Document:

Stock and Warrant Purchase Agreement

 Exhibit 10.51 
  
 STOCK AND WARRANT PURCHASE AGREEMENT 
  
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of April 27, 2000 between
Global Sports, Inc., a Delaware corporation (the “Company”), and TMCT Ventures, L.P., a Delaware limited partnership (the “Purchaser”). 
  
 ARTICLE I 
 AUTHORIZATION AND SALE OF
STOCK 
  
 Section 1.1 SALE OF THE SHARES. Subject to
the terms and conditions hereof, at the Closing (as defined in Section 2.1 hereof), the Company shall issue and sell (a) to Purchaser, and Purchaser shall purchase from the Company, the total number of shares (collectively, the “Shares”)
of common stock, par value $0.01 per share (“Common Stock”), of the Company equal to (1) the dollar amount set forth opposite Purchaser’s name on Exhibit A hereto divided by (ii) $8.00, rounded to the nearest whole share, and (b) to
Purchaser warrants to purchase 312,500 shares of the Company’s Common Stock at an exercise price of $10.00 per share (the “Warrants”) 
  
 ARTICLE II 
 CLOSING DATE; DELIVERY

  
 Section 2.1 CLOSING AND LOCATION. The purchase and
sale of the Shares and the Warrants hereunder (the “Purchase”) shall take place at a closing (the “Closing”) at the offices of Sullivan & Cromwell, 1888 Century Park East, Los Angeles, California 90067, at 10:00 a.m.,
California time, on the later to occur of (i) the date hereof, (ii) the first business day following the date on which the last to be fulfilled or waived of the conditions to the Closing set forth in Section 6.1 hereof have been fulfilled or waived
in accordance with this Agreement or (iii) such other date as is mutually agreed to by the Company and the Purchaser. The date of the Closing is hereinafter referred to as the “Closing Date.” 
  
 Section 2.2 DELIVERY. Subject to the terms and conditions of this
Agreement, at the Closing, the Company shall deliver to the Purchaser (a) a stock certificate or certificates representing the Shares to be purchased by the purchaser at such Closing, registered in the name of the purchaser or its assigns, against
payment of the purchase price therefor and (b) the Warrants. The purchase price of the Shares to be purchased at the Closing shall be paid by wire transfer in immediately available funds to an account designated in writing by the Company.

  
 Section 2.3 CONSUMMATION OF CLOSING. All acts,
deliveries and confirmations comprising the Closing regardless of chronological sequence shall be deemed to occur contemporaneously and simultaneously upon the occurrence of the last act, delivery or confirmation of the Closing and none of such
acts, deliveries or confirmations shall be effective unless and until the last of same shall have occurred. 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
  
 The Company hereby represents and warrants to the Purchaser as follows: 
  
 Section 3.1 ORGANIZATION. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power to own, lease and operate its property and to carry on its business as now being conducted and is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so
qualified and in good standing, except for any such jurisdiction in. which the failure to be so qualified and in good standing would not, individually or in the aggregate, have a material adverse effect on the business; financial condition, results
of operations or prospects of the Company (a “Material Adverse Effect”). 
  
 Section 3.2 SUBSIDIARIES. Each of the Company’s subsidiaries is a corporation duly organized, validly existing in good standing under the laws of the jurisdiction of its organization, and is duly qualified
to do business and in good standing in the jurisdictions where it is required to be so qualified and is in good standing, except for any such jurisdiction in which the failure to be so qualified and in good standing would not, individually or in the
aggregate, have a Material Adverse Effect. 
  
 Section 3.3
VALID ISSUANCE OF COMMON STOCK. The Shares, when issued and paid for in accordance with this Agreement, will be duly authorized, validly issued, fully paid and nonassessable. 
  
 Section 3.4 AUTHORITY; NO CONFLICT; REQUIRED FILINGS AND CONSENTS. 
  
 (a) The Company has all requisite corporate power and authority to enter
into this Agreement and the Amended and Restated Registration Rights Agreement in the form attached hereto as Exhibit B (the “Registration Rights Agreement”), and to consummate the transactions contemplated by this Agreement and the
Registration Rights Agreement. This Agreement and the Registration Rights Agreement have been duly authorized, executed and delivered by the Company and constitute valid and legally binding obligations of the Company, enforceable against the Company
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

  
 (b) The execution and delivery by the Company of this
Agreement and the Registration Rights Agreement does not, and consummation of the transactions contemplated by this Agreement and the Registration Rights Agreement, will not, (i) conflict with, or result in any violation or breach of any provision
of, the Certificate of Incorporation or Bylaws of the Company, (ii) result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give rise to a right of termination, cancellation or
acceleration of any obligation or loss of any material benefit) under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, lease, contract or other agreement, instrument or obligation to which the Company or any of its
subsidiaries 
  

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 is a party or by which the Company or any of its subsidiaries, properties or assets may be bound, or (iii) conflict with
or violate any permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Company or any of its subsidiaries, properties or assets, except in the case of (ii) and (iii) for any such
violations, defaults, breaches, terminations, cancellations, accelerations, losses or conflicts which would not, individually or in the aggregate, have a Material Adverse Effect, and would not materially burden or delay the consummation of the
transactions contemplated hereby. 
  
 (c) No consent, approval,
order or authorization of, or registration, declaration or filing with, any court, administrative agency or commission or other governmental authority or instrumentality (a “Governmental Entity”) is required by or with respect to the
Company in connection with the execution and delivery of this Agreement and the Registration Rights Agreement or the consummation of the transactions contemplated hereby or thereby, except for (i) the filing of a Form D under the Securities Act of
1933, as amended (the “Securities Act”), (ii) such filings as may be required under applicable state securities laws or the Hart Scott Rodino Antitrust Improvements, Act of 1976, as amended (the “HSR Act”), and (iii) such other
consents, authorizations, filings, approvals and registrations which, if not obtained or made, would not, individually or in the aggregate, have a Material Adverse Effect on the Company and would not materially burden or delay the consummation of
the transactions contemplated hereby. 
  
 Section 3.5
CAPITALIZATION. 
  
 (a) The authorized capital stock of
the Company as of the date hereof consists of (i) 60,000,000 shares of Common Stock, of which 18,575,880 shares are issued and outstanding, and (ii) 1,000,000 shares of Preferred Stock, $0.01 par value per share; of which 8,000 shares are issued and
outstanding. 
  
 (b) Other than (i) as disclosed in the Company
Commission Reports (as defined below) or in documents incorporated by reference therein, (ii) stock options and employee stock purchases following the date of the most recent Company Commission Report under the Company’s stock option, stock
incentive and stock purchase plans described in the Company Commission Reports and (iii) as disclosed on Schedule 3.5(b) hereto, there are no outstanding options, warrants or commitments of any kind to which the Company is a party or by which it is
bound obligating the Company to issue, deliver or sell any shares of capital stock of the Company. 
  
 Section 3.6 COMMISSION FILINGS; FINANCIAL STATEMENTS. 
  
 (a) The Company has filed with the Securities and Exchange Commission (the “Commission”) and made available to the purchaser and its
representatives all forms, reports and documents filed by the Company with the Commission since December 31, 1998 (collectively, the “Company Commission Reports”). The Company Commission Reports (i) at the time filed, complied in all
material respects with the applicable requirements of the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as applicable, and (ii) did not at the time they were filed (or if amended or superseded by
a filing prior to the date of this Agreement, then on the date of such amending or superseding filing) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. 
  

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 (b) Each of the financial statements (including, in each case, any related notes) contained in the
Company Commission Reports complied as to form in all material respects with the applicable published rules and regulations of the Commission with respect thereto, was prepared in accordance with generally accepted accounting principles applied on a
consistent basis throughout the periods involved (except as may be indicated in the notes to such financial statements or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission) and include all adjustments, consisting only
of normal accounting adjustments, that the Company reasonably considers necessary for a fair presentation of its financial position at the respective dates and the results of its operations and cash flows for the periods indicated. Except disclosed
in the Company Commission Reports filed with the Commission prior to the date hereof, since December 31, 1999, taking into account the cumulative effect of all developments and events since such date, there has not been any development or event, or
series of developments or events, that would reasonably be expected to have a Material Adverse Effect. 
  
 Section 3.7 COMPLIANCE WITH LAWS. Each of the Company and its subsidiaries has complied with, is not in violation of, and has not received any
notices of violation with respect to, any federal, state or local statute, law or regulation with respect to the conduct of its business, or the ownership or operation of its business, including but not limited to statutes, laws or regulations
relating to the protection of the environment or concerning the handling, storage, disposal or discharge of toxic materials, except for failures to comply or violations which would not, individually or in the aggregate, have a Material Adverse
Effect on the Company. 
  
 Section 3.8 STOCKHOLDERS’
CONSENT. No consent or approval of the stockholders of the Company is required or necessary for the Company to enter into this Agreement and the Registration Rights Agreement or to consummate the Purchase. 
  
 Section 3.9 LITIGATION. Except as otherwise disclosed as of the date
of this Agreement in the Company Commission Reports, (i) there is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before any agency, court or tribunal, foreign or domestic, or, to the knowledge of the
Company, threatened against the Company or any of its subsidiaries or properties; or any of its officers or directors (in their capacities as such), which, if determined adversely to the Company, would, individually or in the aggregate., have a
Material Adverse Effect, and (ii) there is no judgment, decree or order against the Company Or any of its subsidiaries, or, to the knowledge of the Company, against any of its respective directors or officers (in their capacities as such) relating
to the business of the Company or any of its subsidiaries, the existence of which would have a Material Adverse Effect. 
  
 Section 3.10 INTELLECTUAL PROPERTY. Except as disclosed in the Company Commission Reports or as set forth on Schedule 3.10, each of the Company and
its subsidiaries (j) owns or possesses adequate licenses or other rights to use all patents, trademarks, service marks, trade names, copyrights, technology, software, know how and trade secrets (collectively, “Intellectual Property”)
necessary to conduct the business now conducted by the Company and its subsidiaries and (ii) either owns or possesses, or can acquire on commercially reasonable terms, adequate licenses or other rights to use all Intellectual Property necessary to
conduct the business proposed to be conducted by the Company and its subsidiaries. Except as disclosed in the Company Commission Reports, neither the Company nor any of its subsidiaries has received any notice of infringement of or conflict with
(and 
  

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 knows of no such infringement of or conflict with) asserted rights of others with respect to any Intellectual Property;
and, to the Company’s knowledge, the discoveries, inventions, products, services or processes used in the business of the Company and its subsidiaries do not infringe or conflict with any right or patent of any third party, or any discovery,
invention, product or process which is the subject of a patent application filed by any third party. 
  
 Section 3.11 CHANGE OF CONTROL BENEFITS. Except as set forth on Schedule 3.11, there exist no provisions contained in any employment or severance
agreement or benefit plan of the Company which provide for the payment, accrual or acceleration of any benefit to any person as a result of the consummation of the transactions contemplated hereby. 
  
 Section 3.12 FINDER’S FEES. The Company has retained no finder or
broker in connection with the transactions contemplated by this Agreement and hereby agrees to indemnify and to hold the Purchaser harmless from any liability for commission or compensation in the nature of a finder’s fee to any, broker or
other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the Company, or any of its employees or representatives acting on behalf of the Company, is or may be responsible as a result of
the transactions contemplated hereby. 
  
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 
  
 Purchaser represents and warrants to the Company as follows: 
  
 Section 4.1 ORGANIZATION. The purchaser is a limited partnership duly organized~ validly existing and in good
standing under the laws of the State of Delaware. 
  
 Section 4.2
AUTHORITY. 
  
 (a) The Purchaser has all requisite
corporate power and authority to enter into this Agreement and to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement have
been duly authorized by all necessary corporate action on the part of the purchaser. This Agreement has been duly executed and delivered by the Purchaser and constitutes a valid and legally binding obligation of the purchaser, enforceable against
the Purchaser in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity
principles. 
  
 (b) No consent, approval, order or authorization
of, or registrations declaration or filing with, any Governmental Entity is required by or with respect to the Purchaser in connection with the execution and delivery of this Agreement or the consummation of the transaction contemplated hereby
except for (i) the filing of a notification and report form under the HSR Act, compliance with the rules and regulations thereunder and satisfaction of the applicable waiting period thereunder, (ii) the filing of a Form D under the Securities Act,
(iii) such filings as may be required under applicable state securities laws and (iv) such other consents, authorizations, filings, approvals and registrations which, if not obtained or made, would not material burden or delay the consummation of
the transactions contemplated hereby. 
  

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 Section 4.3 PURCHASE ENTIRELY FOR OWN ACCOUNT. The Shares will be acquired solely for investment
purposes, for the purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part hereof. The Purchaser has not been formed for the specific purpose of acquiring the Shares. 
  
 Section 4.4 INVESTMENT EXPERIENCE. Purchaser is an “accredited
investor” as defined in Rule 501(a) (3) under the Securities Act. Purchaser has had an opportunity to ask questions and receive answers regarding the Company’s business affairs and financial condition and believes it has acquired
sufficient information about the Company to reach an informed decision to purchase the Shares. Purchaser has such business and financial experience as is required to give it the capacity to protect its own interests in connection with the purchase
of the Shares. 
  
 Section 4.5 RESTRICTED SECURITIES. The
purchaser understands that the Shares are characterized as “restricted securities” under the Securities Act inasmuch as they are being acquired from the Company of a transaction not involving a public offering and that Purchaser must hold
the Shares indefinitely unless the sale thereof is registered under the Securities Act and qualified under state securities laws, or an exemption from, such registration and qualification requirements is available. The purchaser further acknowledges
that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, holding period for the Shares, and on requirements relating to the
Company which are outside of the Purchasers control. 
  
 Section
4.6 LEGENDS. The Purchaser understands, that the Shares, and any securities issued in respect thereof or exchange therefor, may bear one or all of the following legends until such time, if any, as the Shares or such securities (i) are sold in
compliance with Rule 144 under the Securities Act (or a comparable successor provision) or a transaction registered under the Securities Act or (ii) may be resold pursuant to Rule 144(k) under the Securities Act (or a comparable successor provision)

  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN APPLICABLE EXEMPTION THEREFROM AND IN COMPLIANCE WITH THE TERMS OF THE STOCK PURCHASE AGREEMENT, DATED AS OF APRIL 27, 2000, WITH THE COMPANY, A COPY OF WHICH IS AVAILABLE FROM THE COMPANY ON
REQUEST.” 
  
 Section 4.7 FINDER’S FEES. The
Purchaser has not retained any finder or broker in connection with the transactions contemplated by this Agreement and hereby agrees to indemnify and to hold the company harmless from any liability for any commission or compensation in the nature of
a finder’s fee to any broker or other person or firm (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser, or any of its employees or representatives acting on behalf of the Purchaser,
is or may be responsible as a result of the transactions contemplated hereby. 
  

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 ARTICLE V 
 COVENANTS 
  
 Section 5 1
HSR ACT FILINGS. 
  
 (a) The Purchaser shall make all
filings required under the HSR Act relating to the transactions contemplated by this Agreement and shall use commercially reasonably efforts to cause any such required filings to be, made promptly after the date hereof. 
  
 (b) The Company shall make all filings required under the HSR Act relating to
the transactions contemplated by this Agreement and shall use commercially reasonable efforts to cause any such required filings to be made promptly after the date hereof . 
  
 (c) The parties will each use commercially reasonable efforts to promptly furnish, cause to be furnished, any information
that may be required by the Federal Trade Commission (the “FTC”) or the Department of Justice (the “DOJ”) under the HSR Act in order for the requisite approvals for the purchase and sale of the Shares and the consummation of the
related transactions contemplated by this Agreement to be obtained or any applicable waiting periods to be terminated or expire, however, that in the event the FTC or the DOJ issues a “second request” in connection with any such
filing, the parties hereto will consult with each other in good faith regarding appropriate further action, which shall be taken only to the extent agreed upon by all of the parties. 
  
 Section 5.2 BOARD OF DIRECTORS. On and after the Closing Date, Purchaser shall have the right to designate one (1)
member of the Company’s Board of Directors (the “Board Composition Requirement”) for so long as Purchaser retains ownership of at least 300,000 shares of the Company’s Common Stock. 
  
 Section 5.3 PREEMPTIVE RIGHTS. (a) If the Company proposes to issue,
grant or sell Common Stock or Rights, the Company’ shall first give to the purchaser (so long as the purchaser owns at least 300,000 Shares) and any transferee (of whom the Company has notice) of Shares from the purchaser then owning at least
300,000 Shares (appropriately adjusted for any stock split, reverse stock split or stock dividend), except for any transferee that acquires such Shares in a public offering registered under the Securities Act or in a transaction on the open market
effected pursuant to Rule 144 under the Securities Act, (each a “securityholder”) written notice setting forth in reasonable detail the price and other terms on which such shares of Common Stock or Rights are proposed to be issued or sold,
the terms of any such Rights and the amount thereof proposed to be issued, granted or sold. Each securityholder shall thereafter have the preemptive right exercisable by written notice to the Company no later than twenty (20) days after the
Company’s notice is given, to purchase the number of such shares of Common Stock or Rights set forth in the securityholder’s notice (but in no event more than the securityholder’s Proportionate Share (as defined below) thereof, as of
the date of the Company’s notice), at the price and on the other terms set forth in the Company’s notice. Any notice by a Securityholder exercising the right to purchase shares of Common Stock or Rights pursuant to this Section 5.3 shall
constitute an irrevocable commitment to purchase from the Company the shares of Common Stock or Rights specified in such notice, subject to the maximum set forth in the preceding sentence. If all the 
  

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 Securityholders exercise their preemptive rights set forth in this Section 5.3(a) to the full extent of their
Proportionate Share or if for any other reason the Company shall not issue, grant or sell shares of Common Stock or Rights to persons other than securityholders, then the closing of the purchase of shares of Common Stock or Rights by Securityholders
shall take place on such date, no less than ten (10) and no more than thirty (30) days after the expiration of the 20 day period referred to above, as the Company may select, and the Company shall notify the Securityholders of such closing at least
seven (7) days prior thereto. If all persons entitled thereto do not exercise their preemptive rights to the full extent of their Proportionate Share and, as contemplated by Section 5.3(b), the Company shall issue, grant or sell shares of Common
Stock or Rights to persons other than Securityholders, then the closing of the purchase of shares of Common Stock or Rights shall take place at the same time as, the closing of such issuance, grant or sale. 
  
 (b) If all persons entitled thereto do not exercise their preemptive rights
to the full extent of their Proportionate Share, the Company shall use its good faith and commercially reasonable efforts to issue, grant or sell the remaining subject shares of Common Stock or Rights on the terms set forth in its notice to
Securityholders, unless the Company is advised by its financial advisors that the remaining number or amount is too small to be reasonably sold from the expiration of the 20 day period first referred to in Section 5.3(a) and for a period of 90 days
thereafter, the Company may offer, issue, grant and sell, to any person or entity shares of Common Stock or Rights having the terms set forth in the Company’s notice relating to such shares of Common Stock or Rights at a price and on other no
less favorable to the Company, and including no less cash, than those set forth in such notice (without deduction) for reasonable underwriting, sales agency and similar fees payable in connection therewith); provided, that the Company may not
issue, grant or sell shares of Common Stock or Rights amount greater than the amount set forth in such notice minus the amount purchased or committed to be purchased by Securityholder’s rights 
  
 (c) The provisions of this Section 5.3 shall not apply to the following
issuances of securities: (i) pursuant to an approved stock option plan, stock purchase plan, or similar benefit program or agreement for the benefit of employees of, or consultants to, the Company, where the primary purpose is not to raise
additional equity capital for the Company, (ii) the issuance of Rights, or Common Stock issuable upon exercise of Rights, granted to business partners, retailers or lessors engaged in bona fide business transactions with the Company,
where the primary purpose is not to raise additional equity capital for the Company, (iii) as direct consideration for the acquisition by the Company of another business entity or the merger of any business entity with or into the Company, (iv) in
connection with a stock dividend, (v) upon the exercise of warrants or options, or upon the conversion of convertible securities, outstanding on the date hereof or to which Securityholders have been previously offered the right to participate as
contemplated hereby or (vi) in an underwritten public offering registered under the Securities Act if the managing underwriters advise the securityholders in writing that the purchase of shares of Common Stock pursuant to the preemptive rights
afforded by this Section 5.3 would materially and adversely affect the marketing of the offering. 
  
 (d) For purposes of this Section 5.3, the following terms shall have the corresponding meanings set forth herein: 
  
 “Proportionate Share means, with respect to each Securityholder,
a fraction the numerator of which is the total number of shares of Common Stock owned and the number of shares of 
  

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 Common Stock issuable upon exercise of Rights owned by such securityholder, and the denominator of which is the total
number of shares of Common Stock outstanding plus the number of shares of Common Stock issuable upon exercise of all Rights outstanding 
  
 “Right” means any option, warrant, security, right or other instrument convertible into or exchangeable or exercisable for, or otherwise
giving the holder thereof the right to acquire, directly or indirectly, from the Company any Common Stock or any other such option, warrant, security, right or instrument, including any instrument issued by the Company or any subsidiary thereof the
value of which is measured by reference to the value of the Common Stock 
  
 Section 5 4 ELECTION OF BOARD OF DIRECTORS. The Company shall take all customary actions in accordance with applicable law and its Certificate of Incorporation and By Laws to seek stockholder approval of the
election of a Board of Directors meeting the Board Composition requirements The Board of Directors of the Company shall recommend such approval, and the Company shall solicit such approval in accordance with its customary practices. 
  
 Section 5.5 PUBLICITY. The Company and the purchaser shall consult
with each other prior to issuing any press releases or otherwise making public statements with respect to the transactions contemplated hereby and prior to making any filings with any federal or State governmental, or regulatory agency or any self
regulatory organization with respect thereto. 
  
 Section 5.6
FULFILLMENT OF CONDITIONS. Each of the Company and the purchaser shall use reasonable efforts to perform, comply with and fulfill all obligations, covenants and conditions required by this Agreement to be performed, complied with or fulfilled
on its part prior to or on the Closing Date. 
  
 Section 5.7
FURTHER ASSURANCES. The, Company shall use, its reasonable efforts at any time and from time to time prior to, at and after the Closing to execute and deliver to the Purchaser such further documents and instruments and to take all such
further actions as the purchaser reasonably may request in order to convey and transfer the Shares and the Warrants to the Purchaser and to consummate the transaction contemplated by this Agreement and the Registration Rights Agreement.

  
 Section 5.8 TRANSFER OF SHARES. The Purchaser hereby
agrees that during the period ending six (6) months after the date of purchase of such Purchaser’s Shares, such purchaser shall not sell, transfer or pledge his Shares to another Person or otherwise engage in any act which would decrease such
Purchaser’s percentage of Common Stock ownership immediately after purchase of such Shares, except if such sale, transfer or pledge is consummated in accordance with Rule 144 under the Securities Act of 1933, as amended. 
  
 ARTICLE VI 
 CONDITIONS TO CLOSING 
  
 Section 6.1 CONDITIONS TO THE PURCHASER OBLIGATIONS. The obligation of Purchaser to purchase the Shares at the Closing is subject to the fulfillment on or prior to the Closing Date of the following conditions:

  
 (a) REPRESENTATIONS AND WARRANTIES; CORRECT PERFORMANCE OF
OBLIGATIONS. The representations and warranties made by the Company in Article III hereof shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date (except with respect to representations and
warranties made as of a specific time, which shall be true in all material respects as of such time, and except for representations and warranties containing a materiality qualifications which must be true in all respects) with the same effect as
though such representations and warranties had been made at and as of the Closing Date; and the Company shall have performed all obligations herein required to be performed by it on or prior to the Closing Date in all material respects (except with
respect to obligations containing a materiality qualification, which must be performed in all respects). 
  

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 (b) REGISTRATION RIGHTS AGREEMENT. The Company shall have duly executed and delivered the
Registration its Agreement. 
  
 (c) VOTING AGREEMENT.
Michael G. Rubin shall have duly executed and delivered the Voting Agreement in the form attached hereto as Exhibit C. 
  
 (d) WARRANT. The Company shall have duly executed and delivered the Warrants to Purchaser in the form attached hereto as Exhibit E. 
  
 (e) BOARD COMPOSITION. A Board of Directors meeting the Board
Composition Requirement shall have been duly established and in place. 
  
 (f) COMPLIANCE CERTIFICATE. The President of the Company shall deliver to the Purchaser at the Closing a certificate certifying that the conditions specified in Section 6.1(a) have been fulfilled. 
  
 (g) OPINION OF COMPANY’S COUNSEL. The Purchaser shall have
received from Blank Rome Comisky & McCauley LLP, counsel to the Company, an opinion addressed to the Purchaser, dated the Closing Date, reasonably satisfactory in form and substance to Gibson, Dunn & Crutcher LLP, counsel to the Purchaser.

  
 (h) NO INJUNCTION, ORDER, ETC. There shall be no
injunction, order or decree of any nature of any court or government authority of competent jurisdiction that is in effect that restrains or prohibits the consummation of the transactions contemplated hereby. 
  
 (i) WAITING PERIOD. Any waiting period applicable to the sale of the
Shares under the HSR Act shall have expired or been terminated. 
  
 (j) CLOSING OF SOFTBANK TRANSACTION. The transactions contemplated by that certain Stock Purchase Agreement dated as of the date hereof by and among the Company, SOFTBANK Capital Partners LP and SOFTBANK Capital Advisors Fund LP
shall have closed. 
  
 Section 6.2 CONDITIONS TO OBLIGATIONS OF
THE COMPANY. The Company’s obligation to issue and sell the shares at the Closing is subject to the fulfillment on or prior to the Closing Date of the following conditions: 
  
 (a) REPRESENTATIONS AND WARRANTIES CORRECT; PERFORMANCE OF OBLIGATIONS. The representations and warranties of the
purchaser in Article IV hereof shall be true and correct in all material respects as of the date of this Agreement and as of such Closing Date (except with respect to representations and warranties made as of a specific time, which shall be true in
all material respects as of such time, and except for representations and warranties containing a materiality qualification which must be true in all respects) with the same effect as though such representations and warranties had been made at and
as of the Closing Date; and the Purchaser shall have performed all obligations herein required to be performed by it on or prior to such Closing Date in all material respects (except with respect to covenants containing a materiality qualification
which must be performed in all respects). 
  

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 (b) REGISTRATION RIGHTS AGREEMENT. The purchaser shall have duly executed and delivered the
Registration Rights Agreement. 
  
 (c) VOTING AGREEMENT.
The purchaser shall have duly executed and delivered the Voting Agreement in the form attached hereto as Exhibit D. 
  
 (d) NO INJUNCTION, ORDER. ETC. There shall be no injunction, order or decree of any nature of any court or government authority of competent
jurisdiction that is in effect that restrains or prohibits the consummation of the transactions contemplated hereby. 
  
 (e) WAITING PERIOD. Any waiting period applicable to the sale of the Shares under the HSR Act shall have expired or been terminated. 
  
 ARTICLE VII 
 INDEMNIFICATION 
  
 Section 7.1 INDEMNIFICATION. Each of the Company and the Purchaser, severally but not jointly (an “Indemnifying Party”), covenants and agrees to indemnify and hold the others (each, on
“Indemnified Party”) harmless from and against, and to reimburse the Indemnified Party for, any claim for any losses, damages, liabilities or expenses, including reasonable counsel fees (collectively “Damages”) incurred by such
Indemnified Party by reason of or arising from (I) any misrepresentation or breach of any representation or warranty of such Indemnifying Party contained in this Agreement or in any instrument delivered hereunder or (ii) any failure by such
Indemnifying Party to perform any obligation or covenant required to be performed by it under any provision of this Agreement. 
  
 ARTICLE VIII 
 MISCELLANEOUS

  
 Section 8.1 GOVERNING LAW. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of Delaware without regard to the conflict of laws provisions thereof. 
  
 Section 8.2 SURVIVAL. The representations, warranties, covenants and agreements made herein shall survive the closing of the transactions
contemplated hereby. 
  

 11 

 Section 8.3 SUCCESSORS AND ASSIGNS. Except as expressly provided herein, the rights and
obligations hereunder may not be assigned or delegated by the Purchaser or the Company. without the prior written consent of the other; provided, however, that purchaser may assign, in whole or in part, its rights and delegate its
obligation hereunder (including, without limitation, the right to purchase any or all of the Shares and the obligation to pay all or any portion of the Purchase Price for the Shares) to any partner or member of the Purchaser, including, without
limitation, any partner or member of any partner or member of the Purchaser, or any shareholder, director, officer or employee of any of the foregoing; provided, further, that any such delegation by such Purchaser of it’s
obligations shall not relieve purchaser of liability to the Company that it would otherwise have in the event such obligations are not performed. The provisions hereof shall inure to the benefit of, and be binding upon, the successors and permitted
assigns of the parties hereto. 
  
 Section 8.4 ENTIRE
AGREEMENT: AMENDMENT This Agreement constitutes the full and entire understanding and agreement among the parties with regard to the subject matter hereof. Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the purchaser 
  
 Section 8.5 NOTICES AND OTHER COMMUNICATIONS. Every notice or other communication required or contemplated by this
Agreement by either party shall be delivered either by (i) personal delivery, (ii) postage prepaid return receipt requested by registered or certified mail, (iii) overnight courier, such as Federal Express or UPS, or (iv) facsimile with a
confirmation copy sent simultaneously by postage prepaid, return receipt requested, registered or certified mail, in each case addressed to the Company or the Purchaser as the case may be at the following address: 
  

			
	To the Company:	    	Global Sports, Inc.
	 	    	1075 First Avenue
	 	    	King of Prussia, Pennsylvania 19406
	 	    	Telephone: (610) 265-3279
	 	    	Facsimile: (610) 265-1730
	 	    	Attn: Michael G. Rubin
		
	With a copy to:	    	Blank Rome LLP
	 	    	One Logan Square
	 	    	Philadelphia, Pennsylvania 19103
	 	    	Attn: Francis E. Dehel
	 	    	Telephone: (215) 569-5532
	 	    	Facsimile: (215) 832-5532
		
	To the Purchaser:	    	TMCT Ventures, L.P.
	 	    	2425 Olympic Boulevard
	 	    	Suite 6050 West
	 	    	Santa Monica, California 90404
	 	    	Attn: Mark Menell
	 	    	Facsimile: (310) 998-8012

  

 12 

			
	 With a copy to:
	  	 Gibson, Dunn & Crutcher LLP

	 	  	 333 South Grand Avenue

	 	  	 47th Floor

	 	  	 Los Angeles, California 90071

	 	  	 Attn: Bradford P. Weirick

	 	  	 Facsimile: (213) 2297520

  
 or at such other address as the
intended recipient previously shall have designated by written notice given in like manner to the other party. Notice by registered or certified mail shall be effective on the date it is officially recorded as delivered to the intended recipient by
return receipt or equivalent, and in the absence of such record of delivery, the effective date shall be presumed to have been the fifth (5th) business day after it was deposited in the mail. All notices delivered in person or sent by courier shall
be deemed to have been delivered to and received by the addressee and shall be effective on the date of personal delivery; notices delivered by facsimile with simultaneous confirmation copy by registered or certified mail shall be deemed delivered
to and received by the addressee and effective on the date sent. Notice not given in writing shall be effective only if acknowledged in writing by a duly authorized representative of the party to whom it was given. 
  
 Section 8.6 DELAYS OR OMISSIONS. No delay or omission to exercise any
right, power or remedy accruing to any person or entity hereunder shall impair any such right, power or remedy nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein or of or in any similar breach or
default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any person or entity hereunder of any breach or default under this Agreement, or any waiver on the part of any such person or entity of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies either under this Agreement, or by law or otherwise shall be cumulative and not alternative. 
  
 Section 8.7 SEVERABILITY. In case any provision of us Agreement shall be invalid, illegal or unenforceable, validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired hereby. 
  
 Section 8.8 COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Execution and delivery of
this Agreement by: exchange of facsimile copies bearing the facsimile signature of a party hereto shall constitute a valid and binding execution and delivery of this Agreement by such party. 
  
 Section 8.9 ATTORNEYS’ FEES. If any action or proceeding shall be
commenced to enforce this Agreement or any right arising in connection with this Agreement, the prevailing party in such action or proceeding shall be entitled to recover from the other party the reasonable attorneys’ fees, costs and expenses
incurred by such prevailing party in connection with such action or proceeding. 
  
  

 13 

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

  

			
	 GLOBAL SPORTS, INC.

		
	 By:
	 	 /s/ Michael G. Rubin

	 Name:
	 	Michael G. Rubin
	 Title:
	 	Chief Executive Officer
	
	 TMCT VENTURES, L.P.

		
	 By:
	 	 /s/ Mark Menell

	 Name:
	 	Mark Menell
	 Title:
	 	Partner

  
  

 14 

				
	 Entity

	  	 Dollar
 Amount of
 Shares of
 Common Stock

	 TMCT Ventures, L.P.
 2425 Olympic Boulevard
 Suite 6050 West
 Santa Monica, California 90404
 Attn: Mark Menell
	  	$	5,000,000
	 	  	
	

	 Total 
	  	$	5,000,000
	 	  	
	

  

 152005 DVDCP

 Exhibit 10.18.2 
  
  
 AVERY DENNISON CORPORATION 
 2005 DIRECTORS VARIABLE DEFERRED COMPENSATION PLAN 
  
 ARTICLE I - PURPOSE 
  
 The 2005 Directors Variable Deferred Compensation Plan (“Plan”) is adopted by Avery Dennison Corporation, a Delaware Corporation (the “Company”), effective as of December 1, 2004. The Plan provides
a deferred compensation plan for non-employee Directors of the Company. The Plan applies to all Participants and/or Beneficiaries of the Plan and deferrals thereunder commencing on or after December 1, 2004, as well as any unvested balances as of
November 30, 2004. The Plan is intended to comply, and it is anticipated that the provisions of the Plan will be amended to comply, with the provisions of Section 409A of the Internal Revenue Code, as added by the American Jobs Creation Act of 2004,
and any regulations or other written administrative guidance issued or to be issued thereunder (“Section 409A”).  
  
 ARTICLE 2 – DEFINITIONS AND CERTAIN PROVISIONS 
  
 2.1        Administrator. 
 “Administrator” means the administrator appointed by the Committee to handle the day-to-day administration of the Plan pursuant to Article 9. 
  
 2.2        Allocation Election Form. 
 “Allocation Election Form” means the form on which a Participant elects the Declared Rate(s) to be credited as earnings or losses to such Participant’s
Deferral Account. 
  
 2.3        Annual
Deferral. 
 “Annual Deferral” means the amount of Director’s Fees that the Participant elects to defer for a calendar year. 
  
 2.4        Beneficiary. 
 “Beneficiary” means the person or persons or entity designated as such by a Participant pursuant to Article 8. 
  
 2.5        Benefit. 
 “Benefit” means a Retirement Benefit, Survivor Benefit, Termination Benefit, or Disability Benefit or other benefit permitted under Section 409A. 
  
 2.6        Change of Control 
 “Change of Control” means a Change in Control Event as defined in the regulations or other administrative guidance under Section 409A. 
  
 2.7        Code 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 2.8        Committee. 
 “Committee” means the deferred compensation plan committee appointed to administer the Plan pursuant to Article 9. 
  
 2.9        Declared Rate. 
 “Declared Rate” means the notional rates of return (which may be positive or negative) of the individual investment options selected by a Participant for such Deferral Account referred to in Article 6. 
  
 2.10        Deferral Account. 
 “Deferral Account” means the notional account established for record keeping purposes for a Participant pursuant to Section 4.4. 
  
 2.11        Director’s Fees 

“Director’s Fees” means the retainers and meeting fees payable to a Director for service as a director of the Company, which may be deferred hereunder.

 2.12        Disability Benefit. 
 “Disability Benefit” means the Benefit payable to a Participant in accordance with Section 7.4 after the Participant has become Disabled. 
  
 2.13        Disabled. 
 “Disabled” means, in the case of a Participant, that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 
  
 2.14        Distribution. 
 “Distribution” means any payment to a Participant or Beneficiary according to the terms of this Plan. 
  
 2.15        Enrollment Period. 
 “Enrollment Period” means the period(s) designated from year to year by the Administrator for enrollments. 
  
 2.16        Exchange Act. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 2.17        Normal Retirement. 
 “Normal Retirement” means the
termination of a Participant’s status as a director with the Company for reasons other than death on or after the Participant attains age 60. 
  
 2.18        Participant. 
 “Participant” means a non-employee Director who has filed a completed and executed Participation Election Form with the Administrator, and who is participating in the Plan in accordance with the provisions of Articles 3 and 4.

  
 2.19        Participation Election
Form. 
 “Participation Election Form” means the written agreement or commitment to make a deferral submitted by the Participant to the
Administrator pursuant to Article 4 of the Plan. The Participant Election Form may take the form of an electronic communication followed by appropriate confirmation according to procedures established by the Administrator. 
  
 2.20        Plan. 
 “Plan” means this 2005 Directors Variable Deferred Compensation Plan, a non-qualified elective deferred compensation plan, as the same may be amended from time
to time. 
  
 2.21        Plan Year.

 “Plan Year” means the year beginning December 1 and ending the following November 30. 
  
 2.22        Rabbi Trust. 
 “Rabbi Trust” means the trust described in Section 12.12. 
  
 2.23        Retirement Benefit. 
 “Retirement Benefit” means the Benefit payable to a Participant when the Participant has satisfied the requirements Normal Retirement pursuant to Article 7. 
  
 2.24        Section 409A. 
 “Section 409A” means section 409A of the Code, as added by the American Jobs Creation Act of 2004, and any regulations and other written administrative guidance issued from time to time thereunder.

  
 2.25        Settlement Date.

 “Settlement Date” means a date upon which a Benefit payment is due and payable to a Participant or Beneficiary. This date will be within 90 days
of, or as soon as possible after, the Valuation Date, subject to Section 409A. 
  

 1 

 2.26        Survivor Benefit. 
 “Survivor Benefit” means those Plan Benefits that become payable upon the death of a Participant pursuant to Section 7.6. 
  
 2.27        Termination Benefit. 

“Termination Benefit” means the lump sum amount payable to a Participant who ceases to be a Director pursuant to the provisions of Section 7.5. 

 
 2.28        Valuation Date. 
 “Valuation Date” means the date on which the Deferral Account is valued for Distribution purposes. This date shall be the last day of the month in which an
event occurs that triggers a Benefit payment. 
  
 ARTICLE 3 –
PARTICIPATION 
  
 3.1        Participation. 
 The Administrator shall notify Participants generally not less than 30
days (or such lesser period as may be practicable under the circumstances) prior to any deadline for filing a Participation Election Form. 
  
 3.2        Participation Election. 
 An Director shall become a Participant in the Plan no later than the first day of the Plan Year coincident with or next following the date the Director has filed a Participant Election Form with the Administrator. To be effective, the
Director must submit the Participant Election Form during an Enrollment Period or any other such time as determined by the Administrator. 
  
 Directors, who join the Company after the first day of the Plan Year, may become Participants provided such Director files a Participant Election Form with the
Administrator within 30 days of commencement of service as a Director. 
  
 3.3        Continuation of Participation. 
 A Participant who has elected to participate in the Plan
by submitting a Participant Election Form shall continue as a Participant in the Plan until the entire balance of the Participant’s Deferral Account has been distributed to the Participant. 
  
 ARTICLE 4 – PARTICIPANT DEFERRALS 
  
 4.1        Annual Deferral. 
 On the Participation Election Form, and subject to the restrictions set forth herein, the Director shall designate the amount of Director’s Fees to be deferred for
the following calendar year, provided that any deferral election shall be made not later than the last day of the calendar year preceding the calendar year in which such Director’s Fees are earned. 
  
 4.2        Minimum Deferral. 
 The minimum amount of Annual Deferral that may deferred shall be ten (10%) percent of a Participant’s Director’s Fees. 
  
 4.3        Maximum Deferral. 
 The standard maximum amount of Annual Deferral that may be deferred shall be 100% of the Director’s Fees. The maximum deferral amount is established at the
discretion of the Administrator. 
  
 4.4        Deferral Accounts. 
 Solely for record keeping purposes, the Company shall maintain a
Deferral Account for each Participant. The amount of a Participant’s Annual Deferral pursuant to this Article 4 shall be credited by the Company to the Participant’s Deferral Account as of the last day of the calendar quarter during which
Director’s Fees otherwise would have been paid. All Distributions will be debited to the Deferral Account on the Valuation Date. 
  
 4.5        Interest on Deferral Accounts. 
 The Participant’s Deferral Account shall be credited with a rate of return (positive or negative) based on the Declared Rate(s) that he elects. The rate of return (positive or negative) will be credited and
compounded daily. 
  

 2 

 4.6        Statement of Accounts. 
 The Administrator shall provide to each Participant periodic statements (not less than annually) setting forth the Participant’s deferrals, Declared Rate(s) (credits
or debits), distributions and Deferral Account balance. 
  
 4.7        Errors in Benefit Statement or Distributions. 
 In the event an error is made in a benefit
statement, such error shall be corrected on the next benefit statement following the date such error is discovered. In event of an error in a Distribution, the Participant’s Deferral Account shall, immediately upon the discovery of such error,
be adjusted to reflect such under or over payment and, if possible, the next Distribution shall be adjusted upward or downward to correct such prior error. If the remaining balance of a Participant’s Deferral Account is insufficient to cover an
erroneous overpayment, the Company may, at its discretion, offset other amounts payable to the Participant from the Company (including but not limited to Director’s Fees) to recoup the amount of such overpayment(s). 
  
 4.8        Valuation of Accounts. 

The value of a Deferral Account as of any date shall equal the amounts theretofore credited or debited to such account, plus the interest deemed to be earned on such
account in accordance with this Article 4 through the day preceding such date. 
  
 4.9        Vesting. 
 The Participant shall be 100% vested at all times in the Participant’s
Deferral Account. 
  
 ARTICLE 5 – DISCRETIONARY COMPANY CREDITS

  
 The Company, in its sole discretion, may credit to selected
Participants’ Deferral Accounts a discretionary amount or match in an amount determined by the Company. These amounts and subsequent earnings are subject to vesting schedules established by the Administrator. 
  
 ARTICLE 6 – INVESTMENT OPTIONS 
  
 6.1        Participant Election of Declared
Rates. 
 A Participant may elect on the Allocation Election Form any combination of Declared Rates in one (1%) percent increments, as long as the total
does not exceed one hundred (100%) percent of the deferrals. A Participant may change the Declared Rate(s) election once a month by filing a written notice (which may include an electronic notification) with the Administrator (or to a service
provider designated by the Company, such as Mullin Consulting, which provides administrative services for the Plan and the Participants), up to the last day of the month, with such change(s) effective as of the first day of the next month. Such
elections will apply to current deferrals and/or to the remaining Deferral Account Balance, as indicated by the Participant. The Company may modify these procedures to provide greater flexibility (e.g., smaller percentage increments or more frequent
reallocations) to Participants. The Company will not necessarily invest Deferral Account balances in the investment funds represented by the Declared Rates, even though the actual performance of the investment fund(s) that is/are chosen to measure
specific Declared Rate(s) will determine the rate of return (positive or negative) on the Participant’s Deferral Account. 
  
 6.2        Declared Rates. 
 A
Participant may select from Declared Rates currently representing twelve (12) investment funds, which may from time to time be established under the Plan and the number of which may be expanded by the Committee; it being the intention that at all
times Participants will have at least nine (9) core investment fund choices comparable in focus, type and quality to those listed on Exhibit A. The Declared Rates provide a rate of return (positive or negative) that are based on the actual net
performance of the Declared Rate(s) selected by the Participant. The Declared Rates credited to Participant Deferral Accounts will be the actual net performance of the Declared Rates, to which will be added a basis point credit, which credit (when
added to the actual net performance of the Declared Rates) will together be approximately equivalent on average to crediting the actual gross performance of the Declared Rates less 20 basis points. 
  
  

 3 

 ARTICLE 7 – BENEFITS 
  

7.1        Retirement Benefit. 
 A Participant is eligible for a Retirement Benefit under this Plan upon the satisfaction of the requirements for Normal Retirement. 
  
 7.2        Benefit Election Alternatives. 
 The Retirement Benefit will be paid beginning on the Settlement Date, and in the manner which the Participant elects no later than twelve months prior to the originally scheduled commencement of the distribution,
consistent with procedures established by the Company and with the requirements of Section 409A To the extent required under Section 409A, an election by a Participant to change the form or timing of an initial or subsequent distribution must defer
the commencement of Retirement Benefits for at least 5 years. 
  
 7.3        Installment Payments. 
 All installment payments will be calculated on an annual basis but
paid at such intervals as may be determined by the Committee, subject to the provisions of Section 7.2 above, provided that such intervals shall not be less frequent than quarterly. If a Participant elects to receive his Retirement Benefit in
installment payments, the payments will be based on the Deferral Account balance at the beginning of the payment period. The payments will be recalculated annually by dividing the Participant’s current Deferral Account balance as of the last
day of the plan year by the number of remaining years in the payment period based on the Participant’s retirement payment election. The rate of return (positive or negative) during any payment year will be credited during the year on the unpaid
Deferral Account balance at the applicable Declared Rate(s). A retired Participant may continue to change his Declared Rate(s) pursuant to Section 6.1. 
  
 7.4        Disability Benefit. 
 If a Participant becomes Disabled, the Participant may request a Disability Benefit. 
  
 7.5        Termination Benefit. 
 If a Participant ceases to be a Director for
any reason other than death, Disability or Normal Retirement, the Company shall pay to the Participant in one lump sum an amount (the “Termination Benefit”) equal to the value of the Deferral Account. The Participant shall be entitled to
no further Benefits under this Plan. 
  
 7.6        Survivor Benefits. 
  
 (a)        Pre-Retirement. If a Participant dies and has not yet commenced receiving Retirement Benefit payments, a Survivor Benefit will be paid to his Beneficiary in
annual installments over ten years unless a different payment schedule is required under Section 409A. The aggregate Survivor Benefit will be equal to the Deferral Account balance plus the Declared Rate(s). The annual Survivor Benefit payments shall
be re-determined each year based upon the value of the Deferral Account at that time. 
  
 (b)        Post-Retirement. If a Participant dies after payment of Retirement Benefits has commenced, his Beneficiary will be entitled to receive the remainder of the
payments not yet paid to the Participant in accordance with the election of the Participant then in effect unless a different payment schedule is required under Section 409A. 
  
 7.7        Change of Control. 
 A Participant may make an irrevocable election at the time of making a deferral election to take a distribution in the event of a Change of Control prior to the Participant’s termination of status as a
Director. A distribution on Change of Control shall be equal to the total balance of the Deferral Account or Accounts specified by the Participant including notional earnings credited thereon through the Valuation Date and shall be paid in the form
of a single lump sum payable no later than the last day of the month following the month in which such Change of Control occurs, subject to Section 409A. 
  
 7.8        Valuation Date. 
 Unless otherwise provided by the Administrator, the Valuation Date for determining Deferral Account balances shall be the last day of the month in which an event occurs that triggers a Benefit payment. 
  

 4 

 7.9        Settlement Date. 
 Unless otherwise provided by the Administrator, the Settlement Date for Benefit payments shall be within 90 days or as soon as possible following the Valuation Date,
except as might otherwise be required under Section 409A. 
  
 ARTICLE 8 –
BENEFICIARY DESIGNATION 
  
 Each Participant and Beneficiary shall have the
right, at any time, to designate any person or persons as Beneficiary or Beneficiaries to whom payment under this Plan shall be made in the event of death of the Participant or Beneficiary, as the case may be, prior to complete distribution of the
Benefits due under the Plan. Each Beneficiary designation shall become effective only when filed in writing with the Administrator during the Participant’s or Beneficiary’s lifetime, as the case may be, on a form prescribed by the
Administrator. 
  
 The filing of a new Beneficiary designation form will cancel
and revoke all Beneficiary designations previously filed. Any finalized divorce or marriage (other than a common law marriage) of a Participant or Beneficiary, as the case may be, subsequent to the date of filing of a Beneficiary designation form
shall revoke such designation unless (i) in the case of divorce the previous spouse or a trust for said previous spouse was not designated as Beneficiary, or (ii) in the case of marriage the Participant’s new spouse or a trust for said new
spouse had previously been designated as Beneficiary. 
  
 If a Participant or
Beneficiary, as the case may be, fails to designate a Beneficiary as provided above, or if the Participant’s Beneficiary designation is revoked by marriage, divorce, or otherwise without execution of a new Beneficiary designation, or if all
designated Beneficiaries predecease the Participant or Beneficiary, as the case may be, or die prior to complete distribution of the Participant’s Benefits, then the Administrator shall direct the distribution of such Benefits to the estate of
the Participant or Beneficiary, as the case may be. 
  
 ARTICLE 9 –
ADMINISTRATION OF THE PLAN 
  
 A deferred compensation plan committee
(“Committee”) consisting of three or more members shall be appointed by the Company’s Chief Executive Officer to administer the Plan and establish, adopt, or revise such rules and procedures as it may deem necessary or advisable for
the administration of the Plan and to interpret the provisions of the Plan, with any such interpretations to be conclusive. All decisions of the Committee shall be by vote of at least a majority of its members and shall be final and binding. Members
of the Committee shall be eligible to participate in the Plan while serving as members of the Committee, but a member of the Committee shall not vote or act upon any matter that relates solely to such member’s interest in the Plan as a
Participant. The current members of the Committee are the Chief Executive Officer; the Chief Financial Officer; the Senior Vice President, Human Resources; the Executive Vice President, General Counsel and Secretary; the Vice President and
Treasurer; the Vice President, Compensation and Benefits; the Vice President, Associate General Counsel and Assistant Secretary; the Vice President and Controller; the Manager, Corporate Finance and Investments, and the Director, Financial Reporting
at the Company’s Miller Corporate Center. The Committee has designated the Vice President, Compensation and Benefits as the Administrator to carry out the day-to-day administration of the Plan. 
  
 ARTICLE 10 – AMENDMENT OR TERMINATION OF PLAN 
  
 The Company, at the direction of its Chief Executive Officer, may amend the Plan; provided,
however, that (i) no such amendment shall be effective to decrease the Benefits accrued by any Participant or Beneficiary of a deceased Participant (including, but not limited to, the rate of interest credited to the Deferral Accounts); (ii) no such
amendment shall decrease the minimum number of Declared Rates set forth in Section 6.2; (iii) Section 7.1 may not be amended; (iv) the definition of Declared Rate may not be amended; except as allowed in Article 6, (v) the other substantive
provisions of the Plan related to the calculation of Benefits or the manner or timing of payments to be made under the Plan shall not be amended so as to prejudice the rights of any Participant or Beneficiary, and (vi) amendments shall be not be
inconsistent with Section 409A. 
  
 Notwithstanding any terms herein to the
contrary, the Company may not terminate the Plan; provided however that the Company shall not have any obligation to, but may, in its discretion, allow additional deferrals into this Plan. 
  

 5 

 ARTICLE 11 – MAINTENANCE OF ACCOUNTS 
  
 The Company shall keep, or cause to be kept, all such books of account, records and other data as may be necessary or advisable in its
judgment for the administration of this Plan, and to reflect properly the affairs thereof, and to determine the nature and amount of the interests of the respective Participants in each Deferral Account. 
  
 Separate accounts or records for the respective Participants’ Deferred Accounts shall be
maintained for operational and accounting purposes, but no such account or record shall be considered as creating a lien of any nature whatsoever on or as segregating any of the assets with respect to the accounts under this Plan from any other
funds or property of the Company. 
  
 ARTICLE 12 – MISCELLANEOUS

  
 12.1        Applicable Law.

 The Plan shall be governed and construed in accordance with the laws of the State of California applicable to agreements made and to be performed entirely
therein, and applicable substantive provisions of federal law, including the AJCA. 
  
 12.2        Captions. 
 The captions of the articles, sections, and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its provisions. 
  
 12.3        Limitation. 
 A Participant and the Participant’s Beneficiary
shall assume all risks in connection with the performance of any Declared Rate and any decrease in value of the Deferral Accounts, and the Company, any of its officers, employees, or directors, the Committee and the Administrator shall not be liable
or responsible therefor. 
  
 12.4        Notice. 
 Any notice or filing required or permitted to be given to the Administrator
under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the principal office of the Company, directed to the attention of the Administrator with a copy to the Executive Vice President, General
Counsel and Secretary of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 
  
 12.5        Obligations to Company.

 If a Participant becomes entitled to a Distribution of Benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation,
or other liability representing an amount owing to the Company, then the Company may offset such amount owed to it against the amount of Benefits otherwise distributable. Such determination shall be made by the Committee. 
  
 12.6        Limits on Transfer. 
 Other than by will, the laws of descent and distribution, or legal or judicial process related to dissolution of marriage, no right title or interest of any kind in the
Plan shall be transferable or assignable by a Participant or the Participant’s Beneficiary or be subject to alienation, anticipation, encumbrance, garnishment, attachment, levy, execution or other legal or equitable process, nor subject to the
debts, contracts, alimony, liabilities or engagements, or torts of any Participant or Participant’s Beneficiary. Any attempt to alienate, sell, transfer, assign, pledge, garnish, attach or take any other action subject to legal or equitable
process or encumber or dispose of any interest in the Plan shall be void. 
  
 12.7        Satisfaction of Claims. 
 Payments to any Participant or Beneficiary in accordance with
the provisions of the Plan shall, to the extent thereof, be in full or partial satisfaction of claims against the Company for the compensation or other amounts deferred and relating to the Deferral Account to which the payments relate. 

 
  

 6 

 12.8        Unfunded Status of Plan; Creation of Trusts. 
 The Plan is intended to constitute an “unfunded” plan for deferred compensation and Participants shall rely solely on the unsecured promise of the Company for
payment hereunder. With respect to any payment not yet made to a Participant under the Plan, nothing contained in the Plan shall give a Participant any rights that are greater than those of a general unsecured creditor of the Company. Consistent
with the provisions of this Section 12.8, the Company has established the Trust referred to in Section 12.12 and may establish other similar trusts, or make other arrangements to meet the Company’s obligations under the Plan, which trusts or
other arrangements shall be consistent with the “unfunded” status of the Plan. 
  
 12.9        Compliance. 
 The Plan, in form and operation, is intended to
comply with Section 409A. To the extent that the terms of the Plan are inconsistent with Section 409A, then the terms of the Plan will be automatically deemed to be amended and construed so as to be in compliance. 
  
 12.10        Tax Withholding. 
 The Participant or Beneficiary shall make appropriate arrangements with the Company for satisfaction of any federal, state or local income tax withholding requirements
and Social Security or other tax requirements applicable to the crediting and payment of Benefits under the Plan. If no other arrangements are made, the Company shall have the right to deduct from amounts otherwise credited or payable in settlement
of a Deferral Account any sums that federal, state, local or foreign tax law requires to be withheld with respect to such credit or payment. 
  
 12.11        Participant Cooperation. 
 Each Participant shall cooperate with the Company by furnishing any and all information requested by the Company in order to facilitate the payment of Benefits hereunder, taking such physical examinations as the Company may deem necessary
and taking such other relevant action as may be requested by the Company. If a Participant refuses so to cooperate, the Company shall have no further obligation to the Participant under the Plan, other than payment to such Participant of the
cumulative deferrals theretofore made pursuant to this Plan. If a Participant commits suicide during the two (2) year period beginning on the first day on which he participates in the Plan or if the Participant makes any material misstatement of
information or nondisclosure of medical history, then no Benefits will be payable hereunder to such Participant of the deferrals theretofore made pursuant to this Plan, provided, that in the Company’s sole discretion, Benefits may be payable in
an amount reduced to compensate the Company for any loss, cost, damage or expense suffered or incurred by the Company as a result in any way of any such action, misstatement or nondisclosure. 
  
 12.12        Unsecured General Creditor.

 The Company has established the Avery Dennison Corporation Directors Compensation Trust (“Rabbi Trust”). The assets of the Rabbi Trust shall be
subject to the claims of the Company’s creditors. To the extent any Benefits provided under the Plan are actually paid from the Rabbi Trust, the Company shall have no further obligation with respect thereto, but to the extent not so paid, such
Benefits shall remain the obligation of, and shall be paid by, the Company. Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, interest, or claims in or to any specific property or assets of
Company, nor shall they be beneficiaries of, or have any rights, claims, or interests in any life insurance policies, annuity contracts, or the proceeds therefrom owned or which may be acquired by Company (“Policies”). Apart from the Rabbi
Trust, such Policies or other assets of Company shall not be held under any trust for the Benefit of Participants, their Beneficiaries, heirs, successors, or assigns, or held in any way as collateral security for the fulfilling of the obligations of
Company under this Plan. Any and all of the Company’s assets and Policies shall be, and remain, the general, un-pledged, unrestricted assets of Company. Company’s obligations under the Plan shall be merely an unfunded and unsecured promise
of Company to pay money in the future. 
  
 12.13        Waiver of Stay, Extension and Usury Laws. 
 The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from
paying all or any portion of the Benefits due hereunder, wherever such laws may be enacted, now or at any time hereafter in force, or which may affect the administration or performance of this Plan; and (to the extent that it may lawfully do so) the
Company hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the realization of any Benefits to which the Participants hereunder are entitled, but will suffer and permit the
realization of all such Benefits as though no such law 

  

 7 

 
had been enacted. The provisions of this Section 12.13 are not intended, however, to prevent compliance of the Plan with the provisions of Section 409A.

  
 12.14        Status.

 The establishment and maintenance of, or allocations and credits to, the Deferral Accounts of any Participant shall not vest in any Participant any right,
title or interest in and to any Plan assets or Benefits except at the time or times and upon the terms and conditions and to the extent expressly set forth in the Plan and in accordance with the terms of the Rabbi Trust. 
  
 12.15        Validity. 
 In the event any provision of this Plan is held invalid, void, or unenforceable, the same shall not affect, in any respect whatsoever, the validity of any other provision
of this Plan. 
  
 12.16        Waiver
of Breach. 
 The waiver by any party of any breach of any provision of the Plan by any other party shall not operate or be construed as a waiver of any
subsequent breach. 
  
 12.17        Gender, Singular & Plural. 
 All pronouns and any variations thereof shall be deemed
to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the plural as the singular. 
  
 ARTICLE 13 – EFFECTIVE DATE 
  
 The effective date of this Plan is December 1, 2004. 
  

 8 

 EXHIBIT A 
  

EVDRP DECLARED RATES 
  

			
	Pacific Select Fund	  	Fund Manager
		
	 Money Market
	  	 Pacific Life

		
	 Managed Bond
	  	 Pacific Investment Management Company
 (PIMCO)

		
	 Equity Index
	  	 Mercury Advisors

		
	 International Equity
	  	 Brandes Investment Partners, L.P.

		
	 Growth LT
	  	 Janus Capital Corporation

		
	 Small-Cap Index
	  	 Mercury Advisors

		
	 Large-Cap Value
	  	 Salomon Brothers

		
	 Diversified Research
	  	 Capital Guardian

		
	 Emerging Markets
	  	 Oppenheimer

		
	 Fixed Account
	  	 N/A – not a managed fund

		
	 Capital Appreciation
	  	 Frontier

		
	 Core Growth
	  	 Turner Investment Partners

  

 9

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