Exhibit 10.1






Exhibit 10.1






October 17, 2008



Rodney Schriver


A.C. Moore Arts & Crafts, Inc.


130 A.C. Moore Drive


Berlin, NJ 08009



Dear Rod:



The Company has determined that it is in its best interests to have your continued dedication to the Company and
agrees to provide you with the following severance terms.



1. Severance . If your employment is terminated at any time by the Company without cause, you will
receive severance payments in the amount of six (6) months’ compensation at your then current rate, less any required
withholdings or authorized deductions, in equal monthly installments. Cause includes but is not limited to your
failure to perform substantially your duties with the Company as determined by the Company or illegal conduct or gross
misconduct in violation of the Company’s Code of Ethical Business Conduct.



2. Release. No payment of any sum pursuant to Section 1 above will be made unless and until you shall
have executed and delivered to the Company a release of any and all claims against the Company and its subsidiaries
(and their respective present and former officers, directors, employees and agents), all in form and substance as
provided by counsel to the Company (the “Release”) and any waiting period or revocation period provided by law for the
effectiveness of the Release shall have expired without you having revoked the Release.



3. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior
written consent of the Company and you, and no course of conduct or failure or delay in enforcing the provisions of
this Agreement shall affect the validity, binding effect or enforceability of this Agreement.



4. Interpretation. All issues and questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of
New Jersey, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of
New Jersey or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the
State of New Jersey.



5. Confidentiality. You agree to keep the terms of this Agreement strictly confidential. You may only
disclose the information in this Agreement to your immediate family, attorney(s) or tax advisor(s) unless ordered to do
so by a duly authorized subpoena issued by an appropriate agency or court of law.



6. Miscellaneous.



(a) This Agreement is the entire agreement between you and the Company concerning the severance benefits granted
hereunder. If you are a party to an employment agreement or offer letter with the Company, you agree that in the case of a conflict between the employment agreement or offer
letter and this Agreement relating to severance, the terms of this Agreement will control.


 


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(b) Nothing in this Agreement confers any right to continued employment with the Company, or affects the Company’s
right to terminate your employment at any time, with or without notice, and with or without cause.



(c) This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of
which taken together constitute one and the same agreement.



(d) For purposes of this Agreement, Company shall mean either A.C. Moore Arts & Crafts, Inc. or A.C. Moore
Incorporated, as applicable.



[Signature page follows on next page.]




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Your signature below will constitute your agreement to the terms and conditions contained in this Agreement.

 

	 	 	 	 
	 	Sincerely,
	 
	 	By:	 	/s/ Amy Rhoades
	 	 
	 	 	 	Vice President and General Counsel









	 	 	 
	ACCEPTED:	 
	 
	/s/ Rodney Schriver	 
	 	 
	Associate Signature	 
	 
	Rodney Schriver	 
	 	 
	Printed Name	 





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