Document:

exv10w13

Exhibit 10.13

FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

     This Fifth Amendment to Employment Agreement (the “Amendment”) is effective as of
February 8, 2008, and is entered into by and between The Film Department Holdings LLC, a Delaware
limited liability company (the “Company”), and Bernd Stephan (the “Executive”).

     WHEREAS, Company and Executive have previously entered into an Employment Agreement dated July
10, 2007, as amended on January 16, 2009 (First Amendment), July 16, 2009 (Second Amendment), July
16, 2009 (Third Amendment) and September 1, 2009 (Fourth Amendment), Collectively “the “Employment
Agreement”; AND

     WHEREAS, the Company and Executive have agreed to amend specific terms of the Agreement in
accordance with the terms set forth below. All capitalized terms not defined herein shall have the
meanings ascribed to such terms in the Employment Agreement;

     NOW, THEREFORE, in consideration of the agreements and collective amendments made herein, the
parties hereto agree as follows:

     1. Engagement and Term. Notwithstanding anything to the contrary provided for in
Paragraph (2) of the Employment Agreement, the Employment Term, as defined therein, shall be
extended to and expire on January 31, 2012 (Expiration Date), without any option to extend further
by either Company or Employee.

     2. Compensation.

          (a) Compensation. Per the terms of Executive’s Employment Agreement, Executive’s Base
Compensation is currently $243,000 (“Current Compensation”). Notwithstanding the foregoing, in the
event of the occurrence of the initial public offering or other financing transaction sufficient
to enable the Company to launch and operate a U.S. theatrical distribution company (“Distribution
Company Launch”) as contemplated and as set forth in the business plan of The Film Department
dated November 6, 2009, Executive’s annualized Base Compensation shall, in lieu of Executive’s
Current Base Compensation, thereafter be an amount equal to $325,000 commencing the first full day
following the Distribution Company Launch.

5th Amendment to BS Employment Agreement

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          (b) Guaranteed Deferred Compensation. In the event of Distribution Company Launch,
The Company shall pay or cause to be paid to the Executive, guaranteed deferred compensation of
$50,000 per year. Guaranteed deferred compensation payments will be made in quarterly
installments on the third, sixth, ninth and twelfth month anniversary following Distribution
Company Launch.

          (c) Contingent Compensation. Notwithstanding anything to the contrary set forth in the
Employment Agreement, the bonus compensation set forth in Section 5(b) of the Employment Agreement
payable to Executive (subject to the terms and conditions therein) no more than 30 days following
each anniversary of the Distribution Company Launch, the Company shall pay or cause to be paid to
the Executive, bonus compensation in an amount to be determined by Chief Executive Officer,
President & Chief Operating Officer and The Company’s Compensation Committee.

     3. Remaining Provisions. The parties expressly agree and acknowledge that all
provisions of the Agreement except those amended by this Amendment shall remain unchanged and in
full force and effect.

     IN WITNESS WHEREOF, the parties have duly executed this Addendum as of the date first above
written.

THE FILM DEPARTMENT

HOLDINGS LLC

	 	 	 	 	 	 	 	 	 
	 

By:

	 	/s/ Neil Sacker
 

NEIL SACKER
	 	 
	 	/s/ Bernd Stephan
 

BERND STEPHAN
	 	 
	Its:

	 	President & Chief Operating Officer	 	 	 	 	 	 

5th Amendment to BS Employment Agreement

2Exhibit 10.1

Exhibit 10.1

SIXTH AMENDMENT TO

FINANCING AGREEMENT

THIS SIXTH AMENDMENT TO FINANCING AGREEMENT (this “Amendment”), dated this
5th day of March, 2010, and becoming effective as described in Section 3.2 hereof, is
made by and among:

CROWN CRAFTS, INC., a Delaware corporation (“CCI”);

CHURCHILL WEAVERS, INC., a Kentucky corporation (“Weavers”);

HAMCO, INC., a Louisiana corporation (“Hamco”);

CROWN CRAFTS INFANT PRODUCTS, INC., a Delaware corporation (“CCIP”; together with CCI,
Weavers and Hamco, the “Companies” and each a “Company”); and

THE CIT GROUP/COMMERCIAL SERVICES, INC., a New York corporation (“CIT”),

to the Financing Agreement, dated July 11, 2006 (as amended, modified, restated or
supplemented from time to time, the “Financing Agreement”), among CIT and the Companies.
All capitalized terms used herein without definition shall have the meanings ascribed to such terms
in the Financing Agreement.

RECITALS

A. Pursuant to the Financing Agreement, CIT has agreed to make loans and extend credit to the
Companies in the amounts, upon the terms and subject to the conditions contained therein.

B. CCI, Hamco, CCIP and CIT are parties to a Commitment Letter, dated February 8, 2010 (the
“Commitment Letter”), pursuant to which, and upon the terms and conditions contained
therein, CCI, Hamco, CCIP and CIT have agreed to extend the Termination Date and make certain other
modifications to the Financing Agreement, all as more fully described therein.

C. The Commitment Letter terminates if definitive documentation with respect to the extended
credit facility described therein has not been executed, and such extended credit facility closed,
on or before July 11, 2010.

D. The Companies desire to enter into this Amendment on the date hereof to provide for the
modifications to the Financing Agreement described in the Commitment Letter to become effective on
July 11, 2010.

 

 

 

E. The Companies also desire that the modifications to the Financing Agreement described in
the Commitment Letter become effective as against all of the Companies and that Weavers remain a
Company under the Financing Agreement on and after July 11, 2010, notwithstanding anything that may
appear to the contrary in the Commitment Letter.

F. CIT has agreed to such request, subject to the terms and conditions contained herein, and
to accomplish the foregoing, the Companies and CIT desire to enter into this Amendment.

STATEMENT OF AGREEMENT

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the
Companies and CIT hereby agree as follows:

ARTICLE I

AMENDMENTS TO FINANCING AGREEMENT

Subject to Section 3.2 hereof, the Financing Agreement is hereby amended as follows:

1.1 Definitions. Section 1.1 of the Financing Agreement is amended as follows:

(a) The defined term “Applicable Margin” is amended in its entirety to read as
follows:

“Applicable Margin shall mean 1.0% for Chase Bank Rate Loans and 3%
for LIBOR Loans.”

(b) The defined term “Early Termination Fee” is amended in its entirety to read as
follows:

“Early Termination Fee shall mean an amount equal to the product
obtained by multiplying (a) the maximum amount of the Revolving Line of Credit
times (b) (i) two percent (2.0%) if the Early Termination Date occurs on or
before July 11, 2011, (ii) one percent (1.0%) if the Early Termination Date occurs
after July 11, 2011 but on or before July 11, 2012 and (iii) one-half percent (0.5%)
if the Early Termination Date occurs after July 11, 2012 but before the Termination
Date.”

(c) The defined term “Financial Covenant Applicability Date” is amended in its
entirety to read as follows:

“Financial Covenant Applicability Date shall mean any date on which Net
Availability is less than $6,000,000.”

 

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(d) The defined term “Financial Covenant Inapplicability Date” is amended in its
entirety to read as follows:

“Financial Covenant Inapplicability Date shall mean any date after the
occurrence of any Financial Covenant Applicability Date on which Net Availability is
equal to or greater than $6,000,000.”

(e) The defined term “Permitted Distributions” is amended in its entirety to read as
follows:

“Permitted Distributions shall mean:

(a) dividends from a wholly-owned subsidiary of a Company to such Company;

(b) dividends payable solely in stock or other equity interests of the
Companies; and

(c) provided no Default or Event of Default exists at the time of the proposed
payment thereof, cash dividends on CCI’s common stock not to exceed the sum of
$500,000 in any calendar quarter.”

(f) The defined term “Revolving Line of Credit Fee” is amended by deleting therefrom
the words and figure “fifteen hundredths percent (0.15%)” and by substituting in lieu thereof the
words and figure “one quarter percent (0.25%).”

(g) The defined term “Termination Date” is amended in its entirety to read as follows:

“Termination Date shall mean July 11, 2013.”

1.2 Exhibits. Exhibit B attached to this Amendment is made Exhibit B to the Financing
Agreement.

ARTICLE II

REPRESENTATIONS AND WARRANTIES

The Companies hereby represent and warrant to CIT that:

2.1 Compliance With the Financing Agreement. As of the execution of this Amendment,
each Company is in compliance with all of the terms and provisions set forth in the Financing
Agreement and the other Loan Documents to be observed or performed by such Company.

 

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2.2 Representations in Financing Agreement. The representations and warranties of
each Company set forth in the Financing Agreement and the other Loan Documents are true and correct
in all material respects except to the extent that such representations and warranties relate
solely to or are specifically expressed as of a particular date or period which is past or expired
as of the date hereof.

2.3 No Event of Default. No Default or Event of Default exists.

ARTICLE III

MODIFICATION OF LOAN DOCUMENTS; CONDITIONS PRECEDENT

3.1 Loan Documents. The Financing Agreement and the other Loan Documents are amended
to provide that any reference therein to the Financing Agreement shall mean, unless otherwise
specifically provided, the Financing Agreement as amended hereby, and as further amended, restated,
supplemented or modified from time to time.

3.2 Conditions Precedent. This Amendment shall become effective and be deemed
effective as of 12:00 a.m., Charlotte, North Carolina time, July 11, 2010 (the “Effective
Time”), provided the following conditions precedent have been satisfied or waived by CIT:

(a) CIT shall have received the following documents, each to be in form and content
satisfactory to CIT and its counsel:

(i) this Amendment, duly executed by the Companies;

(ii) concurrently with receipt of this Amendment, amendments to the CCIP Factoring
Agreement and the Hamco Factoring Agreement, duly executed by CCIP and Hamco, conforming the
term and termination provisions therein to those provisions contained in this Amendment;

(iii) concurrently with receipt of this Amendment, certificates of the Secretary or
Assistant Secretary of each Company, certifying as to the incumbency and signature of the
officer(s) executing this Amendment on behalf of each Company, and to which are attached (a)
the bylaws of such Company, (b) the articles of incorporation of such Company, certified by
the Secretary of State or other appropriate official of the state in which such company is
incorporated, (c) certificates of good standing or existence from the Secretary of State or
other appropriate official of the state in which such company is incorporated and (d) copies
of the resolutions of the Board of Directors of each Company authorizing the execution,
delivery and performance of this Amendment;

(iv) on July 9, 2010, an executed certificate from E. Randall Chestnut or another
officer of each Company acceptable to CIT, substantially in the form attached hereto as
Exhibit A certifying that as of the date thereof, after giving effect to the effectiveness
of this Amendment, (x) the representations and warranties contained in the Financing
Agreement are true and correct in all material respects, (y) each Company is in
compliance with all of the terms and provisions set forth in the Financing Agreement
and (z) no Default or Event of Default exists; and

 

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(v) such other documents, instruments and agreements as CIT shall reasonably request in
connection with the foregoing matters.

(b) From the date of this Amendment through the Effective Time, there shall not have occurred
any event, condition or state of facts which would reasonably be expected to have a Material
Adverse Effect, as reasonably determined by CIT.

(c) At the Effective Time, no Default or Event of Default exists.

For the avoidance of doubt, it is understood and agreed that if the conditions precedent
described in this Article III are not satisfied or waived by the Effective Time, this Amendment
shall be deemed to be null and void and of no further force and effect whatsoever.

ARTICLE IV

GENERAL

4.1 Full Force and Effect. As expressly amended hereby, the Financing Agreement and
the other Loan Documents shall continue in full force and effect in accordance with the provisions
thereof. As used in the Financing Agreement and the other Loan Documents, “hereinafter,” “hereto,”
“hereof,” or words of similar import, shall, unless the context otherwise requires, mean the
Financing Agreement or the other Loan Documents, as the case may be, as amended by this Amendment.

4.2 Applicable Law. This Amendment shall be governed by and construed in accordance
with the internal laws and judicial decisions of the State of New York.

4.3 Counterparts. This Amendment may be executed in one or more counterparts, each of
which shall constitute an original, but all of which when taken together shall constitute but one
and the same instrument.

4.4 Further Assurances. The Companies shall execute and deliver to CIT such
documents, certificates and opinions as CIT may reasonably request to effect the amendments
contemplated by this Amendment.

4.5 Headings. The headings of this Amendment are for the purpose of reference only
and shall not effect the construction of this Amendment.

4.6 Expenses. The Companies shall reimburse CIT for CIT’s legal fees and expenses
(whether in-house or outside) incurred in connection with the preparation, negotiation, execution
and delivery of this Amendment and all other agreements and documents contemplated hereby.

 

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4.7 Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH
COMPANY AND CIT WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF
ANY KIND ARISING OUT OF OR RELATED TO THIS AMENDMENT, THE FINANCING AGREEMENT OR THE OTHER LOAN
DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO.

[signatures appear on the following pages]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
by their duly authorized officers to be effective on the day and year first above written.

	 	 	 	 	 
	 	CCI:

CROWN CRAFTS, INC.

 	 
	 	By:  	/s/ Olivia Elliott
 	 
	 	 	Olivia Elliott 	 
	 	 	CFO 	 
	 
	 	WEAVERS:

CHURCHILL WEAVERS, INC.

 	 
	 	By:  	/s/ Olivia Elliott
 	 
	 	 	Olivia Elliott 	 
	 	 	CFO 	 
	 
	 	HAMCO:

HAMCO, INC.

 	 
	 	By:  	/s/ Olivia Elliott
 	 
	 	 	Olivia Elliott 	 
	 	 	CFO 	 
	 
	 	CCIP:

CROWN CRAFTS INFANT PRODUCTS, INC.

 	 
	 	By:  	/s/ Olivia Elliott
 	 
	 	 	Olivia Elliott 	 
	 	 	CFO 	 
	 

[signatures continue on the following page]

 

 

 

	 	 	 	 	 
	 	CIT:

THE CIT GROUP/COMMERCIAL SERVICES, INC.

 	 
	 	By:  	/s/ Vernon Wells
 	 
	 	 	Vernon Wells 	 
	 	 	Vice President

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