentionally left blank. Signatures follow.]

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IN WITNESS WHEREOF, Optionee has signed this Agreement to evidence Optionee’s acceptance of
the option herein granted and of the terms hereof, and the Company has thereafter caused this
Agreement to be executed at its headquarters, on its behalf by an authorized officer, all as of the
date hereof.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Optionee	 	 
	 
	 	 	 	 	 	 
	 	 	BAKERS FOOTWEAR GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 
	 	 

5exv10w11

 

Exhibit 10.11

SEVENTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT

     SEVENTH AMENDMENT AND CONSENT TO CREDIT AGREEMENT (this “Amendment”), dated as of
December 20, 2004, among DHM HOLDING COMPANY, INC., a Delaware corporation (“Holdings”),
DOLE HOLDING COMPANY, LLC, a Delaware limited liability company (“Intermediate Holdco”),
DOLE FOOD COMPANY, INC., a Delaware corporation (the “U.S. Borrower”), SOLVEST LTD., a
corporation organized under the laws of Bermuda (the “Bermuda Borrower” and, together with
the U.S. Borrower, the “Borrowers” and, the Borrowers, together with Holdings and
Intermediate Holdco, the “Credit Agreement Parties”), the Lenders from time to time party
to the Credit Agreement referred to below, and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative
Agent (in such capacity, the “Administrative Agent”). All capitalized terms used herein
and not otherwise defined shall have the respective meanings provided such terms in the Credit
Agreement referred to below.

W I T N E S S E T H:

     WHEREAS, Holdings, Intermediate Holdco, the Borrowers, the Lenders and the Administrative
Agent are parties to a Credit Agreement, dated as of March 28, 2003 (as amended, modified and/or
supplemented from time to time to, but not including, the date hereof, the “Credit
Agreement”);

     WHEREAS, the Credit Agreement Parties have requested certain amendments to the Credit
Agreement, and a consent to certain provisions of the Credit Documents, in each case as more fully
described below; and

     WHEREAS, subject to the terms and conditions of this Amendment, the parties hereto wish to
amend the Credit Agreement, and the Lenders wish to grant a consent to certain provisions of the
Credit Documents, in each case as herein provided;

     NOW, THEREFORE, it is agreed:

I. Amendments and Consent to Credit Agreement.

     1. Notwithstanding anything to the contrary contained in the Credit Agreement or in any other
Credit Documents, the Lenders hereby (i) consent to the release of the security interests in that
certain parcel of Real Property owned by Standard Fruit Company de Costa Rica, S.A. identified by
“Property Registry Number 1-231140-000” and located in Distrito Merced, San Jose, Costa Rica (the
“San Jose Property”), which security interests were granted in favor of Banco Cuscatlan, as
trustee for the Collateral Agent and the other Secured Creditors, by means of a guaranty trust
formed pursuant to a public deed executed on June 3rd, 2003 (the “Existing Guaranty Trust”)
and (ii) authorize the Collateral Agent to execute such documents, agreements and/or instruments
and take such other actions as may be necessary to effectuate such release; provided that,
if the San Jose Property has a Fair Market Value of greater than

 

 

$5,000,000, then the San Jose Property will be subjected to a Lien in favor of the Collateral
Agent for the benefit of the Secured Creditors pursuant to documentation in form and substance
reasonably satisfactory to the Collateral Agent within 45 days (or such longer time as may be
reasonably agreed to by the Collateral Agent) after the release of the San Jose Property from the
Existing Guaranty Trust unless the Collateral Agent determines that the cost of creating an
enforceable Lien over the San Jose Property in favor of the Collateral Agent is excessive in
relation to the benefits to the Secured Creditors afforded thereby.

     2. Sections 2A.01(c) and 2B.01(c) of the Credit Agreement are each hereby amended by deleting
the text “75%” appearing in clause (i)(y) of each of said Sections and inserting the text “80%” in
lieu thereof.

     3. Section 8.01(d) of the Credit Agreement is hereby amended by deleting the word “three”
appearing immediately after the text “each of the immediately succeeding” appearing in clause (ii)
of said Section and inserting the word “two” in lieu thereof.

     4. Section 8.11(g) of the Credit Agreement is hereby amended by (i) deleting the text “(y)”
appearing in the proviso to the second sentence of said Section and inserting the text “(z)” in
lieu thereof, (ii) deleting the text “(x)” appearing in the proviso to the second sentence of said
Section and inserting the text “(y)” in lieu thereof and (iii) inserting the text “(x) the Credit
Documents required to be executed and delivered pursuant to Section 8.11(c) by such newly formed,
created or acquired Subsidiary shall not be required to be so executed and delivered until 45 days
after the formation, creation or acquisition of such Subsidiary,” immediately after the text
“provided that” appearing in the second sentence of said Section.

     5. Section 9.03 of the Credit Agreement is hereby amended by (i) deleting the text “and”
appearing at the end of clause (xviii) of said Section, (ii) deleting the period appearing at the
end of clause (xix) of said Section and inserting the text “; and” in lieu thereof and (iii)
inserting the following new clause (xx) immediately after clause (xix) of said Section:

     “(xx) Liens in favor of the Saba Minority Shareholders on the Equity Interests of Saba
Trading AB acquired by Saba Trading Holding AB upon the exercise of any “put” right by the
Saba Minority Shareholders pursuant to the Saba Share Option Agreement, to the extent
securing any unsatisfied payment obligation of Saba Trading Holding AB owing to the Saba
Minority Shareholders under the Saba Share Option Agreement.”.

     6. Section 9.04 of the Credit Agreement is hereby amended by (i) deleting the text “and”
appearing at the end of clause (xxii) of said Section, (ii) deleting the period appearing at the
end of clause (xxiii) of said Section and inserting the text “; and” in lieu thereof and (iii)
inserting the following new clause (xxiv) immediately after clause (xxiii) of said Section:

     “(xxiv) to the extent that same constitutes Indebtedness, the payment obligation of
Saba Trading Holding AB owing to the Saba Minority Shareholders pursuant to the terms of the
Saba Share Option Agreement after the exercise by the Saba Minority Shareholders of any
“put” right pursuant thereto and the transfer of title to the Equity

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Interests of Saba Trading AB held by the Saba Minority Shareholders to Saba Trading
Holding AB.”.

     7. Section 9.05 of the Credit Agreement is hereby amended by deleting clause (xiv) of said
Section in its entirety and inserting the following new clause (xiv) in lieu thereof:

     “(xiv) Investments arising as a result of the exercise of any “put” right of minority
shareholders, or “call” rights of Saba Trading Holding AB, pursuant to that certain Share
Option Agreement, dated as of September 28, 1998, among Saba Trading Holding AB (as
successor-in-interest to the Bermuda Borrower) and the Saba Minority Shareholders (as in
effect on December 7, 2004 and giving effect to the Amendment and Waiver of the Saba Share
Option Agreement to be made and entered into on December 30, 2004 by and between Saba
Trading Holdings AB, the Saba Minority Shareholders and the Bermuda Borrower in the form
provided to the Administrative Agent, the “Saba Share Option Agreement”);”.

     8. Section 9.06 of the Credit Agreement is hereby amended by deleting the text “consideration
any shares of any class of the capital stock or other Equity Interests of Holdings or any other
Subsidiary, as the case may be,” appearing in the preamble of said Section and inserting the text
“a consideration any shares of any class of the capital stock or other Equity Interests of any
direct or indirect parent of such Subsidiary” in lieu thereof.

     9. Section 9.17(a) of the Credit Agreement is hereby amended by (i) deleting the text “(y)”
appearing in the second proviso to said Section and inserting the text “(z)” in lieu thereof, (ii)
deleting the text “(x)” appearing in the second proviso to said Section and inserting the text
“(y)” in lieu thereof and (iii) inserting the text “(x) the Credit Documents required to be
executed and delivered pursuant to clauses (C), (D) and (E) by such newly formed, created or
acquired Subsidiary shall not be required to be so executed and delivered until 45 days after the
formation, creation or acquisition of such Subsidiary,” immediately after the second instance of
the text “provided that” appearing in said Section.

     10. The definition of “Consolidated Debt” appearing in Section 11 of the Credit
Agreement is hereby amended by inserting the text “(v) the amount of any Indebtedness of Saba
Trading Holding AB outstanding pursuant to Section 9.04(xxiv) of this Agreement shall not be
included in any determination of “Consolidated Debt”, immediately after the text “provided
that” appearing in said definition.

     11. Section 11 of the Credit Agreement is hereby further amended by inserting the following
definition in said Section in appropriate alphabetical order:

     “Saba Minority Shareholders” shall mean Axel Johnson AB (as
successor-in-interest to Axel Johnson Saba AB) and Kooperativa Förbundet (KF), Ekonomisk
Förening (as successor-in-interest to Kooperative Detaljhandelsgruppen AB).

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II. Miscellaneous Provisions.

     1. In order to induce the Lenders to enter into this Amendment, each Credit Agreement Party
hereby represents and warrants that:

     (a) no Default or Event of Default exists as of the Seventh Amendment Effective Date,
immediately after giving effect thereto; and

     (b) all of the representations and warranties contained in the Credit Agreement and the
other Credit Documents are true and correct in all material respects on the Seventh
Amendment Effective Date immediately after giving effect thereto, with the same effect as
though such representations and warranties had been made on and as of the Seventh Amendment
Effective Date immediately after giving effect thereto (it being understood that any
representation or warranty made as of a specific date shall be true and correct in all
material respects as of such specific date).

     2. This Amendment is limited as specified and shall not constitute a modification, acceptance
or waiver of any other provision of the Credit Agreement or any other Credit Document.

     3. This Amendment may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which counterparts when executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with Holdings and the Administrative Agent.

     4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

     5. This Amendment shall become effective on the date (the “Seventh Amendment Effective
Date”) when each Credit Agreement Party and Lenders constituting the Required Lenders shall
have signed a counterpart hereof (whether the same or different counter parts) and shall have
delivered (including by way of facsimile or other electronic transmission) the same to White & Case
LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip (facsimile number:
212-354-8113 / e-mail address: myip@whitecase.com).

     6. From and after the Seventh Amendment Effective Date, all references in the Credit Agreement
and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to
the Credit Agreement as modified hereby on the Seventh Amendment Effective Date.

* * *

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     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Amendment as of the date first above written.

	 	 	 	 	 
	 	 	DHM HOLDING COMPANY, INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	DOLE HOLDING COMPANY, LLC
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	DOLE FOOD COMPANY, INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	SOLVEST, LTD.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

	 	 	 	 	 
	 	 	DEUTSCHE BANK AG NEW YORK BRANCH,
Individually, and as Administrative Agent
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

 

 

SIGNATURE PAGE TO THE SEVENTH AMENDMENT AND CONSENT TO CREDIT
AGREEMENT, DATED AS OF DECEMBER 20, 2004, AMONG DHM HOLDING
COMPANY, INC., DOLE HOLDING COMPANY, LLC, DOLE FOOD COMPANY,
INC., SOLVEST LTD., THE LENDERS FROM TIME TO TIME PARTY TO THE
CREDIT AGREEMENT AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

	 	 	 	 	 
	 	 	NAME OF INSTITUTION:
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

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