SAMSONITE CORP/FL
EX-10.30
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<TYPE>EX-10.30
<SEQUENCE>3
<FILENAME>a2133081zex-10_30.htm
<DESCRIPTION>EX-10.30
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;10.30  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="le1586_samsonite_corporation_employment_agreement"> </A>
<A NAME="toc_le1586_1"> </A>
<BR></FONT><FONT SIZE=2><B>SAMSONITE CORPORATION<BR>  EMPLOYMENT AGREEMENT    <BR>    </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS EMPLOYMENT AGREEMENT (this "</FONT><FONT SIZE=2><I>Agreement</I></FONT><FONT SIZE=2>") is made as of March&nbsp;2, 2004, between Samsonite Corporation, a
Delaware corporation (the "</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>"), and Marcello Bottoli ("</FONT><FONT SIZE=2><I>Executive</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Definitions</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Affiliate"
means, as applied to any specified Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person. For purposes
of the foregoing, "control," when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such
Person, whether through the ownership of Voting Stock, by contract or otherwise, and the terms "controlled" and "controlling" shall have meanings correlative to the foregoing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"COBRA"
means Part&nbsp;6 of Subtitle B of Title&nbsp;I of the Employee Retirement Income Security Act of 1974, as amended, and Section&nbsp;4980B of the Internal Revenue Code of
1986, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Person"
means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a governmental or political subdivision
or an agency or instrumentality thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Voting
Stock" means, with respect to any Person, any shares of stock or other equity interests of any class or classes of such Person, the holders of which are entitled under ordinary
circumstances
(irrespective of whether at the time stock or other equity interests of any other class or classes shall have or might have voting power by reason of the happening of any contingency) to vote for the
election of a majority of the directors, executives, trustees or other governing body of such Person. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Employment</I></FONT><FONT SIZE=2>. The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms
and conditions set forth in this Agreement for the period beginning on the date hereof and ending as provided in paragraph&nbsp;6 hereof (the "</FONT><FONT SIZE=2><I>Employment
Period</I></FONT><FONT SIZE=2>"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Position and Duties</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Executive
shall serve as Co-Chief Executive Officer of the Company until April&nbsp;15, 2004, at which time Executive shall become Chief Executive Officer
of the Company, and shall have the normal duties, responsibilities, functions and authority of the Chief Executive Officer, subject to the power and authority of the Company's Board of Directors (the
"Board") to expand or limit such duties, responsibilities, functions and authority and to overrule actions of officers of the Company. During the Employment Period, Executive shall render such
administrative, financial and other executive and managerial services to the Company and its Subsidiaries that are consistent with Executive's position as the Board may from time to time direct. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Executive
shall report directly to the Board and Executive shall devote his best efforts and substantially all of his business time and attention (except for permitted
vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of the Company and its Subsidiaries. Executive shall perform his duties, responsibilities and
functions to the Company and its Subsidiaries hereunder to the best of his abilities in a diligent, trustworthy, professional and efficient manner and shall comply with the Company's and its
Subsidiaries' policies and procedures in all material respects. In performing his duties and exercising his authority under the Agreement, Executive shall support and implement the business and
strategic plans approved from time to time by the Board and shall support and cooperate with the Company's and its Subsidiaries' efforts to expand their businesses and operate profitably and in
conformity with the business and strategic </FONT></P>

</UL>
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<P><FONT SIZE=2>plans
approved by the Board. So long as Executive is employed by the Company, Executive shall not, without the prior written consent of the Board, actively engage in any other employment, occupation
or consulting for any direct or indirect compensation; provided that Executive may continue to serve in his current capacity on the board of directors of the Italian company, Ratti, so long as such
service does not require Executive to spend more than 7&nbsp;days per annum engaged in such activities (the "</FONT><FONT SIZE=2><I>Ratti Days</I></FONT><FONT SIZE=2>"). Executive's place of work
shall be initially Oudenaarde, Belgium, except for travel reasonably required for Company business. Subject to paragraph&nbsp;6(i), Executive acknowledges and agrees that once a permanent
operational headquarters has been established for the Company by the Board (the "</FONT><FONT SIZE=2><I>Headquarters</I></FONT><FONT SIZE=2>") that he will relocate to the Headquarters and that the
terms of this Agreement shall continue after such relocation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, "</FONT><FONT SIZE=2><I>Subsidiaries</I></FONT><FONT SIZE=2>" shall mean any corporation or other entity of which the securities or
other ownership interests having the voting power to elect a majority of the board of directors or other governing body are, at the time of determination, owned by the Company, directly or through one
of more subsidiaries. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Compensation and Benefits</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;During
the Employment Period, Executive's base salary shall be &euro;300,000 per annum and shall be subject to the review by the Board on an annual basis
commencing January&nbsp;1, 2005 (as adjusted from time to time, the "</FONT><FONT SIZE=2><I>Base Salary</I></FONT><FONT SIZE=2>"), which salary shall be payable by the Company in regular
installments in accordance with the Company's general payroll practices (in effect from time to time) and shall be subject to such withholdings as may be required by law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;During
the Employment Period, the Company shall reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and
responsibilities under this Agreement that are consistent with the Company's policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the
Company's requirements with respect to reporting and documentation of such expenses. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;In
addition to the Base Salary, during the Employment Period, Executive will be eligible to earn an annual bonus of up to &euro;600,000 (subject to such
withholdings as may be required by law) per annum based on the assessment of the compensation committee of the Board (the "</FONT><FONT SIZE=2><I>Compensation Committee</I></FONT><FONT SIZE=2>") with
respect to Executive's performance during such year as measured against performance targets to be agreed between the Board and Executive on an annual basis. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;In
addition to (but without duplication of) the Base Salary, any bonuses and other compensation payable to Executive pursuant to this paragraph, Executive shall be
entitled to the following benefits, to
be provided by the Company or, at the Company's election, its Subsidiaries, during the Employment Period: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;group
medical insurance and other employee benefit plans adopted by the Board (or appropriate committee thereof) for participation by Executive subject to the terms and
conditions of such plans; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;during
2004, reimbursement for reasonable premium payments made by Executive to his current medical insurance provider; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;retirement
benefit contributions, including 401(k)&nbsp;contributions, salaried pension plan, supplemental retirement plan and/or other customary forms of such
benefits on the same basis as other senior executive employees of the Company provided that for the purposes of calculating such pension benefits Executive shall be deemed to have base salary equal to
one and one-third times his base salary; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;reimbursement
for reasonable travel costs to and from Oudenaarde, Belgium for the period in which Executive's place of work is Oudenaarde (with such reimbursement made
to </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>Executive
in accordance with Company policy with respect to reimbursement of expenses) in an aggregate amount not to exceed Euro 25,000; </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;a
housing allowance for the period during which Executive's place of work is Oudenaarde (with such reimbursement made to Executive in accordance with Company policy with
respect to reimbursement of expenses) in an aggregate amount not to exceed Euro 25,000; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;reimbursement
for the use of an automobile for business purposes (with such reimbursement made to Executive in accordance with Company policy with respect to
reimbursement of expenses) in an aggregate amount not to exceed Euro 25,000; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;four
paid weeks of vacation per year during the Employment Period (excluding the Ratti Days), to be accrued and taken in accordance with the Company's normal vacation
policy applicable to senior executive employees. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
agrees to work in good faith with the Company to minimize expenses relating to the forgoing benefits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, during the Employment Period, Executive shall be entitled to participate in all of the Company's employee benefit programs for which senior executive employees of the
Company and its Subsidiaries are generally eligible. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Board Membership</I></FONT><FONT SIZE=2>. With respect to all regular elections of directors during the Employment Period, after termination of
the Samsonite Corporate Therapeutics, as adopted pursuant to the Stipulation of Settlement dated as of April&nbsp;28, 2000, by and among the Company and certain third parties thereto, the parties
acknowledge that it is the intention of the parties that the Company shall cause Executive to be nominated to, and Executive shall if elected serve as a member of, the Board. Upon the termination or
expiration of the Employment Period, Executive shall resign as a director of the Company and its Subsidiaries, as the case may be. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Term</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The
Employment Period shall continue for an indefinite period; provided that the Employment Period shall terminate (i)&nbsp;immediately upon Executive's death or
Disability, or (ii)&nbsp;upon 45&nbsp;days prior written notice (a "</FONT><FONT SIZE=2><I>Notice Period</I></FONT><FONT SIZE=2>") upon Executive's resignation (with or without Good Reason, as
defined below), or (iii)&nbsp;immediately upon the Board's determination in its good faith judgment that termination of Executive's employment for Cause (as defined below) is in the best interests
of the Company, or (iv)&nbsp;upon 45&nbsp;days prior written notice (also a "</FONT><FONT SIZE=2><I>Notice Period</I></FONT><FONT SIZE=2>") upon the Board's determination in its good faith
judgment that termination of Executive's employment without Cause is in the best interests of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;If
the Employment Period is terminated (1)&nbsp;by the Company without Cause (other than as a result of Executive's Disability) or (2)&nbsp;upon Executive's
resignation with Good Reason, Executive shall be entitled to: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;his
Base Salary through the date of termination or resignation; and </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;any
bonus amounts to which Executive is entitled through the date of the initiation of the Notice Period, measured and paid at the end of the annual period specified in
and the pursuant to the criteria set forth in paragraph&nbsp;4(c), as determined by reference to&nbsp;years that ended on or prior to the earlier of the date of the initiation of the Notice
Period, if applicable, or the date of termination or resignation. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;If
the Employment Period is terminated by the Company without Cause (other than as a result of Executive's Disability), then, in addition to
paragraph&nbsp;6(b)&nbsp;above, Executive shall be entitled to an amount equal to twenty-four (24)&nbsp;months of Executive's Base Salary and eighteen </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>(18)&nbsp;months
of bonus, in each case calculated as the average of Base Salary and bonus paid by the Company to Executive during the previous 3-year period (or, if Executive has not
yet been employed by the Company for a 3-year period, as the average of the entire period during which Executive has been employed by the Company) (the "</FONT><FONT SIZE=2><I>Severance
Compensation</I></FONT><FONT SIZE=2>"), which shall be payable in a lump sum in cash within 30&nbsp;days after the date the Employment Period is terminated if and only if Executive has executed and
delivered to the Company a general release (other than with respect to those matters as may arise from Executive's direct or indirect ownership of shares of the Company, Executive's rights to
statutory benefits after termination such as COBRA, and Executive's other rights on termination as contained herein) in form and substance satisfactory to the Company and only so long as Executive has
not breached the provisions of paragraphs 7 and 8 hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;If
the Employment Period is terminated (1)&nbsp;by the Company for Cause, (2)&nbsp;due to Executive's death or Disability or (3)&nbsp;by Executive's resignation
without Good Reason, Executive, or his estate, as applicable, shall be entitled to receive (i)&nbsp;his Base Salary through the date of termination or resignation and (ii)&nbsp;any bonus amounts
to which Executive is entitled determined by reference to&nbsp;years that ended on or prior to the date of termination or resignation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided herein, Executive shall not be entitled to any other salary, bonuses, employee benefits or compensation from the Company or its
Subsidiaries after the termination or expiration of the Employment Period and all of Executive's rights to salary, bonuses, employee benefits and other compensation hereunder which would have accrued
or become payable after the termination or expiration of the Employment Period (other than vested retirement benefits accrued on or prior to the termination or expiration of the Employment Period or
other amounts owing hereunder as of the date of such termination or expiration that have not yet been paid) shall cease upon such termination or expiration, other than those expressly required under
applicable law (such as COBRA) or the terms of the relevant employee benefit plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Company may offset any amounts Executive owes it or its Subsidiaries against any amounts it owes, or its Subsidiaries owe, Executive hereunder, subject to any
requirements of applicable law. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, "</FONT><FONT SIZE=2><I>Cause</I></FONT><FONT SIZE=2>" means (i)&nbsp;the engaging by Executive in gross negligence or wilful
misconduct that is injurious to any of the Company, its Subsidiaries or its Affiliates, (ii)&nbsp;the embezzlement or misappropriation of funds or property of the Company or any of its Subsidiaries
or Affiliates by Executive or the conviction of Executive of a felony or the entrance of a plea of guilty or nolo contendere by Executive to a felony, (iii)&nbsp;the wilful failure or refusal by
Executive to substantially perform his duties or responsibilities that continues after being brought to the attention of Executive (other than any such failure resulting from Executive's incapacity
due to Executive becoming Disabled),
(iv)&nbsp;conduct causing the Company or any of its Subsidiaries or Affiliates substantial public disgrace or disrepute, (v)&nbsp;any act or omission aiding or abetting a competitor, supplier or
customer of the Company or any of its Subsidiaries or Affiliates to the material disadvantage or detriment of the Company or any of its Subsidiaries or Affiliates, (vi)&nbsp;any other material
breach of Executive's employment agreement or terms of employment, as applicable, which is not cured to the Board's reasonable satisfaction, after written notice to Executive and opportunity to cure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;Executive
will be "</FONT><FONT SIZE=2><I>Disabled</I></FONT><FONT SIZE=2>" or deemed to have a "</FONT><FONT SIZE=2><I>Disability</I></FONT><FONT SIZE=2>" only if the
Board determines in good faith, based on medical evidence acceptable to it, that Executive has become physically or mentally disabled or incapacitated during his employment for a continuous period of
at least ninety (90)&nbsp;days to such an extent that he shall be unable to perform his duties. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, "</FONT><FONT SIZE=2><I>Good Reason</I></FONT><FONT SIZE=2>" shall mean, so long as Executive has not been guilty of (a)&nbsp;engaging
in willful misconduct that is materially injurious to the Company or any of its Subsidiaries, (b)&nbsp;the embezzlement or misappropriation of funds or property of the Company or any of its
Subsidiaries or the conviction of Executive of a felony or the entrance of a plea of guilty by Executive to a felony or (c)&nbsp;the failure or refusal by Executive to devote his full business time
and attention to the performance of Executive's duties and responsibilities pursuant to Executive's employment or similar agreement with the Company and/or any of its Subsidiaries, Executive resigns
from employment with the Company as a result of one or more of the following reasons: (i)&nbsp;within 24&nbsp;months from the commencement of the Employment Period the Board has not resolved that
the Headquarters will be located in a "major" European city or its environs (an "</FONT><FONT SIZE=2><I>Acceptable Location</I></FONT><FONT SIZE=2>"), or has resolved that the Headquarters will not
be located in an Acceptable Location (the "</FONT><FONT SIZE=2><I>Affirmative Decision</I></FONT><FONT SIZE=2>"), provided that written notice of Executive's resignation must be delivered to the
Company within twelve (12)&nbsp;months of the earlier of the expiration of such 24-month period or the date of the Affirmative Decision in order for Executive's resignation with Good
Reason to be effective hereunder, (ii)&nbsp;the assignment to Executive by the Company of duties inconsistent with Executive's position, duties or responsibilities as in effect on the date hereof,
including, but not limited to, any material reduction in such position, duties or responsibilities or material change in his title, or (iii)&nbsp;any material breach by the Company (or its
successors) of this Agreement, in each case set forth above which is not cured to Executive's reasonable satisfaction within 15&nbsp;days after written notice thereof to the Company; provided that
written notice of Executive's resignation must be delivered to the Company within 45&nbsp;days after the occurrence (or, 15&nbsp;days after the date upon which Executive is aware, after due
inquiry, of such breach, if later) of any such material breach in order for Executive's resignation with Good Reason to be effective hereunder, provided that in each case of clauses (i),
(ii)&nbsp;or (iii)&nbsp;of this paragraph&nbsp;6(i), Executive did not give prior written consent, which consent may be withheld in Executive's sole discretion. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Confidential Information</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Unless
otherwise required by law or judicial process, Executive shall keep confidential all Confidential Information known to Executive concerning the Company, its
Subsidiaries, or its Affiliates and their respective businesses during the Employment Period and for the shorter of three (3)&nbsp;years following the termination of the Employment Period or until
such information is publicly disclosed by the Company or otherwise becomes publicly disclosed other than through Executive's actions; provided that Executive shall provide notice to the Company in
advance of any disclosure required by law or judicial process in a timely manner to permit the Company to oppose such compelled disclosure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;For
purposes of this Agreement, "</FONT><FONT SIZE=2><I>Confidential Information</I></FONT><FONT SIZE=2>" shall mean proprietary information of the Company, its
Subsidiaries or its Affiliates of any nature and in any form or information about the Company's, its Subsidiaries' or its Affiliates' business, operations, strategy, personnel or plans which is not
made publicly available by the Company, its Subsidiaries or its Affiliates, except for information independently developed by Executive without any use of Confidential Information or which was at the
time of disclosure to Executive part of the public domain or thereafter becomes generally part of the public domain other than through Executive's actions, or which Executive can demonstrate was
lawfully in Executive's possession prior to disclosure to Executive by the Company or was lawfully received by Executive after disclosure from a third party. For the avoidance of doubt, after the
Non-compete Period defined below, or if the Company shall not make the written election provided for in paragraphs 8(b)(i)&nbsp;or 8(b)(ii)&nbsp;below, as applicable, the provisions of
paragraph&nbsp;7(a)&nbsp;shall not be construed to prevent Executive from taking any employment on grounds that Executive possesses general or specific knowledge of any such Confidential
Information. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Upon
termination of Executive's employment for any reason, Executive shall return all property belonging to the Company, its Subsidiaries or its Affiliates, as
applicable, including any and all Confidential Information in Executive's possession or under his control. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Non-compete</I></FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Executive
agrees that during the Employment Period and for a period of one (1)&nbsp;year thereafter (the "</FONT><FONT SIZE=2><I>Non-compete
Period</I></FONT><FONT SIZE=2>"), Executive shall not, directly or indirectly, as a principal, officer, director, employee or in any other capacity whatsoever, without the prior written consent of the
Company, engage in, or be or become interested or acquire any ownership of any kind in, or become associated with, or make loans or advance property to any person engaged in or about to engage in, any
business activity that is in competition with any of the businesses engaged in by the Company or its Subsidiaries during the Employment Period, or in which, during the Employment Period, the Company
or its Subsidiaries made preparations to engage, in any of the geographic areas in which such businesses are then conducted by the Company or its Subsidiaries, have been conducted by the Company or
its Subsidiaries during the twelve&nbsp;months preceding the termination of the Employment Period, or in which the Company or its Subsidiaries conducts business during the Non-compete
Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Unless
Executive's employment is terminated by the Company for Cause or the Company delivers to Executive its written election terminating the Non-Compete
Period, Executive's obligations under paragraph&nbsp;8(a)&nbsp;above shall be subject to payment of compensation by the Company to Executive during the Non-compete Period, determined
as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if
Executive's employment is terminated by the Company without Cause, the Company shall pay to Executive monthly, in addition to any Severance Compensation, a pro rata
portion of his annual salary, calculated as the average of Executive's salary compensation during the previous 3-year period (or, if Executive has not yet been employed by the Company for
a 3-year period, the average of the entire period during which Executive has been employed by the Company); or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;if
Executive's employment is terminated by Executive with or without Good Reason, the Company shall pay to Executive monthly a pro rata portion of his annual salary,
calculated as the average of Executive's salary compensation during the previous 3-year period (or, if Executive has not yet been employed by the Company for a 3-year period,
the average of the entire period during which Executive has been employed by the Company), plus, provided that Executive still owns directly or indirectly any 2003 convertible preferred stock of the
Company or shares of common stock of the Company resulting from the (a)&nbsp;exercise of options granted by the Company on or from the date hereof or (b)&nbsp;conversion of 2003 convertible
preferred stock of the Company, the greater of his average bonus during the previous 3&nbsp;year period or 50% of his allocated bonus. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
payment specified in paragraphs 8(b)(i)&nbsp;and 8(b)(ii)&nbsp;is a "</FONT><FONT SIZE=2><I>Non-compete Payment</I></FONT><FONT SIZE=2>." </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;The
Non-compete Payment will cease on the earlier of (i)&nbsp;the effective date of the Company's written election to Executive terminating the
Non-compete Period; (ii)&nbsp;Executive's acceptance of alternative employment or engagement in business activity, which does not violate Executive's obligations under this
paragraph&nbsp;8, in either case for monetary compensation equal to or greater than 100% of Executive's prior year Base Salary (provided that service on a board of directors shall not be deemed to
be engagement in business activity); or (iii)&nbsp;the end of the Non-compete Period. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Nothing
in this Agreement shall prevent Executive from making or holding any investment in any amount in securities traded on any national securities exchange or traded
in the over the counter market, provided said investments do not exceed one percent (1%) of the issued </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>and
outstanding stock of any one such corporation, and provided further that Executive has no active participation in the business of such corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;During
the Non-compete Period, Executive shall not directly or indirectly through another person or entity knowingly or intentionally (i)&nbsp;induce or
attempt to induce any person known to him to be an employee of the Company or its Subsidiaries to leave the employ of the Company or its Subsidiaries, or in any way interfere with the relationship
between the Company or its Subsidiaries and any employee thereof, (ii)&nbsp;hire any person known to him to have been an employee of the Company or its Subsidiaries at any time during the twelve
(12)&nbsp;months prior to the termination of the Employment Period or (iii)&nbsp;induce or attempt to induce any material customer, supplier, licensee, licensor, franchisee or other business
relation of the Company or its Subsidiaries to cease doing, or modify its, business with the Company or its Subsidiaries, or in any way interfere with the relationship between any such material
customer, supplier, licensee or business relation (known to him) and the Company or its Subsidiaries (including, without limitation, making any negative or disparaging statements or communications
regarding the Company or its Subsidiaries and/or its officers, directors, shareholders and employees). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If,
at the time of enforcement of this paragraph&nbsp;8, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under
circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the
court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law. Executive acknowledges that the restrictions contained in this
paragraph&nbsp;8 are reasonable and that he has reviewed the provisions of this Agreement with his legal counsel. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;This
paragraph&nbsp;8 will survive and continue in full force in accordance with its terms notwithstanding any termination of this Agreement. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Executive's Representations</I></FONT><FONT SIZE=2>. Except as set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;9</I></FONT><FONT SIZE=2>
attached hereto, Executive hereby represents and warrants to the Company that (i)&nbsp;the execution, delivery and performance of this Agreement by Executive do not and shall not conflict with,
breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, (ii)&nbsp;Executive is not a party to
or bound by any employment agreement, non-compete agreement or confidentiality agreement with any other person or entity and (iii)&nbsp;upon the execution and delivery of this Agreement
by the Company, this Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has consulted with
independent legal counsel regarding his rights and obligations under this Agreement and that he fully understands the terms and conditions contained herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Survival</I></FONT><FONT SIZE=2>. Paragraphs 6 through 23 shall survive and continue in full force in accordance with their terms notwithstanding
the expiration or termination of the Employment Period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Notices</I></FONT><FONT SIZE=2>. Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, sent by
reputable overnight courier service or mailed by first class mail, return receipt requested, to the recipient at the address below indicated: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices
to Executive: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Samsonite
Europe N.V.<BR>
Westering 17<BR>
9700 Oudenaarde<BR>
BELGIUM<BR>
Attention: Marcello Bottoli </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices
to the Company: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Samsonite
Corporation<BR>
11200 East 45th Street<BR>
Denver, Colorado 80239<BR>
UNITED STATES OF AMERICA<BR>
Facsimile: +1 (303)&nbsp;373-6606<BR>
Attention: General Counsel </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a copy to: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Kirkland&nbsp;&amp;
Ellis International LLP<BR>
Tower 42<BR>
25 Old Broad Street<BR>
London EC2N 1HQ<BR>
UNITED KINGDOM<BR>
Facsimile: +44 (0)20 7816 8800<BR>
Attention: James L. Learner </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>or
such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement shall be deemed
to have been given when so delivered, sent or mailed. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Severability</I></FONT><FONT SIZE=2>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or any action in any other jurisdiction, but this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Complete Agreement</I></FONT><FONT SIZE=2>. This Agreement, those documents expressly referred to herein and other documents of even date
herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral,
which may have related to the subject matter hereof in any way. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>No Strict Construction</I></FONT><FONT SIZE=2>. The language used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction shall be applied against any party. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Counterparts</I></FONT><FONT SIZE=2>. This Agreement may be executed in separate counterparts (including by means of facsimile), each of which is
deemed to be an original and all of which taken together constitute one and the same agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Successors and Assigns</I></FONT><FONT SIZE=2>. The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to Executive, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure
to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the
Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the "Company" for the purposes of this Agreement), but will not otherwise
be assignable, transferable or delegable by the Company. This Agreement will inure to the benefit of and be enforceable by Executive's personal or legal representatives, executors, administrators, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P><FONT SIZE=2>successors,
heirs, distributees and legatees, but otherwise will not otherwise be assignable, transferable or delegable by Executive. This Agreement is personal in nature and neither of the parties
hereto shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as otherwise expressly provided in this paragraph&nbsp;16. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Choice of Law</I></FONT><FONT SIZE=2>. All issues and questions concerning the construction, validity, enforcement and interpretation of this
Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law
rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Amendment and Waiver</I></FONT><FONT SIZE=2>. The provisions of this Agreement may be amended or waived only with the prior written consent of
the Company (as approved by the Board) and Executive, and no course of conduct or course of dealing or failure or delay by any party hereto in enforcing or exercising any of the provisions of this
Agreement (including, without limitation, the Company's right to terminate the Employment Period for Cause or, except as otherwise stated herein, Executive's right to terminate the Employment
Agreement for Good Reason) shall affect the validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Insurance</I></FONT><FONT SIZE=2>. The Company may, at its discretion, apply for and procure in its own name and for its own benefit life and/or
disability insurance on Executive in any amount or amounts considered advisable. Executive agrees to cooperate in any medical or other examination, supply any information and execute and deliver any
applications or other instruments in writing as may be reasonably necessary to obtain and constitute such insurance. Executive hereby represents that he has no reason to believe that his life is not
insurable at rates now prevailing for healthy men of his age. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Indemnification and Reimbursement of Payments on Behalf of Executive</I></FONT><FONT SIZE=2>. The Company and its respective Subsidiaries shall
be entitled to deduct or withhold from any amounts owing from the Company or any of its Subsidiaries to Executive any federal, state, local or foreign withholding taxes, excise tax, or employment
taxes ("</FONT><FONT SIZE=2><I>Taxes</I></FONT><FONT SIZE=2>") imposed with respect to Executive's compensation or other payments from the Company or any of its Subsidiaries or Executive's ownership
interest in the Company (including, without limitation, wages, bonuses, dividends, the receipt or exercise of equity options and/or the receipt or vesting of restricted equity). In the event the
Company or any of its Subsidiaries does not make such deductions or withholdings, Executive shall indemnify the Company and its Subsidiaries for any amounts paid with respect to any such Taxes,
together (if such failure to withhold was at the written direction of Executive or if Executive has not provided the Company with the information necessary to make such deductions or withholdings)
with any interest, penalties and related expenses thereto. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Waiver of Jury Trial</I></FONT><FONT SIZE=2>. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS
AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS
AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Corporate Opportunity</I></FONT><FONT SIZE=2>. During the Employment Period, Executive shall submit to the Board all business, commercial and
investment opportunities or offers presented to Executive or of which Executive becomes aware which relate to the business of the Company at any time during the Employment Period
("</FONT><FONT SIZE=2><I>Corporate Opportunities</I></FONT><FONT SIZE=2>"). Unless approved by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities on
Executive's own behalf. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Executive's Cooperation</I></FONT><FONT SIZE=2>. During the Employment Period and thereafter, Executive shall cooperate with the Company and its
Subsidiaries in any internal investigation or administrative, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2>regulatory
or judicial proceeding as reasonably requested by the Company (including, without limitation, Executive being available to the Company upon reasonable notice for interviews and factual
investigations, appearing at the Company's request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning
over to the Company all relevant documents which are or may come into Executive's possession, in all cases by providing truthful and accurate information and all at times and on schedules that are
reasonably consistent with Executive's other permitted activities and commitments). In the event the Company requires Executive's cooperation in accordance with this paragraph, solely in recognition
of Executive's time and expenses he may incur, the Company shall pay Executive a per diem reasonably determined by the Board and reimburse Executive for reasonable expenses incurred in connection
therewith (including lodging and meals, upon submission of receipts, and reasonable attorneys' fees, except in relation to matters as to which Executive is liable for negligence or misconduct). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>*
* * * * </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>IN WITNESS WHEREOF,</B></FONT><FONT SIZE=2> the parties hereto have executed this Employment Agreement as of the date first written above. </FONT></P>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><FONT SIZE=2><B>SAMSONITE CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
Its:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="45%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2><B>MARCELLO BOTTOLI</B></FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 9<BR>
EMPLOYMENT AGREEMENT DATED AS OF MARCH&nbsp;2, 2004 BETWEEN<BR>
SAMSONITE CORPORATION AND MARCELLO BOTTOLI  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive is subject to certain confidentiality and non-solicitation obligations related to his previous employment with MOET HENNESY LOUIS VUITTON
("LVMH") and its subsidiaries, under the contract provisions set forth below. The French text set forth below is the official text of the subject agreements and the English translation is unofficial. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality
provision under employment agreement dated May&nbsp;10th, 2001: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Secret
professionnel </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le
titulaire accepte de garder confidentiel pendant toute la dur&eacute;e de l'emploi, ainsi qu'apr&eacute;s, tout ce dont il pourrait avoir eu connaissance en raison de
ses fonctions. Cela inclut en particulier toute information concernant des produits existants ou futurs, les services offerts ou utilis&eacute;s par la Societ&eacute;, toute
information concernat les strategies de la Soci&eacute;t&eacute; sur les produits, les ventes, couts, prix, organigrammes, clients, fournisseurs, etc. Toute exception a cette
obligation de secret professionnel est soumise &agrave; l'approbation pr&eacute;alable et &eacute;crite de la Direction G&eacute;n&eacute;rale du Groupe". </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Professional
Secret </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
executive accepts to maintain confidential during the duration of the employment and beyond all that he could have come to know due to his functions. This includes in particular all
information regarding existing or future products, services offered or used by the Company, all information regarding company strategies on products, sales, costs, prices, organisation charts,
customers, suppliers, etc. Any exception to this obligation of professional secret has to be submitted to prior written approval by the General Management of the Group." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality
provision under document dated March&nbsp;13th, 2003: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Monsieur
Marcello Bottoli s'engage et ce sans limitation de dur&eacute;e, &agrave; ne pas reveler ni utiliser pour son compte ou pour le compte d'autrui, toutes
informations consid&eacute;r&eacute;es comme confidentielles par le Groupe. Par "informations confidentielles", il faut comprendre toutes les informations qui ne sont pas connues du
public, ou qui ne se trouvent pas dans le domaine public, et dont Monsieur Marcello Bottoli a eu connaissance en raison de ses fonctions depuis son entr&eacute;e dans le Groupe". </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Mr.&nbsp;Marcello
Bottoli commits without limitation of time not to reveal or use for himself or on behalf of third parties all information considered as confidential by the Group.
"Confidential information" is meant to be all information which are not known to the public or which is not in the public domain, which Mr.&nbsp;Marcello Bottoli has come to know due to his
functions since his joining the Group." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-solicitation
clause under employment agreement dated May&nbsp;10th, 2001, expiring December&nbsp;9, 2004: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Clause
de non-debauchage En cas de cessation du present contrat, et quelle qu'en soit la cause, le titulaire s'interdit, pendant une periode de 2 ans, de recruter ou de
favoriser le recrutement d'une fa&ccedil;on directe ou indirecte, d'un salari&eacute; du Groupe d'activit&eacute;s Mode et Maroquinerie&#151;LVMH, ou d'un ancien
salari&eacute; l'ayant quitt&eacute; depuis moins de 6 mois. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Non
solicitation clause </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case of termination of this agreement and regardless of the cause of termination, the executive is prohibited to hire or favor directly or indirectly the hiring of a Divisional (LVMH
Fashion&nbsp;&amp; Leather Goods </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Division)
employee or of a previous employee, having left the Division since less than 6&nbsp;months." </FONT></P>

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