Document:

Put Agreement

 EXHIBIT 10.10 
  

  
 PUT AGREEMENT 
  
 Dated as of December 2, 2004 

 
 By and Among 
  
 MOULIN INTERNATIONAL HOLDINGS LIMITED 
  
 and 
  
 CERTAIN SUBSIDIARIES OF MOULIN INTERNATIONAL HOLDINGS LIMITED 
  
 and 
  
 GOLDEN GATE PRIVATE EQUITY, INC. 
  

 PUT AGREEMENT 
  
 This PUT AGREEMENT (this “Agreement”), dated as of December 2, 2004 is made by and among MOULIN INTERNATIONAL
HOLDINGS LIMITED, a Bermuda company (“Moulin”), MOULIN OPTICAL MANUFACTORY LIMITED, a Hong Kong company, ALLIED INDUSTRIAL LIMITED, a Hong Kong company, LEADKEEN INDUSTRIAL LIMITED, a Hong Kong company, MOULIN EUROPEAN HOLDINGS LIMITED, a
British Virgin Islands company, AMPLE FAITH INVESTMENTS LIMITED, a British Virgin Islands company and METZLER INTERNATIONAL (USA) INC., a Delaware corporation (collectively, the “Moulin Subsidiaries” and, together with Moulin, the
“Moulin Entities”) and GOLDEN GATE PRIVATE EQUITY, INC. (together with its Affiliates who become holders of Equity Securities, the “GGC Entities” and together with the Moulin Entities, the “Parties”). 
  
 W I T N E S S E
T H : 
  
 WHEREAS, ECCA Holdings Corporation, a
Delaware corporation (the “Company”), a subsidiary of the Company and Eye Care Centers of America, Inc., a Texas corporation (“Target”), have entered into a Merger Agreement (the “Merger Agreement”), dated as of the
date hereof, pursuant to which the Company has agreed to acquire by means of a merger all of the issued and outstanding capital stock and other securities of Target; 
  
 WHEREAS, the Parties are, concurrently with the execution and delivery of this Agreement, entering into that certain
Stockholders Agreement (the “Stockholders Agreement”), it being agreed that any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Stockholders Agreement; 
  
 WHEREAS, Moulin has determined that the transactions contemplated by the
Merger Agreement (the “Merger”) and their direct or indirect ownership in Target will be beneficial to Moulin and each of it Subsidiaries; 
  
 WHEREAS, Moulin would be unable to consummate the Merger without the investment in the Company to be made by the GGC Entities, and the rights contemplated
by this Agreement are a condition to the investment in the Company to be made by the GGC Entities; and 
  
 WHEREAS, the Parties each desire to enter into this Agreement to, inter alia, provide the GGC Entities certain liquidity rights relating to
the Equity Securities. 

 NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 
  
 1. REPRESENTATIONS AND WARRANTIES OF MOULIN. 
  
 (a) Organization, Qualification, and Corporate Power. (i) Each of the Moulin Entities is a corporation or company
duly organized and validly existing under the laws of the jurisdiction of its incorporation. (ii) Each of the Moulin Entities is duly authorized to conduct business and is in good standing under the laws of each jurisdiction where such qualification
is required. (iii) Each of the Moulin Entities has full corporate power and authority and all licenses, permits, and authorizations necessary to carry on the businesses in which it is engaged and to own and use the properties owned and used by them.
(iv) None of the Moulin Entities is in default under or in violation of any provision of its charter or bylaws (or other applicable governing documents).  
  
 (b) Authorization. The execution, delivery and performance of this Agreement, the Stockholders Agreement, the Supply
Agreement and the Advisory Agreements and all other agreements contemplated hereby or thereby to which any Moulin Entity is a party (each, a “Transaction Agreement” and collectively, the “Transaction Agreements”) have been duly
authorized by all necessary corporate action on the part of such Moulin Entity. Each Transaction Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms, except to the extent that its
enforceability may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally. 
  
 (c) Non-Contravention. Neither the execution and the delivery of the Transaction Agreements, nor the consummation of
the transactions contemplated thereby will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which any of the Moulin
Entities is subject or any provision of the charter, bylaws or other constitutive or organizational documents of any of the Moulin Entities or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of,
create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, credit facility, lease, license, instrument, or other arrangement to which any of the Moulin Entities is a party or by
which it is bound or to which any of its assets is subject (or result in the imposition of any lien upon any of its assets), including without limitation, that certain Agreement, dated as of November 12, 2004, by and among the Moulin Entities,
Standard Chartered Bank (Hong Kong) Limited, as Co-ordinator and Agent and the Original Lenders (as defined therein) (the “Credit Agreement”), which violation, conflict, breach or default would have a material adverse effect on (i) the
ability of the Company to perform its obligations under the Transaction Agreements, (ii) the business, operations, property or condition (financial or otherwise) of the Moulin Entities, taken as a whole or (iii) the ability of any of the Moulin
Entities to perform its obligations under the Transaction Agreements (a “Material Adverse Effect”). None of the Moulin Entities needs to give any notice to, make any filing with, or obtain any authorization, consent, or approval of any
government or governmental agency in connection with the consummation the transactions contemplated by any of the Transaction Agreements. 
  
 (d) Financial Statements; Projections. Each of the consolidated financial statements (including, in each case, any notes thereto) of Moulin and its
consolidated subsidiaries included in the forms, reports, statements, schedules and other documents (the “Reports”) filed since 
  

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December 31, 2003 (the “Financial Statements”) with the relevant regulatory authorities, including the Hong Kong Stock Exchange (the
“Securities Authorities”) has been prepared in accordance with the rules and regulations of the Securities Authorities and in accordance with Hong Kong generally accepted accounting principles as in effect on the date of filing such
Reports except to the extent expressly disclosed in such financial statements. The Financial Statements give a true and fair view and represent the financial condition of Moulin and its consolidated subsidiaries as of the dates thereof and the
consolidated results of their operations and cash flows during the relevant periods subject, in the case of unaudited statements, to normal year-end adjustments, none of which, alone or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. Attached hereto as Schedule 1(d) are the pro forma financial projections of Moulin and its subsidiaries, on a consolidated basis, after giving effect to the occurrence of the Merger, and which were provided to the lenders
under the Credit Agreement (the “Projected Statements”). The Projected Statements represented Moulin’s good faith estimate of future financial performance at such time and were based on assumptions believed by Moulin to be fair and
reasonable in light of market conditions at the time made; provided that no assurance is given by Moulin herein that the Projected Statements will actually be realized in the periods set forth therein. 
  
 2. PUT ARRANGEMENTS. 
  
 (a) At any time following the occurrence of a Put Right Event (as defined
below), the GGC Entities shall have the right to require the Moulin Entities to use reasonable best efforts to purchase all of the Equity Securities held by the GGC Entities (the “Put Securities”) at the Put Price (as defined below) (the
“Put”) by delivering a written notice to Moulin (the “Put Notice”). The right to exercise the Put shall inure to the benefit of any Affiliate of the GGC Entities to whom Equity Securities of the GGC Entities are transferred
pursuant to Section 2.1(a)(i) of the Stockholders Agreement (“Permitted Affiliate Transferees”). The Moulin Entities’ “reasonable best efforts” shall include, without limitation, reasonable best efforts to (i) raise
sufficient debt and equity financing proceeds to permit the Moulin Entities to pay the full aggregate Put Price and (ii) obtain approvals, waivers and consents or otherwise remove any restrictions imposed under contractual obligations or applicable
law or regulations that have the effect of limiting or prohibiting any Moulin Entity from purchasing all or any portion of the Put Securities at the Put Price. 
  

(b) Upon the delivery of the Put Notice, and subject to the provisions hereof, the Moulin Entities shall, during the 180-day period described below,
use reasonable best efforts to purchase and the GGC Entities shall sell, against delivery of original stock certificates and stock powers duly endorsed in favor of Moulin (or its designee) evidencing such Put Securities, all of the Put Securities
then held by the GGC Entities (which have not been or are not being simultaneously repurchased or redeemed by the Company), free and clear of Liens (other than restrictions on transfer imposed by securities laws), at the Put Price at a mutually
agreeable place and date no later than the 180th day following (i) if a Valuation Notice has been delivered pursuant
to Section 2.2 of the Stockholders Agreement, the date of such Valuation Notice and (ii) if no Valuation Notice has been delivered pursuant to Section 2.2 of the Stockholders Agreement, the delivery of the Put Notice (the “Put Closing”).
Such 180-day period is referred to herein as the “Put Closing Period”. 
  

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 (c) At the Put Closing, the GGC Entities shall deliver to the Moulin Entities (or their designees)
certificates representing the Put Securities, and the Moulin Entities shall deliver (or cause their designees to deliver) to the GGC Entities the Put Price by wire transfer of immediately available funds to the to an account or accounts designated
by the GGC Entities. 
  
 (d) A “Put Right Event” shall
mean the Fourth Anniversary (as defined in the Stockholders Agreement). 
  
 (e) The “Put Price” of the Put Securities shall mean an amount in cash equal to the original issuance price of such Equity Securities plus interest at 20% per annum from the Closing Date (as defined in the Merger Agreement),
compounding on an annual basis through the date of the Put Closing, less the actual aggregate amount, if any, of all Distributions (as defined in the Company’s certificate of incorporation) received by the GGC Entities from the Company prior to
the Put Closing in respect of such Put Securities; provided that if the Moulin Entities fail to purchase the Equity Securities contemplated to be purchased by them hereunder, the amount of the Put Price with respect to such Put Securities shall
continue to increase at a rate of 20% per annum, compounding on an annual basis, through the date on which such Put Securities are purchased or on which the Moulin Entities have made the Put Payment (as defined below) in full with respect to such
Put Securities; provided further that the GGC Entities shall be entitled to rescind any portion of the exercised Put if any portion of the Put Price is not paid by the Moulin Entities (in which case the GGC Entities shall promptly repay any portion
of the Put Price paid by the Moulin Entities and the Moulin Entities shall promptly return any certificates representing the Put Securities delivered by the GGC Entities). 
  
 3. PUT PAYMENT. 
  
 (a) Sale Right. If the Moulin Entities do not purchase all of the Put Securities at the Put Price on or before the
last day of the Put Closing Period, then the GGC Entities shall have a right to cause the Stockholders to sell all of the Equity Securities of the Company at any time thereafter in accordance with Section 2.5 of the Stockholders Agreement. Such a
sale shall be considered a “Company Sale” under the Stockholders Agreement and all of the terms and conditions of Section 2.5 of the Stockholders Agreement shall apply to such a sale. 
  
 (b) Put Obligation. 
  
 (i) If the proceeds to the GGC Entities from (A) any Company
Sale (whether initiated pursuant to the GGC Entities’ rights under this Agreement or the Stockholders Agreement), (B) any other sale of the Company, (C) any bankruptcy, liquidation, dissolution or winding up of the Company or Target or (D) any
sale of any Equity Securities held by any of the GGC Entities (in each case, whenever occurring) (each, an “Exit Event”) do not, in the aggregate, exceed the Unreturned Original Cost (as defined in the Company’s certificate of
incorporation) of the Put Securities at the time of such Exit Event, then the Moulin Entities shall be jointly and severally required to pay to the GGC Entities an amount of cash equal to the difference between such Unreturned Original Cost of the
Put Securities less the aggregate proceeds from such Exit Event (the “Put Payment Obligations”); provided, however, that if any Exit Event occurs prior to the Fourth Anniversary, then the Put Payment Obligations shall not become due and
payable to the 

  

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GGC Entities until the Fourth Anniversary (the “Due Date”), upon which date the Moulin Entities shall pay all such amounts in full to the GGC
Entities; provided, further, that notwithstanding the foregoing, the bankruptcy or entry into receivership or insolvency proceedings of any of the Moulin Entities shall accelerate in full the Due Date for all such Put Payment Obligations to the
applicable date of such bankruptcy or entry into receivership or insolvency proceedings. Notwithstanding anything to the contrary in the foregoing, in the event of the commencement of any bankruptcy, liquidation, dissolution or winding up of the
Company or Target, the GGC Entities will be entitled at their election, to receive on the Due Date (or immediately upon the date on which any such event occurs should the event occur following the Due Date) an amount in cash equal to the Unreturned
Original Cost of all of the Put Securities, as of such date, in exchange for the surrender to the Moulin Entities of all such Put Securities. 
  
 (ii) Upon the terms and subject to the conditions set forth in this Agreement, each of the Moulin Entities hereby, jointly and severally,
guarantees to the GGC Entities the payment in full, when due, of any and all of the Put Payment Obligations. It is the intent of the Moulin Entities that the obligations set forth herein shall be a guaranty of payment and collection. Each of the
Moulin Entities hereby agrees that (A) it is directly, jointly and severally with the other Moulin Entities, liable to the GGC Entities; (B) the obligations of such Moulin Entity hereunder are independent of the obligations of the other Moulin
Entities and (C) a separate action may be brought against such Moulin Entity, whether such action is brought against the other Moulin Entities or whether any other Moulin Entity is joined in such action. The obligations of the Moulin Entities under
this Agreement shall not be altered, limited or affected by any bankruptcy or insolvency proceeding of the Company. 
  
 4. COVENANTS 
  
 (a) Lender Communications. At all times after the occurrence of an Access Right Event until the satisfaction in full of the Moulin Entities’
obligations hereunder, Moulin shall deliver to the GGC Entities: (i) Moulin’s yearly audited consolidated financial statement, (ii) Moulin’s semi-annual financial statements and (iii) copies of all notices provided under or in connection
with the Credit Agreement (or any replacement, renewal or successor credit facility) to any of the lender(s) or agent(s) thereunder, in each case to be delivered to the GGC Entities at such time as such statements and notices are delivered to
Moulin’s lender(s) or agent(s) pursuant to the Credit Agreement (or any replacement, renewal or successor credit facility). In addition, at all times until the satisfaction in full of the Moulin Entities’ obligations hereunder, Moulin
shall provide the GGC Entities a copy, promptly after receipt thereof, of any notice of any default or event of default delivered to any Moulin Entity by Moulin’s lender(s) or agent(s) pursuant to the Credit Agreement (or any replacement,
renewal or successor credit facility). 
  
 (b) Opinion
of Counsel. Concurrently with the execution and delivery of this Agreement, Moulin shall provide to the GGC Entities an opinion of counsel which is reasonably acceptable to the GGC Entities in the form attached hereto as Exhibit A.

  
 (c) Board Observer. At all times after the occurrence
of an Access Right Event until the satisfaction in full of the Moulin Entities’ obligations hereunder, the GGC Entities shall have 

  

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the right to designate a representative (the “Board Observer”) (who shall be a principal or partner of the GGC Entities) who shall (i) have the
right to receive due notice of and to attend and participate in discussions at (but not vote on any matters on which the directors are entitled to vote) all meetings of the board of directors of Moulin (the “Board”) and (ii) have the right
to receive copies of all documents and other information, including minutes, consents, business plans, presentation materials, budgets and financial information furnished to members of the Board. 
  
 (d) Access Right Event. For purposes of this Agreement, an
“Access Right Event” shall mean the occurrence of any of the circumstances described in clauses (i) and (ii) of the definition of GGC Additional Board Nomination Triggering Event (as defined in the Stockholders Agreement). 
  
 5. MISCELLANEOUS 
  
 (a) Entire Agreement. This Agreement contains the entire agreement
between the Parties with respect to the subject matter hereof and supersedes all prior arrangements or understandings (whether written or oral) with respect thereto. 
  
 (b) Captions. The headings and captions used herein are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement. 
  
 (c)
Counterparts. For the convenience of the Parties, any number of counterparts of this Agreement may be executed by the Parties and each such executed counterpart shall be deemed to be an original instrument. 
  
 (d) Notices. Any notice or other communication required or permitted
under this Agreement shall be deemed to have been duly given (i) five (5) Business Days following deposit in the mails if sent by registered or certified mail, postage prepaid, (ii) when sent, if sent by facsimile transmission, if receipt thereof is
confirmed by telephone, (iii) when delivered, if delivered personally to the intended recipient and (iv) two (2) Business Days following deposit with a nationally recognized overnight courier service, in each case addressed as follows:

  
 If to the Moulin Entities, to: 
  
 Moulin International Holdings Limited 
 Room 701-4, 7th
Floor, Telford House 
 16 Wang Hoi Road, Kowloon Bay, 
 Kowloon, Hong Kong 
 Fax: (852) 2148 7272 
 Attn: Anthony DiChiara c/o Katie Kan 
  
 with a copy (which shall not constitute notice) to its counsel: 
  

White & Case LLP 
 3000 El Camino Real

 5 Palo Alto Square, 10th Floor 
 Palo Alto, CA 94306 
  

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Attention: Jeffrey Washenko 
 Telephone: (650)
213-0346 
 Facsimile: (650) 213-8158 
  
 If to the GGC Entities, to: 
  
 c/o Golden Gate Private Equity, Inc. 
 One
Embarcadero Center, 33rd Floor 
 San Francisco, CA 94111 
 Attention: Prescott Ashe 
 Telephone: (415) 627-4500 
 Facsimile: (415)
627-4501 
  
 with a copy (which shall not constitute notice) to
its counsel: 
  
 Kirkland & Ellis LLP 
 555 California Street, 27th Floor 
 San Francisco, CA 94104 
 Attention: Jeffrey C. Hammes, P.C. 
                    Stephen D. Oetgen 
 Telephone: (415) 439-1400 
 Facsimile: (415) 439-1500 
  
 or to such other address or facsimile number as any such Party may, from time to time, designate in writing to all other Parties, and any
such communication shall be deemed to be given, made or served as of the date so delivered or, in the case of any communication delivered by mail, as of the date so received. 
  
 (e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors and Permitted Affiliate Transferees. Any or all of the rights of a GGC Entity under this Agreement may be assigned or otherwise conveyed by any GGC Entity only in connection with (i) a Transfer of Equity Securities, each of
which is in compliance with Section 2.1(a)(i) of the Stockholders Agreement or (ii) if a GGC Entity does not hold Equity Securities on the date hereof, upon the initial issuance of Equity Securities to such GGC Entity. 
  
 (f) Governing Law. THE INTERPRETATION AND CONSTRUCTION OF THIS
AGREEMENT, AND ALL MATTERS RELATING HERETO, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS EXECUTED AND TO BE PERFORMED SOLELY WITHIN SUCH STATE. 
  
 (g) Submission to Jurisdiction; Waiver of Jury Trial. 
  
 (i) Each of the Parties hereby irrevocably acknowledges and consents that any legal action or proceeding
brought with respect to any of the obligations arising under or relating to this Agreement may be brought in the courts of the State of New York, County of New York or in the United States District Court for the Southern District of New York and
each of the Parties hereby irrevocably submits to and accepts with 

  

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regard to any such action or proceeding, for itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the
aforesaid courts. Each Party hereby further irrevocably waives any claim that any such courts lack jurisdiction over such Party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement or the transactions
contemplated hereby brought in any of the aforesaid courts, that any such court lacks jurisdiction over such Party. Each Party irrevocably consents to the service of process in any such action or proceeding by the mailing of copies thereof by
registered or certified mail, postage prepaid, to such party, at its address for notices set forth in Section 5(e), such service to become effective ten (10) days after such mailing. Each Party hereby irrevocably waives any objection to such service
of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any other documents contemplated hereby that service of process was in any way invalid or ineffective. Subject to
Section 5(h)(ii), the foregoing shall not limit the rights of any Party to serve process in any other manner permitted by law. The foregoing consents to jurisdiction shall not constitute general consents to service of process in the State of New
York for any purpose except as provided above and shall not be deemed to confer rights on any Person other than the respective Parties. 
  
 (ii) Each of the Parties hereby waives any right it may have under the laws of any jurisdiction to commence by publication any legal
action or proceeding with respect to this Agreement. To the fullest extent permitted by Applicable Law, each of the Parties hereby irrevocably waives the objection which it may now or hereafter have to the laying of the venue of any suit, action or
proceeding arising out of or relating to this Agreement in any of the courts referred to in Section 5(h)(i) and hereby further irrevocably waives and agrees not to plead or claim that any such court is not a convenient forum for any such suit,
action or proceeding. 
  
 (iii) The Parties agree
that any judgment obtained by any Party or its successors or assigns in any action, suit or proceeding referred to above may, in the discretion of such party (or its successors or assigns), be enforced in any jurisdiction, to the extent permitted by
Applicable Law. 
  
 (iv) The Parties agree that
the remedy at law for any breach of this Agreement may be inadequate and that should any dispute arise concerning any matter hereunder, this Agreement shall be enforceable in a court of equity by an injunction or a decree of specific performance.
Such remedies shall, however, be cumulative and nonexclusive, and shall be in addition to any other remedies which the Parties may have. 
  
 (v) Each Party hereby waives, to the fullest extent permitted by Applicable Law, any right it may have to a trial by jury in respect of
any litigation as between the parties directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby or disputes relating hereto. Each Party (i) certifies that no representative, agent or
attorney of the any other Party has represented, expressly or otherwise that such other Party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other Parties have been induced to enter
into this Agreement by, among other things, the mutual waivers and certifications in this Section 5(h). 
  

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 (h) Benefits Only to Parties. Nothing expressed by or mentioned in this Agreement is intended or
shall be construed to give any Person other than the Parties and their respective successors or assigns and Permitted Transferees, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained,
this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of the Parties and their respective successors and assigns and Permitted Transferees, and for the benefit of no other
Person. 
  
 (i) Obligations of Successors. In the
event of a merger, consolidation or liquidation of any Moulin Entity, such Moulin Entity will first make arrangements so that any successor to such Moulin Entity will assume the obligations of such Moulin Entity under this Agreement and be
responsible in full for such obligations on the same basis as if it had been an original signatory hereto (and such successor entity shall execute and deliver a counterpart of this Agreement to the GGC Entities). 
  
 (j) Termination; Survival of Benefits. This Agreement shall terminate
upon the earlier of (i) the termination of the Merger Agreement in accordance with its terms without consummation of the Merger and (ii) the closing of an IPO. 
  

(k) Amendments; Waivers. No provision of this Agreement may be amended, modified or waived without the prior written consent of the GGC Entities
and Moulin. Notwithstanding the foregoing, the addition of parties to this Agreement in accordance with its terms shall not be deemed to be an amendment, modification or waiver requiring the consent of any Party. 
  
 (l) No Strict Construction. The Parties have participated jointly in
the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all Parties, and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. 
  
 * * * 
  

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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above.

  

			
	 GOLDEN GATE PRIVATE EQUITY, INC.

		
	 By:
	 	 /s/ Jesse T. Rogers

	 Name:
	 	 Jesse T. Rogers

	 Title:
	 	 Managing Director

	
	 MOULIN INTERNATIONAL HOLDINGS LIMITED

		
	 By:
	 	 /s/ Anthony DiChiara

	 Name:
	 	 Anthony DiChiara

	 Title:
	 	 General Counsel

	
	 MOULIN OPTICAL MANUFACTORY LIMITED

		
	 By:
	 	 /s/ Ma Lit Kin, Cary

	 Name:
	 	 Ma Lit Kin, Cary

	 Title:
	 	 Director

	
	 ALLIED INDUSTRIAL LIMITED

		
	 By:
	 	 /s/ Ma Lit Kin, Cary

	 Name:
	 	 Ma Lit Kin, Cary

	 Title:
	 	 Director

	
	 LEADKEEN INDUSTRIAL LIMITED

		
	 By:
	 	 /s/ Ma Lit Kin, Cary

	 Name:
	 	 Ma Lit Kin, Cary

	 Title:
	 	 Director

	
	 MOULIN EUROPEAN HOLDINGS LIMITED

		
	 By:
	 	 /s/ Ma Lit Kin, Cary

	 Name:
	 	 Ma Lit Kin, Cary

	 Title:
	 	 Director

			
	 AMPLE FAITH INVESTMENTS LIMITED

		
	 By:
	 	 /s/ Anthony DiChiara

	 Name:
	 	 Anthony DiChiara

	 Title:
	 	 General Counsel

	
	 METZLER INTERNATIONAL (USA) INC.

		
	 By:
	 	 /s/ Ma Lit Kin, Cary

	 Name:
	 	 Ma Lit Kin, Cary

	 Title:
	 	 DirectorEmployment Agreement between Eye Care Centers of America and Douglas C. Shepard

 Exhibit 10.18 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) made and entered into effective as of the 1st day of January, 1998, by and between Eye Care Centers of America, Inc., a Texas corporation (the “Company”), or its assigns, and Doug Shepard
(“Employee”); 
  
 W I T N
E S S E T H: 
  
 WHEREAS, the Company desires to employ executive on the terms and conditions set forth below; and 
  
 WHEREAS, Employee desires to serve in the employment of the Company on the terms and conditions set forth below; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows: 
  
 1.
Employment. The Company hereby employs Employee and Employee hereby accepts such employment, upon the terms and conditions set forth herein. 
  
 2. Term. The term of this Agreement shall commence on the date hereof (the “Effective Date”) and shall terminate on December 31, 1998,
subject to earlier termination and extension as hereinafter provided (the ‘Term”). Thereafter, and subject
to Section 8(d), this Agreement shall automatically renew for successive one-year terms unless either party gives written notice of its election not to renew at least thirty (30) days prior to the end of the then current period. In the event of such
extension, all of the terms and conditions of this Agreement shall remain in full force and effect. 
  
 3. Duties. During the Term, employee agrees that he will devote his full business time, attention and energies to the business of the Company and
its subsidiaries and affiliates, if applicable, and to the performance of his duties hereunder, and shall not engage in any other business, profession, or occupation for compensation or otherwise. 
  
 4. Compensation. 
  
 (a) Base Compensation. During the term of this Agreement, the Company
shall pay to Employee a salary at an annual rate of not less than $95,000 (the “Base Salary”). The Base Salary shall be reviewed by the Board from time to time as the Board deems appropriate. The Base Salary shall be payable during the
Term in substantially equal installments not less frequently than monthly in accordance with the Company’s standard payroll policy or in such other installments as the parties may mutually agree. 
  
 (b) Bonus. Employee shall be eligible to earn a bonus based upon a
bonus plan to be determined from time to time by the Company prior to the commencement of each calendar year. 
  

 (c) Reimbursement of Expenses; Automobile. The Company shall reimburse Employee, in accordance
with the Company’s policy in effect from time to time, for all reasonable travel, entertainment and other business expenses incurred by Employee in the performance of his duties and responsibilities hereunder. Employee will receive an
automobile allowance of $500 per month and will be reimbursed for his reasonable automobile insurance costs. 
  
 (d) Stock Option Plan. Employee shall be eligible to participate in the Eye Care Centers of America, Inc.’s Executive Stock Option Plan, and
his rights with respect to options granted to him thereunder shall be governed solely by the terms of such plan, as it may be in effect from time to time, and the terms of the Stock Option Agreement evidencing the grant of such options. 

 
 (e) Net Payments. The amount of any gross payments provided for in
this Agreement shall be paid net of any applicable withholding required under federal, state or local law. 
  
 5. Benefits. Employee shall be entitled to receive the benefits made available or applicable from time to time to the employees of the Company;
provided, however, that the receipt of such benefits by Employee shall be subject to the Company’s eligibility and enrollment requirements pertaining to such benefit programs. 
  
 6. Confidentiality and Competitive Activities. 
  
 (a) Confidentiality. Employee acknowledges that during his employment with the Company, the Company has and will
continue to disclose to him the confidential affairs and proprietary information of the Company and its subsidiaries and affiliates which is developed by and belongs to the Company and its subsidiaries and affiliates, including matters of a business
nature such as information about costs, profits, markets, sales, trade secrets, potential patents and other business ideas, customer lists, supplier and vendor lists, plans for future developments and/or acquisitions, and information of any other
kind not known within the optical retail industry generally (collectively, “Confidential Matters”). Employee further acknowledges that the Company would not hire Employee or disclose these Confidential Matters to Employee without the
promises made by Employee in this Section 6. In light of the foregoing, Employee agrees: 
  
 (i) To keep secret all Confidential Matters of the Company and of any subsidiaries and affiliates of the Company, and not to disclose them
to anyone outside of the Company or its subsidiaries or affiliates, or otherwise use them or use his knowledge of them for his own benefit or for the benefit of any third party, including, without limitation, use of the trade secrets, trade names or
trademarks of the Company, either during or after the Term, except with the Company’s prior written consent; and 
  
 (ii) To deliver promptly to the Company at the termination of the Term, or at any time the Company may request, all memoranda, notices,
records, reports and other documents (and all copies thereof) relating to the business of the Company or any of its subsidiaries or affiliates, including, but not limited to, Confidential Matters, which he may then possess or have under his control.

  

 2 

 Notwithstanding any of the foregoing, the term “Confidential Matters” does not include information which (i) is
or becomes generally available to the public other than as a result of any disclosure by Employee or (ii) Employee is compelled to disclose by judicial or administrative process; provided, that in the case of any such requirement or purported
requirement Employee shall provide written notice to the Company prior to producing such information, which notice shall be given at least ten (10) days prior to the producing such information, if practicable, so that the Company may seek a
protective order or other appropriate remedy. 
  
 (b)
Competitive Activities. Employee expressly recognizes and acknowledges that the terms and condition of this Section 6(b) are reasonable as to time, area and scope of restricted activity, necessary to protect the legitimate interests of the
Company, and are not unduly burdensome to Employee. For a period commencing on the Effective Date and ending twelve (12) months following the effective date of a termination of Employee’s employment (for any reason whatsoever other than
termination by the Company without Cause or if the Company elects not to renew the Term as provided in Section 2 hereof), Employee shall not, without the written consent of the Company, directly or indirectly (whether for compensation or otherwise),
alone or as officer, director, stockholder (excepting not more than 1% stockholdings for investment purposes in securities of publicly held and traded companies), partner, associate, employee, agent, principal, trustee, salesman, consultant,
capacity, take any action in or participate with or become interested in or associated with the companies commonly referred to as Cole/Pearl, Lenscrafter or Walmart (or any successor thereto). (Such activities are hereinafter referred to as the
“Competitive Activities”). 
  
 (c)
Antisolicitation. Employee agrees that during the Term of this Agreement, and for a period of two (2) years thereafter, he will not influence or attempt to influence customers (including customers with respect to managed care plans), vendors
or suppliers of the Company or any of its present or future direct or indirect subsidiaries or affiliates, either directly or indirectly, to divert their business from the Company or any of its direct or indirect subsidiaries or affiliates to any
individual, partnership, firm, corporation or other entity then in competition with the business of the Company or any subsidiary or affiliate of the Company; provided this prohibition shall not apply to general advertisements in newspaper or other
widely distributed publications, media, or mail, whether electronic or otherwise. 
  
 (d) Soliciting Employees. Employee agrees that during the Term of this Agreement, and for a period of two (2) years thereafter, he will not directly or indirectly contact or solicit to employ, or employ, any of
the then current or past employees of the Company or any subsidiary or affiliate of the Company unless such person shall have ceased to be employed by the Company and such cessation of employment shall have occurred at least twelve (12) months prior
thereto; provided this prohibition shall not apply to general advertisements in newspaper or other widely distributed publications, media, or mail, whether electronic or otherwise. 
  
 7. Remedies for Breach. In addition to the rights and remedies provided in Section 14, and without waiving the same
if Employee breaches, or threatens to breach, any of the provisions of Section 6, the Company shall have the following rights and remedies, in addition to any others, each of which shall be independent of the other and severally enforceable:

  
 (i) The right and remedy to have such
provisions specifically enforced by any court having equity jurisdiction together with an accounting for any benefit or gain by Employee in connection with any such breach. Employee specifically acknowledges and agrees that any breach or threatened
breach of the provisions of Section 6 will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company. Such injunction shall be available without the posting of any bond or other security.

  

 3 

 (ii) The right and remedy to require Employee to account for and pay over to the Company
all compensation, profits, monies, accruals, increments or other benefits (hereinafter collectively the “Benefits”) derived or received, directly or indirectly, by Employee as a result of any transactions constituting a breach of any of
the provisions of Section 6, Employee hereby agreeing to account for and pay over the Benefits to the Company. 
  
 (iii) The right to terminate Employee’s employment pursuant to Section 8(c). 
  
 (iv) Upon discovery by the Company of a breach or immediate
and material threatened breach of Section 6, the right to immediately suspend payments to Employee under Section 8, pending a resolution of the dispute. 
  
 If any covenant contained in Section 6 or any portion thereof is hereafter construed to be invalid or unenforceable, the same shall not affect the
remainder of the covenant or covenants contained therein, which shall be given full effect, without regard to the invalid portions, and any court having jurisdiction shall reform the covenant to the extent necessary to cause the limitations
contained therein as to time, geographical area and scope of activity to be restrained to be reasonable and to impose a restraint that is not greater than necessary to protect the goodwill and other business interest of the Company and to enforce
the covenant as reformed. The parties hereto intend to and hereby confer jurisdiction to enforce the covenants contained in Section 6 upon the courts of any state or other jurisdiction in which any alleged breach of any such covenant occurs. If the
courts of any of one or more of such states or other jurisdictions shall hold such covenants not wholly enforceable by reason of the scope thereof or otherwise, it is the intention of the parties hereto that such determination not bar or in any way
affect the Company’s right to the relief provided above in the courts of any other states or jurisdictions as to breaches of such covenants in such other respective states or jurisdictions, and the above covenants as they relate to each state
or jurisdiction being, for this purpose, severable into diverse and independent covenants. 
  
 8. Termination of Agreement. 
  
 (a) Death. This Agreement shall automatically terminate upon the death of Employee. During the Term, if Employee’s employment is terminated due to his death, Employee’s estate shall be entitled to receive the Base Salary
set forth in Section 4 accrued through the date of death; provided, however, Employee’s estate shall not be entitled to any bonus payments (except as otherwise provided in the applicable bonus plan) or any other benefits (except as provided by
law). 
  

 4 

 (b) Disability. If Employee is unable to perform his services by reason of mental or physical
Disability (as herein defined), the Company may terminate this Agreement at any time. Upon termination of Employee’s employment due to Disability, Employee shall be entitled to receive the Base Salary set forth in Section 4 accrued through the
date on which Employee is first eligible to receive payment of disability benefits under the employee benefit plans as then in effect, and if no such plan is in effect, through the month ending one hundred eighty (180) days after onset of Disability
and Employee shall not be entitled to any bonus payments (except as otherwise provided in the applicable bonus plan) or any other benefits (except as provided by law). The term “Disability” shall mean an infirmity preventing Employee from
performing his duties for a period of more than three (3) consecutive months where no reasonable accommodation is available or where a reasonable accommodation would create an undue burden on the Company. Any question as to the existence of the
Disability of Employee as to which Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to Employee and the Company. If the Employee and the Company cannot agree as to a
qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and Employee shall be
final and conclusive for all purposes of the Agreement. 
  
 (c)
Termination For Cause. The Company may terminate this Agreement at any time for “Cause” in accordance with the procedures provided below. Termination of this Agreement for “Cause” shall mean termination upon (i) the breach
of any material provision of this Agreement by Employee which has not been rectified or cured within 30 days after notice by the Company to the Employee containing in reasonably specific detail the violation or breach and the necessary corrective
action to rectify or cure such violation or breach, (ii) commission of an act punishable by imprisonment, (iii) willful failure to substantially perform his duties hereunder (other than as a result of total or partial incapacity due to physical or
mental illness) which has not been rectified or cured within 30 days after notice by the Company to the Employee containing in reasonably specific detail the acts or omissions complained of and the necessary corrective action to rectify or cure the
matters set forth in such notice; provided, however, if the actions or omissions that are the subject of such notice are substantially similar to acts or omissions with respect to which the Employee has received notice hereunder within the prior 12
months and had an opportunity to cure or rectify, the Employee shall not be entitled to such notice and opportunity to cure, (iv) the engaging by Employee in conduct that is materially injurious to the Company, monetarily or otherwise, including,
without limitation, embezzlement, fraud, theft, dishonesty, misfeasance, insubordination, malfeasance, and neglect of duties, (v) violation of the Company’s code of conduct or any material violation or repeated violations by Employee of the
other policies and procedures promulgated from time to time by the Company, or (vi) current alcohol or drug abuse by Employee, hi the event of termination of Employee’s employment for Cause, Employee shall be entitled to receive only the Base
Salary set forth in Section 4 accrued through the date of termination and he shall not be entitled to any bonus payments or other benefits (except as provided by law). 
  
 (d) Other Termination by the Company. The Company may terminate this Agreement at any time without “Cause”
by providing written notice to Employee. If the Company terminates this Agreement at any time without Cause (i.e., other than pursuant to Section 8(b) or 8(c) above), or the Company elects not to renew the Term as provided in Section 2 hereof, the
Company shall continue to pay Employee his Base Salary for a period of nine-months following the date of termination of employment, the timing and manner of such payments to be in accordance with the 

  

 5 

 
salary payment arrangements in effect at the time of such termination. Employee shall be required to comply with Section 6. It shall be a condition precedent
of payment to Employee of such continued payments pursuant to this subsection (d) that the Employee execute a full and complete release of the Company, each of its subsidiaries, affiliates and their respective past, present and future officers,
directors, employees, consultants, attorneys, agents and shareholders, in form and substance reasonably acceptable to the Company, of any claims Employee may have against any of them, to the extent such claims arise from Employee’s employment
hereunder. Notwithstanding any provision in this Agreement to the contrary, the Company’s obligations to make payments pursuant to this Section 8(d) shall immediately terminate in the event that the Employee engages in any of the Competitive
Activities (even if Section 6(b) is not applicable due to termination of employment without Cause). 
  
 (e) Termination by Employee. Employee may terminate this Agreement upon thirty (30) days prior written notice to the Company. Termination shall be
effective at the expiration of the notice period. All obligations of the Company under this Agreement shall end on the effective date of termination and the Company shall have no further obligations under this Agreement, including, but not limited
to payment of salary, bonuses or any similar compensation or benefits. Notwithstanding the notice provided by Employee, the Company, in its sole discretion, may choose to accept Employee’s resignation immediately. In that event, the
Company’s only obligation to Employee will be to pay the Base Salary Employee would have received during the notice period. 
  
 (f) Mitigation. Employee shall not be required to mitigate the amount of any payment or benefit to be provided pursuant to Section 8(d)
(“Severance”) by seeking other employment. However, anything in this Agreement notwithstanding, if Employee provides services for other than de minimus pay to anyone other than the Company or any of its subsidiaries or affiliates
(“Third Party Services”) during a period in which he is receiving such Severance (the “Severance Period”), the amount of Severance to be paid to Employee with respect to such Severance Period shall, beginning on the date such
payment for Third Party Services is received by employee, be reduced by the lesser of (i) fifty percent (50%) of such Severance payment, or (ii) fifty percent (50%) of such payment for Third Party Services rendered. 
  
 9. Effect of Termination. Upon the termination of this Agreement,
whether by the expiration of the Term specified in Section 2 or pursuant to Section 8, the rights of Employee which shall have accrued prior to the date of such termination shall not be affected in any way. Except as provided in Section 8(d),
Employee shall not have any rights which have not previously accrued upon termination of this Agreement. 
  
 10. Communications. All notices and other communications under this Agreement shall be in writing and shall be deemed to have been duly given when
(a) delivered by hand (with written confirmation of receipt), (b) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the respective addresses set forth below, or to such
other addresses as either party may have furnished to the other in writing in accordance herewith, except that notice of a change of address shall be effective only upon actual receipt; to the Company: the Company, at c/o Eye Care Centers of
America, Inc., 11103 West Avenue, San Antonio, Texas 78213-1392, for the attention of Bernard Andrews, President; and to Employee: Doug Shepard, 25107 Lost Arrow, San Antonio, Texas 78258. 
  

 6 

 11. Amendments or Additions. No amendments or additions to this Agreement shall be binding unless
in writing and signed by all parties hereto. 
  
 12. Binding
Effect; Assignability. This Agreement shall be binding upon, and shall inure to the benefit of, Employee; the obligations of Employee hereunder are personal and this Agreement may not be assigned by Employee. This Agreement is completely
assignable by the Company without notice to or consent of Employee. This Agreement shall be binding upon, and shall inure to the benefit of, the Company and shall also bind and inure to the benefit of any successor of the Company by merger or
consolidation or any assignee of all or substantially all of its properties. 
  
 13. Headings; References. The headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. References to a
“Section” when used without further attribution shall refer to the particular sections of this Agreement. 
  
 14. Binding Arbitration. Subject to the rights of any party to seek injunctive relief pursuant to Section 7 above and without waiving the same, the
parties agree that all disputes, controversies or claims that may arise among them (including their agents and employees), arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be submitted to, and
determined by, binding arbitration. Such arbitration shall be conducted before a single arbitrator pursuant to the Commercial Arbitration Rules then in effect of the American Arbitration Association, except to the extent such rules are inconsistent
with this Section 14. The arbitrator shall apply the laws of the State of Texas (without regard to conflict of law rules) in determining the substance of the dispute, controversy or claim and shall decide the same in accordance with applicable
usages and terms of trade. The fees of the arbitration initially shall be paid one-half by the Company and one-half by Employee; provided, however, that the prevailing party in any such arbitration shall be entitled to recover its reasonable
attorneys’ fees, costs and expenses incurred in connection with the arbitration. Any award pursuant to such arbitration shall be final and binding upon the parties, and judgment on the award may be entered in any federal or state court sitting
in any court having jurisdiction. The obligations set forth in this Section 14 shall survive the termination of this Agreement. THE COMPANY AND EMPLOYEE EACH KNOWINGLY AND VOLUNTARILY GIVE UP ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH
ANY DISPUTE, CLAIM OR CONTROVERSY WHICH MAY ARISE BETWEEN THEM. 
  
 15. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Employee and such officer as may be specifically designated
by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not
expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Texas without regard to its conflicts of law principles. 
  

 7 

 16. Surviving Provisions. The obligations of the Company under Section 8, of Employee under
Section 6, and of both the Company and Employee under Section 14 shall survive the expiration of the Term of this Agreement. 
  
 17. Entire Agreement. This Agreement shall constitute the entire agreement between the parties superseding all prior agreements and all other
negotiations, letter of intent, memoranda of understandings, and representations (if any) made by and among such parties, and may not be modified or amended, and no waiver shall be effective, unless by written document signed by both parties hereto.
Notwithstanding its foregoing, the parties agree that the provisions of Section 6 shall be in addition to, and shall not supersede, similar provisions contained in the Stock Purchase Agreement. The Company and Employee have each had an opportunity
to consult with counsel of their choice regarding the terms and conditions of this Agreement, and each understands the consequences of entering into and complying with the terms and conditions of the Agreement. 
  
 18. Pronouns. In this Agreement, the use of any gender shall be deemed
to include all genders, and the use of the singular shall include the plural, wherever it appears appropriate from the context. 
  
 19. Enforcement Costs. If any legal action or other proceeding, including arbitration, is brought for the enforcement of this Agreement, or because
of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement, the prevailing party or parties shall be entitled to recover reasonable attorneys’ fees, court costs and all expenses even if not
taxable as court costs, incurred in that action or proceeding, in addition to any other relief to which such party or parties may be entitled. 
  
 20. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions hereof. Except that to the extent any court determines that Section 6 is invalid or unenforceable, in this event the Company shall be relieved of its payment obligations to Employee under
Section 8. 
  
 21. Indemnification. Employee shall be
entitled to indemnification, in has capacity as an officer of the Company in accordance with the provisions of the Company’s certificate of incorporation, bylaws or actions of the Board, as the same shall be in effect from time to time, and
Employee shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its officers or directors. 
  

22. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same instrument. 
  

 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year first above
written. 
  

			
	 Eye Care Centers of America Inc.

		
	By:	 	/s/    BERNARD W.
ANDREWS        
	 	 	Bernard W. Andrews
	 	 	President & Chief Executive Officer
	
	 EMPLOYEE:

		
	 	 	/s/    DOUG SHEPARD        
	 	 	 Doug Shepard
 Vice President Controller

  

 9

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