Document:

Exhibit 10.28

 

AMENDMENT

TO THE

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This Amendment to the Amended and Restated
Employment Agreement is made as of December 5, 2008 by and among FGX
International Inc., a Delaware corporation (the “Company”), Alec Taylor, a
resident of the State of Rhode Island (the “Executive”) and FGX International
Holdings Limited, a British Virgin Islands Corporation (“FGX Holdings”).

 

WHEREAS, the
Company, the Executive and FGX Holdings are parties to a certain amended and
restated Employment Agreement dated as of December 19, 2006 (the
“Agreement”);

 

WHEREAS, pursuant to
and in accordance with Section 20 of the Agreement, the Company, the
Executive and FGX Holdings desire to amend the Agreement to, among other
things, comply with the provisions of Section 409A of the Internal Revenue
Code of 1986 (“Section 409A”).

 

NOW THEREFORE, in
consideration of the foregoing promises and agreements contained herein, and
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company, the Executive and FGX Holdings agree as
follows:

 

1.             Section 6(f) shall be amended in
its entirety to read as follows:

 

“(f)          Good
Reason.  The Executive shall have the
right to terminate this Agreement and his employment with the Company hereunder
by delivery of a written notice to the Company upon Good Reason.  For purposes of this Agreement, “Good Reason”
means: (i) a change in the Executive’s principal office to a location
outside a fifty (50) mile radius of the Executive’s principal office
referenced in paragraph 3 above without the prior written consent of the
Executive; (ii) a material breach of the Agreement by the Company and such
breach is not cured to the reasonable satisfaction of the Executive within thirty
(30) days after written notice thereof is delivered to the Board;
(iii) a material reduction in the Executive’s Base Salary during the
Employment Period other than in connection with an across-the board salary
reduction for the Company’s senior management team approved by the Board (or
the Compensation Committee thereof), provided that the Executive shall have
received prior written notice of such reduction or (iv) any representation
or warranty of the Company or FGX Holdings contained in Section 30 below
shall have been false in any material respect when and as made; provided,
however, that any proposed termination of employment by Executive shall be
presumed to be other than for Good Reason unless (x) the Executive first
provides written notice to the Company within ninety (90) days following the
initial existence of the purported Good Reason condition, (y) the Company
has been provided a period of thirty (30) days after receipt of the Executive’s
notice during which to cure, rescind or otherwise remedy the actions, events or
circumstances described in such notice and (z) the Executive’s termination
of employment occurs within two years following the

 

 

initial existence of the purported Good
Reason condition.”

 

2.             Section 7(b)(iii) shall
be amended to add the following sentence to the end thereof:

 

“Notwithstanding anything herein to the contrary, each payment made
during the Severance Period shall be deemed to be a separate payment within the
meaning of Section 409A of the Code and the regulations thereunder.”

 

3.             Section 16 shall be amended by
deleting the word “disability” therefrom.

 

4.             Except
as expressly provided herein, no other modifications or amendments to the
Agreement are being made and, with the exception of the amendment set forth herein,
the terms and conditions of the Agreement are hereby ratified and confirmed.

 

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

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  FGX
  INTERNTIONAL INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony Di Paola

  
	
   

  	
  Title: Anthony Di Paola, Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alec Taylor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FGX
  HOLDINGS:

  
	
   

  	
   

  
	
   

  	
  FGX
  INTERNATIONAL HOLDINGS LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony Di Paola

  
	
   

  	
  Title: Anthony Di Paola, Chief Financial Officer

  

 

2Exhibit 10.29

 

AMENDMENT

TO THE

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This Amendment to the Amended and Restated
Employment Agreement is made as of December 5, 2008 by and between FGX
International Inc., a Delaware corporation (the “Company”) and Steven Crellin,
a resident of the Commonwealth of Massachusetts (the “Employee”).

 

WHEREAS, the Company
and the Employee are parties to a certain amended and restated Employment
Agreement dated as of February 18, 2008 (the “Agreement”);

 

WHEREAS, pursuant to
and in accordance with Section 22 of the Agreement, the Company and the
Employee desire to amend the Agreement to, among other things, comply with the
provisions of Section 409A of the Internal Revenue Code of 1986 (“Section 409A”).

 

NOW THEREFORE, in
consideration of the foregoing promises and agreements contained herein, and
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company and the Employee agree as follows:

 

1.             Section 9(e) shall be amended in
its entirety to read as follows:

 

“(e)         Resignation for Good Reason.  Notwithstanding anything to the contrary
within this Agreement, if the Company substantially changes the terms and
conditions of Employee’s employment by either (i) unilaterally materially reducing
his Base Salary or (ii) materially reducing or materially adversely
changing his job responsibilities without his consent, then Employee shall have
the right to terminate his employment with the Company for “Good Reason.”  Prior to doing so, the Employee shall be
required to provide notice to the Company in writing, within ninety (90) days
following the initial existence of the purposed Good Reason condition, of the
specific circumstances which the Employee contends justify his resignation for “Good
Reason,” and the Company shall have thirty (30) business days in which to cure
such changes which led to the Employee’s determination to that he had the right
to resign for “Good Reason.”  The
Employee’s resignation for Good Reason shall occur within two years following
the initial existence of the purported Good Reason condition  If the Employee resigns for “Good Reason,” he
shall be entitled to the severance benefits as if he had been terminated
without cause as described in subsection (g) below.”

 

2.             Section 9(g) shall
be amended to add the following sentence to the end thereof:

 

“Notwithstanding anything herein to the contrary, each severance
payment shall be deemed to be a separate payment within the meaning of Section 409A
of the Code and the regulations thereunder.”

 

3.             Section 17
shall be amended by deleting the word “disability” therefrom.

 

 

4.             Except
as expressly provided herein, no other modifications or amendments to the
Agreement are being made and, with the exception of the amendment set forth
herein, the terms and conditions of the Agreement are hereby ratified and
confirmed.

 

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

 

	
   

  	
  FGX
  INTERNATIONAL INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alec Taylor

  
	
   

  	
  Title: Alec Taylor, CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Crellin

  

 

2Exhibit 10.30

 

AMENDMENT

TO THE

EMPLOYMENT AGREEMENT

 

This Amendment to the Employment Agreement is
made as of December 5, 2008 by and between FGX International Inc., a
Delaware corporation (the “Company”) and Anthony Di Paola, a resident of the
State of Rhode Island (“Executive”).

 

WHEREAS, the Company
and Executive are parties to a certain Employment Agreement dated as of July 23,
2007 (the “Agreement”);

 

WHEREAS, pursuant to
and in accordance with Section 13 of the Agreement, the Company and
Executive desire to amend the Agreement to, among other things, comply with the
provisions of Section 409A of the Internal Revenue Code of 1986 (“Section 409A”).

 

NOW THEREFORE, in
consideration of the foregoing promises and agreements contained herein, and
for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Company and Executive agree as follows:

 

1.             Section 6(b) shall be amended in
its entirety to read as follows:

 

“(b)         Executive’s
Right to Terminate.  Executive may terminate
Executive’s employment for Good Reason at any time during the term of this
Agreement.  For purposes of this
Agreement, “Good Reason” shall mean any of the following (without Executive’s
express written consent):

 

(i)            the material reduction or material adverse
change in Executive’s authority, duties, job responsibilities or reporting
structure from those in effect on the date hereof;

 

(ii)           the material reduction by the Company in
Executive’s Base Salary as in effect on the date hereof or as the same may be
increased from time to time during the term of this Agreement;

 

(iii)          a relocation of the Company’s principal
executive offices to a location more than 50 miles from their current location,
or the Company requiring Executive to be based anywhere other than the Company’s
principal executive offices; or

 

(iv)          any material breach by the Company of any
provision of this Agreement.

 

Any proposed termination of employment by Executive shall be presumed
to be other than for Good Reason unless (x) Executive first provides
written notice to the Company within ninety (90) days following the initial
existence of the purported Good Reason condition, (y) the Company has been
provided a period of thirty (30) days after receipt of Executive’s notice
during which to cure, rescind or 

 

 

otherwise remedy the actions, events or circumstances described in such
notice and (z) Executive’s termination of employment occurs within two
years following the initial existence of the purported Good Reason condition.”

 

2.             Section 6(c)(i) shall
be amended to add the following sentence to the end thereof:

 

“Notwithstanding anything herein to the contrary, each severance
payment shall be deemed to be a separate payment within the meaning of Section 409A
of the Code and the regulations thereunder.”

 

3.             Except
as expressly provided herein, no other modifications or amendments to the
Agreement are being made and, with the exception of the amendment set forth
herein, the terms and conditions of the Agreement  are hereby ratified and confirmed.

 

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

 

	
   

  	
  FGX
  INTERNTIONAL INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alec Taylor

  
	
   

  	
  Title: Alec Taylor, CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anthony Di Paola

  

 

2

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