Exhibit 10.2

 

[Date]

 

[Eligible Director]:

Dear [____]:

It is my pleasure to advise you that, in accordance with the Restated Directors
Stock Plan, you have been granted, effective [Date], an Option for an additional
[____] shares of Talbots common stock. 

The exercise price for each share of common stock subject to this Option is
$[____] per share, which was the closing price of the common stock on [Date], as
reported by the New York Stock Exchange.

This Option shall vest and become exercisable as follows:

_______________________________________________________________________

The term of this Option shall be ten (10) years and, subject to the other terms
and conditions of the Plan, will expire on [Date].

Upon the cessation of your service as a member of the Board of Directors, the
term during which this Option shall be exercisable shall continue for a period
of one year from the date you cease to be a member of the Board of Directors.

Sincerely,

 

ABZ/jmd

 

cc:   Richard T. O’Connell, Jr.     Secretary to the Board of Directors

 

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