Document:

Exhibit 10.4

 

AGREEMENT

 

 

BETWEEN :

 

SAMSONITE
EUROPE N.V., having its registered office at 9700
Oudenaarde (Belgium), Westering 17;

 

Hereinafter
referred to as the “COMPANY”;

 

Represented for
the purpose of the present agreement by Mr. Richard H. WILEY, director, and Mr.
Marc MATTON, director.

 

 

AND :

 

Mr.
Marcello BOTTOLI, having his residence at
Belfortstraat 18 B2, B-9700 Gent, Belgium;

 

Hereinafter
referred to as “Mr BOTTOLI”.

 

 

 

WHEREAS Mr.
BOTTOLI and the COMPANY entered into a consulting agreement on 3 March 2004
regarding the rendering by Mr. BOTTOLI of regular consulting services to the
COMPANY and its affiliated companies as designated from time to time (the
“Consulting Agreement”);

 

WHEREAS the
company and Mr. BOTTOLI wish to hereby terminate the Consulting Agreement;

 

IT
HAS BEEN AGREED UPON AS FOLLOWS :

 

The COMPANY and Mr. BOTTOLI
hereby explicitly agree that the Consulting Agreement shall be cancelled ab initio by this agreement.  The COMPANY and Mr. BOTTOLI acknowledge and
accept that each party never had nor shall have any obligation regarding the
other party on the basis of the Consulting Agreement.

 

 

 

Drafted in two originals in Oudenaarde on May 11,
2005.  Both parties acknowledge receipt
of an original copy duly signed by both parties.

 

	
    /s/ Marcello
  Bottoli

  	
   

  
	
  MARCELLO BOTTOLI

  
	
  (“read and approved”)

  
	
   

  
	
   

  
	
  SAMSONITE EUROPE N.V.

  
	
  (“read and approved”)

  
	
   

  
	
   

  
	
  By:

  	
    /s/ Richard H. Wiley

  	
   

  
	
  RICHARD H. WILEY, Director

  
	
   

  
	
   

  
	
  By:

  	
    /s/ Marc Matton

  	
   

  
	
  MARC MATTON, Director

  

 

2Exhibit 10.5

 

MANAGEMENT AGREEMENT

 

 

BETWEEN :

 

SAMSONITE
EUROPE N.V., having its registered office at 9700
Oudenaarde (Belgium), Westering 17,

 

hereinafter
referred to as “the Company”,

 

represented for
the purpose of the present agreement (the “Agreement”) by Mr. Richard H. Wiley,
director, and Mr. Marc Matton, director.

 

 

AND :

 

Mr.
Marcello BOTTOLI, having his residence at
Belfortstraat 18 B2, B-9700 Gent, Belgium,

 

hereinafter
referred to as “Mr. BOTTOLI”.

 

 

 

WHEREAS Mr.
BOTTOLI will execute the day-to-day management of the Company on a
self-employed basis;

 

WHEREAS the
Company and Mr. BOTTOLI wish to determine in writing the conditions under which
the latter will perform his office as managing director.

 

 

IT
HAS BEEN AGREED UPON AS FOLLOWS :

 

 

Article 1 — Object of
the agreement 

 

1.                   Mr.
BOTTOLI will be in charge of the day-to-day management of the Company and its
Subsidiaries, in line with the policies and applicable strategic decisions
applicable within the SAMSONITE GROUP, as they may be modified from time to
time. Day-to-day management in this Agreement shall have the meaning as
referred to in Section 525 of the Belgian Company Code and no such duties shall
take place in the United States of America. For the purpose of this Agreement,
“Subsidiaries” shall mean any corporation or other entity of which the
securities or other ownership interests having the voting power to elect a
majority of the board of directors or other governing body are, at the time of
determination, owned by the Company, directly or through one or more
subsidiaries of the Company.

 

 

 

2.                   The
Company commits itself to have Mr. BOTTOLI appointed by the General Assembly of
Shareholders as director with effect on 25 June 2004 and by the board of
directors of the Company (the “Board of Directors”) as managing director also
with effect on the same date. 

 

Article 2 — The
conditions of the underlying agreement

 

1.                   Mr.
BOTTOLI shall perform and discharge his duties, powers, functions and services
hereunder in good faith, in accordance with the requirements of applicable law,
rules and regulations, and with the standards set forth herein and in any event
with the due care and skill and to the standards which would be expected from a
competent (managing) director  providing
services of the kind described herein. 
Mr. BOTTOLI shall perform the management of the Company as a normal
prudent person, with proper diligence and in accordance with generally accepted
and consistently applied business practices.

 

2.                   Mr.
BOTTOLI shall perform the Agreement on a self-employed basis, as his full
professional activities for the benefit of the Company fall within the realm of
his corporate office (in the meaning of Section 2 of the Royal Decree of 19
December 1967).  Mr. BOTTOLI will receive
no direct instructions from the Company in relation to the organisation and
performance of the duties and services to be rendered under this Agreement, nor
will the Company exercise any complete or partial employer’s authority in
relation to Mr. BOTTOLI.  Mr. BOTTOLI
will not act, nor will he consider himself as being an employee, in view of the
fact that his relation with the Company is not based upon an employment
contract.

 

3.                   Mr.
BOTTOLI is solely liable for all his personal social obligations in relation to
the execution of this Agreement.  Mr.
BOTTOLI will be affiliated with a social security fund for independent workers
and will submit to the Company proof of each payment to this social security
fund within 30 days following every calendar quarter.

 

4.                   Mr.
BOTTOLI will spend the time and attention which is reasonably required to
perform his duties and responsibilities under this Agreement.  Prior to the commencement of this Agreement
and during the execution thereof, Mr. BOTTOLI will inform the Company in
writing of any other positions (whether remunerated or not) he holds in any
other company or association. The Company has the right in the reasonable view
of the Company to request Mr. BOTTOLI to forfeit such positions to the extent
they could possibly hinder the proper execution of this Agreement; provided
that Mr. BOTTOLI may continue to serve in his current capacity on the board of
directors of the Italian company, Ratti, so long as such service does not
require Mr. BOTTOLI to spend more than 7 days per annum engaged in such
activities.

 

5.                   Mr.
BOTTOLI is allowed to use the infrastructure, logistical support and the
documentation of the Company necessary for the performance of his duties and
obligations under this Agreement.

 

 

2

 

6.                   As a
corporate officer, Mr. BOTTOLI agrees to respect all instructions in relation
to safety and health, that are applicable within the buildings of the Company
and its Subsidiaries where employees are working.

 

                            Mr.
BOTTOLI explicitly allows the Company to take the necessary measures in his
name in the event any problem should arise in this respect.

 

7.                   Mr.
BOTTOLI shall report on his activities at the times determined by the Board of
Directors, and any time either party to this Agreement considers it necessary
for the proper execution of either parties’ obligations arising from this
Agreement. Mr. BOTTOLI will however, not be asked to give account of the work
hours, work methods and/or work organisation.

 

 

Article 3 — Management
fees

 

1.                   The
Company will pay Mr. BOTTOLI for the duration of this Agreement a fixed annual
management fee (hereinafter “Management Fee”). This fee shall amount to
100.000,00 EUR gross, payable in 12 monthly instalments. In case of an
incomplete month or year, said fee will be paid pro rata temporis.

 

2.                   Mr.
BOTTOLI shall be solely responsible for his good legal standing, social
security status (as a self-employed individual) and any social security
contributions due from such status, and tax status under the laws of applicable
jurisdictions.  Mr. BOTTOLI acknowledges
that the Company shall be paying the Management Fee and the amounts under
Articles 4 and 5 after deduction of Belgian withholding tax, if any, and any
other applicable deductions.

 

3.                   The
parties may from time to time decide to modify the Management Fee in mutual
agreement, it being understood that such adjustment will need to be endorsed by
the competent corporate body of the Company.

 

 

Article 4 — Sign-on
bonus

 

In June 2004, the
Company paid Mr. BOTTOLI a sign-on bonus of 33.333,00 EUR gross.

 

 

Article 5 — Benefits

 

1.                   Mr.
BOTTOLI shall be entitled to the following benefits, to be provided by the
Company or, at the Company’s election, its Subsidiaries, during the term of
this Agreement:

 

(a)  group medical insurance adopted by the
Company for participation by Mr. BOTTOLI subject to the terms and conditions of
such plan, it being understood that during 2005 such medical insurance shall be
provided in the form of a

 

 

3

 

German-based
plan with benefits reasonably equivalent to those under the medical insurance
policy carried by Mr. BOTTOLI and his family during the year 2004; and

 

(b)          during 2004, reimbursement
for reasonable premium payments made by Mr. BOTTOLI to his current medical
insurance provider.

 

In addition,
during the term of this Agreement, Mr. BOTTOLI shall be entitled to
participate in all of the Company’s benefit programs for which directors of the
Company are generally eligible.

 

2.                   The
Company will lease an automobile, the aggregate payments for which shall not
exceed 25.000,00 EUR annually, and provide it to Mr. BOTTOLI for business use
in accordance with Company policy.

 

3.                   For
the period during which Mr. BOTTOLI’s place of work is Oudenaarde, Belgium, the
Company will:

 

(a)           rent an apartment, the
aggregate payments for which shall not exceed 25.000,00 EUR annually, and allow
Mr. BOTTOLI to reside in it in accordance with Company policy; and

 

(b)          pay Mr. BOTTOLI’s reasonable
professional travel costs to and from the Company’s offices in Oudenaarde,
Belgium, in accordance with the Company policy with respect to reimbursement of
expenses, in an aggregate amount not to exceed 25.000,00 EUR annually.

 

4.                   Mr. BOTTOLI agrees to work in
good faith with the Company and its Subsidiaries to minimize expenses relating
to the forgoing benefits.

 

 

Article 6 — Special tax status for expatriates 

 

1.                   The
Company will file a request on behalf of Mr. BOTTOLI in order to obtain the
special tax status for expatriates.

 

2.                   Mr.
BOTTOLI will not undertake any action that could jeopardize the approval or
continued application of the special tax status for expatriates or reduce the
benefits for the Company.

 

3.                   Mr.
BOTTOLI  shall keep all documents related
to his professional travel to a destination outside Belgium, such as boarding
passes, train tickets, visa stubs, etc., and forward these upon request to the
Company or its designated tax advisors.

 

 

4

 

Article 7 — Termination - Disruption

 

1.                   Subject
to any other agreements between the parties hereto, this Agreement is concluded
for an indefinite period of time and commences on 25 June 2004.

 

                            In
the event, Mr. BOTTOLI wishes to resign or terminate this Agreement, he will promptly
inform the Company. It is explicitly agreed, that Mr. BOTTOLI will have to
serve in any event, except as otherwise agreed in writing between parties, a
notice period of 45 days in order to ensure the continuity of the Company’s
activities and the handover of his responsibilities to his successor.  The Company may terminate this  Agreement at any time by giving a notice
period of 45 days.

 

2.                   Notwithstanding
anything to the contrary, upon termination of this Agreement by the Company or
Mr. BOTTOLI, Mr. BOTTOLI shall not be entitled to any indemnity or severance
payment or any additional amount by way of Management Fees.

 

3.                   The
Company may terminate this Agreement with immediate effect in the event (i)
that Mr. BOTTOLI violates any provision of this Agreement, (ii) of serious
misconduct, gross negligence, gross or deliberate fault or deceit committed by
Mr. BOTTOLI, or (iii) Mr. BOTTOLI becomes prohibited from holding office as
managing director.

 

4.                   Upon
revocation of Mr. BOTTOLI’s mandate by the Company or resignation of Mr.
BOTTOLI as managing director of the Company, Mr. BOTTOLI will promptly resign
from the board or from any other corporate office in any Subsidiary.

 

 

Article 8 — Death and Illness

 

1.                   If
Mr. BOTTOLI is unable to perform the day-to-day management due to physical or
mental disability during a continuous period of at least 90 days, the Company
shall have the right to terminate this Agreement with immediate effect and
without indemnity or severance payment.

 

2.                   Mr.
BOTTOLI has the obligation to produce, in the event of physical or mental
disability, medical certificates and shall comply with such other requirements
as the Company may reasonably impose.

 

3.                   This
Agreement shall terminate automatically upon Mr. BOTTOLI’s death. In this event,
the Agreement is terminated with immediate effect and without indemnity and
severance payment.

 

 

Article 9 — Confidentiality

 

1.                   Unless
otherwise required by law or judicial process, Mr. BOTTOLI shall keep
confidential all Confidential Information known to Mr. BOTTOLI concerning the
Company or its affiliated companies and their respective businesses during the
term of this Agreement and for the shorter of three (3) years following the
termination of this Agreement or until such information is publicly disclosed
by the Company or otherwise becomes publicly disclosed other than through the
actions of Mr. BOTTOLI;

 

 

5

 

provided that Mr. BOTTOLI shall provide notice to the Company in
advance of any disclosure required by law or judicial process in a timely
manner to permit the Company to oppose such compelled disclosure.

 

2.                   For
purposes of this Agreement, “Confidential Information” shall mean
proprietary information of the Company and its affiliated companies of any
nature and in any form or information about the Company’s or its affiliated
companies’ business, operations, strategy, personnel or plans which is not made
publicly available by the Company or its affiliated companies, except for
information independently developed by Mr. BOTTOLI without any use of
Confidential Information or which was at the time of disclosure to Mr. BOTTOLI
part of the public domain or thereafter becomes generally part of the public
domain other than through Mr. BOTTOLI’s actions, or which Mr. BOTTOLI can
demonstrate was lawfully in his possession prior to disclosure to Mr. BOTTOLI
by the Company or was lawfully received by Mr. BOTTOLI after disclosure from a
third party.

 

3.                   Upon
termination of the engagement of Mr. BOTTOLI for any reason, Mr. BOTTOLI shall
return all property belonging to the Company or its Subsidiaries as applicable,
including any and all Confidential Information in the possession of Mr. BOTTOLI
or under his control.

 

 

Article 10 - Enforceability

 

Whenever possible, each
provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement or any
action in any other jurisdiction, but this Agreement shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein.

 

 

Article 11 - Jurisdiction

 

The courts of the registered
office of the Company have exclusive authority in relation to every dispute
connected to the interpretation, the execution and/or the termination of this Agreement.  All issues and questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by, and construed in accordance with, the laws of Belgium.

 

 

Article 12 - Entire agreement

 

This Agreement embodies the complete
agreement and understanding among the parties and supersedes and pre-empts any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any
way.

 

 

6

 

Article 13 - Notices

 

All notices or other
correspondence arising under this Agreement shall be duly delivered or sent by
registered post to :

 

Notices to Mr.
BOTTOLI:

 

c/o Stefania
Tomasini

Studio Dott.
Guido Severgnini

Via Camperio, 9

20123 Milan

ITALY

Facsimile: +39
0286998501

 

With a copy,
which shall not constitute notice, to:

 

Jason Warner

9400 South
Dadeland Boulevard

Suite 600

Miami, Florida
33156

UNITED STATES OF
AMERICA

Facsimile: +1
(305) 670-0005

 

Notices to the
Company:

 

SAMSONITE EUROPE
NV

Westering 17

9700 Oudenaarde

BELGIUM

Facsimile: +32/55/300.970

Attention: Caroline
Giraldo

 

With a copy,
which shall not constitute notice, to:

 

KIRKLAND &
ELLIS INTERNATIONAL LLP

Tower 42

25 Old Broad
Street

London EC2N 1HQ

UNITED KINGDOM

Facsimile: +44 20
7816 8800

Attention: James L. Learner

David Patrick Eich

 

 

Or such other
person and address as the parties shall notify the other in writing or vice
versa from time to time.

 

 

7

 

Made in two originals in Oudenaarde to be effective
as of                                   .
 Both parties acknowledge receipt of an
original copy duly signed by both parties.

 

 

	
    /s/ Marcello
  Bottoli

  	
   

  
	
  MARCELLO BOTTOLI

  
	
  (“read and approved”)

  
	
   

  
	
   

  
	
  SAMSONITE EUROPE N.V.

  
	
  (“read and approved”)

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Richard H. Wiley

  	
   

  
	
  RICHARD H. WILEY, Director

  
	
   

  
	
   

  
	
  By:

  	
   /s/ Marc Matton

  	
   

  
	
  MARC MATTON, Director

  

 

 

8

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