Consent and Joinder Agreement among Jaclyn, Inc., Present Stockholders, and New Stockholders (June 6, 2006)

Summary

This agreement, dated June 6, 2006, is between Jaclyn, Inc., its current stockholders, and two new stockholders, John Halbreich and Bruce Cahill. It allows the new stockholders to join the existing Stockholders' Agreement, granting them the same rights and obligations as current stockholders. The agreement also updates the schedules to include the new members and confirms that all other terms of the original Stockholders' Agreement remain unchanged. The agreement is governed by New York law.

EX-10.1 3 ex10_1.txt EXHIBIT 10.1 EXHIBIT 10(l) ------------- CONSENT AND JOINDER AGREEMENT ----------------------------- CONSENT AND JOINDER AGREEMENT dated June 6, 2006 by and among JOHN HALBREICH, an individual with an address at PO Box 519, Alpine, NJ 07620 ("Halbreich"), BRUCE CAHILL, an individual with an address at 5 Emerson Road, Brookville, NY 11545 ("Cahill", and together with Halbreich, the "New Stockholders"), JACLYN, INC., a Delaware corporation with an address at 635 59th Street, West New York, New Jersey 07093 ("Jaclyn"), and the persons listed on the signature pages hereto (the "Present Stockholders"). BACKGROUND ---------- Jaclyn and the Present Stockholders are parties to an Amended and Restated Stockholders' Agreement dated as of May 12, 2003 (as amended to date, the "Stockholders' Agreement") pursuant to which, among other things, Jaclyn and the Present Stockholders have agreed to certain provisions relating to the voting and disposition of the shares of common stock, $1.00 par value per share (the "Common Stock") owned by them or as to which they may have or share the right to vote. Each of the New Stockholders desires to become a party to the Stockholders' Agreement and the Present Stockholders have agreed that the New Stockholders may become a party to the Stockholders' Agreement, all upon the terms and subject to the conditions set forth in this Consent and Joinder Agreement. NOW, THEREFORE, in consideration of the mutual covenants contained herein and in the Stockholders' Agreement, and for other good and valuable consideration, Jaclyn, the New Stockholders and the Present Stockholders hereby agree as follows: 1. Definitions. Capitalized terms used but not defined in this Consent and Joinder Agreement shall have the meanings assigned to those terms in the Stockholders' Agreement. 2. Joinder. Each of the New Stockholders hereby consents and agrees, effective as of the date hereof, to being added and obligated as a Stockholder under the Stockholders' Agreement and the Present Stockholders hereby consent and agree to the foregoing. 3. Amendments to Stockholders' Agreement. (a) All references to "Stockholder" or Stockholders" in the Stockholders' Agreement shall be deemed to include the New Stockholders, and the respective definitions of those terms are each hereby amended to include the New Stockholders. (b) Schedule A to the Stockholders' Agreement is hereby amended to add the name and address of the New Stockholders as follows: John Halbreich Bruce Cahill PO Box 519 5 Emerson Road Alpine, NJ 07620 Brookville, NY 11545 (c) Each of the New Stockholders shall be a member of the Robert Chestnov Stockholder Group and, in that regard, Schedule B to the Stockholders' Agreement is hereby amended to add the names "John Halbreich" and "Bruce Cahill" to the end of the page captioned "ROBERT CHESTNOV STOCKHOLDER GROUP". 4. Miscellaneous. (a) Except as amended hereby, the Stockholders' Agreement, and all documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect and are hereby ratified and confirmed. (b) This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to principles of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). (c) This Agreement may be executed in two or more counterparts, each of which shall be considered to be an original, but all of which, when taken together, shall constitute one and the same instrument. (d) Headings in this Agreement are for reference purposes only and shall not be deemed to have any substantive effect. (e) Any signature received by facsimile or electronic transmission shall be deemed an original signature hereto. (remainder of page intentionally left blank) -2- IN WITNESS WHEREOF, Jaclyn, the New Stockholders and the Present Stockholders have executed this Consent and Joinder Agreement as of the day and year first above written. JACLYN, INC. By: /s/ ROBERT CHESTNOV --------------------------------- Name: Robert Chestnov Title: President /s/ JOHN HALBREICH ------------------------------------- John Halbreich /s/ BRUCE CAHIL ------------------------------------- Bruce Cahill (signatures continue on next page) -3- STOCKHOLDER SIGNATURES ---------------------- /s/ ABE GINSBURG /s/ DAVID HARTSTEIN - ----------------------------- ------------------------------- Abe Ginsburg David Hartstein /s/ SYLVIA GINSBURG /s/ AIMEE HARTSTEIN - ----------------------------- ------------------------------- Sylvia Ginsburg Aimee Hartstein /s/ HOWARD GINSBURG /s/ SCOTT HARTSTEIN - ----------------------------- ------------------------------- Howard Ginsburg Scott Hartstein - ----------------------------- Randi Zinz Ginsburg /s/ HOWARD GINSBURG /s/ RACHEL HARTSTEIN - ----------------------------- ------------------------------- Howard Ginsburg custodian for Rachel Hartstein Joshua Zinz Ginsburg /s/ HOWARD GINSBURG - ----------------------------- ------------------------------- Howard Ginsburg custodian for Marvin Schwartz Zachary Zinz Ginsburg /s/ HOWARD GINSBURG THE JACOB GINSBURG FOUNDATION - ----------------------------- Howard Ginsburg custodian for Alexa Zinz Ginsburg By: /s/ ABE GINSBURG ------------------------------ - ----------------------------- Print Name: Abe Ginsburg Bernice Gailing Schwartz Print Title: Director /s/ STEPHANIE DARA GAILING ABE AND SYLVIA GINSBURG FOUNDATION - ----------------------------- Stephanie Dara Gailing By: /s/ ABE GINSBURG ------------------------------ /s/ ERIC LEE GAILING Print Name: Abe Ginsburg - ----------------------------- Print Title: Director Eric Lee Gailing /s/ JACLYN HARTSTEIN - ----------------------------- Jaclyn Hartstein -4- STOCKHOLDER SIGNATURES ---------------------- NATMART LTD. /s/ MICKEY WOLF ---------------------------------- Mickey Wolf By: /s/ ALLAN GINSBURG - ----------------------------- /s/ MELISSA GINSBURG Print Name: Allan Ginsburg ---------------------------------- Print Title: General Partner Melissa Ginsburg /s/ NATALIE GINSBURG /s/ BONNIE SUE LEVY - ----------------------------- ---------------------------------- Natalie Ginsburg Bonnie Sue Levy for Jordyn Lichtstein, a minor /s/ BONNIE SUE LEVY - ----------------------------- Bonnie Sue Levy /s/ STEPHANIE ZUCKER ---------------------------------- /s/ JAMIE LEVY Stephanie Zucker - ----------------------------- Jamie Levy /s/ SHERRI ANN LEVY NATALIE AND MARTIN GINSBURG - ----------------------------- FOUNDATION Sherri Ann Levy /s/ ROBYN LEVY WOLF By: /s/ NATALIE GINSBURG - ----------------------------- ------------------------------ Robyn Levy Wolf Print Name: Natalie Ginsburg Print Title: /s/ ALLAN GINSBURG - ----------------------------- Allan Ginsburg ALLAN AND CAROLYN GINSBURG FOUNDATION /s/ CAROLYN GINSBURG - ----------------------------- Carolyn Ginsburg By: /s/ ALLAN GINSBURG ------------------------------ Print Name: Allan Ginsburg /s/ GREGORY GINSBURG Print Title: President - ----------------------------- Allan Ginsburg, custodian for Gregory Ginsburg /s/ KATHRYN ASHLEY GINSBURG - ----------------------------- Allan Ginsburg custodian for Kathryn Ashley Ginsburg /s/ JEFFREY GINSBURG - ----------------------------- Jeffrey Ginsburg /s/ KENNETH GINSBURG - ----------------------------- Kenneth Ginsburg -5- STOCKHOLDER SIGNATURES ---------------------- /s/ ROBERT CHESTNOV ALEX CHESTNOV MEMORIAL - ----------------------------- FOUNDATION Robert Chestnov /s/ SHEILA CHESTNOV By: /s/ ROBERT CHESTNOV - ----------------------------- ------------------------------ Sheila Chestnov Print Name: Robert Chestnov Print Title: Trustee /s/ SHEILA CHESTNOV - ----------------------------- Sheila Chestnov custodian for /s/ STEPHANIE CHESTNOV Robyn Jill Chestnov ---------------------------------- Stephanie Chestnov /s/ SHEILA CHESTNOV /s/ RICHARD CHESTNOV - ----------------------------- ---------------------------------- Sheila Chestnov custodian for Richard Chestnov for Alexis Michael Steven Chestnov Chestnov, a minor /s/ HANNAH CHESTNOV - ----------------------------- ---------------------------------- Hannah Chestnov Mark Nitzberg /s/ RICHARD CHESTNOV - ----------------------------- Richard Chestnov, Trustee under Estate of Alex Chestnov-Non Marital Trust B /s/ ROBERT CHESTNOV - ----------------------------- Robert Chestnov, Trustee under Estate of Alex Chestnov-Non-Marital Trust B /s/ RICHARD CHESTNOV - ----------------------------- Richard Chestnov /s/ NEIL SCHILLER - ----------------------------- Neil Schiller /s/ ROBYN SCHILLER - ----------------------------- Robyn Schiller -6-