Document:

EXHIBIT 10.1

AMENDMENT TO TRANSITION SERVICES
AGREEMENT

This Amendment to the Transition Services Agreement,
dated November 27, 2002, is made and entered into by and between Limited
Brands, Inc. (“Limited Brands”) and Lerner New York Holding, Inc. and
New York & Company, Inc., successor in interest  to New York & Co. Group, Inc.
(collectively, “Buyer” and/or “Lerner”). Defined terms that are used but not
defined herein shall be as defined in the Agreement between Limited Brands and
Buyer. The Parties wish to amend the Agreement and Schedules as described below.
It is therefore agreed as follows:

1.             Section 5.02 (a) (v),
is deleted in its entirety and replaced with the following:

“For any reason, upon 24-months
advance written notice, which notice shall be given no earlier March 1,
2007, Buyer may terminate (A) all (but not less than all) Logistics
Services, (B) the Logistics Services described under the heading “Compliance
Support Services” in Schedule III, or (C) if the Logistics Services
described under the heading “Compliance Support Services” in Schedule III have
been terminated earlier, all (but not less than all) of the remaining Logistics
Services (such termination right, as applicable, to be exercisable more than
once).”

2.       Section 5.02
(c) is deleted in its entirety and replaced with the following:

“For any reason, upon 24-months
advance written notice, which notice shall be given no earlier March 1,
2007, Limited Brands may terminate (A) all (but not less than all)
Logistics Services, (B) the Logistics Services described under the heading
“Compliance Support Services” in Schedule III, or (C) if the Logistics
Services described under the heading “Compliance Support Services” in Schedule
III have been terminated earlier, all (but not less than all) of the remaining
Logistics Services (such termination right, as applicable, to be exercisable
more than once).

3.             Section 6.0.6 (c) is
deleted in its entirety and replaced with the following:

“If to Limited Brands, to:

Limited
Brands, Inc.

Three Limited Parkway

Columbus, OH  43230

Fax: (614) 415-7188

Attention: General Counsel

With a copy (which shall not
constitute notice for any legal proceeding) to:

Contract Services

Limited Brands, Inc.

Two Limited Parkway

Columbus, OH  43230

Facsimile:  (614) 577-3051”

4.             Schedule
III, Section 1.1 is deleted in its entirety and replaced with the
following:

“Except as otherwise
provided in this Schedule III, Limited Brands’ obligation to provide or
procure, and Lerner’s obligation to purchase, the Services described in this
Schedule III (the “Logistics Services”)
shall commence on the Closing Date and terminate on the earliest to occur of (i) the
date which is twenty four (24) months after the date on which Limited Brands
notifies Lerner in writing that it has elected to terminate its obligation to
provide or procure the Logistics Services, which notice shall be given no
earlier than March 1, 2007, (ii) the date which is twenty four (24)
months after the date on which Lerner notifies Limited Brands in writing that
it has elected to terminate its obligation to purchase the Logistics Services,
which notice shall be given no earlier 

 1
 

 

 

than March 1, 2007,
and (iii) the date specified for such termination in the applicable
section of Section 5.02 of the Agreement, if Limited Brands or Lerner, as
the case may be, terminates the Logistics Services in accordance with Section 5.02
of the Agreement. The period from the Closing Date until the date on which the
Logistics Services are terminated is referred to as the “Logistics
Term”.

5.             In
Schedule III, Section 5.1 of the Agreement, second sentence, after “PPV”,
insert “Enterprise Resource Planning (“ERP”) Systems (specifically SAP)”. Also,
the following language is inserted at the end of Section 5.1: “Limited
Brands and Lerner will partner to enable both entity systems to communicate in
a manner that replicates or improves the logistic support provided by Limited
Brands as of the date of this Amendment. Limited Brands will provide interfaces
for Lerner to use in order to send and receive information to and from Limited
Brands’ systems. Lerner’s obligation (and its cost) with regard to Limited
Brands’ system changes shall include but not be limited to providing technical
project support as well as testing of the interfaces prior to implementation as
specified by Limited Brands. Limited Brands shall be responsible for all costs,
other than internal Lerner labor, associated with developing the interfaces
that will be provided to Lerner. Lerner agrees that there will be no financial
charge back to Limited Brands for time spent by Lerner employees and/or its
agents or consultants on activities related to project support and testing. Limited
Brands agrees to provide Lerner, at no additional cost to Lerner (beyond that
already included in the LLS Customary Billing method charges or as otherwise
stated herein), system access and appropriate training required by Lerner in
connection with any replacement applications that are presently supported under
this Schedule III, including without limitation Rockport.

In regard to any changes
to Lerner’s systems, initiated by Lerner, Lerner shall be responsible for all
costs, other than Limited Brands internal labor, associated with system changes
and system compatibility matters needed for Lerner to send and receive
information to and from Limited Brands’ systems. Limited Brand’s obligation
(and its cost) with regard to Lerner system changes shall include but not be
limited to providing technical project support as well as testing of the
interfaces prior to implementation as specified by Limited Brands. Limited
Brands agrees that there will be no financial charge back to Lerner for time
spent by Limited Brands employees and/or its agents or consultants on
activities related to project support and testing.”

6.             In
Schedule III, add an additional paragraph as follows:

“1.13 In addition to any other fees as stated herein,
Lerner shall pay a Management Fee to Limited Brands in the amounts as specified
below:

Management Fee Payment Schedule

	
  Fiscal Year

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  	
  2009

  	
   

  	
  2010

  	
   

  
	
  Management Fee

  	
   

  	
  $

  	
  500,000

  	
   

  	
  $

  	
  2,500,000

  	
   

  	
  $

  	
  2,500,000

  	
   

  	
  $

  	
  3,500,000

  	
   

  	
  $

  	
  4,000,000

  	
   

  
																	

 

The payments for Fiscal Year
2006 shall begin in May 2006 and continue each month thereafter in equal
installments. For all subsequent full Fiscal Years, the Management  Fee shall be invoiced forty percent (40%) of
the annual total in the months of February to July and sixty percent
(60%) of the annual total in the months of August to January and
invoiced in equal payments over each of those semiannual periods. For each
successive annual period after the Fiscal Year 2010 payments, the annual amount
of the Management Fee shall cumulatively increase each year thereafter based
upon the CPI Adjustment. For any partial Fiscal Year at the end of the term,
the Management Fee shall be reduced in proportion to the number of months in
such Fiscal Year that this Agreement shall be effective, and the Management Fee
shall be billed and paid each month in equal installments.”

 2
 

 

 

7.             This Amendment is
supplementary to and modifies the Agreement. This Amendment shall be
incorporated as part of the Agreement. The terms of this Amendment supersede
provisions in the Agreement only to the extent that the terms of this Amendment
and the Agreement expressly conflict. However, nothing in this Amendment should
be interpreted as invalidating the Agreement, and provisions of the Agreement
will continue to govern relations between the parties insofar as they do not
expressly conflict with this Amendment.

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

	
  Lerner New York Holding, Inc.

  	
   

  	
  Limitedbrands, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Ronald W. Ristau

  	
   

  	
  By:

  	
   

  	
  /s/ Douglas L. Williams

  
	
  Name:

  	
   

  	
  Ronald W. Ristau

  	
   

  	
  Name:

  	
   

  	
  Douglas L. Williams

  
	
  Title:

  	
   

  	
  Chief Operating Officer and

  	
   

  	
  Title:

  	
   

  	
  General Counsel

  
	
   

  	
   

  	
  Chief Financial Officer

  	
   

  	
  Date:

  	
   

  	
  April 19, 2006

  
	
  Date:

  	
   

  	
  April 12, 2006

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New York & Company, Inc.

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Ronald W. Ristau

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Ronald W. Ristau

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  Chief Operating Officer and

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chief Financial Officer

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  April 12, 2006

  	
   

  	
   

  	
   

  	
   

  
								

 

 3Exhibit 10.32

 

SIXTH AMENDMENT TO TERM LOAN AGREEMENT

 

THIS SIXTH
AMENDMENT TO TERM LOAN AGREEMENT (the “Amendment” or “Sixth
Amendment to Term Loan Agreement”) is entered into by and between KMG-BERNUTH, INC., a Delaware corporation (hereinafter
referred to as “Borrower”) and WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association (successor by merger to
SouthTrust Bank) (hereinafter referred to as “Bank”) as of the 5th day of June,
2006.

 

W I T N E S S E T H :

 

WHEREAS,
Borrower and Bank are parties to that certain Term Loan Agreement dated as of
June 26, 1998, as amended by that certain First Amendment to Term Loan
Agreement dated as of December 30, 2002, by that certain Second Amendment to
Term Loan Agreement dated as of December 5, 2003, by that certain Third
Amendment to Term Loan Agreement dated as of June 8, 2004, by that certain
Fourth Amendment to Term Loan Agreement dated as of July 31, 2004, and by that
certain Fifth Amendment to Term Loan Agreement dated as of June 7, 2005 (as so
amended and as hereby amended, the “Loan Agreement”), whereby Borrower became
indebted to Bank for a Term Loan in the original principal amount of
$6,000,000.00 and thereafter amended to a principal amount of $5,050,000.00 and
a Term Loan No. 2 in the principal amount of $6,000,000.00 and thereafter
amended to a principal amount of $8,600,000.00 (all of the foregoing
capitalized terms together with all other capitalized terms used herein shall
have the respective meanings assigned thereto in the Loan Agreement, unless
otherwise specifically defined herein); and

 

WHEREAS,
upon request of the Borrower, the Bank has agreed to amend certain covenants of
the Borrower required by the Loan Agreement, which amendment is specifically
set forth below.

 

NOW,
THEREFORE, in consideration of the sum of One and
No/100 Dollar ($1.00) and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereby agree as
follows:

 

1.                                       The
Loan Agreement is hereby amended by deleting Section 6.2(M) in its entirety.

 

2.                                       Borrower
represents and warrants to the Bank that as of the date hereof:  (a) all representations and warranties given
by the Borrower in Article V of the Loan Agreement are true and correct, except
to the extent affected by this Amendment; and (b) the Borrower is in full
compliance with all of the covenants of the Borrower contained in Article VI of
the Loan Agreement, except to the extent affected by this Amendment.  The Borrower further represents that the
Borrower has full power and authority to enter into this Amendment and to
consummate the transactions contemplated hereby, and the Borrower agrees to pay
directly, or reimburse the Bank for, all reasonable expenses, including the
reasonable fees and expenses of legal counsel, incurred in connection with the
preparation of the documentation to evidence this Amendment and any documents
executed in connection herewith or in furtherance hereof.

 

 

3.                                       Except
as may be modified or waived by the Bank, in its sole discretion, the effectiveness
of this Amendment shall be subject to full and complete satisfaction of the
following conditions:

 

(a)                                  Payment
of Fees and Expenses.  Bank shall
have received from Borrower payment of any Loan Fee and any and all other fees
and expenses required by the Loan Agreement, as further amended by this
Amendment, and any of the other Loan Documents then due.

 

(b)                                 Additional
Documentation.  The Bank shall have
received such additional documentation as may be requested by the Bank, or its
counsel, to satisfy the Bank that this Amendment and each of the documents to
be delivered pursuant hereto or in connection herewith have been duly
authorized, executed and delivered on behalf of the Borrower and constitute the
valid and binding obligations of the Borrower.

 

4.                                       The
parties hereby agree that (a) except as herein expressly modified or as may be
modified or amended by any document executed concurrently herewith, all of the
terms, conditions, obligations and provisions of the Loan Agreement and each of
the other Loan Documents shall be and remain in full force and effect, and the
same are hereby ratified and confirmed in all respects, except that, to the
extent that there shall be any conflict between the terms of this Amendment and
any of the terms of any of the other Loan Documents not modified or amended
concurrently herewith, the terms and provisions of this Amendment shall govern
and each of such other Loan Documents are deemed automatically amended and
modified without any further action upon the execution and delivery of this
Amendment; and (b) on and after the effective date of this Amendment, each
reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”,
or words of like import referring to the Loan Agreement, and each reference to
the “Agreement”, the “Loan Agreement”, the “Term Loan Agreement”, “thereunder”,
“thereof”, “therein”, or words of like import intending to refer to the Loan
Agreement in any Note or any of the other Loan Documents shall mean and be a
reference to the Loan Agreement, as hereby and hereafter further amended.

 

5.                                       The
undersigned KMG Chemicals, Inc. (the “Guarantor”), executes this Amendment to
expressly evidence its assent to all the terms of this Amendment, and to
further acknowledge and agree that the Guaranty of Payment dated as of June 26,
1998 (the “Term Loan Guaranty”) and the Guaranty of Payment dated as of
December 5, 2003, as amended by that certain First Amendment to Guaranty of
Payment dated as of June 8, 2004 (as so amended, the “Term Loan No. 2 Guaranty”)
delivered by it to the Bank (the Term Loan Guaranty and the Term Loan No. 2
Guaranty being herein referred to each singularly as a “Guaranty” and
collectively as “Guaranties”) remain in full force and effect and that the “Obligations”
of the Guarantor as the “Guarantor” under each of the Guaranties shall include,
without limitation except to the extent otherwise provided in any such
Guaranty, all obligations of the Borrower under the Loan Agreement, as amended
by this Amendment.

 

2

 

IN WITNESS
WHEREOF, the parties hereto have caused this
instrument to be executed by their respective duly authorized officers
effective as of the day and year first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  KMG-BERNUTH,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John V. Sobchak

  
	
   

  	
  Printed
  Name:

  	
  John
  V. Sobchak

  
	
   

  	
  Its:

  	
  CFO

  
				

STATE OF TEXAS                                                                                     )

COUNTY OF HARRIS                                                                     )

 

I, the
undersigned, a Notary Public in and for said County in said State, hereby
certify that John V. Sobchak, whose name as CFO of KMG-Bernuth, Inc., a
Delaware corporation, is signed to the foregoing Sixth Amendment to Term Loan
Agreement, and who is known to me, acknowledged before me on this day that,
being informed of the contents of said instrument, he, as such officer and with
full authority, executed the same voluntarily for and as the act of said
corporation.

 

Given under my
hand and official seal this 5 day of June, 2006.

 

	
   

  	
  /s/
  Amy Carpenter

  
	
   

  	
  Notary
  Public

  
	
   

  	
  My
  Commission Expires:

  	
  June
  13, 2007

  

 

3

 

	
   

  	
  GUARANTOR:

  
	
   

  	
   

  
	
   

  	
  KMG
  CHEMICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David L. Hatcher

  
	
   

  	
  Printed
  Name:

  	
  David
  L. Hatcher

  
	
   

  	
  Its:

  	
  Chief
  Executive Officer

  
				

 

STATE OF TEXAS                                                                                     )

COUNTY OF HARRIS                                                                     )

 

I, the
undersigned, a Notary Public in and for said County in said State, hereby
certify that David L. Hatcher, whose name as Chief Executive Officer of KMG
Chemicals, Inc., a Texas corporation, is signed to the foregoing Sixth
Amendment to Term Loan Agreement, and who is known to me, acknowledged before
me on this day that, being informed of the contents of said instrument, he, as
such officer and with full authority, executed the same voluntarily for and as
the act of said corporation.

 

Given under my
hand and official seal this 5 day of June, 2006.

 

	
   

  	
  /s/
  Amy Carpenter

  
	
   

  	
  Notary
  Public

  
	
   

  	
  My
  Commission Expires:

  	
  June
  13, 2007

  

 

4

 

	
   

  	
  BANK:

  
	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alan T. Drennen, III

  
	
   

  	
  Its:

  	
  Senior
  Vice President

  

 

STATE OF ALABAMA                                                           )

COUNTY OF JEFFERSON                                                 )

 

I, the
undersigned, a Notary Public in and for said County in said State, hereby
certify that Alan T. Drennen, III, whose name as Senior Vice President of
Wachovia Bank, National Association, a national banking association, is signed
to the foregoing Sixth Amendment to Term Loan Agreement, and who is known to
me, acknowledged before me on this day that, being informed of the contents of
said instrument, he, as such officer and with full authority, executed the same
voluntarily for and as the act of said corporation.

 

Given under my
hand and official seal this 6 day of June, 2006.

 

	
   

  	
  /s/
  Notary Public

  
	
   

  	
  Notary
  Public

  
	
   

  	
  My
  Commission Expires:

  	
  August
  26, 2007

  

 

5

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