Document:

Exhibit 10.1.

 

First Amendment to Lease

(Corporate Center)

 

This First Amendment to Lease

dated this 1st day of May, 2002 shall amend the terms of that lease dated

October 1, 1996, as extended, (“Lease”) by and between TEECO Properties

(“Landlord”) and Republic Bank & Trust Company (“Tenant”) at Republic

Corporate Center and any other amendments to such Lease.

 

Landlord and Tenant agree that

the terms of the Lease shall be amended to increase the Tenant’s square footage

by 5,008 square feet.  For this space,

the Tenant’s rent shall be increased by $7,303.00, ($17.50 per square foot) per

month effective May 1, 2002.  In

addition, the terms of the Lease shall be amended to increase the Tenant’s

square footage by 1,551 square feet on the first floor at $21.50 per square

foot. For this first floor space, the Tenant’s rent shall be increased by

$2,778.00 per month effective May 1, 2002. 

The Landlord shall reduce the square footage under lease on the 4th

floor by 591 square feet (at $17.50 per square foot), resulting in a monthly

decrease in Tenant’s rent of $862.00. 

The Tenant’s current monthly rent shall be increased to $78,636.00 per

month effective May 1, 2002 and continue in accordance with the terms of that

original Lease, as amended and extended, referenced herein.  Articles 1 and III of the original lease

referenced herein shall be specifically amended to read as follows:

 

ARTICLE I.  PREMISES

 

SECTION I.  Tenant leases from Landlord and Landlord

leases to Tenant the following described premises (hereinafter called the

“Premises”):

 

Being 48,901 square feet of

rentable office space located in the Republic Corporate Center (hereinafter

called “the Building”) located at Sixth and Market Streets in Louisville,

Kentucky, 40202 in Jefferson County.

 

ARTICLE III.  RENT AND OPERATING EXPENSES

 

SECTION 1.  Tenant shall pay to Landlord, at Landlord’s

office in the Building or at such place as Landlord may from time to time

designate, as monthly rental for the Premises as of the effective date of this

Amendment, the sum of $78,636.00.

 

All other terms, conditions and

provisions of that original and extended Lease dated October 1, 1996, as

previously extended, shall remain unchanged and incorporated by reference under

this First Amendment of Lease.

 

IN WITNESS WHEREOF, Landlord

and Tenant, intending to be legally bound hereby, have caused this Amendment to

be executed by their duly authorized officers as of the day and year first set

forth above.

 

	

  TEECO

  Properties

  
	

   

  
	

  By: 

  	

  /s/ Steven

  E. Trager

  	

   

  
	

   

  
	

  REPUBLIC

  BANK & TRUST COMPANY

  
	

   

  
	

  By: 

  	

  /s/ Kevin

  Sipes

  	

   

  

 

35Exhibit 10.98

 

 

	

  To:

  	

  Tom Ormandy

  
	

   

  	

   

  
	

  From:

  	

  Bob Arnot

  	

  /s/ Robert

  J. Arnot

  	

   

  
	

   

  	

   

  
	

  Date:

  	

  June 22,

  2001

  
	

   

  	

   

  
	

  Re:

  	

  Severance

  Package

  

 

This memo will confirm that the

elements of your severance package, as we previously discussed, will consist of

the following:

 

1)                                      For

the four months ending September 30, 2001, you will continue to be an employee

of the Company and will focus your efforts during this time primarily on the

liquidation of all remaining inventory relating to the Boss and BHPC lines as

well as assisting in reducing company expenses.

 

2)                                      From

October 1, 2001 through July 31, 2002, you will be paid severance pay in the

same amount as when you were an employee. 

This will be paid with the same schedule of payments, as was the case

when you were an employee.

 

3)                                      From

now through the end of your severance period, the Company will continue to

include you in its group medical plan and will make the same contribution to

the cost of coverage under the plan as though you continued to be an employee.

 

4)                                      You

are vested in your stock options and they will not terminate with the end of

your employment with the Company.

 

5)                                      In

addition to the above, you are also entitled to the other normal rights of

other former employees and should contact Donna Derencz in Baltimore to review

those rights and the procedures involved.

 

6)                                      You

have been an extremely valuable and loyal employee for many years and we will

be most glad to provide excellent references.

 

Acknowledge and agreed:

 

	

  /s/ Thomas

  Ormandy

  	

   

  
	

  Thomas

  Ormandy

  
	

   

  
	

  Date:  10/4/01Exhibit 10.99

 

 

	

  To:

  	

  Tom Ormandy

  
	

   

  	

   

  
	

  From:

  	

  Bob Arnot

  	

  /s/ Robert

  J. Arnot

  	

   

  
	

   

  	

   

  
	

  Date:

  	

  April 17,

  2002

  
	

   

  	

   

  
	

  Re:

  	

  Severance

  Package

  

 

This memo will confirm that the

elements of your severance package (as Previously set forth in my memo dated

June 22, 2001) have been modified as follows and as approved by the Board of

Directors:

 

(1)                                  In

recognition of your continued contributions to the Company in liquidating

inventory, reconciliation of chargebacks and the ongoing project of detailed

account and distribution analysis, the duration of your severance pay is hereby

extended from August 1, 2002 through January 31, 2003.  This severance pay will continue in the same

weekly amount as when you were an employee and will be paid under the same

schedule of payments as was the case when you were an employee.

 

(2)                                  Through

this severance period and through December 31, 2003, the Company will maintain

your health insurance coverage as part of its group medical plan.

 

 

Acknowledge

and Agreed

 

 

	

  /s/ Thomas

  Ormandy

  	

   

  	

  Date  4/17/02

  
	

  Thomas

  OrmandyExhibit 10.100

 

I.C.

Isaacs and Company

 

June 11, 2002

 

Danielle Lambert

New York, New York

 

Dear Danielle:

 

As we discussed, this letter

sets forth our agreement with respect to the terms and conditions of your

continued employment by I.C. Isaacs & Company LP:

 

1.                                       Your

position will continue to be Vice President of Merchandising for the Girbaud

Division and you will continue to report to me.

 

2.                                       Effective

beginning June 10, 2000, you will be paid a weekly salary based upon an

increased annual rate of $180,000 annually, to be paid one week in

arrears.  In addition, you will be paid

incentive compensation equal to 1⁄2 of 1% of our Girbaud net full price sales in

excess of $40 million shipped in the year 2002.  This incentive formula will also remain in effect for calendar

years 2003 and 2004 after which it will be reviewed and determined by the

Company annually.

 

3.                                       I

will recommend to the Board of Directors that you be awarded an additional

35,000 options to acquire stock of the Company after a one year vesting period

(subject to availability of such options and Board approval).  The options will be issued at market price

at the time of issue.  I will make this

recommendation after the next Annual Meeting of Shareholders.

 

4.                                       If

you are terminated, you will be entitled to receive the continuation of six

months base salary as severance compensation and, if you are terminated without

cause, you will also be entitled to receive the incentive compensation for the

year in which you were terminated (pro-rated for the number of days in the year

which have elapsed prior to termination).

 

5.                                       You

will continue to be eligible for three weeks annual paid vacation which during

the year 2000 will run through the three-week period ending July 23rd.

 

If this letter is consistent with

your understanding, please sign one copy and retain the other for your

records.  We look forward to having you

continue as part of our team.

 

	

   

  	

   

  	

  Sincerely,

  	

   

  
	

  Accepted:

  	

  /s/ Danielle

  Lambert

  	

   

  	

   

  	

   

  
	

   

  	

  Danielle

  Lambert

  	

  /s/ Robert

  J. Arnot

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Date:

  	

  June 12,

  2002

  	

  Robert J.

  Arnot

  	

   

  
	

   

  	

   

  	

  President

  and CEOEX-10.1

  

 

 

AMENDMENT

NO. 3 TO EMPLOYMENT AGREEMENT

 

 

                Amendment

No. 3, dated as of January 1, 2002, to Agreement, dated as of August 16, 1991

(as heretofore amended as of July 27, 1996 and as of January 31, 1997) between

SYRATECH CORPORATION,  a Delaware corporation

(the “Company”) and ALAN R. KANTER (the “Executive”).

 

                The Executive is now, and at all

times since prior to August 16, 1991 has been, Vice President - Sales of the

Company.  On August 16, 1991 the Company

and the Executive entered into an Employment Agreement (the “Agreement”), which

made no provision for payment of a retirement benefit to the Executive.  Pursuant to Amendment No. 1, dated as of

July 27, 1996 (the “Amendment No. 1”) there was added to the Agreement a new

Section 3.4 Retirement Benefit. 

Pursuant to Amendment No. 2, dated as of December 31, 1996 (the

“Amendment No. 2”) in consideration of the execution by the Company and the

Executive of that certain Agreement, dated as of December 31, 1996, by and

between the Company, THL Transaction 1 Corp. and the Executive, Section 3.4 was

further amended.

 

The Company and the

Executive now wish to modify and restate the terms of the Executive’s Agreement

related to Section 3.4 and the restatement of certain other terms.

 

                In

consideration of the mutual covenants and agreements herein contained, the

parties agree as follows:

 

                1.             Continuation of Employment.  The Executive hereby agrees to continue to

serve as a full-time employee of the Company for a period of at least three

years following the date of this Agreement.

 

                2.             Retirement Benefit.  Section 3.4 of the Agreement, as heretofore

amended by the Amendment No. 1 and further amended by Amendment No. 2, is

hereby restated in its entirety as follows:

 

3.4           Retirement Benefit.  From and after the “Deemed Retirement Date”

(as hereinafter defined) and until the last day of the month during which the

death of the survivor of the Executive and the “Executive’s Spouse” (as

hereinafter defined) shall occur, the Executive (or the Executive’s Spouse) shall

be entitled to receive from the Company, and the Company shall pay to the

Executive (or from and after the date of the Executives’ death, the Executive’s

Spouse if she shall survive the Executive), as a fully vested benefit, an

annual retirement (or survivor’s) benefit equal to the greater of (a) $75,000

or (b) the product of (i) two percentum (2%) of the average total annual

compensation (i.e., base salary plus bonus compensation) paid to the Executive

by the Company in the three years (as defined below) next preceding the Deemed

Retirement Date and (ii) the number of full years (a “year” being defined as a

period of 365 

 

 

calendar days) during which

the Executive was a full-time employee of the Company or one or more

subsidiaries of the Company (whether or not such full-time employment occurred

before or after the date of this Agreement so long as such full-time employment

occurred after the date of incorporation of the Company), calculated as of the

Deemed Retirement Date; provided, however, that such annual retirement (or

survivor’s) benefit shall be offset (that is, diminished) by the amount of any

annual retirement (or survivor’s) benefit that the Executive (or the

Executive’s Spouse) shall be or become entitled to receive (and shall actually receive)

under any Company-funded pension plan that may be adopted after the date of

this Agreement.  The annual retirement

(or survivor’s) benefit shall be payable in equal monthly installments in

arrears beginning with the last day of the month in which the Deemed Retirement

Date occurs.  As used herein, the term

“Deemed Retirement Date” shall mean the first day of the month next following

the calendar month during which occurs the later of (x) the 65th

anniversary of the Executive’s date of birth or (y) the last day of full-time

employment of the Executive by the Company, regardless of the circumstances

under which the Executive’s full-time employment is terminated; and the term

“Executive’s Spouse” shall mean the Executive’s wife on the date of this Agreement.  Notwithstanding the foregoing provisions of

this Section 3.4 or any other provision of this Agreement, the phrase and term

“total annual compensation” as used in this Section 3.4 or elsewhere in this

Agreement shall not include, or be deemed to include, any securities

distributed or payments made to the Executive pursuant to Sections 2 and/or 3

of that certain Agreement, dated as of the 31st day of December

1996, by and between the Company, THL Transaction I Corp., Leonard Florence and

the Executive, it being intended and agreed that the distributions of

securities and cash payments made and to be made pursuant thereto shall not

increase or otherwise affect the retirement benefit provided for in this

Section 3.4.

 

 

                3.             Confirmation of other Terms.              In all other respects the

provisions of the Agreement, as heretofore amended, are ratified, confirmed and

approved, except that the parties acknowledge that, as contemplated by the

second sentence of Section 3.1 of the Agreement, effective as of January 1, 1999,

the Executive’s base salary was increased by the Company to Three Hundred

Ninety Thousand Dollars ($390,000.00) per annum.

 

                IN

WITNESS WHEREOF, the parties have duly executed this Amendment to the Agreement

as of the day and year first above written.

 

	

  SYRATECH CORPORATION

  
	

   

  
	

  /s/ Robert Meers

  
	

  President

  
	

   

  
	

  /s/ Alan R. Kanter

  
	

  Alan R. Kanter

  

 

 

2

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