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  Exhibit 10.9    
    

 
    FIRST AMENDMENT TO EARNOUT AGREEMENT    
    

        This FIRST AMENDMENT TO EARNOUT AGREEMENT (this
"Amendment") is made as of the 19th day of December, 2012, by and among OXFORD INDUSTRIES, INC., a Georgia corporation
("Oxford"); SUGARTOWN WORLDWIDE LLC, a Delaware limited liability company ("Sugartown"); and SWI
HOLDINGS, INC., a Delaware corporation ("SWI"), on behalf of itself and on behalf of the Sellers (as hereinafter defined) in its capacity as
Sellers' Representative. 

 
 

  W I T N E S S E T H:    
    

        WHEREAS, the parties hereto are parties to a certain Earnout Agreement, dated as of
December 21, 2010 (the "Earnout Agreement"; capitalized terms used in this Amendment without definition shall have the respective meanings
ascribed to them in the Earnout Agreement), among Oxford, Sugartown (as successor in interest to Sugartown Worldwide, Inc.), SWI and the Persons listed under the heading "Sellers" on the
signature pages thereto (the "Sellers"), which Earnout Agreement was entered into in connection with a Stock Purchase Agreement, dated as of
December 21, 2010 (the "Purchase Agreement"), pursuant to which SWI sold to Oxford, and Oxford purchased from SWI, all of the issued and
outstanding capital stock of Sugartown Worldwide, Inc., on the terms and subject to the conditions set forth in the Purchase Agreement; and 

        WHEREAS, the Earnout Agreement provides for the payment to SWI of, among other things, certain payments designated as Basic Earnout
Payments based upon the achievement of certain performance targets for the applicable Earnout Years; and 

        WHEREAS, based upon the Adjusted PBT for EY 2011 (i.e., the period beginning on 12:00 a.m., New York, New York, time on the
day immediately following the Closing Date and ending January 28, 2012, inclusive), (x) SWI was paid the maximum Basic Earnout Payment of Two Million, Five Hundred Thousand Dollars
($2,500,000) in respect of EY 2011, and (y) as adjusted pursuant to Section 2.1.2.4 of the Earnout Agreement, the EY 2012 Target PBT is Seven Million, Five Hundred Two Thousand Dollars
($7,502,000); and 

        WHEREAS, based upon the estimated Adjusted PBT for the portion of EY 2012 (i.e., the period beginning January 29, 2012 and
ending February 2, 2013, inclusive) that has expired as of the date hereof, the parties believe it is substantially certain that Oxford and Sugartown, jointly and severally, will be obligated
to pay to SWI the maximum Basic Earnout Payment of Two Million, Five Hundred Thousand Dollars ($2,500,000) in respect of EY 2012 pursuant to the Earnout Agreement; and 

        WHEREAS, in consideration of, among other things, the discounting of certain portions of the Basic Earnout Payment in respect of EY 2012,
as further set forth in this Amendment, the parties hereto have agreed that the Basic Earnout Payment in respect of EY 2012 may be paid earlier than originally planned, subject to possible adjustment
pursuant to the Earnout Agreement and this Amendment. 

        NOW, THEREFORE, in consideration of the premises and mutual promises contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Oxford, Sugartown and SWI, on behalf of itself and on behalf of the Sellers in its capacity as Sellers' Representative, intending to be
legally bound, hereby agree as follows: 

        1.    Payment of Basic Earnout Payment for EY 2012.    Notwithstanding the provisions of Article 2 of the
Earnout Agreement (including without limitation the provisions of Sections 2.1.3 and 2.3 of the Earnout Agreement), the parties hereto agree that on or prior to December 31, 2012, Oxford
shall pay to SWI, in accordance with, but subject to, Section 2.4 of the Earnout Agreement and subject to possible adjustment pursuant to the Earnout Agreement and this Amendment,
(x) the maximum Basic Earnout Payment of Two Million Five, Hundred Thousand Dollars ($2,500,000) which may be payable to SWI pursuant to the Earnout Agreement in respect of EY 2012  less (y) an
early payment discount of Twenty Thousand Dollars ($20,000). 

2.     Review and Adjustment Procedures.

        (a)   Without
limitation of (i) Section 2.3 of the Earnout Agreement in respect of Earnout Years other than EY 2012 and in respect of the Four-Year
Period, or (ii) the two penultimate sentences of Section 2.3 of the Earnout Agreement in respect of all Earnout Years, the parties agree that Section 2.3 of the Earnout Agreement
is hereby amended with respect to EY 2012 only to provide that within one hundred twenty (120) days after the end of EY 2012, Oxford shall submit to SWI in writing the proposed calculations
necessary to definitively determine the EY 2012 Adjusted PBT and the EY 2013 Target PBT, giving effect to Section 2.1.3.4, together with the monthly income statements and monthly balance
sheets of the Company and Capital Charge calculations for EY 2012. Oxford and Sugartown shall give SWI such access during normal business hours to the books and records of Sugartown as SWI shall
reasonably request in order to evaluate such calculations. If SWI objects to Oxford's calculations as delivered pursuant to this Section 2(a), SWI may deliver to Oxford a notice of objection
within thirty (30) days after delivery thereof, in which event the EY 2012 Adjusted PBT shall be finally determined in accordance with Section 2.3 of the Earnout Agreement as if an
Objection Notice had been delivered by SWI with respect to any other Earnout Year. If no notice of objection is delivered to Oxford within such thirty (30) day period or if SWI delivers to
Oxford a notice of acceptance of such calculations, the EY 2012 Adjusted PBT calculation of Oxford shall be final and binding. The determination of the EY 2012 Adjusted PBT pursuant to this
Section 2(a) and Section 2.3 of the Earnout Agreement, as applicable, shall be final and binding with respect to the EY 2012 Adjusted PBT for purposes of any subsequent Earnout
Calculations. 

        (b)   If,
upon final determination of the EY 2012 Adjusted PBT pursuant to Section 2(a) above and Section 2.3 of the Earnout Agreement, as applicable, it is
determined that the EY 2012 Adjusted PBT is equal to or less than Six Million, Three Hundred Seventy-Six Thousand, Seven Hundred Dollars ($6,376,700), then SWI shall pay to Oxford the sum
of Two Million, Five Hundred Thousand Dollars ($2,500,000). If, upon final determination of the EY 2012 Adjusted PBT pursuant to Section 2(a) above and Section 2.3 of the Earnout
Agreement, as applicable, it is determined that the EY 2012 Adjusted PBT is greater than Six Million, Three Hundred Seventy-Six Thousand, Seven Hundred Dollars ($6,376,700) but less than
Seven Million, Five Hundred Two Thousand Dollars ($7,502,000), then SWI shall pay to Oxford an amount equal to (x) Two Million, Five Hundred Thousand Dollars ($2,500,000)  less (y) Two Million,
Five Hundred Thousand Dollars ($2,500,000) multiplied by a fraction (i) the numerator of which shall be
(A) the EY 2012 Adjusted PBT minus (B) Six Million, Three Hundred Seventy-Six Thousand, Seven Hundred Dollars ($6,376,700) and (ii) the denominator of which shall be
One Million, One Hundred Twenty-Five Thousand, Three Hundred Dollars ($1,125,300). If, upon final determination of the EY 2012 Adjusted PBT pursuant to Section 2(a) above and
Section 2.3 of the Earnout Agreement, as applicable, it is determined that the EY 2012 Adjusted PBT is equal to or greater than Seven Million, Five Hundred Two Thousand Dollars ($7,502,000),
then SWI shall have no obligation with respect to payment of any amounts to Oxford pursuant to this Amendment. If SWI shall be obligated to pay any amounts to Oxford pursuant to this
Section 2(b), such amounts shall be paid within ten (10) business days following the final determination of the EY 2012 Adjusted PBT pursuant to Section 2(a) above and
Section 2.3 of the Earnout Agreement, as applicable. 

        (c)   Notwithstanding
anything to the contrary, but subject to payment from SWI to Oxford pursuant to Section 2(b) above, upon payment to SWI of the Basic Earnout
Payment for EY 2012 in accordance with, and subject to, Section 1 above, Oxford shall be fully released and discharged of any obligations with respect to any Basic Earnout Payment for or in
respect of EY 2012. 

3.     Miscellaneous.

        (a)    Captions.    The titles, captions and table of contents contained herein are inserted herein only as a matter
of convenience and for reference and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 

        (b)    Controlling Law.    This Amendment shall be governed by and construed and enforced in accordance with the
internal Laws of the State of New York without reference to its choice of law rules (other than Section 5-1401 of the General Obligations Law of the State of New York). 

        (c)    Authority of Parties.    Each of the undersigned represents and warrants that it is authorized to execute and
deliver this Amendment on behalf of such party(ies) and that this Amendment is binding upon such party(ies) in accordance with its terms. 

        (d)    Integration.    The Earnout Agreement, as amended and supplemented by this Amendment, is hereby confirmed and
shall continue in force and effect and supersedes all negotiations, agreements and understandings among the parties with respect to the subject matter hereof and constitutes the entire agreement of
the parties with respect thereto. 

 
 

  [Signature page follows]    
    

        IN
WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this Amendment to be executed, as of the date first above written by their respective officers
thereunto duly authorized. 

 

							
	 	 	 OXFORD INDUSTRIES, INC.
	

 	
 	
By:	
 	
/s/ K. SCOTT GRASSMYER

 
	 	 	 	 	Name:	 	K. Scott Grassmyer
	 	 	 	 	Title:	 	 SVP-Finance, CFO & Controller
	

 	
 	
SUGARTOWN WORLDWIDE LLC
	

 	
 	
By:	
 	
/s/ K. SCOTT GRASSMYER

 
	 	 	 	 	Name:	 	K. Scott Grassmyer
	 	 	 	 	Title:	 	 Vice President
	

 	
 	
SWI HOLDINGS, INC., on behalf of itself and on behalf of the Sellers
	

 	
 	
By:	
 	
/s/ SCOTT A. BEAUMONT

 
	 	 	 	 	Name:	 	Scott A. Beaumont

 

 

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Exhibit 10.9

FIRST AMENDMENT TO EARNOUT AGREEMENT

W I T N E S S E T H

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  Exhibit 10.14    
    

        DATED                          2012  

 

					
	 	 	BEN SHERMAN GROUP LIMITED	 	(1)
	
 	
 	
- and -	
 	
 
	
 	
 	
PANAYIOTIS PHILIPPOU	
 	
(2)

 

 

  

COMPROMISE AGREEMENT

WITHOUT PREJUDICE AND SUBJECT TO

CONTRACT  

 

  

 

THIS COMPROMISE AGREEMENT is made on                        2012 

BETWEEN:

	(1)
	BEN SHERMAN GROUP LIMITED whose registered office is at 20 Portadown Road, Lurgan, Co. Armagh
BT66 8RE Company Registration No Nl027297 (the "Company"); and

	(2)
	PANAYIOTIS PHILIPPOU of XXX XXXXXXXXX XXXXX XXXXXXXXX (the  "Executive"). 

THE PARTIES HAVE AGREED the following: 

PRELIMINARY:

	(A)
	The
Executive's employment with the Company under the terms of the Employment Contract (as defined below) will terminate on 9 November 2012.

	(B)
	Following
discussions between the parties about the Executive's performance, this Agreement sets out the terms on which the Executive has agreed to
compromise all of the claims the Executive has or may have against the Company or any Associated Company or any Associated Person in respect of the Executive's employment and its termination.

	(C)
	This
Agreement is in full and final settlement of all claims including those claims alleged in (B) above that the Executive may have against the
Company and any Associated Company and any Associated Person unless expressly stated in this Agreement. 

1.     Definitions and Interpretation  

	1.1
	In
this Agreement the following words and expressions shall have the following meanings save where the context otherwise requires: 

 

				
	 	"Adviser"	 	as defined in clause 14;
	
 	
"Associated Company"	
 	
means any company of which the Company is a Subsidiary (its holding company) and any Subsidiary of the Company or any such holding company or any other undertaking or entity (of whatsoever nature) which is controlled
by the Company or which controls the Company. For these purposes "control" means the direct or indirect possession of the power to direct or cause the direction of the management of an entity whether through the ownership of voting securities, by
contract or otherwise. For the avoidance of doubt Associated Companies include Oxford Industries Inc, a corporation organised under the laws of the State of Georgia, USA and having its principal office at 999 Peachtree Street NE, Suite 688,
Atlanta, Georgia 30309, and its Subsidiaries;
	
 	
"Associated Person"	
 	
means the Company's or any Associated Company's former or existing shareholders, officers, employees or directors;

 

 

 
 

				
	 	"Confidential Information"	 	means (without limitation) information relating to the Company's and/or its Associated Companies' suppliers and their terms of business, customers or clients and their requirements, prices charged and terms of business
with customers or clients, financial information, results and forecasts, employees and their remuneration, ideas, designs, business methods, financial plans, marketing campaigns or strategies, marketing plans, development plans, sales agreements,
computer systems and software, know-how or trade secrets or other matters connected with the products or services manufactured, marketed, distributed, provided or obtained by the Company or its Associated Companies or any information which the
Executive is told is confidential or any information which has been given to the Company or any Associated Company in confidence by customers, clients, suppliers or other persons or any information that the Executive created, developed, received or
obtained in connection with his employment.
	
 	
"Employment Contract"	
 	
the contract of employment between the Company and the Executive dated 1 October 2009 and any associated documentation;
	
 	
"ERA"	
 	
means the Employment Rights Act 1996, as amended;
	
 	
"Excepted Claims"	
 	
means (i) claims which are not permitted by law to be waived (whether in whole or in part) (ii) any claim to enforce rights or obligations under this Agreement;
	
 	
"HMRC"	
 	
means HM Revenue & Customs;
	
 	
"LTIP"	
 	
means the Ben Sherman Long Term Incentive Plan and associated documents including but not limited to the letter to the Executive dated 1 October 2009;
	
 	
"Performance Share Unit Programme"	
 	
means the programme set out in the Oxford Industries Inc. Performance Share Unit Award Programme for Fiscal 2012 Terms and Conditions and associated documents including but not limited to the Agreement between
the Executive and Oxford Industries Inc. dated as of 15 March 2011 and the letter to the Executive from Oxford Industries dated 20 March 2012 and signed by the Executive on 1 June 2012;
	
 	
"Reference"	
 	
means the reference in respect of the Executive in the form set out in Schedule 3;
	
 	
"Specific Claims"	
 	
means the claims set out in Schedule 1 and any of the claims referred to in the Recitals above and claims arising from the circumstances mentioned in the Recitals above or any claims arising from the
circumstances set out in correspondence from DMH Stallard to ScullyTwiss or the Company in respect of the Executive and the termination of his employment;

 

 2

 
 

				
	 	"Subsidiary"	 	has the meaning ascribed to it in Section 1159 of the Companies Act 2006 and a company shall be treated, for the purposes only of the membership requirement contained in subsections 1159(b) and (c), as a member
of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) a nominee;
	
 	
"Termination Date"	
 	
means 9 November 2012; and
	
 	
"Termination Payment"	
 	
the aggregate of the payments to be made by the Company pursuant to Clauses 2 and 3.

 

 	1.2
	References
in this Agreement to statutory provisions or the provisions of other legislation shall be construed as references to those provisions as
respectively replaced or amended or re-enacted from time to time. 

2.     Termination of Employment  

	2.1
	The
Executive's employment will terminate on the Termination Date.

	2.2
	The
Executive will receive his salary and all contractual benefits in the usual way (subject to the rules of the relevant benefit agreements in force from
time to time) for the period from 1 November 2012 until 4 November 2012.

	2.3
	The
Executive was given notice of termination pursuant to the Employment Contract on 4 November 2012 and from that date to the Termination Date the
Executive will remain as an employee of the Company but shall not perform any services for the Company or any Associated Company ("Garden Leave").

	2.4
	During
Garden Leave the Company shall be under no obligation to provide any work to, or vest any powers in, the Executive and the Executive shall have no
rights to perform any services for the Company or any Associated Company.

	2.5
	During
the period of Garden Leave the Executive shall:

	(a)
	remain
an employee of the Company and save as modified by the terms of this Agreement, remain bound by the terms of his existing contract of employment;

	(b)
	not,
without the prior written consent of Tom Campbellof Oxford Industries Inc., attend his place of work or any other premises of the Company or any
Associated Company or access the information technology systems, including but not limited to email, intranet or proprietary systems of the Company or any Associated Company;

	(c)
	not
without the prior written consent of Tom Campbellof Oxford Industries Inc., contact or deal with (or attempt to contact or deal with) any
officer, employee, consultant, client, customer, supplier, agent, distributor, member, adviser or other business contact of the Company or any Associated Company;

	(d)
	be
deemed to take any accrued but unused holiday entitlement.

	2.6
	The
Executive will resign from the Executive's directorship of the Company and the Associated Companies listed in Schedule 4 with effect from the
Termination Date. The Executive will sign forms of resignation from the offices the Executive holds in the Company and those Associated Companies in the terms of Schedule 4. 

3

 
	2.7
	The
Executive irrevocably appoints the Company to be his attorney in his name and on his behalf to sign, execute or do any such instrument or thing and
generally to use his name in order to effect the immediate resignation of the Executive from any office, trusteeship or position that he holds in or on behalf of the Company and any Associated
Company.

	2.8
	Save
for those payments or benefits expressly provided for in this Agreement, the Executive acknowledges and agrees that the Executive is not entitled to
any other remuneration, holiday pay, bonus, commission, profit-sharing, long term incentive payment, stock, restricted stock unit or any other sums or benefits whether contractual or otherwise or to
any payment in compensation of such claims for the loss of any rights or benefits under any bonus, long term incentive plan or other schemes operated by the Company or any Associated Company in which
the Executivemay have participated at any time including, for the avoidance of doubt, the LTIP and the Performance Share Unit Programme.

	2.9
	XXX
XXXXXXX XXXXX XXXXXX XX XXXXXXX XXXX XXXXX XXXXXXXX XXXXXXXXX XXX XXXXXXXXX XXX XXX XXXXXX XXX XXXXXXX XX XXXXXXX XX XXX XXXXXXXXX XX XX XXXX XXX
XXXXXXX XXXXX XXXXXX XX XXXXXXX XXXX XXXXX XXXXXXXX XXXXXXXXX XXX. 

3.     Compensation for Loss of Employment  

	3.1
	Subject
to the Executive's compliance with the Executive's obligations under this Agreement and receipt by the Company of the Adviser's certificate signed
by the Adviser under the terms of this Agreement the Company shall within twenty eight (28) days of the later of the Termination Date and the date of this Agreement pay the
Executive:

	(a)
	£123,500 (one hundred and twenty three thousand, five hundred pounds) being payment in lieu of
basic salary for his six month notice period, including for the avoidance of doubt, the period from 5 November 2012 until the Termination Date which was served on garden leave in accordance
with Clause 2 of this Agreement, less the normal deductions for tax and national insurance; and

	(b)
	£85,500 (eighty five thousand five hundred pounds) as an ex gratia payment as compensation for
loss of employment but without admission of liability (this £85,500 being the "Compensation Payment").

	3.2
	The
first £30,000 of the Compensation Payment will be paid without deduction of income tax and national insurance by the Company prior to
payment to the Executive on the basis that the Company believes it is a payment pursuant to Sections 401 to 405 of the Income Tax (Earnings and Pensions) Act 2003 although the Company makes no
warranty to this effect and the balance will be subject to tax and national insurance in the normal way.

	3.3
	The
Company will continue the Executive's private medical insurance (subject to the terms and condition of the scheme) until 1 April 2013 unless the
Executive secures alternative cover before then in which case the Company will terminate the Executive's cover with its scheme. 

4.     Company Property  

	4.1
	The
Executive warrants that the Executive will return to the Company by the Termination Date all property belonging to the Company or any Associated Company
or any Associated Person (or any of its or their clients or customers) which has been in the Executive's possession or control, including (without limitation) any keys, documents, correspondence,
papers, records, files, tapes, photographs, microfiches, magnetic discs, software, business equipment, credit cards, charge cards, phone, Company IPhone, security pass, ipad, proximity card, laptop,
internet dongle, computer disks and data, client lists and other documents (whether confidential or not) and any copies or 

4

 

extracts
of them however held whether in physical or electronic form and all other property in the Executive's possession or control by reason of the Executive's employment with the Company. 

	4.2
	The
Executive warrants that the Executive will not retain beyond the Termination Date any copies of any property of whatever nature in the Executive's
possession or control by reason of the Executive's employment with the Company which belongs to the Company or any Associated Company or any Associated Person.

	4.3
	The
Executive further warrants that within 7 days of the date of this Agreement, the Executive will delete from the hard disk of any private computer
used by the Executive (i.e. not being a computer in the possession of the Company, any Associated Company or Associated Person) all documents and information belonging to or obtained from or
prepared for the Company or any Associated Company or any Associated Person or any of its or their respective customers or clients and the Executive shall inform the Company of any passwords used by
the Executive which are the property of the Company or any Associated Company or any Associated Person. 

5.     Confidentiality, Intellectual Property and Post Termination Restrictions  

	5.1
	The
Executive's obligations in clause 16, 17 and 22 of the Employment Contract shall be deemed to be re-stated in this Agreement and will
remain in full force and effect notwithstanding termination of the Executive's employment, and the Executive undertakes not at any time (without limit) after the termination of the Executive's
employment to:

	(a)
	divulge
or communicate to any person, company, business entity or other organisation; or

	(b)
	use
for the Executive's own purpose or for any purposes other than those of the Company; or

	(c)
	through
any failure to exercise due care and diligence, cause any unauthorised disclosure of, 

any
trade secrets or Confidential Information relating to the Company or any Associated Company or any Associated Person.  

	5.2
	If
the Executive wishes the restrictions in clauses 22.1.3 or 22.1.4 of his Employment Contract to be amended so that he can accept a work
opportunity, he should write to Oxford Industries Inc., (for the attention of Tom Campbell. Senior Vice President Law & Administration, Secretary and General Counsel) who will consider
consenting to the removal of those restrictions in respect of a particular circumstance, that consent not to be unreasonably withheld. Any such consent can only be in writing from the Company.

	5.3
	The
Executive will not (whether directly or indirectly):

	(a)
	commit
any act or do any act or thing which it might reasonably be expected would damage the business, interests or reputation of the Company or any
Associated Company or any Associated Person;

	(b)
	make,
publish or otherwise communicate any disparaging or derogatory statements, whether in writing or otherwise (including an entry on a blog, Twitter,
Facebook or any other social or business networking site) concerning the Company or any Associated Company or any Associated Person; or

	(c)
	make
any statements to the press, media or other third parties in connection with the termination of the Executive's employment, the Company, any Associated
Company or any Associated Person.

	5.4
	The
obligations imposed on the Executive by this Clause 5 extend to the Executive acting not only on the Executive's own account but also on behalf
of or through or in conjunction with any other entity, company or other person and shall apply whether the Executive acts directly or indirectly. 

5

 
	5.5
	The
parties will keep the terms and existence of this Agreement and the circumstances giving rise to its making strictly confidential and agree not to
disclose, communicate or otherwise make public any information regarding the terms or existence of or circumstances giving rise to this Agreement save a disclosure:

	(a)
	as
required by law;

	(b)
	to
HMRC;

	(c)
	to
the parties' professional advisers; or

	(d)
	in
the case of the Executive, to the Executive's immediate family, provided the Executive procures that such immediate family complies with the terms of
this clause as though they were a party to the Agreement. 

6.     Waiver of Statutory Claims  

	6.1
	The
Executive declares that the Executive has not instituted and having received legal advice from the Adviser agrees to refrain from instituting any action
(save for the Excepted Claims) against the Company or any Associated Company or any Associated Person before a Court or Employment Tribunal in relation to any claim arising under statute, statutory
instrument or European Union law (including but not limited to the Specific Claims) that the Executive may have (whether at the time of signing this Agreement or in the future) against the Company or
any Associated Company or any Associated Person in connection with the Executive's employment or the termination of the Executive's employment or directorship(s).

	6.2
	The
Executive irrevocably and unconditionally waives and forgoes the Specific Claims and all other claims arising under statute, statutory instrument or
European Union law which the Executive has or may have against the Company or any Associated Company or any Associated Person arising out of the Executive's employment or the termination of the
Executive's employment or directorship(s), but excluding the Excepted Claims.

	6.3
	The
Executive hereby asserts that the Executive has no further statutory claims other than the Specific Claims against the Company or any Associated Company
or any Associated Person.

	6.4
	The
Executive warrants that the Executive is not aware of any circumstances which may give rise to any Excepted Claim. 

7.     Waiver of Contractual Claims  

The
Executive waives all claims of any kind which the Executive is or might be entitled to make against the Company or any Associated Company or any Associated Person arising out of or in connection
with the Executive's employment, directorships and/or the Employment Contract including, for the avoidance of doubt, the LTIP and Performance Share Unit Programme, but excluding the Excepted Claims. 

6

 

8.     Full and Final Settlement  

	8.1
	Save
for the Excepted Claims the Executive accepts the terms of this Agreement in full and final settlement of all and any claims (including but not limited
to the Specific Claims) or other rights of action or costs and expenses whatsoever and howsoever arising including any common law or statutory claims whatsoever (whether under the laws of England and
Wales, the European Union or any other law) which the Executive has or may have against the Company or any Associated Company or any Associated Person arising out of or in connection with the
Executive's employment or its termination, the Employment Contract, the LTIP, the Performance Share Unit Programme, the Executive's directorships or their termination or any other matter whether or
not they are or could be in the contemplation of the parties at the time of signing this Agreement.

	8.2
	The
Executive and the Company each acknowledge that it is their express intention when entering into this Agreement that (save for the Excepted Claims) it
covers all future claims which the Executive has or may have against the Company or any Associated Company or any Associated Person arising out of or in connection with the Executive's employment or
its termination or directorships or their termination, whether known or unknown to one or other or some or all of them, and whether or not the factual or legal basis for the claim is known or could
have been known to one or other or some or all of them or may arise in the future. In particular, but without prejudice to the generality of the foregoing, the Executive agrees that should a claim, of
the nature referred to in this Clause, in law or fact emerge which was not known or foreseeable or contemplated at the date of this Agreement the Executive acknowledges that there will be no recourse
or remedy in respect of that claim. 

9.     Repayment  

If
the Executive breaches (either in part or in its entirety) Clause 2, 4, 6, 7, 8, 12, 14 and/or 17 of this Agreement, or notwithstanding these Clauses takes a claim which these Clauses sought
to waive or exclude or if the Executive has made a misrepresentation in these Clauses, the Executive undertakes to repay the Termination Payment to the Company immediately upon demand, such
Termination Payment to be recoverable by the Company as a debt. 

10.   Set Off  

For
the avoidance of doubt: 

	(a)
	if
the Executive's rights (whether past present or future) under any of the statutory provisions or EU legislation or contractual provisions referred to in
this Agreement have not been validly and lawfully excluded by the provisions of this Agreement (which is not admitted); and

	(b)
	if
the Executive exercises such rights (or any of them); and

	(c)
	if
an Employment Tribunal or other Court should find that any compensation is payable to the Executive by the Company or any Associated Company or any
Associated Person as a consequence; 

the
Termination Payment shall be deducted (so far as may be requisite) from any award of compensation and/or costs in diminution or extinction of that award. 

11.   Remedies for Breach of Confidentiality Restrictions  

The
Executive acknowledges and agrees that: 

	(a)
	damages
would not be an adequate remedy in respect of any breach of the terms of clause 5 of this Agreement; 

7

 

	(b)
	in
the event that the Executive obtains, directly or indirectly, any financial or other reward for acting in breach of clause 5 of this Agreement,
the Executive shall pay to the Company a sum equal to the profits, without deduction of any expenses which the Executive may have incurred, and shall make available on demand any information
reasonably required in order to determine the amount of any sum owed, including (without prejudice to the generality of the foregoing) any financial records or copies of any contract or agreement. 

12.   Tax and National Insurance  

The
Company is proceeding on the basis that the first £30,000 of the Compensation Payment will not be subject to the deduction of income tax and national insurance. However, the amount of
tax to be deducted is ultimately a matter for HMRC to decide and the Executive will be responsible for the payment of any additional income tax and employee's national insurance contributions in
connection with the Termination Payment. The Executive undertakes fully and properly to indemnify and keep indemnified the Company and any Associated Company and any Associated Person on a continuing
basis against any demand for tax (including employee's national insurance
contributions) which may become payable by or on behalf of the Executive arising from the termination of the Executive's employment and/or from the arrangements set out in this Agreement and all and
any liabilities (including interest, penalties, reasonable costs, claims or other expenses) which the Company or any Associated Company or any Associated Person may incur in relation to the failure of
the Executive to pay any such tax demand, those sums to be paid by the Executive to the Company within seven (7) days of the receipt by the Executive of written confirmation from the Company of
the sums so due. 

13.   Assistance with Claims  

In
the event of a claim being brought against the Company or any Associated Company or any Associated Person as a result of or otherwise connected to the period of the Executive's employment with the
Company, the Executive undertakes to provide all such information, co-operation and assistance as the Company may reasonably require in the defence of that claim provided that the Company
meets the Executive's reasonable expenses in respect of it. 

14.   Independent Legal Advice  

	14.1
	The
Executive warrants that the Executive has taken independent legal advice from Rustom Tata of DMH Stallard (the
"Adviser") who is a "relevant independent adviser" (as defined by Section 147 of the Equality Act 2010 and Section 203(3) of the ERA (as
amended)) on the terms and effect of this Agreement and in particular its effect on the Executive's ability to pursue the Executive's rights before an Employment Tribunal.

	14.2
	The
Executive warrants that the Adviser has confirmed to the Executive that at the time of the Executive taking the legal advice referred to above the
Adviser had a policy of insurance or an indemnity provided for members of a professional body covering the risk of claim by the Executive in respect of any loss arising in consequence of such advice.

	14.3
	The
Executive agrees and warrants that, having taken legal advice from the Adviser, the Specific Claims are all the claims (whether statutory or otherwise)
which the Executive has or may have against the Company and/or its Associated Companies and/or any Associated Person and the Executive confirms that the Executive has raised all relevant facts and
matters pertaining to the employment, the term of employment and the termination of the Executive's employment with the Adviser and the Company and the Executive acknowledges that the Company enters
into this Agreement in reliance on the warranty given by the Executive in this clause. 

8

 
	14.4
	The
Executive warrants that the Adviser will sign the Adviser's certificate at Schedule 2 with effect from the date of this Agreement. 

15.   Employment Legislation  

The
Executive and the Company confirm that the conditions regulating this Agreement under the provisions of section 77(4A) of the Sex Discrimination Act 1975 (in relation to claims under that
Act and the Equal Pay Act 1970), section 72(4A) of the Race Relations Act 1976, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, paragraph 2 of
schedule 3A of the Disability Discrimination Act 1995, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998,
section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the
Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, paragraph 2(2) of schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, paragraph 2(2) of schedule 4 of the
Employment Equality (Religion or Belief) Regulations 2003, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 12 of the schedule
to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, paragraph 2(2) of schedule 5 of the Employment Equality
(Age) Regulations 2006 and section 147 of the Equality Act 2010 or any other equivalent provision in other United Kingdom legislation (the "Employment
Legislation") are satisfied. 

16.   Legal fees  

The
Company will pay the Executive's reasonable legal fees in connection with the termination of the Executive's employment and the preparation of this Agreement up to a maximum of £2,000
plus VAT to be paid direct to the Adviser after receipt from the Adviser of an invoice addressed to the Executive and marked as payable by the Company. 

17.   Further Assurance  

The
Executive confirms that he will sign all and any documents, contracts, notes, papers, forms and do any other thing required to give effect to, or arising from, the fact and matter of the
termination of the Executive's employment with the Company and his resignation from the directorships of any Associated Company including but not limited to the directorships referred to in
Schedule 4 to this Agreement. 

18.   Contracts (Rights of Third Parties) Act 1999  

Each
Associated Company and Associated Person shall be able to enforce in its or their own right the terms of this Agreement which expressly or impliedly confer any benefit on that entity or person
subject to and in accordance with the Contracts (Rights of Third Parties) Act 1999. The parties also agree that they shall be entitled to rescind or vary by mutual written agreement all or any of the
rights of any Associated Company or Associated Person under this Agreement without the consent of the relevant Associated Company or Associated Person. 

19.   Entire Agreement  

This
Agreement and any documents referred to in it constitute the entire agreement between the parties in respect of its subject matter and supersede all previous agreements and understandings between
the parties and may not be modified except by an instrument in writing signed by the duly authorised representatives of the parties. 

9

 

20.   Without Prejudice and Subject to Contract  

Notwithstanding
that this Agreement is marked "without prejudice and subject to contract", once the Agreement has been signed by the parties and the certificate is signed by the Adviser under the
terms of this Agreement, this Agreement will cease to be "without prejudice and subject to contract". 

21.   Governing Law and Jurisdiction  

This
Agreement shall be governed and construed in accordance with English law and the parties submit to the exclusive jurisdiction of the English courts. 

 

					
	SIGNED by	 	)	 	 
	 	 	)	 	 
	for and on behalf of	 	)	 	 
	BEN SHERMAN GROUP LIMITED	 	)	 	 

 

 

 

						
	SIGNED by
 PANAYIOTIS PHILIPPOU	 	 		)
)	 
	
 in the presence of:	
 	
 	

 	
 	

 

 

 

			
	 Witness:
	 	 
	 Signature
	 	 
	 Name
	 	 RUSTOM TATA

	 Address
	 	 6 NEW STREET SQUARE

	 
	 	 NEW FETTER LANE, LONDON EC4A 3BF

	 Occupation
	 	 SOLICITOR.

 

 10

 

 

 
 

  SCHEDULE 1.    
    

 
    Specific Claims    
    

        Claims: 

	(a)
	for
breach of contract or wrongful dismissal;

	(b)
	for
unfair dismissal under sections 93 and 111 of the Employment Rights Act 1996;

	(c)
	for
a statutory redundancy payment;

	(d)
	in
respect of a statement for reasons for dismissal;

	(e)
	in
relation to an unauthorised deduction from wages or unauthorised payment;

	(f)
	in
relation to employment particulars and itemised pay statements;

	(g)
	for
an unlawful detriment in breach of section 47B of the Employment Rights Act 1996 (protected disclosures);

	(h)
	for
an unlawful detriment under section 48 of the Employment Rights Act 1996;

	(i)
	in
relation to working time or holiday pay under the Working Time Regulations 1998;

	(j)
	arising
out of any complaints or grievances by the Executive;

	(k)
	for
direct or indirect discrimination, harassment or victimisation related to age, under section 120 of the Equality Act 2010 and/or under
regulation 36 of the Employment Equality (Age) Regulations 2006;

	(l)
	for
direct or indirect discrimination, harassment or victimisation related to race under section 120 of the Equality Act 2010 and/or direct or
indirect discrimination, harassment or victimisation related to race, colour, race, nationality or ethnic or national origin, under section 54 of the Race Relations Act 1976;

	(m)
	for
direct or indirect discrimination, harassment or victimisation related to sexual orientation, under section 120 of the Equality Act 2010 and/or
under regulation 28 of the Employment Equality (Sexual Orientation) Regulations 2003;

	(n)
	for
direct or indirect discrimination, harassment or victimisation related to a protected characteristic (as set out in section 4 of the Equality Act
2010), under section 120 of the Equality Act 2010;

	(o)
	for
breach of obligations under the Protection from Harassment Act 1997;

	(p)
	for
failure to comply with obligations under the Human Rights Act 1998;

	(q)
	for
failure to comply with obligations under the Data Protection Act 1998;

	(r)
	in
relation to personal injury claims, including injury to feelings, injury to health, psychiatric injury and claims for stress and anxiety, whether or not
the Executive is aware of such claims;

	(s)
	in
relation to the right to be accompanied under section 12 of the Employment Relations Act 1999 and section 48 of the Employment
Rights Act 1996; and

	(t)
	arising
as a consequence of the United Kingdom's membership of the European Union. 

11

 
 
 

  SCHEDULE 2
  
    Adviser's Certificate    
    

        I, Rustom Tata of DMH Stallard confirm that PANAYIOTIS PHILIPPOU (the  "Executive") has
received independent legal advice from me on the terms and effect of the Compromise Agreement between the Executive and  BEN SHERMAN GROUP LIMITED (the "Company") (the "Compromise
Agreement") and in particular, its effect on the Executive's ability to pursue the Executive's rights before an Employment Tribunal in accordance with the provisions of the
Employment Legislation as defined in the Compromise Agreement. 

        I
am not acting (and have not acted) in the matter for the Company or any Associated Company or Associated Person (each as defined in the Compromise Agreement). 

        I
also confirm that I am a solicitor of the Senior Courts of England & Wales, who holds a valid practising certificate and whose firm is covered by a policy of insurance or an
indemnity provided for members of a professional body covering the risk of a claim in respect of any loss arising in consequence of the advice that I have given to the Executive in connection with the
terms and effect of the Compromise Agreement. 

 

			
	SIGNED:	 	Adviser
	
 DATED:	
 	
12-11-12.

 

 12

 
 
 

  XXXXXXXX    
    

XXXXXXXXXXXXXXXXXXXXXXXXXXXX 

XXXXXXXXXXXXXXXX

XXXXXXXXXX

XXXXXXXXX, 

 XXXXXXXXXXXXXXXXXXXXX  

        XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXX 

        XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 

        XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 

        XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 

XXXXXXXXXXXXXXXX 

XXXXXXXXX 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX 

13

 
 
 

  SCHEDULE 4
  
    Resignation of Directorship(s)    
    

To
the Company Secretary

Ben Sherman Group Limited

(the "Company")

9 November 2012 

        I
hereby resign my position as a director of the Company and the following Associated Companies: 

 

					
	Company

 
	 	Company Number 	 
	 Ben Sherman (Lurgan) Limited
	 	 	NI027819	 
	 Ben Sherman (Manufacturing) Limited
	 	 	

NI027826	 
	 Ben Sherman Group Limited
	 	 	

NI027297	 
	 Ben Sherman Holdings Limited
	 	 	

05184686	 
	 Ben Sherman Limited
	 	 	

03998077	 
	 Dunkeld Fashions Limited
	 	 	

02851400	 
	 Neal and Cooper Limited
	 	 	

02851395	 
	 Oxford Industries (UK2) Limited
	 	 	

05184703	 
	 Oxford Industries (UK3) Limited
	 	 	

05184730	 
	 Rodeo International Limited
	 	 	

01637701	 
	 Sherman Cooper Marketing Limited
	 	 	

03254173	 
	 Slix Limited
	 	 	

02851396	 
	 Tern Shirts Limited
	 	 	

02851402	 
	 Textile Caledonia Investments Limited
	 	 	

SC196779	 
	 The Branded Shirt Company Limited
	 	 	

02851398	 

 

 with
effect from 9 November 2012 and I confirm that I have no claims of any nature outstanding against the Company and/or any Associated Company in respect of such resignations. 

        I
hereby irrevocably authorise any director of the Company, in my name and on my behalf, to sign any documents or do anything as necessary or requisite to effect such resignation, or to
effect my resignation as a director of any other Associated Company as defined in the Compromise Agreement between the Company and me dated [2012]. 

 

						
	EXECUTED as a DEED by

PANAYIOTIS PHILIPPOU	 	 		)
)	 

 

 In
the presence of: 

Witness:

 

			
	Signature	 	 
	Name	 	Rustom TATA.
	Address	 	6 NEW STREET SQUARE, NEW FETTER LANE, LONDON EC4A 3BF.
	Occupation	 	SOLICITOR.

 

 14

QuickLinks

Exhibit 10.14

SCHEDULE 1.

Specific Claims

SCHEDULE 2 Adviser's Certificate

XXXXXXXX

SCHEDULE 4 Resignation of Directorship(s)

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