AMENDMENT TO
TIME-BASED INCENTIVE STOCK OPTION AGREEMENT
This Amendment to
the Time-Based Incentive Stock Option Agreement (this “
Amendment ”) is entered into and effective as of
December 20, 2006 between FGX International Holdings Limited
(f/k/a Envision Worldwide Holdings Limited), a British Virgin
Islands company (the “ Company ”) and Steven
Crellin (the “ Optionee ”).
WHEREAS,
the Company and the Optionee are parties to that certain Time-Based
Incentive Stock Option Agreement, dated as of December 15,
2005 (the “ Agreement ”) pursuant to which the
Company granted the Optionee the Option to purchase the Option
Shares;
WHEREAS,
the parties desire to amend the Agreement to clarify the intent of
the parties regarding the treatment of the Option following
termination of the Optionee’s employment by the Company
without Cause within six months following a Change of Control after
the consummation of an Initial Public Offering by the Company;
and
WHEREAS,
pursuant to Section 9(j) of the Agreement, the Agreement may be
amended, supplemented or modified in whole or in part by an
instrument in writing signed by the parties against whom
enforcement of any such amendment, supplement or modification is
sought;
NOW,
THEREFORE, in consideration of the foregoing, and for other
good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as
follows:
1.
Capitalized Terms . Capitalized terms used but not defined
herein shall have the meanings set forth in the
Agreement.
2.
Amendment . Upon consummation of an Initial Public Offering,
the proviso following the first sentence in Section 7(c) shall be
removed and Section 7(c) shall be amended and restated in its
entirety as follows:
“(c)
Termination Without Cause . If FGX US or any of its
subsidiaries, as applicable, terminates the Optionee’s
employment with FGX US or such subsidiary without Cause, then
(i) the vesting of the portion, if any, of this Option that
has not vested as of the date of such termination but would have
vested on or prior to December 31 of the year in which such
termination occurs under Section 3(b) (the “ Accelerated
Portion ”) shall be accelerated, and the Accelerated
Portion shall become immediately exercisable as of the date of such
termination, (ii) the Accelerated Portion, together with the
portion of
