Document:

Exhibit 10.1 Crevoiserat Employment Agreement

April 3, 2014                                            

                    
Joanne C. Crevoiserat
14125 N. Pine Bluff Road
Mequon, WI  53097

Dear Joanne:                                                                                                   

We are thrilled that you are considering joining Abercrombie & Fitch (A&F) and we are pleased to extend the following offer of employment:
	
			
	Position
	 
	Executive Vice President - Finance and Chief Financial Officer

	Start Date
	 
	May 5, 2014

	Base Salary
	 
	$715,000 annually; paid bi-weekly
Annual salary adjustments based on:
(1)    Your performance
(2)    Economic factors (i.e. business conditions, inflation, job market, etc.)
The next salary review will be in March 2015.

	Benefits
	 
	You will be eligible to participate in various A&F benefit programs as set forth in this letter and other relevant documents.  All benefit programs are subject to change in accordance with A&F’s policies and procedures.

	Sign-On Bonus
	 
	Upon your commencement of employment, A&F will provide you a one-time sign-on bonus of $125,000.  This sign-on bonus (less applicable taxes and other withholdings) will be made along with your first regular paycheck. In order to obtain this payment, you will be required to sign an agreement to repay the sign-on bonus in full if you resign without Good Reason (as defined later) or are terminated for gross misconduct within thirty-six (36) months of your first day of employment.

	Bonus Program
	 
	You will be eligible to participate in A&F’s Bonus Program at a target payout level of 75% of your annual base earnings and a maximum payout of 150% of your annual base earnings.  At the base salary quoted in this offer, your target annual payout is $536,250, and your maximum annual payout is $1,072,500.
Ÿ Bonus payouts will be based on A&F’s financial results and can vary from 0% to 200% of target payout level.  
Ÿ Your eligibility and participation level are dependent on your start date.  
Ÿ Annual payouts, if any, are generally paid following the completion of the twelve-month performance period. Except as otherwise provided herein, you must be an active associate on the payment date to receive a payout.

	
			
	Guaranteed Minimum Bonus Payout 
	 
	Except as otherwise provided herein, assuming that you are an active associate on the payout date, you will be guaranteed a minimum Bonus payout of $300,000 for Fiscal Year 2014.

Ÿ If actual Bonus performance is greater than this guarantee, the actual Bonus calculation will be paid.  
Ÿ If actual Bonus performance is less than this guarantee, the minimum Bonus payout will be paid.

In order to obtain this guaranteed minimum bonus payout, you will be required to sign an agreement to repay in full the difference between the actual bonus calculation and the guaranteed minimum if the actual performance is less than this guarantee and if you resign without Good Reason or are terminated for gross misconduct within twelve (12) months of the date of payout.

	Change of Control
	 
	In the event that the Company undergoes a Change of Control within the first year of your employment and your employment is not terminated by the Company, the Company agrees that your compensation and benefits in this offer will not be decreased or diminished prior to the one-year anniversary of your employment with the Company as long as you remain actively employed by the Company, its successor or assign.
In the event that the Company undergoes a Change in Control within the first year of your employment and your employment is subsequently terminated by the Company or your duties are diminished or your compensation is reduced from what is outlined in this letter, the following will apply:

	 
	 
	Ÿ The Company will continue your salary from your separation date through the first anniversary of your employment date.  This salary shall be paid in bi-weekly installments, less applicable taxes and other withholdings, consistent with the Company’s payroll practices.  In the event that the amount of salary continuation provided to you is less than six months, the Company will pay you the difference between six months of salary and the amount of salary already paid to you in one lump sum on the first anniversary of your employment date.
Ÿ During the period in which salary continuation is in effect, the Company will also provide you with medical benefits and life insurance on the same basis as applies to similarly situated active associates.
Ÿ The Company shall pay you the Guaranteed Minimum Bonus Payout for Fiscal Year 2014 set forth in this offer.
Ÿ With regard to the inducement and replacement equity grants referenced later in this letter, Management will recommend to the Compensation Committee of the Board of Directors that all such awards shall become fully vested in the event of a double-trigger Change in Control.

	 
	 
	For the purposes of this paragraph, a Change of Control will be defined consistent with the definition set forth in the 2005 Long-Term Incentive Plan.

In the event of your termination by the Company without Cause (as defined below) or by you for "Good Reason" (as defined below) before the first anniversary date of your employment date, the following will apply:

	 
	 
	-    The Company will continue your salary from your separation date through the first anniversary of your employment date.  This salary shall be paid in bi-weekly installments, less applicable taxes and other withholdings, consistent with the Company’s payroll practices.  In the event that the amount of salary continuation provided to you is less than six months, the Company will pay you the difference between six months of salary and the amount of salary already paid to you in one lump sum on the first anniversary of your employment date.
-    During the period in which salary continuation is in effect, the Company will also provide you with medical benefits and life insurance on the same basis as applies to similarly situated active associates.
-    The Company shall pay you the Guaranteed Minimum Bonus Payout for Fiscal Year 2014 set forth in this offer.
-      Subject to the execution of a release on a form satisfactory to the Company, on the first anniversary date of your employment date, the Company will provide you with a $4 million payment, less normal taxes and other withholdings, in lieu of all unvested equity awards which will be forfeited as a result of the termination of your employment.

	
			
	 
	 
	"Cause" shall mean: (I)  your conviction of, or entrance of a plea of guilty or nolo contendere to, a felony under federal or state law; or (ii) fraudulent conduct by you in connection with the business affairs of the Company; or (iii) your willful refusal to materially perform your executive duties hereunder; or (iv) your willful misconduct which has, or would have if generally known, a materially adverse effect on the business or reputation of the company; or (v) your material breach of a covenant, representation, warranty or obligation of you to the Company.   As to the grounds stated in the above mentioned clauses (iii), (iv), and (v), such grounds will only constitute “Cause” once the Company has provided you written notice and you have failed to cure such issue within 30 days.

	 
	 
	“Good Reason” shall mean, without your written consent: (i)  a reduction in your base salary or target bonus as in effect from time to time; or (ii) the Company materially reduces (including as a result of any co-sharing of responsibilities arrangement) your authority, responsibilities, or duties such that you no longer have the title of, or serve or function as, the chief financial officer of the Company, or (iii) the Company requires you to be based at a location in excess of thirty miles from the location of its principal executive office as of the effective date of your employment; or (iv) the Company fails to obtain the written assumption of its obligations to you by a successor no later than the consummation of a merger, consolidation or sale of the company; or (v) a material breach by the Company of its obligations to you; which in each of the circumstances described above, is not remedied by the Company within thirty days of receipt of written notice by you to the company.

In the event of your termination by the Company without Cause (as defined above) or by you for "Good Reason" (as defined above) after the first anniversary date of your employment date, but prior to the date when the equity replacement grant and the inducement equity grant referenced later in this letter would fully vest, the following will apply subject to the execution of a release on a form satisfactory to the Company:

	 
	 
	-   The Company will continue your salary from your separation date through the six month anniversary of your separation date.  This salary shall be paid in bi-weekly installments, less applicable taxes and other withholdings, consistent with the Company’s payroll practices.
-    During the period in which salary continuation is in effect, the Company will also provide you with medical benefits and life insurance on the same basis as applies to similarly situated active associates.
-    The Company shall pay you a pro-rated bonus that is calculated as follows: your target bonus for the fiscal year in which the termination occurs multiplied by a fraction where the numerator is the number of days in the fiscal year through the separation date and where the denominator is the total number of days in the fiscal year.  This bonus will be paid on the six month anniversary of your separation date.
-    An additional amount, less normal taxes and other withholdings, which would be in lieu of all unvested equity awards which will be forfeited as a result of the termination of your employment.  This additional amount will vary based on your separation date.  If your separation date occurs after 25% of your equity replacement grant and equity inducement grant have vested, but before 50% of such grants have vested, then the additional amount will be $3 million.  If your separation date occurs after 50% of such grants have vested, but before 75% of such grants have vested, then the additional amount will be $2 million.  If your separation date occurs after 75% of such grants have vested, but before 100% of such grants have vested, then the additional amount will be $1 million.  

	 
	 
	Should A&F provide Change in Control, No Cause and/or Good Reason termination benefits to the Chief Operating Officer and other Executive Vice Presidents during your first four years of employment, you would have a one-time right to waive participation in the above program and substitute the program that is made available to similarly situated associates.  If you elect to remain with the above program, A&F would offer you a one-time opportunity following the completion of four years of employment to participate in a Change in Control, No Cause and/or Good Reason termination benefits program that would then be available to newly hired, but otherwise similarly situated, associates.  Please note that there is no guarantee that A&F would have a Change in Control, No Cause and/or Good Reason termination benefits program in effect at the point in time when you would complete four years of employment.

	Relocation
	 
	You will be eligible for reimbursement of relocation expenses in accordance with the terms and conditions of the A&F Relocation Policy. All relocation benefits must be used by September 1, 2016. 

	
			
	 
	 
	Ÿ A&F will provide the following relocation assistance:
Ÿ Two (2) house hunting trips for your family.
Ÿ Temporary housing for up to two (2) months.
Ÿ Movement of household goods plus one automobile.
Ÿ Reasonable and customary closing costs toward the sale of current primary residence (up to $140,000).
Ÿ Reasonable and customary closing costs toward the purchase of a new primary residence in Central Ohio (up to $30,000).
Ÿ Subject to you providing proof of the purchase price of your current residence plus any documented capital improvements, A&F will provide equity protection up to $100,000.
Ÿ In the event that you incur a documented loss on the sale of your current residence that exceeds $100,000, you may request additional equity protection assistance from A&F up to $200,000. Subject to you providing proof of loss above $100,000, A&F will provide you with additional equity protection up to the specified maximum, with such additional equity protection being subject to a separate thirty-six (36) month repayment agreement. The maximum amount of base and supplemental equity protection is $300,000.
Ÿ Relocation expenses will be “grossed up” to offset Federal and State taxes.
Ÿ If you wish to have A&F pay your relocation expenses, you must sign an agreement to repay those expenses in full if you resign without Good Reason or are terminated for gross misconduct within twenty-four (24) months of your first day of employment.

	Relocation Bonus
	 
	A&F will provide you with a one-time bonus payment of $25,000 for miscellaneous relocation costs and to assist with periodic pre-relocation travel costs between your residence in Wisconsin and your work location in Ohio. This bonus (less applicable taxes and other withholdings) will be made along with your first regular paycheck. In order to obtain this payment, you will be required to sign an agreement to repay the relocation bonus in full if you resign without Good Reason or are terminated for gross misconduct within thirty-six (36) months of your first day of employment.

	2014 Equity Grants
	 
	Management will recommend that the 2014 Inducement Grants and Equity Replacement Grants described later in this letter be considered by the Compensation Committee of the Board of Directors at its first regularly scheduled meeting following your date of hire.  If you begin your A&F employment on May 5, 2014, the next currently scheduled regular meeting of the Compensation Committee of the Board of Directors is
May 21, 2014.

	2014 Inducement Grant - Stock Appreciation Rights (SARs)
	 
	Subject to the approval of the Compensation Committee of the Board of Directors or its designee and subject to the terms and conditions of the grant, you will receive SARs covering 75,000  A&F shares of Class A Common stock.  The grant price for the SARs will be determined according to Abercrombie & Fitch’s Equity Grant Policy. Subject to continued employment with A&F, the SARs will vest and become exercisable on each anniversary of the grant date in accordance with the following schedule:

    	
							
	Year 1
	 
	Year 2
	 
	Year 3
	 
	Year 4

	25%
	 
	25%
	 
	25%
	 
	25%

	
			
	2014 Inducement Grant - Restricted Stock Units (RSUs)
	 
	Subject to the approval of the Compensation Committee of the Board of Directors or its designee and subject to the terms and conditions of the grant, you will receive 15,000 A&F RSUs. The date of the grant will be determined according to Abercrombie & Fitch’s Equity Grant Policy. Upon vesting, one RSU converts to one share of A&F stock.  Subject to continued employment with A&F, these RSUs will vest on each anniversary of the grant date in accordance with the following 4-year vesting schedule:

    	
							
	Year 1
	 
	Year 2
	 
	Year 3
	 
	Year 4

	25%
	 
	25%
	 
	25%
	 
	25%

	
			
	Equity Replacement Grant -Stock Appreciation Rights (SARs)
	 
	Subject to the approval of the Compensation Committee of the Board of Directors or its designee and subject to the terms and conditions of the grant, you will receive SARs covering 15,000 A&F shares of Class A Common stock.  The grant price for the SARs will be determined according to Abercrombie & Fitch’s Equity Grant Policy. Subject to continued employment with A&F, the SARs will vest and become exercisable on each anniversary of the vest date in accordance with the following schedule:

    	
							
	Year 1
	 
	Year 2
	 
	Year 3
	 
	Year 4

	25%
	 
	25%
	 
	25%
	 
	25%

	
			
	Equity Replacement Grant -
Restricted Stock Units (RSUs)

	 
	Subject to the approval of the Compensation Committee of the Board of Directors or its designee and subject to the terms and conditions of the grant, you will receive 65,000 A&F RSUs. The date of the grant will be determined according to Abercrombie & Fitch’s Equity Grant Policy.  Upon vesting, one RSU converts to one share of A&F stock.  Subject to continued employment with A&F, these RSUs will vest on each anniversary of the vest from date in accordance with the following 4-year vesting schedule:

    	
							
	Year 1
	 
	Year 2
	 
	Year 3
	 
	Year 4

	25%
	 
	25%
	 
	25%
	 
	25%

	
			
	Annual Equity Grants (2015 and beyond)
	 
	In March 2015, subject to satisfactory performance and continued employment, Management will recommend to the Compensation Committee of the Board of Directors an equity grant:
Ÿ consistent with others at similar levels to the position described in this offer; and,
Ÿ based on your performance rating and the Company’s stock price.

Grants in the past have included a mixture of Restricted Stock Units, Stock Appreciation Rights and Performance Share Awards.  The vesting schedules will be consistent with other grants made during the 2015 Annual Equity Grant process.  Assuming that you are in good standing on the equity award date, Management will recommend an award with an accounting value of no less than $1.5 million.

After 2015, subject to satisfactory performance and continued employment, Management will recommend to the Compensation Committee of the Board of Directors, grants consistent with others at similar levels to the position described in this offer.  These grants will also be based on your performance rating and the Company’s stock price.  The vesting schedules will be consistent with other grants made during each Equity Grant process.  

	
			
	A&F Qualified Savings
	 
	After one year of employment, you will be eligible to participate in the Abercrombie & Fitch Co. Savings and Retirement Plan.  As a participant in this plan, you will be eligible to defer up to 50% of your base salary and Bonus payouts, or up to the IRS maximum annual deferral limit ($17,500 for 2014), whichever is less.  The first 3% of your base salary and Bonus payouts that you defer into this plan will be matched by A&F at 100%. The next 2% of your base salary and Bonus payouts that you defer into this plan will be matched at 50%. 

The maximum level of pensionable compensation allowed by the IRS is $260,000 for 2014.  At the base salary and Bonus target quoted in this offer, and assuming at least a 5% base salary and Bonus target deferral into the plan, this would result in an annual company match of $10,200. Company matching contributions and earnings are always 100% vested.

	
			
	A&F Non-Qualified
Savings Plan
	 
	After 30 days of employment, you will be eligible to participate in the Abercrombie & Fitch Co. Non-Qualified Savings Plan. This plan will allow you to defer up to 75% of your base salary each year, and up to 75% of your Bonus payouts.  The company will match the first 3% that you defer on a dollar for dollar basis.  At the base salary and Bonus target quoted in this offer, this would result in a company match of $36,750 on a 3% base and Bonus target deferral. Company contributions and earnings vest 100% after 5 years of continuous service on the anniversary date of employment.

	
			
	Healthcare Coverage
	 
	After one month of employment you will be eligible to participate in our Healthcare Benefit plans. The current associate contribution required for these benefits is as follows:

    	
			
	                      
	Medical/Dental
	Vision

	Single Coverage
	$ 31.95 bi-weekly
	$ 2.20 bi-weekly

	Single (+) One     
	$ 66.95 bi-weekly
	$ 4.40 bi-weekly

	Family Coverage     
	$ 103.95 bi-weekly
	$ 6.80 bi-weekly

	
			
	Life & Disability Insurance
	 
	After one month of employment, you will automatically be enrolled in A&F’s Life & Disability Insurance plans.

	Flexible Spending Account
(FSA)
	 
	After one month of employment, you will be eligible to participate in A&F’s Flexible Spending Account (FSA) plan.  FSAs allow you to save money by paying for certain healthcare and childcare expenses with pre-tax dollars via automatic payroll deductions.

	Associate Assistance
Program (AAP)
	 
	After one month of employment, you will automatically be enrolled in A&F’s AAP.  The AAP gives you or any covered dependents access to free, confidential psychological, financial or legal counseling through our AAP provider.  Up to 8 free visits, per specific issue, are available through the AAP.

	A&F Gym
	 
	Effective upon hire, you will be eligible to join The A&F Gym, our state of the art 8,000 square foot on-site fitness facility.  The cost of membership is only $5.00 per bi-weekly pay period, which is paid via automatic payroll deduction after you enroll.

	Merchandise Discount
	 
	You will receive a discount of 40% on qualifying purchases at all Abercrombie & Fitch, abercrombie, and Gilly Hicks stores.  You will also receive a discount of 30% on qualifying purchases at all Hollister Co. stores.

	Vacation/Personal Holidays
	 
	You will be eligible for 25 vacation days and 3 personal days per fiscal year.  Vacation and personal days will be pro-rated for the first year based on your start date.  The company also grants 5 sick days each year.  A&F also grants 7 paid holidays to all Home Office associates annually.

	Indemnification
	 
	A&F shall indemnify, defend, and hold you harmless to the maximum extent permitted by law and the A&F by-laws against all judgments, fines, amounts paid in settlement and all reasonable expenses, including attorneys’ fees incurred by you, in connection with the defense of or as a result of any action or proceeding (or any appeal from any action or proceeding) in which you are made or are threatened to be made a party by reason of the fact that you are or were an officer or director of A&F.  Subject to the terms of the A&F D&O policies then in effect, A&F acknowledges that you will be covered and insured up to the full limits provided by all directors’ and officers’ insurance which A&F then maintains to indemnify its directors and officers.

	Section 409A
	 
	To the extent applicable, this offer letter shall incorporate the terms and conditions required by Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and this offer letter is consistent with Section 409A and Department of Treasury regulations and other interpretative guidance issued hereunder, including without limitation any such regulations or other guidance that may be issued after the date of this offer letter.

	Background Inquiry
	 
	This offer of employment is contingent on the successful completion of a background check.  Please complete the enclosed Fair Credit Reporting Act Disclosure and Authorization and return it along with your signed copy of this employment offer letter.

copy of this employment offer letter.

This offer, if accepted, is for employment with the Company that is at-will, and nothing in this offer letter is to be construed as altering that at-will status or promising employment for a definite term.  

Joanne, we look forward to working with you and are convinced that you will be an outstanding addition to the A&F team.  To indicate your acceptance of this offer, please sign below and return this letter to Human Resources.

Sincerely,                

	
			
	/s/ Michael Jeffries
	 
	/s/ James Bierbower

	 
	 
	 

	Michael Jeffries
Chief Executive Officer

	 
	James Bierbower
ExecutiveVice President
Human Resources

I represent that I am not subject to any restriction, covenant or limitation with any prior employer which could prevent me from working for Abercrombie & Fitch in the capacity described in this offer letter.  I further represent that to the extent I am subject to an agreement that allows me to work for Abercrombie & Fitch, but that forbids me to solicit employees of another company or to share another company's confidential information, I agree that I will not breach any such agreement while employed by Abercrombie & Fitch.  I accept Abercrombie & Fitch's offer of employment as outlined in this letter, and I am returning a signed copy to Human Resources.  

	
				
	/s/ Joanne C. Crevoiserat
	 
	 
	April 8, 2014

	Joanne C. Crevoiserat
	 
	 
	Date

AGREEMENT

This Agreement is made and entered into this 27th day of April 2014, by and between Joanne C. Crevoiserat (the “Associate") and Abercrombie & Fitch Management Co., a Delaware corporation with its principal place of business in New Albany, Ohio (“A&F”) which, together with its subsidiaries and affiliates, are collectively referred to herein as the “Company.”   In consideration of Associate’s employment with A&F, including the wages and other valuable benefits provided to Associate, and Associate’s access to valuable and unique information concerning the Company’s business, including confidential information and trade secrets, Associate agrees as follows:
1.  Non-Competition.  During the period Associate is employed by the Company and for Six (6) Months thereafter (the “Non-Competition Period”), Associate shall not, directly or indirectly, without the prior written consent of the CEO, own, manage, operate, join, control, be employed by, consult with or participate in the ownership, management, operation or control of, or be connected with (as a stockholder, partner, or otherwise), any entity listed on Appendix A attached to this Agreement, any of their subsidiaries and affiliates engaged in a business that is competitive with the Company, and any other entity that the Company determines is a competitor of the Company (“Competing Entity”).  For the purposes of this Agreement, subsidiaries and affiliates includes all current and future subsidiaries and affiliates, regardless of whether the relationship or affiliation with the entity listed on Appendix A ceases during the Restricted Period.   
2.  Non-Solicitation.  During the period Associate is employed by the Company and for Twenty-Four (24) Months thereafter (the “Non-Solicitation Period”), Associate shall not, either directly or indirectly, alone or in conjunction with another party, interfere with or harm, or attempt to interfere with or harm, the relationship of the Company with any person who at any time was a customer or supplier of the Company or otherwise had a business relationship with the Company.  During the Non-Solicitation Period, Associate shall not hire, solicit for hire, aid in the hire, or cause to be hired, either as an Associate, contractor or consultant, any person who is currently employed, or was employed at any time during the six month period prior thereto, as an Associate, contractor or consultant of the Company.   
3.  Non-Disparagement and Cooperation.  During Associate’s employment with the Company and at all times thereafter, Associate shall not state or otherwise publish anything about the Company or its officers which would adversely affect the reputation, image or business relationships and goodwill of the Company in its market and community at large.  Associate shall fully cooperate with the Company in defense of legal claims asserted against the Company and other matters requiring the testimony or input and knowledge of Associate.  Associate agrees that he or she will not speak or communicate with any party or representative of any party, who is known to Associate to be either adverse to the Company in litigation or administrative proceedings or to have threatened to commence litigation or administrative proceedings against the Company, with respect to the pending or threatened legal action, unless Associate receives the written consent of the Company to do so, or is otherwise compelled by law to do so, and then only after advance notice to the Company.  
4.  Remedies.  Associate agrees that any breach of the terms of this Agreement would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law.  Associate agrees that in the event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and threatened breach and/or continued breach by Associate and/or any and all persons and/or entities acting for and/or with Associate, without having to prove damages, and to all costs and expenses incurred by the Company in seeking to enforce its rights under this Agreement.  These remedies are in addition to any other remedies to which the Company may be entitled at law or in equity.  Associate agrees that the covenants of Associate contained herein are reasonable and the Company would not have employed Associate or provided Associate access to valuable and unique information concerning the Company’s business, including confidential information and trade secrets but for the inclusion of such covenants.  The existence of any claim or cause of action by Associate against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements of this Agreement.  
5.  Severability.  Without limiting the foregoing, the covenants contained in this Agreement shall be construed as separate covenants, covering their respective subject matters.  To the extent that any covenant is adjudicated to be invalid or unenforceable with respect to time or entity, (a) such covenant shall not be affected with respect to each other covenant, and (b) such invalidity or unenforceability shall not affect any other covenant of this Agreement which can be given effect without the invalid or unenforceable covenant.

6.  Governing Law and Jurisdiction.  The validity, construction and interpretation of this Agreement and the rights and duties of the parties hereto shall be governed by the laws of Ohio.  Any actions or proceedings instituted under this Agreement with respect to any matters arising under or related to this Agreement, shall be brought and tried only in the Court of Common Pleas, Franklin County, Ohio except that the Company, in its sole election and discretion, can bring suit in any jurisdiction in which Associate may be in violation of this Agreement.  Associate consents to the jurisdiction of the Court of Common Pleas, Franklin County, Ohio or any other jurisdiction in which the Company has the right to bring suit and expressly waives his or her right to cause any such actions or proceedings to be brought or tried elsewhere.

	
						
	AGREED:
	 

	   By:
	/s/ Joanne C. Crevoiserat
	 
	    By:
	/s/ James Bierbower
	 

	 
	 
	 
	 
	Abercrombie & Fitch Management Co.
	 

	Date:
	April 8, 2014
	 
	 Title:
	Executive Vice President
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 Date:
	April 27, 2014Exhibit 10.2 Herro Agreement

AGREEMENT

This Agreement (“Agreement”) is made by and between Leslee Herro (“Employee”) and Abercrombie & Fitch Trading Co., a corporation with its principal place of business in New Albany, Ohio, which, together with its subsidiaries and affiliates, are collectively referred to herein as the “Company.”  

WHEREAS, Employee has indicated her desire to “retire” from her position with the Company; and

WHEREAS, the parties wish to define the terms and conditions of Employee’s separation from employment with the Company;  

NOW, THEREFORE, in exchange for and in consideration of the following mutual covenants and promises, the undersigned parties, intending to be legally bound, hereby agree as follows:

		
	1.
	Separation Date.  The Company and Employee agree that Employee shall continue to be employed as an employee-consultant to the Company until the earlier of: (a) September 30, 2014; or (b) the date on which Employee commences new employment; or (c) the date of Employee’s death (the “Separation Date”). Until the Separation Date, Employee shall be available to respond to or assist with any issues that arise relating to the transition of Employee’s duties within the Company.   On the Separation Date, Employee’s employment with the Company and all further compensation, remuneration, bonuses, and eligibility of Employee under Company benefit plans shall terminate, and Employee shall not be entitled to receive any further payments or benefits of any kind from the Company, except as otherwise provided in this Agreement or by applicable law. 

The Separation Date will not be triggered by new employment if, in the Company’s complete, sole and ultimate discretion, the Company determines that the new employment is not comparable to Employee’s position with the Company.

		
	2.
	Resignation from Board of Directors and Other Positions.  As of May 31, 2014, Employee hereby resigns from any position Employee may hold as a director, trustee, officer, managing member and/or member, and from any and all other positions of any kind or type whatsoever, with the Company and all of its subsidiaries and affiliates.  Employee agrees to sign any and all separate letters of resignation and all other documents as requested by the Company to effectuate Employee’s resignation from all other positions Employee holds within any subsidiary or affiliate of the Company.  After the signing of this Agreement, should the Company determine that any additional documents are necessary for the resignation of the Employee or to effectuate any transfer of authority, Employee agrees to execute said documents and return the original signed documents promptly to Jim Bierbower, Executive Vice President, at 6301 Fitch Path, New Albany, Ohio 43054.

		
	3.
	Effective Date:  For purposes of this Agreement, the Effective Date of this Agreement shall be the eighth (8th) day after Employee signs this Agreement (“Effective Date”), unless Employee has revoked the Agreement prior to that time in the manner discussed in the Age Discrimination Claims and Older Worker's Benefit Protection Act Terms paragraph below. 

		
	4.
	Consideration:  The Company will provide to Employee the following (all hereinafter referred to collectively as the “Consideration”). 

1

		
	a.
	Base Salary.  During the period beginning on June 1, 2014 and through and including the earlier of (i) September 30, 2014, or (ii) the Separation Date, Employee shall receive a bi-weekly salary based on a reduced base salary of $500,000.00 annually, less applicable taxes and withholdings.  For the avoidance of doubt, Employee is not entitled to $500,000.00 during the described period, but instead to the pro rata amount of the $500,000.00 base salary that would be paid out bi-weekly during said period.  Payment of the base salary shall be made in bi-weekly installments consistent with the Company’s payroll practices.  

		
	b.
	Severance.  In the event that the Separation Date occurs prior to September 30, 2014, the Company shall pay Employee an additional amount in severance equal to the base salary described in Paragraph 4(a), less applicable taxes and withholdings, Employee would have received between the Separation date and September 30, 2014 (“Severance”).  Payment of this Severance shall be made in bi-weekly installments consistent with the Company’s payroll practices. This Paragraph will not apply and Employee will not be entitled to the Severance if Employee accepts employment that violates the Non-Competition provision of this Agreement.

		
	c.
	Medical and Dental Coverage.  Until the Separation Date, Employee shall continue to be eligible for Employee’s current level of benefits under the medical and dental insurance plans.  Employee’s coverage under the Company medical and dental insurance plans shall terminate upon the Separation Date.  Employee will be responsible for electing COBRA or other health care and/or dental care coverage after the Separation Date.

		
	d.
	Vacation.  Employee shall be required to use all of Employee’s vacation entitlement during the period between June 1, 2014 and the Separation Date.  Employee also acknowledges and agrees that Employee shall not accrue vacation during the period between June 1, 2014 and the Separation Date and shall not be entitled to payment for any vacation upon Employee’s Separation Date.

		
	e.
	Incentive Compensation Bonus.  Employee is not entitled to payment of the Incentive Compensation Bonus for the current period or any other period.  

		
	f.
	Special Bonus.  Employee is eligible for a target payment of $350,000.00 based on Company performance in fiscal year 2014 and on the same basis as would apply to similarly-situated active associates in the Company’s Incentive Compensation Plan.  The actual bonus paid to Employee could range from $0.00 to $700,000.00.  For the avoidance of doubt, the Special Bonus is not guaranteed.  The bonus, if any, will be paid in or around March 2015 after the Company’s fiscal year 2014 results are certified by the Audit Committee.  

		
	g.
	Employment Related Expenses.  Subject to the Company's Travel and Expense Policy, any unreimbursed employment related expenses incurred by Employee prior to June 1, 2014 shall be submitted by Employee for payment on or before July 1, 2014. Prior to incurring any Employment Related Expenses on or after June 1, 2014, Employee must obtain the authorization of Jim Bierbower, Executive Vice President, Human 

2

Resources.  Employee will not be reimbursed for expenses incurred on or after June 1, 2014 that were not authorized in advance by Jim Bierbower.

		
	h.
	Equity Compensation.  Except as otherwise provided in the Remedies provision of this Agreement, Employee’s outstanding stock options, restricted stock units, stock-settled stock appreciation rights and performance share awards shall continue to be governed by the terms and conditions of the stock plans pursuant to which they were granted and any agreements evidencing Employee’s grants of stock option, restricted stock units and stock-settled stock appreciation rights.  Any unvested stock options, restricted stock units and stock-settled stock appreciation rights that do not vest prior to the Separation Date shall be forfeited by Employee.  To the extent Employee remains in full compliance with the terms of this Agreement, Employee will be eligible for a one-time grant of 10,000 restricted stock units that will vest in full on December 31, 2015.  

		
	i.
	Qualified Savings and Retirement Plan.  Employee shall be entitled to determine the desired treatment of the balance contained in Employee’s tax-qualified Savings and Retirement Plan (“Plan”) account according to the terms and conditions set forth in the Plan. Employee shall not contribute to the Plan for any period after May 31, 2014. Employee shall not be entitled to a matching contribution under the Plan in respect of calendar year 2014.

		
	j.
	Non-Qualified Savings Plan.  Employee shall be entitled to payment of the balance in Employee’s Non-Qualified Savings Plan according to the instructions previously provided for such payment.  Employee shall not contribute or receive contributions to the Non-Qualified Savings Plan for any period after May 31, 2014.  

Notwithstanding the foregoing, no payment of any post 2004 contributions shall be made prior to the six month anniversary of the Separation Date. 

		
	k.
	Life Insurance.  Employee shall have the right to convert Employee’s existing life insurance coverage to an individual policy according to the terms set forth by the insurer.  Employee shall pay the full cost of any such policy.  Employee must apply for such conversion within 31 days of the Separation Date.

		
	l.
	Indemnification/D&O Insurance.  If applicable, Employee shall continue to be entitled to indemnification (and advancement of expenses) as an officer of the Company through the Separation Date, and to continued coverage under any applicable directors’ and officers’ liability insurance policies through the Separation Date and until such time as suits can no longer be brought against Employee as a matter of law. 

		
	m.
	Reference.  Employee shall direct all inquiries related to employment to Jim Bierbower, Executive Vice President of Human Resources. The Company shall not be responsible for any violations of this provision if Employee directs employment inquiries generally to the Company or to a specific individual other than Jim Bierbower.

		
	n.
	Unemployment Benefits.  The Company will not contest any claim made by Employee for unemployment compensation benefits.

3

		
	5.
	Employee Covenants

		
	a.
	Notification of Subsequent Employment.  In the event Employee obtains new employment after the Effective Date of this Agreement and during the Non-Competition Period as set forth below, Employee shall notify the Company in writing within five (5) business days of acceptance of the new employment.  Said notification must include the name of Employee’s new employer, the salary Employee will be paid by the new employer, including Employee’s base salary and any bonuses Employee will receive during the period between the Separation Date and September 30, 2014, and the date on which Employee’s employment with the new employer will commence. Notification shall be sent to Jim Bierbower, Executive Vice President, at 6301 Fitch Path, New Albany, Ohio 43054.  

		
	b.
	Non-Disclosure and Non-Use.  Employee shall not, without the written authorization of the Chief Executive Officer (“CEO”) of the Company, use (except for the benefit of the Company) any Confidential and Trade Secret Information relating to the Company. Employee shall hold in strictest confidence and shall not, without the written authorization of the CEO of the Company, disclose to anyone, other than directors, officers, employees and counsel of the Company in furtherance of the business of the Company, any Confidential and Trade Secret Information relating to the Company. For purposes of this Agreement, Confidential and Trade Secret information includes: the general or specific nature of any concept in development, the business plan or development schedule of any concept, vendor, merchant or customer lists or other processes, know-how, designs, formulas, methods, software, improvements, technology, new products, marketing and selling plans, business plans, development schedules, budgets and unpublished financial statements, licenses, prices and costs, suppliers, and information regarding the skills, compensation or duties of employees, independent contractors or consultants of the Company and any other information about the Company that is proprietary or confidential. Notwithstanding the foregoing, nothing herein shall prevent Employee from disclosing Confidential and Trade Secret Information to the extent required by law or by any court or regulatory authority having actual or apparent authority to require such disclosure or in connection with any litigation or arbitration involving this Agreement.

The restrictions set forth in this Paragraph shall not apply to information that is or becomes generally available to the public or known within the Company’s trade or industry (other than as a result of its wrongful disclosure by Employee), or information received on a non-confidential basis from sources other than the Company who are not in violation of a confidentiality agreement with the Company. This confidentiality covenant has no temporal, geographical or territorial restriction.

Employee further represents and agrees that up to and after the Separation Date Employee is obligated to comply with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding trading shares and/or exercising options related to the Company's stock. Employee acknowledges that the Company has not provided opinions or legal advice regarding Employee’s obligations in this respect and that it is Employee's responsibility to seek independent legal advice with respect to any stock or option transaction.   

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	c.
	Non-Disparagement and Cooperation.  Neither Employee nor any officer, director or other authorized spokesperson of the Company shall intentionally state or otherwise publish anything about the other party which would adversely affect the reputation, image or business relationships and goodwill of the other party in the market and community at large. Employee shall fully cooperate with the Company in defense of legal claims asserted against the Company and other matters requiring the testimony or input and knowledge of Employee. If at any time Employee should be required to cooperate with the Company pursuant to this Paragraph, the Company agrees to promptly reimburse Employee for reasonable costs and expenses incurred as a result thereof. Employee agrees that Employee will not speak or communicate with any party or representative of any party, who is known to Employee to be either adverse to the Company in litigation or administrative proceedings or to have threatened to commence litigation or administrative proceedings against the Company, with respect to the pending or threatened legal action, unless Employee receives the written consent of the Company to do so, or is otherwise compelled by law to do so, and then only after advance notice to the Company.  Nothing herein shall prevent Employee from pursuing any claim in connection with enforcing or defending Employee’s rights or obligations under this Agreement.

		
	d.
	Non-Competition.  For the period following the Effective Date and through December 31, 2015 (the “Non-Competition Period”), Employee shall not, directly or indirectly, without the prior written consent of the CEO, own, manage, operate, join, control, be employed by, consult with or participate in the ownership, management, operation or control of, or be connected with (as a stockholder, partner, or otherwise), any entity listed on Appendix A attached to this Agreement, or any of their current or future divisions, subsidiaries or affiliates (whether majority or minority owned), even if said division, subsidiary or affiliate becomes unrelated to the entity on Appendix A at some future date, or any other entity engaged in a business that is competitive with the Company (“Competing Entity”); provided, however, that the "beneficial ownership" by Employee, either individually or by a "group" in which Employee is a member (as such terms are used in Rule 13d of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), of less than two percent (2%) of the voting stock of any publicly held corporation shall not be a violation of this Paragraph. 

		
	e.
	Non-Solicitation.  For the period following the Effective Date and through December 31, 2016 (“Non-Solicitation Period”), Employee shall not, either directly or indirectly, alone or in conjunction with another party, interfere with or harm, or attempt to interfere with or harm, the relationship of the Company with any person who at any time was a customer or supplier of the Company or otherwise had a business relationship with the Company. During the Non-Solicitation Period, Employee shall not hire, solicit for hire, aid in or facilitate the hire, or cause to be hired, either as an employee, contractor or consultant, any person who is currently employed, or was employed at any time during the six (6) month period prior thereto, as an employee, contractor or consultant of the Company. The provisions contained in this Paragraph shall supersede any previous non-solicitation agreements between the Parties.

		
	f.
	Confidentiality.  Employee agrees not to at any time talk about, write about, or otherwise publicize or disclose to any third party the terms of this Agreement or any 

5

fact concerning its negotiation, execution or implementation, except with (1) an attorney, accountant, or other advisor engaged by Employee; (2) the Internal Revenue Service or other governmental agency upon proper request; and (3) Employee’s immediate family, providing that all such persons agree in advance to keep said information confidential and not to disclose it to others.  

		
	g.
	Remedies.  Employee agrees that any breach of the terms of the Employee Covenants provision of this Agreement would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law. Employee agrees that in the event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and threatened breach and/or continued breach by Employee and/or any and all persons and/or entities acting for and/or with Employee, and without having to prove damages and to all costs and expenses incurred by the Company in seeking to enforce its rights under this Agreement.  These remedies are in addition to any other remedies to which the Company may be entitled at law or in equity. Employee agrees that the covenants of Employee contained herein are reasonable and the Company would not have entered into this Agreement but for the inclusion of such covenants. Without limitation on the foregoing, and in addition to any other remedies to which the Company may be entitled at law or in equity, in the event Employee is found to have violated the covenants set forth in this Agreement by a court of competent jurisdiction, Employee shall repay promptly the payments and consideration provided Employee in this Agreement.  All unvested RSUs will be canceled and forfeited and Employee shall immediately pay to Company a cash payment equal to the fair market value of the Shares delivered to Employee upon settlement of the RSUs, based on the fair market value of a Share on the date the RSU was settled. The existence of any claim or cause of action by Employee against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements of this Agreement; provided, however that this Paragraph shall not, in and of itself, preclude Employee from defending against the enforceability of the covenants and agreements of this Agreement.

		
	6.
	Release of All Claims.  Employee does hereby for Employee and for each of Employee’s past, present and future heirs, administrators, executors, representatives, agents, attorneys, assigns and all others claiming by or through Employee or them, forever release and discharge the Company, and its past, present and future shareholders, representatives, agents, servants, parents, subsidiaries, affiliates, divisions, officers, directors, employees, insurers, successors, predecessors, administrators, attorneys, assigns and all others claiming by or through them (hereinafter “the Released Parties”) from any and all charges, claims, demands, judgments, actions, causes of action, damages, debts, agreements, remedies, promises, suits, losses, obligations, expenses, costs, attorneys' fees, liabilities and claims for relief of every kind and nature that can be lawfully discharged, whether matured or unmatured, known or unknown, direct or indirect, foreseen or unforeseen, vested or contingent, in law, equity or otherwise, under any federal or state statute or common law, which Employee has ever had, now has, or may have in the future, against any of the Released Parties for or on account of any matter, cause or thing whatsoever that was or could have been asserted or that occurred prior to the date of Employee signing this Agreement.

6

This release shall include without limitation all claims arising out of or relating to Employee’s employment with the Company and/or the termination thereof; and any and all claims arising under Title VII of the Civil Rights Act of 1964, as amended by the Equal Employment Opportunity Act of 1972, the Civil Rights Act of 1991, the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, 29 U.S.C. §1001 et seq., the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, the Ohio Civil Rights Act, Ohio Revised Code Sections 4111.01, et seq., 4112.01, et seq. and 4113.01, et seq., any claim for unpaid wages, as well as and any other federal, state and local civil rights laws or laws relating to employment. This Agreement constitutes, among other things, a full and complete release of any and all claims released by either party, and it is the intention of the parties hereto that this Agreement is and shall be a complete and absolute defense to anything released hereunder. The parties expressly and knowingly waive their respective rights to assert any claims against the other which are released hereunder, and covenant not to sue the other party or Released Parties based upon any claims released hereunder. The parties further represent and warrant that no charges, claims or suits of any kind have been filed by either against the other as of the date of this Agreement.

Acknowledgment of Compensation.  Employee acknowledges and agrees that, while employed by the Company: (1) Employee has properly reported all hours and time Employee has worked; (2) Employee has been paid all wages, including (if applicable) overtime pay, for all hours Employee has worked; and (3) Employee has received all benefits that Employee should have received from the Company.  

Cooperation With the EEOC.  Nothing in this Agreement shall interfere with Employee’s right to testify, assist, or participate in an investigation, hearing or proceeding conducted by the Equal Employment Opportunity Commission under the ADEA, Title VII, the ADA, or the EPA, or by another governmental agency enforcing discrimination laws. Similarly, nothing in this Agreement shall interfere with Employee’s right to file a charge with the Equal Employment Opportunity Commission under the ADEA, Title VII, the ADA, or the EPA, or with another governmental agency enforcing discrimination laws. Nothing in this Agreement shall prohibit Employee from making truthful statements or disclosures that are required by applicable law, regulation, or legal process.  
		
	7.
	Age Discrimination Claims and Older Worker's Benefit Protection Act Terms.  Employee specifically acknowledges that the release of Employee’s claims under this Agreement includes, without limitation, waiver and release of all claims against the Company and Released Parties under the federal Age Discrimination in Employment Act (“ADEA”), and Employee further acknowledges and agrees that: 

		
	a.
	Employee waives all claims under the ADEA knowingly and voluntarily in exchange for the commitments made herein by the Company, and that certain of the benefits provided thereby constitute consideration of value to which the Employee would not otherwise have been entitled;

		
	b.
	Employee was and is hereby advised to consult an attorney in connection with this Agreement; 

7

		
	c.
	Employee has been given a period of 21 days within which to consider the terms of this Agreement; 

		
	d.
	Employee may revoke his or her signature on this Agreement for a period of 7 days following the execution of this Agreement, rendering the Agreement null and void.  If Employee chooses to revoke this Agreement within the 7 day period, Employee must do so in writing to Robert Bostrom, Abercrombie & Fitch, 6301 Fitch Path, New Albany, OH 43054;

		
	e.
	this Agreement is written in plain and understandable language which Employee fully understands; 

		
	f.
	this Agreement complies in all respects with Section 7(f) of ADEA and the waiver provisions of the federal Older Worker Benefit Protection Act; and

		
	g.
	Employee does not waive any rights or claims that may arise after the date the waiver is executed.

		
	8.
	Non-Admission.  It is understood that this Agreement is, among other things, an accommodation of the desires of each party, and the above-mentioned payments and covenants are not, and should not be construed as an admission or acknowledgment by either party of any liability whatsoever to the other party or any other person or entity.

		
	9.
	Return of Property.  Employee agrees to immediately return to the Company all Company documents and property in Employee’s possession or control including, but not limited to, Company issued computer(s) and all software, Company issued mobile phones, Company credit cards, security keys and badges, price lists, supplier and customer lists, employee lists, including compensation, salary and benefit information, files, reports, all correspondence both internal and external (memos, letters, quotes, etc.), business plans, budgets, designs, and any and all other property of the Company; and the Company shall promptly return Employee’s personal property and files.

		
	10.
	Set-Off.  As of the Effective Date, Employee agrees to discontinue use of any Company credit cards and to return to the Company such credit cards. Employee further represents that, as of the Effective Date, that either there are no outstanding balances on Employee’s Company credit cards or that Employee has taken steps to satisfy such outstanding balances. Employee agrees that, to the extent permitted by applicable law, the Company may deduct from and set-off against any amounts otherwise payable to Employee under this Agreement such amounts as may be owed by Employee to the Company, including, without limitation, any outstanding balance for personal debt on Employee’s credit cards as set forth above.  Employee shall remain liable for any part of Employee’s payment obligation not satisfied through such deduction and setoff.

		
	11.
	Tax Matters.  Employee agrees that Employee shall be exclusively liable for payment of any and all taxes due by Employee in connection with the payments received pursuant to this Agreement and agrees to indemnify the Company for any liability incurred because of Employee’s failure to pay such taxes, assessments, reimbursements, or penalties, which may be assessed by any taxing authority in connection with any payments made pursuant to this Agreement (provided that in no event shall this indemnification apply to the Company’s (or any affiliate’s) withholding obligations).   Notwithstanding anything in this Agreement to the 

8

contrary, the parties hereby agree that it is the intention that any payments or benefits provided under this Agreement shall be exempt from or comply in all respects with Section 409A of the Internal Revenue Code of 1986, as amended and any regulations or guidance issued thereunder (“Section 409A”), and this Agreement shall be interpreted accordingly.  Each payment from the Effective Date to the Separation Date shall be deemed to be a separate payment for purposes of Section 409A. Any payments hereunder which qualify for the “short-term deferral” exception or any other exception, including the “separation pay exception,” under Section 409A shall be paid under the applicable exception (“409A Exceptions”).  In the event that Employee is a “specified employee” of Abercrombie & Fitch Co. (as defined in Section 409A) on the Separation Date, and Employee is entitled to a payment and/or a benefit under this Agreement that is required to be delayed pursuant to Section 409A, then such payment or benefit, as applicable, shall not be paid or provided (or begin to be paid or provided) until the first day of the seventh month following the Separation Date.  The first payment that can be made to Employee following such period shall include the cumulative amount of any payments or benefits that could not be paid or provided during such period due to the application of Section 409A.  Any reimbursement or provision of an in-kind benefit subject to Section 409A shall be paid or provided in accordance with Section 409A, including the following: (i) the amount paid or reimbursed during any calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (ii) payment or reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) the benefit may not be subject to liquidation or exchange for another benefit.  Nothing in the foregoing shall be construed as prohibiting the Company from making any of the payments described in the Consideration provision of this Agreement to the extent that the aggregate amount paid during the six month period following the Separation Date does not exceed the amount described in Treasury Regulation 1.409A-1(b)(9)(iii)(A).  In addition, solely for purposes of determining the Employee’s rights to payments under this Agreement, any reference to Employee’s termination shall mean Employee’s “separation from service” from the Company within the meaning of Section 409A and Employee will be deemed to have separated from service for purposes of Section 409A on May 31, 2014.  Following May 31, 2014, Employee shall not provide services for the Company at a rate in excess of 49% of the average level of bona fide services performed by Employee for the Company over the three-year period preceding the year of Employee’s termination.

		
	12.
	Knowing and Voluntary Execution.  Each of the parties hereto further states and represents that he, she or it has carefully read the foregoing Agreement and knows the contents thereof, and that he, she or it has executed the same as their own free act and deed. Employee further acknowledges that Employee has been and is hereby advised to consult with an attorney concerning this Agreement and that Employee had adequate opportunity to seek the advice of legal counsel in connection with this Agreement. Employee also acknowledges that Employee has had the opportunity to ask questions about each and every provision of this Agreement and that Employee fully understands the effect of the provisions contained herein upon Employee’s legal rights.

		
	13.
	Executed Counterparts.  This Agreement may be executed in one or more counterparts, and any executed copy of this Agreement shall be valid and have the same force and effect as the originally-executed Agreement.

9

		
	14.
	Governing Law.  The validity, construction and interpretation of this Agreement and the rights and duties of the parties hereto shall be governed by the laws of Ohio. Any actions or proceedings instituted under this Agreement with respect to any matters arising under or related to this Agreement shall be brought and tried only in the Court of Common Pleas, Franklin County, Ohio.

		
	15.
	Modification.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Employee and the Company.

		
	16.
	Assignability. With the exception of the Non-Competition and Non-Solicitation provisions, Employee's obligations and agreements under this Agreement shall be binding on the Employee's heirs, executors, legal representatives and assigns and shall inure to the benefit of any successors and assigns of the Company. The Company may, at any time, assign this Agreement or any of its rights or obligations arising hereunder to any party so long as said party expressly agrees to undertake and assume the obligations of the Company under this Agreement. In the event of Employee’s death, any payments of Base Salary shall cease as of the date of Employee’s death and shall not be paid to Employee’s estate. Any payment, benefit or entitlement to Severance or Incentive Compensation Bonus that is due hereunder at the time of Employee’s death shall be paid to Employee’s estate.  All other payments, benefits or entitlements shall be paid in accordance with the beneficiary elections Employee has made.

		
	17.
	Non-Waiver; Severability.  The failure of any party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part thereof or the right of any party thereof to enforce each and every such provision.  No waiver or any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.  The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

		
	18.
	Entire Agreement. This Agreement, including Appendix A, constitutes the entire agreement between the parties hereto in respect of the subject matter hereof and this Agreement supersedes all prior and contemporaneous agreements between the parties hereto in connection with the subject matter hereof.    

10

IN WITNESS WHEREOF, the undersigned has hereto set her hand this 13th day of May, 2014.

	
			
	WITNESSED:
	 
	 

	 
	 
	 

	/s/ Nancy Berg
	 
	/s/ Leslee Herro

	 
	 
	Leslee Herro

IN WITNESS WHEREOF, the undersigned has hereto set her hand this 13th day of May, 2014.

	
			
	WITNESSED:
	 
	 

	 
	 
	 

	/s/ Nancy Berg
	 
	/s/ James Bierbower

	 
	 
	James Bierbower

	 
	 
	Executive Vice President, Human Resources

	 
	 
	Abercrombie & Fitch Trading Co.

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