Document:

Exhibit 10.2

                  STANDARD FORM OF RESTRICTED STOCK AGREEMENT

                       WAUSAU-MOSINEE PAPER CORPORATION
                           2000 STOCK INCENTIVE PLAN

                          RESTRICTED STOCK AGREEMENT

      Agreement made as of _____________, 20___ (the "Date of Award") between
Wausau-Mosinee Paper Corporation, a Wisconsin corporation with its principal
place of business at Mosinee, Wisconsin (the "Corporation"), and
________________ (the "Grantee") for the purpose of awarding Restricted Stock
under the terms of the Wausau-Mosinee Paper Corporation 2000 Stock Incentive
Plan (the "Plan").

1.    AWARD.  Pursuant to the Plan and subject to the terms of this Agreement,
the Corporation hereby awards __________ shares of Restricted Stock (the
"Restricted Shares") to the Grantee as of the Date of Award.  All Shares
awarded by this Agreement shall remain subject to this Agreement until
satisfaction of all conditions to vesting set forth in paragraph 4 as to all
such Shares and an unrestricted certificate of stock has been issued to the
Grantee in accordance with the provisions of paragraph 5.

2.    CONSTRUCTION AND DEFINITIONS.  The award of Restricted Shares evidenced
by this Agreement is subject to and shall be construed in accordance with the
terms of the Plan which are explicitly made applicable to this Agreement and
incorporated by this reference.  Unless otherwise defined, all terms used in
this Agreement, when capitalized, have the same meaning as such terms are
defined in the Plan and each such definition is hereby incorporated by this
reference.  In the event of any conflict between the provisions of this
Agreement and the Plan, the provisions of the Plan shall govern.

3.    TRANSFER, VOTING AND DIVIDENDS.  The following restrictions shall apply
to the Restricted Shares.

      (A)   TRANSFER.  During the period in which the Restricted Shares are
subject to this Agreement the Restricted Shares may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or
disposed of.

      (B)   VOTING.  The Grantee shall have all voting rights associated with
the Restricted Shares.

      (C)   DIVIDENDS.  During the period in which the Restricted Shares are
subject to this Agreement, cash dividends on the Restricted Shares shall be
deferred and held by or on behalf of the Company, without interest.  Dividends
payable in Common Stock shall be paid in the form of Restricted Stock and held
under this Agreement during the period in which the Restricted Shares are
subject to this Agreement.  As promptly as reasonably possible upon
satisfaction of all conditions to vesting set forth in paragraph 4, the Company
shall make or cause to be made to Grantee a cash payment equal to the aggregate
<PAGE>
dividends, without interest thereon, that the Grantee would have received if
the Grantee had owned all of the Restricted Shares free of this Agreement from
the Date of Award until the date of satisfaction of such conditions to vesting.
All dividends with respect to Restricted Shares that are forfeited by the
Grantee shall be forfeited and shall become the property of the Corporation.

4.    RESTRICTED SHARES.  Grantee hereby accepts the award of Restricted Shares
and agrees to the following condition to vesting of such shares.

      (A)   VESTING REQUIREMENT.  The Restricted Shares shall vest in
accordance with the following table, and to the extent such Shares are not
vested in accordance with the table or become vested by reason of the Grantee's
death, Disability or Retirement, shall be forfeited upon the Grantee's
Termination of Service:

            Anniversary of Date of Award   Percent Vested    Percent Forfeited

                  ______________                 ______            ______

      (B)   TERMINATION FOR CAUSE.  Notwithstanding the fact that the Shares
may otherwise be vested in whole or in part pursuant to the provisions of
paragraph 4(a), if the Grantee's Termination of Employment is for Cause, the
Grantee shall forfeit all Restricted Shares subject to this Agreement.

5.    ISSUANCE OF CERTIFICATES.  Upon acceptance of this Agreement, the Company
shall, in its discretion, cause the Restricted Shares to be issued in book
entry form in the name of the Grantee or shall cause a certificate in the name
of the Grantee evidencing the Restricted Shares to be issued.  The records of
the transfer agent for the Common Stock shall reflect the restricted nature of
such shares as provided in this Agreement and the Plan.  Any certificate which
is issued to Grantee pursuant to the first sentence of this paragraph 5 shall
bear a legend substantially to the following effect:

      "The transferability of this certificate and the shares of stock
      represented hereby are subject to the terms and conditions (including
      forfeiture) of the Wausau-Mosinee Paper Corporation 2000 Incentive Stock
      Plan and a Restricted Stock Agreement.  Copies of such Plan and Agreement
      are on file with the Secretary of the Corporation."

As soon as reasonably possible upon the first to occur of (a) the satisfaction
of all conditions to vesting as to all of the Restricted Shares subject to the
award, and (b) the Grantee's Termination of Service, the Corporation shall
issue a replacement certificate in the name of the Grantee for all shares of
Common Stock as to which the restrictions provided for in this Agreement and
the Plan have lapsed and the shares represented by such certificate shall no
longer be subject to this Agreement.  The issuance or delivery of any
certificate (whether subject to restrictions or unrestricted) may be postponed
for such period as may be required to comply with applicable requirements of
any national securities exchange or any requirements under any law or
regulation applicable to the issuance or delivery of the shares represented by
such certificate and the Corporation shall not be obligated to issue or deliver
any shares of Stock if the issuance or delivery thereof shall constitute a
violation of any provision of any law or of any regulation of any governmental
authority or any national securities exchange.
<PAGE>
6.    ESCROW AND DEPOSIT OF STOCK CERTIFICATE.  During the period in which the
Restricted Shares are subject to this Agreement, the certificate representing
the Shares shall be held in escrow by the Corporation.  As a condition of
participation in the Plan and the effectiveness of this award, the Grantee
shall execute a stock power in blank in a form furnished by the Corporation to
provide for the cancellation of such certificate in the event of the forfeiture
of the Restricted Shares evidenced thereby.

7.    WITHHOLDING OF TAX.  To the extent that the receipt of the Restricted
Shares or the satisfaction or lapse of any condition to vesting results in the
recognition of income by the Grantee for federal or state income tax purposes,
Grantee shall deliver to the Corporation at the time of such receipt,
satisfaction or lapse, as the case may be, such amount of money or, with the
consent of the Committee, shares of unrestricted Common Stock having a Fair
Market Value equal to the amount determined by the Corporation to meet its
withholding obligation under applicable tax laws or regulations with respect to
such recognition (the "Required Withholding Amount"), and, if Grantee fails to
do so, the Corporation is authorized to (a) reduce the award of Restricted
Stock, (b) withhold from any shares of Common Stock (including any shares of
Restricted Stock) to be issued to the Grantee, and (c) withhold from any cash
remuneration then or thereafter payable to Grantee in order to satisfy the
Grantee's obligation to pay the Required Withholding Amount.

8.    STATUS OF STOCK.  Grantee agrees that the Common Stock to be issued
pursuant to this Agreement and the Plan will not be sold or otherwise disposed
of in any manner which would constitute a violation of any applicable federal
or state securities laws.  Grantee also agrees (a) that the certificates
representing the Restricted Shares may bear such legend or legends as the
Corporation deems appropriate in order to assure compliance with applicable
securities laws, (b) that the Corporation may refuse to register the transfer
of the Restricted Shares on the stock transfer records of the Corporation if
such proposed transfer would be in the opinion of counsel satisfactory to the
Corporation to constitute a violation of any applicable securities law, and
(c) that the Corporation may give related instructions to its transfer agent,
if any, to stop registration of the transfer of the Restricted Shares.

9.    EMPLOYMENT RELATIONSHIP.  Grantee understands and agrees that this
Agreement does not constitute a contract of employment between the Corporation
or any Subsidiary and it shall not affect the right of the Corporation or any
present or future Subsidiary to terminate the employment of Grantee, with or
without cause, at any time.

10.   COMMITTEE'S POWERS.  No provision contained in this Agreement shall in
any way terminate or modify, or be construed or interpreted as terminating or
modifying, any of the powers, rights, or authority vested in the Committee.

11.   GOVERNING LAW.  This Agreement shall be governed by the internal laws of
the State of Wisconsin without reference to the principles of conflicts of law.

12.   BINDING EFFECT.  This Agreement shall be binding upon and inure to the
benefit of the Corporation and Grantee and their respective successors.
<PAGE>
      In Witness Whereof, the Corporation has caused this Agreement to be duly
executed by an officer thereunto duly authorized, and Grantee has executed this
Agreement, all as of the date first above written.

                                    WAUSAU-MOSINEE PAPER CORPORATION

                                    By:

                                         As its

                                                     GranteeEmployment Agreement

	

EMPLOYMENT AGREEMENT 

        
        EMPLOYMENT
AGREEMENT (this “Agreement”), dated as of November 3, 2004, between PHILIP
KOWALCZYK (the “Executive”) and THE TALBOTS, INC., a Delaware corporation (the
“Company”). 

W  I  T  N  E  S  S  E  T  H 

        
        WHEREAS,
the Company desires to employ the Executive, and the Executive desires to be employed by
the Company on the terms, provisions and conditions hereinafter provided; 

        
        NOW,
THEREFORE, in consideration of the mutual representations, warranties, covenants and
undertakings herein set forth, the parties hereto agree as follows: 

        
1.               
Engagement.   The
Company hereby agrees to employ the           Executive, and the Executive hereby accepts
such employment, as Executive Vice           President and Chief Administrative Officer
of the Company, on the terms and           conditions set forth herein, unless and until
such employment hereunder shall           have been terminated as provided in this
Agreement.  

        
2.               Title
and Duties.   During his employment by the Company, the           Executive shall
render his services as Executive Vice President and Chief           Administrative
Officer of the Company, shall perform duties consistent with his           title as the
Company shall reasonably request, and shall devote his full           business time and
best efforts to his duties hereunder and the business and           affairs of the
Company (except during vacation periods and reasonable periods of           illness or
other incapacity); provided, however, that the Executive may from           time to time
engage in such other pursuits, including, without limitation           personal legal and
personal financial affairs as shall not materially interfere           with the proper
performance of his duties and obligations hereunder.    

        
3.               
Compensation.   As compensation for his services to the           Company hereunder, the Company
shall pay to the Executive the following:    

        
                   
(A)         
Base Salary   

        
                                   
 (i)        The
Executive shall receive base salary at the rate of not less than $494,000.00
          per annum (the “Base Salary Rate”), payable in substantially equal
          installments, in accordance with the normal payroll practices of the Company.
   

        
                  
                 
 (ii)        The
Company’s Board of Directors (the “Board”), or a duly           appointed
committee thereof, shall consider, on an annual basis, the nature,           extent and
advisability, if any, of an increase in the Executive’s annual           base
salary; provided, however, that in no event shall the Executive’s base
          salary during the term hereof be less than the Base Salary Rate.    

        
                   
(B)         Annual
Incentive Bonus. 

        
                     
              
 (i)        
Beginning with the Company’s Fiscal Year 2005, the Executive shall be           eligible to
receive an annual incentive bonus pursuant to the Company’s           Management
Incentive Program, as same may be amended or superseded from time to           time (the
Management Incentive Program, as same may be amended or superseded           from time to
time, is hereinafter referred to as the “MIP”). The           Company
represents that the formula the Company currently uses to calculate           annual
bonus awards under the MIP for its MIP eligible Executive Vice Presidents           is:
(A) to multiply the executive’s annual base salary for the           relevant
fiscal year by the executive’s target incentive rate; (B) then,           multiply
the resulting product by the executive’s individual rating (as           determined
by the Company in its sole discretion and as approved by the Board or           a duly
appointed committee thereof in its sole discretion); and (C) then,           multiply the
resulting product by the Company’s rating (as determined by           the Board or a
duly appointed committee thereof in its sole discretion). For           purposes of
illustration: assuming an executive has: (x) a $500,000 annual base           salary; (y)
a target incentive rate of forty (40%) percent; and (z) an           individual
performance rating of 1.1; and the Company’s rating is 1.1, the           executive
would receive an MIP award of $242,000. The Company also represents           that the
Executive’s initial target incentive rate under the MIP will be           forty
(40%) percent.    

        
                       
            
 (ii)        
For the Company’s Fiscal Year 2004, the Company shall pay the Executive a
          bonus of $350,000 (the “2004” Bonus), $175,000 of which shall be
          payable within twenty (20) days of the Executive’s commencement of
          employment hereunder and $175,000 of which shall be payable on or before April
          30, 2005. The Executive agrees that the Executive’s right to receive the
          2004 Bonus shall be contingent upon the Executive’s employment not having
          been terminated prior to the closing date of the Company’s Fiscal Year
          2004: (1) because of his resignation (unless such resignation is with Good
          Reason as that term is defined in paragraph 6(E) below); or (2) pursuant to
          paragraph 6(D) below. The Executive further agrees that if after receipt of any
          portion of the 2004 Bonus referred to above and before November 3, 2005, he
          resigns his employment (unless such resignation is with Good Reason as that
term           is defined in paragraph 6(E) below), or if the Company terminates
          Executive’s employment pursuant to paragraph  6(D) below, the
          Executive, shall, within thirty (30) days of such resignation or termination,
          repay the Company an amount which shall be determined by multiplying the amount
          of the 2004 Bonus that Executive has received as of the date of such
resignation           or termination by a fraction, the numerator of which shall be 365
less the           number of days between November 3, 2004 and the date his employment
shall           terminate, and the denominator of which shall be 365.    

        
                   
(C)         Executive
Stock Based Incentive Plan. 

        
                      
             
 (i)        
General.  The
Executive shall be eligible to receive such incentive           compensation as may be
awarded from time to time pursuant to the Company’s           Executive Stock Based
Incentive Plan as same may be amended or superseded from           time to time (the
Executive Stock Based Incentive Plan, as same may be amended           or superseded from
time to time, is hereinafter referred to as the           “Plan”). All awards
to the Executive (including those under           subparagraph 3(C)(ii) below) shall be
subject to the terms of the Plan. The           Company agrees that the terms of any
grant of stock options the Compensation           Committee of the Board (the “Committee”)
makes to the Executive under           the Plan shall provide that upon the termination
of the Executive’s           employment hereunder pursuant to paragraph 6(F) hereof,
the Executive’s           right to exercise any then unexercised, vested stock
options shall be a period           of not less than three (3) years from the date of
such termination.    

        
                      
             
 (ii)        
Current Stock Option Award.   The Company agrees to award the           Executive an option
under the Plan to purchase 60,000 shares of Common Stock of           the Company, $0.01
par value per share, pursuant to and subject to the terms and           conditions of a
Nonqualified Stock Option Agreement to be executed by the           Company and the
Executive, with an exercise price equal to the closing price of           the Company’s
common stock on the New York Stock Exchange on November 3,           2004 (the “Options”).
The Executive’s entitlement to exercise the           Options shall vest as follows:
(i) 33 1/3% of the total shares subject to the           option on November 3, 2005; (ii)
33 1/3% of the total shares subject to the           option on November 3, 2006; and
(iii) 33 1/3% of the total shares subject to the           option on November 3, 2007.
   

        
                       
            
 (iii)        
Future Stock Option and Restricted Stock Awards.  The           Executive understands and
agrees that the number and timing of any future stock           option and restricted
stock awards to be granted to the Executive shall be           subject to the Committee’s
sole discretion. The Company represents that it           currently intends to recommend
to the Committee that in March 2005 the Executive           receive grants of 75,000
options and 25,000 shares of restricted stock.    

        
                   
(D)        Deferred
Compensation.   The Executive shall be eligible to           participate in any
deferred compensation program generally applicable to the           Company’s senior
executives as may be in effect from time to time.  

        
4.               
Benefits.  
Subject to the provisions of this           Agreement, the Company shall provide the
following benefits to the Executive for           services rendered during the term of
his employment hereunder:    

        
                   
(A)        Insurance and Retirement Benefits.  
The Executive shall be entitled           to
such insurance benefits of the Company as may be in effect from time to time
          and generally available to employees at the senior executive level, including,
          but not limited to, disability insurance and business travel accident
insurance.           The Executive shall also be entitled to participate in benefit
programs provided           by the Company, including, but not limited to, the retirement
program, the           supplemental retirement program, the R.S.V.P. 401-K Savings
Program and the           supplemental R.S.V.P. 401-K Savings Program. The Executive’s
participation           in the programs referred to in this paragraph 4(A) shall be
subject to the terms           and conditions of the respective programs as they may be
amended by the Company           from time to time in its sole discretion.  

        
                   
(B)        
Other Insurance and Welfare Benefits.   The Executive shall           also be entitled to
participate in the following benefits programs (subject to           their respective
terms and conditions as they may be amended by the Company from           time-to-time in
its sole discretion): (i) the Company’s medical           insurance program;
(ii) the Company’s dental insurance program; and (iii)           the Company’s
Paid Life Insurance Program (the “Program”),           pursuant to which the
Company shall pay all premiums on behalf of the Executive           for a term life
insurance policy on the life of the Executive with coverage in           an amount equal
to the lesser of (X) the Executive’s annual base salary for           one (1) year
or (Y) the maximum amount of coverage that the Company is able to           provide a
participant under the Program, at the rate then in effect during the           coverage
of such policy.  

        
                   
(C)        Automobile Program.   The Executive shall be entitled to           participate in the Company’s
Executive Automobile Program, pursuant to           which the Company, at the Executive’s
election, shall either: (i) provide           the Executive with an automobile (which
automobile shall be replaced every two           (2) years) for his use with a value,
when new, of up to $38,500.00 and shall           reimburse the Executive for all costs
and expenses associated with such           automobile (including, but not limited to,
automobile insurance, repairs, and           gas), or (ii) provide the Executive with a
monthly automobile allowance, which           allowance shall be based upon the
annualized imputed value of the automobile to           which the Executive is entitled
under such program. The value of the automobile           to which the Executive is
entitled shall be subject to an annual review and may           be increased at the
discretion of the Board, in accordance with the terms of the           Company’s
Executive Automobile Program; provided, however, the Executive           shall be
entitled to receive any benefit to which participants in the           Company’s
Executive Automobile Program may from time to time hereafter           generally become
entitled thereunder that is broader or greater than the           benefits to which
participants are currently generally entitled (e.g., an           across-the-board
increase in the value of automobiles received under such           program).  

        
                   
(D)        Financial Counseling Program.   The Executive shall be           entitled to participate in
the Company’s Key Management Financial           Counseling Program. The Executive’s
initial annual allowance shall be           $3,500 per calendar year, which allowance
shall be subject to periodic review by           the Board and may be increased at the
discretion of the Board, in accordance           with the terms of the Key Management
Financial Counseling Program.  

        
                   
(E)        Vacation.  
The Executive shall be entitled to an aggregate           of not less than four (4) weeks
of paid vacation in each full calendar-year           during the Executive’s
employment hereunder.  

        
                   
(F)        
Employee Discount.   The Executive shall be entitled to           receive the benefit of any
Company Discount which may be in effect from time to           time and is generally
available to the employees of the Company. The Company           Discount currently is
forty (40%) percent.  

        
                   
(G)        Relocation.  
The Executive shall be entitled to           reimbursement for reasonable expenses
attributable to the relocation of the           Executive’s principal residence from
Atlanta, Georgia to the Boston,           Massachusetts metropolitan area: (1) including
temporary living for the           Executive and his immediate family from the date
hereof through March 31, 2005,           house hunting trips for the Executive and his
immediate family, a full household           goods move, broker’s fee up to seven
(7%) percent on the sale of the           Executive’s current residence, closing
costs on the purchase of the           Executive’s new residence in Massachusetts up
to a maximum of two (2%)           percent of the purchase price thereof, and legal and
other fees associated with           closing; and (2) excluding taxes and insurance.
The Executive agrees that           if after his receipt of any payments or benefits
under the Relocation Policy and           within the initial one (1) year of the term
hereof, he shall resign his           employment without Good Reason (as such term is
defined in paragraph 6(E) below)           or his employment shall be terminated by the
Company under paragraph 6(D)(ii)           through (ix) below, the Executive shall,
within 30 days of his resignation or           termination, repay the Company an amount
which shall be determined by           multiplying the amount of such payments and
benefits by a fraction, the           numerator of which shall be 365 less the number of
days between the commencement           of the Executive’s employment and the date
his employment shall terminate           and the denominator of which shall be 365.  

        5.    
                  
Expenses.  
The Executive is authorized to incur and           the Company shall either pay directly
or reimburse the Executive for ordinary           and reasonable expenses in connection
with the performance of his duties           hereunder, including, without limitation,
expenses for (A) transportation,           (B) business meals, (C) travel and
lodging, and (D) similar items. The Executive           agrees to comply with the Company’s
policies with respect to record keeping           in connection with such expenses.    

        6.     
          Termination
of Employment.   The following provisions           set forth the terms and
conditions pursuant to which the employment of the           Executive hereunder may be
terminated:    

        
                   
(A)        The
employment of the Executive hereunder may be terminated by the Company or           the
Executive at any time, subject to the Company’s providing all of the
          compensation and benefits herein specified in accordance with the terms hereof.  

        
                   
(B)        The
employment of the Executive hereunder may be terminated by the Company or           the
Executive on or after the normal retirement date of the Executive under the
          Company’s Pension Plan and Supplemental Retirement Plan or any successor
or           substitute plan.  

        
                   
(C)        The
employment of the Executive hereunder shall be terminated upon the death of           the
Executive.  

        
                   
(D)        The
employment of the Executive hereunder may be terminated by the Company in           the
event of the occurrence of any of the following conditions or events:  

        
                      
             
 (i)        the
failure of the Executive substantially to perform his duties hereunder as a
          result of physical incapacity for a continuous period of at least six (6)
months           after he has become eligible for the Company’s long-term disability
          benefits (any dispute as to the Executive’s incapacitation shall be
          resolved by an independent physician, reasonably acceptable to the Executive
and           the Board, whose determination shall be final and binding upon both the
          Executive and the Company);    

        
                      
             
 (ii)        continual
failure of the Executive to substantially perform his material duties
          hereunder, other than as a result of incapacity due to physical or mental
          illness, which failure continues uncured for thirty (30) days after a written
          demand for substantial performance is delivered to the Executive by the
          Company’s Chief Executive Officer which states the dates and instances of
          prior non-performance by the Executive;    

        
                      
             
 (iii)        habitual
drunkenness in circumstances that are either during working hours or           reflect
negatively on the business or reputation of the Company;    

        
                      
             
 (iv)        the
unlawful use or possession of controlled substances;    

        
                      
             
 (v)        the
commission by the Executive of misconduct in the discharge of his duties.           For
purposes of this section, “misconduct” is intended to mean           “doing
something bad, and not merely doing the job badly.” By way of
          illustration, “misconduct” is not intended to include where the
          Company has a bad financial year, or the Executive makes business judgments in
          good faith that turn out to be erroneous;    

        
                      
             
 (vi)        the
conviction of the Executive of a felony;    

        
                      
             
 (vii)        dishonesty
in material respects in matters relating to the Company;    

        
                      
             
 (viii)        continuous
conflicts of interest after notice in writing to the Executive from           the Board,
which notice states the dates and instances of prior conflicts of           interest by
the Executive; or    

        
                      
             
 (ix)        any
other material breach of this Agreement by the Executive which the Executive
          shall have failed to cure within thirty (30) days after notice to the Executive
          thereof. Upon or after the date of occurrence of any of the events or
conditions           described above, the Company may deliver written notice to the
Executive of its           election to terminate his employment hereunder.    

        
                   
(E)        In
the event that the Executive’s employment hereunder is terminated           pursuant
to paragraphs 6(B), 6(C) or 6(D) above or by the Executive without Good           Reason
(as such term is defined below), the Company shall be under no further
          obligation to the Executive pursuant to the terms of this Agreement except to
          pay the Executive, within ten (10) business days of the effective date of such
          termination (or, in the event of a termination pursuant to paragraph 6(C)
above,           to pay the Executive’s estate or legal representative, as soon as
          reasonably practicable after the Executive’s death) (i) salary for
services           rendered up to and including the date of termination, (ii)
reimbursement for           expenses incurred by the Executive pursuant to paragraph 5
hereof up to and           including the date on which his employment is terminated, and
(iii) any and           all compensation to which the Executive may be entitled as
of the date of           termination pursuant to the Plan or any other compensation or
benefit plan to           the extent permitted by such plans. For purposes of this
Agreement, “Good           Reason” means a material breach by the Company of
its obligations under           this Agreement that it has failed to cure within thirty
(30) days following           written notice of such breach by the Executive to the
Company; provided,           however, that the Executive may only exercise his right to
terminate this           Agreement with Good Reason within sixty (60) days after the
occurrence of any           such event.  

        
                   
(F)        In
the event that the Executive’s employment hereunder is terminated and           such
termination is not a result of an event or condition referred to in           paragraph
6(E) above, the following shall occur: (i) the Company shall pay to           the
Executive, within ten (10) business days of the effective date of such
          termination (a) salary for services rendered up to and including the date of
          termination, (b) reimbursement for expenses incurred by the Executive pursuant
          to paragraph 5 hereof up to and including the date on which his employment is
          terminated, and (c) any and all compensation to which the Executive may be
          entitled as of the date of termination pursuant to the Plan or any other
          compensation or benefit plan to the extent permitted by such plans; and (ii)
the           Company shall pay to the Executive, in a single lump payment within thirty
(30)           days from the effective date of such termination, a separation allowance
equal           to the product of one and one-half (1.5) multiplied by the sum of:  

		                                                
(x)                  the
Executive’s annual base salary, at the rate in effect at the time of           such
termination, and 

		         
                      
                 (y)                  provided
such termination occurs after the Company’s Fiscal Year that ends           in
January, 2006, the annual bonus paid or payable to the Executive pursuant to
          paragraph 3(B) hereof for the last full fiscal year of the Company immediately
          prior to the effective date of such termination. 

	

The Company’s obligation to pay
the separation allowance referred to in this subparagraph shall be contingent upon the
Executive having delivered to the Company a fully executed separation agreement and
release (that is not subject to revocation) of claims against the Company, its parents,
subsidiaries, affiliates, employees, agents and representatives satisfactory in form and
content to the Company’s counsel. 

        
                   (G)                           In
the event that the Executive’s employment hereunder is terminated and           such
termination is not a result of an event or condition referred to in           paragraph
6(E) above: (a) the Executive also shall continue to participate,           on the
same terms and conditions as in effect immediately prior to such           termination,
in the medical and dental insurance programs provided to the           Executive pursuant
to paragraph 4(B) hereof until the earlier of (i) the end of           the eighteen (18)
month period beginning from the effective date of the           termination of Executive’s
employment hereunder, or (ii) such time as the           Executive is eligible to be
covered by a comparable program of a subsequent           employer; and (b) the Company
shall, during the period described in clause           “(a)” above, secure
insurance and pay the premiums for either           conversion policies and/or such other
policies, if available, as may be           necessary to provide the same or
substantially the same long-term disability and           life insurance benefits as were
in effect pursuant to paragraphs 4(A) and (B)           hereof immediately prior to the
termination of the Executive’s employment.           The Executive agrees to notify
the Company promptly if and when he begins           employment with another employer and
if and when he becomes eligible to           participate in any pension or other benefit
plans, programs or arrangements of           another employer. The Company’s
obligation to provide the benefits referred           to in this subparagraph shall be
contingent upon the Executive having delivered           to the Company a fully executed
separation agreement and release (that is not           subject to revocation) of claims
against the Company, its parents, subsidiaries,           affiliates, employees, agents
and representatives satisfactory in form and           content to the Company’s
counsel. 

        
                   
(H)                      In
the event the Company terminates Executive’s employment within twelve           (12)
months after the occurrence of a Change in Control, as that term is defined           in
Exhibit A attached hereto (and such termination is not as a result of an
          event or condition referenced in paragraph 6(E) above), then the following
shall           occur: (a) the Company shall pay to Executive on the effective date of
such           termination: (i) salary for services rendered up to and including the date
of           termination, (ii) any and all compensation to which Executive may be
entitled as           of the date of termination pursuant to the Plan or any other
compensation or           benefit plan to the extent permitted by such plans, and (iii)
reimbursement for           outstanding ordinary and reasonable expenses incurred by
Executive in connection           with the performance of Executive’s duties for the
Company up to and           including the date on which Executive’s employment is
terminated; and           (b) the Company shall pay to Executive, within thirty (30)
days after the           effective date of such termination, an amount equal to the sum
of:  

        
                      
             
 (i)        one
and one-half (11⁄2) times Executive’s annual base salary at the           rate
in effect on the date of such termination, and    

        
                      
             
 (ii)        an
amount equal to the product of    

		(w)                 the
amount determined to be payable under clause (i) above, multiplied by  

		(x)                 Executive’s
target incentive rate in effect on the date of termination,           multiplied by  

		(y)                 Executive’s
individual performance rating, multiplied by  

		(z)                 the
Company performance rating  

	

(the terms referred to in clauses
(x), (y) and (z) having the definitions set forth in the MIP), assuming an individual
performance rating and a Company performance rating of 1.0; and (c) Executive shall
continue to participate, on the same terms and conditions, in any benefit programs of the
Company in which Executive participated immediately prior to such termination (including,
without limitation, as applicable, any disability insurance benefit program, any medical
insurance program, and dental insurance program, and any life insurance program) from the
time of such termination until the earlier of: (i) the end of the eighteen (18) month
period beginning from the effective date of the termination of Executive’s
employment, or (ii) such time as Executive is eligible to be covered by a comparable
program of a subsequent employer. Executive hereby agrees to notify the Company promptly
if and when Executive begins employment with another employer and if and when Executive
becomes eligible to participate in any pension or other benefit plans, programs or
arrangements of another employer. 

        
                   
(I)        The
date of termination of the Executive’s employment for purposes of
          paragraphs 6(F), 6(G) and 6(H) above shall be the date specified in a written
          notice of termination to the Executive, provided that the Company shall provide
          at least thirty (30) days written notice of such termination.  

        
                   
(J)        In
the event of the termination or expiration of this Agreement for any reason,
          the Company shall remain forever obligated to effectuate, directly or
indirectly           through its transfer agent, transfers or sales of shares of the
Company’s           Common Stock, or exercises of options to purchase such shares,
to which the           Executive is entitled pursuant and subject to the terms of this
Agreement.  

        
7.                
Indemnification.   

        
                   
(A)        The
Company shall indemnify, defend and hold the Executive harmless, to the           maximum
extent permitted by law, against all judgments, fines, amounts paid in
          settlement and all reasonable expenses, including attorneys’ fees incurred
          by the Executive, 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 the
          Executive is made or is threatened to be made a party by reason of the fact
that           the Executive is or was an officer or director of the Company, regardless
of           whether such action or proceeding is one brought by or in the right of the
          Company, to procure a judgment in its favor (or other than by or in the right
of           the Company). Each of the parties hereto shall give prompt notice to the
other           of any action or proceeding from which the Company is obligated to
indemnify,           defend and hold harmless the Executive of which it or he (as the
case may be)           gains knowledge.  

        
                   
(B)        The
Company hereby represents and warrants that the Executive shall be covered           and
insured up to the maximum limits provided by all insurance which the Company
          maintains to indemnify its directors and officers (and to indemnify the Company
          for any obligations which it incurs as a result of its undertaking to indemnify
          its officers and directors).  

        
8.               
Arbitration.  
Any dispute, controversy or claim           between the parties hereto arising out of or
relating to this Agreement either           during or after the term thereof, shall be
settled by arbitration conducted in           the Commonwealth of Massachusetts, in
accordance with the Commercial Rules of           the American Arbitration Association
then in force, provided, however, the           Executive acknowledges that in the event
of a violation of paragraphs 11 and 12           of this Agreement, the Company shall be
entitled to obtain from a court in the           Commonwealth of Massachusetts,
temporary, preliminary or permanent injunctive           relief as well as damages, which
rights shall be in addition to any other rights           or remedies to which it may be
entitled. The decision of the arbitrator or           arbitrators conducting any such
arbitration proceedings shall be in writing,           shall set forth the basis
therefore and such arbitrator’s or           arbitrators’ decision or award
shall be final and binding upon the parties           hereto. The parties hereto shall
abide by all awards rendered in such           arbitration proceedings, and all such
awards may be enforced and executed upon           in any court having jurisdiction over
the party against whom or which           enforcement of such award is sought.    

        
9.               
Enforceability.  
It is the intention of the parties           that the provisions of this Agreement shall
be enforced to the fullest extent           permissible under the laws and public
policies of each state and jurisdiction in           which such enforcement is sought,
but that the unenforceability (or the           modification to conform with such laws or
public policies) of any provisions           hereof, shall not render unenforceable or
impair the remainder of this           Agreement. Accordingly, if any provision of this
Agreement shall be determined           to be invalid or unenforceable, either in whole
or in part, this Agreement shall           be deemed amended to delete or modify, as
necessary, the offending provisions           and to alter the balance of this Agreement
in order to render the same valid and           enforceable to the fullest extent
permissible.    

        
10.               
Assignment.  
This Agreement is personal in nature           and neither of the parties hereto shall,
without the consent of the other,           assign or transfer this Agreement or any
rights or obligations hereunder. This           Agreement and all of the provisions
hereof shall be binding upon, and inure to           the benefit of, the parties hereto,
and their successors (including successors           by merger, consolidation or similar
transactions), permitted assigns, executors,           administrators, personal
representatives, heirs and distributees.    

        
11.               
Non-Disclosure.  
The Executive shall not, at any           time during or following the period of
employment, disclose, use, transfer or           sell, except in the course of such
employment, any confidential information or           proprietary data of the Company and
its subsidiaries so long as such information           or data remains confidential and
has not been disclosed or is not otherwise in           the public domain, except as
required by law or pursuant to legal process or in           connection with an
administrative proceeding before a governmental agency. The           Company and the
Executive agree that the Executive’s obligations under this           paragraph
shall not apply if (1) any disclosure by the Executive is made with           the express
written permission of the Company; and/or (2) if the Executive can           show by
documentary evidence that he had knowledge of the confidential           information, or
it was in his possession, prior to disclosure by the Company, or           that it was
lawfully received by the Executive from a third party who is not or           was not
bound, at the time the information was conveyed, by any confidential
          relationship or obligation to the Company.    

        
12.               
Non-Competition Agreement.   In the event the           Executive terminates his employment
hereunder without “Good Reason” as           that term is defined in paragraph
6(E) hereof, or the Company terminates the           Executive’s employment pursuant
to an event or condition described in           paragraph 6(B) or 6(D) hereof, except as
provided below, the Executive will not           for a period of eighteen (18) months
thereafter engage in or carry on, directly           or indirectly, either for himself or
as a member of a partnership, or as a           stockholder, investor (except that
ownership of 5% or less of any class of debt           or equity securities which are
publicly traded shall not be a violation of this           paragraph 12), officer or
director of a corporation or as an employee, agent,           associate or consultant of
any person, partnership, or corporation in any           business in competition with the
principal businesses carried on by the Company           and its subsidiaries and
affiliates (as that term is described below) in any           jurisdiction in which the
Company or its subsidiaries or affiliates actively           conduct business; provided,
however, that if, during the eighteen (18) month           period, the Company elects to
enforce the provisions of this paragraph and the           Executive’s employment
shall have been terminated either by the Executive           without “Good Reason” or
by the Company pursuant to paragraph 6(D)           hereof, the Company shall pay to the
Executive (in accordance with its then           current payroll practices) at the rate
of his base salary as of the date of his           termination. If the Company, at its
sole option, decides not to continue the           Executive’s base salary at any
time during the eighteen (18) month period,           this non-competition provision
shall not thereafter be enforceable. Nothing in           this paragraph 12 or in this
Agreement shall be deemed to require the Company to           continue to pay the
Executive any portion of his base salary in the event the           Executive terminates
his employment without Good Reason or the Company           terminates the Executive’s
employment pursuant to an event or condition           described in paragraph 6(D)
hereof. Notwithstanding the foregoing: (A) for           purposes of this Agreement, the
term “principal business carried on by the           Company and its subsidiaries
and affiliates” shall be limited to           “upper moderate” and “better” “Missy” apparel
          specialty stores, including, for purposes of illustration, but not limited to,
          Ann Taylor, Coldwater Creek, J. Jill and Chicos; and (B) nothing in this
          paragraph shall be construed to prevent the Executive from engaging in
          consulting to any aspect of the apparel industry after such termination.    

        
13.                
Taxes.   

        
                   
(A)        All
payments to be made to and on behalf of the Executive under this Agreement           will
be subject to required withholding of federal, state and local income and
          employment taxes, and to related reporting requirements.  

        
                   
(B)        Notwithstanding
any other provision of this Agreement, if any of the payments           provided for in
this Agreement, together with any other payments which the           Executive has the
right to receive from the Company or any corporation which is           a member of an
“affiliated group” (as defined in Section 1504(a) of           the Internal
Revenue Code of 1986, as amended (the “Code”) without           regard to
Section 1504(b) of the Code) of which the Company is a member, would           constitute
a “parachute payment” (as defined in Section 280G(b)(2) of           the Code),
payments pursuant to this Agreement shall be reduced to the largest           amount as
will result in no portion of such payments being subject to the excise           tax
imposed by Section 4999 of the Code.  

        
14.               
Term.  This Agreement shall commence as of November           3, 2004 and shall continue in
effect until the last day of the Company’s           fiscal year that ends in
January 2008; provided, however, that commencing at the           beginning of the Company’s
fiscal year immediately thereafter and at the           beginning of the Company’s
fiscal year each three years thereafter, the           term of this Agreement shall
automatically be extended for three additional           years unless at least 6 months
prior to such date, the Company or the Executive           shall have given notice to the
other party that this Agreement shall not be           extended. It is acknowledged and
agreed by the parties hereto that if this           Agreement is terminated or not
extended by the Company pursuant to this           paragraph 14 and not as a result of an
event or condition referred to in           paragraph 6(E) hereof, the provisions of
paragraphs 6(F) and 6(G) hereof shall           apply.    

        
15.               
Survival.  Anything in paragraph 6 hereof to the           contrary notwithstanding, the provisions
of paragraphs 7 through 17 shall           survive the expiration or termination hereof,
regardless of the reasons           therefore.    

        
16.               
No Conflict.   The Executive and the Company each           hereby represents
and warrants to the other that the execution, delivery and           performance of this
Agreement by him or it (as the case may be) shall not           violate any agreement or
other obligation of any kind, written or oral, to which           he or it (as the case
may be) is subject.    

        
17.               
Miscellaneous.  

        
                   
(A)        Notices.  
All notices hereunder shall be given in writing,           clearly marked “Personal
and Confidential,” by personal delivery           (which shall include delivery by
overnight couriers such as Federal Express), or           prepaid registered or certified
mail, return receipt requested, to the addresses           of the proper parties as set
forth below:  

		
		TO THE EXECUTIVE:
		 
		PHILIP KOWALCZYK
		110 Polo Drive
		Atlanta, Georgia 30309
		 
		TO THE COMPANY:
		 
		The Talbots, Inc.
		One Talbots Drive
		Hingham, MA 02043
		Attn:   Senior Vice President/Human Resources

	

Any notice given as aforesaid shall
be deemed received upon actual delivery. Any party hereto (or any person designated to
receive a copy of any notice) may change his or its (as the case may be) designated
address by notice served as herein set forth upon the other party designated to receive
notice. 

        
                   
(B)        Law Governing.   This Agreement shall be governed by and           construed in
accordance with the laws of the Commonwealth of Massachusetts           applicable to
contracts made and to be wholly performed in that state without           regard to its
conflicts of laws provisions.  

        
                   
(C)        Headings.  The paragraph headings contained in this           Agreement are for convenience of
reference only and are not intended to           determine, limit or describe the scope
or intent of any provision of this           Agreement.  

        
                   
(D)        Number and Gender.   Whenever in this Agreement the singular           is used, it shall
include the plural if the context so requires, and whenever           the masculine
gender is used in this Agreement, it shall be construed as if the           masculine,
feminine or neuter gender, respectively, has been used where the           context so
dictates, with the rest of the sentence being construed as if the           grammatical
and terminological changes thereby rendered necessary have been           made.  

        
                   
(E)        Entire Agreement.   This Agreement contains the entire           understanding between the
parties with respect to the subject matter hereof and           supersedes any prior or
contemporaneous understandings and agreements, written           or oral, between and
among them respecting such subject matter.  

        
                   
(F)        Counterparts.  This Agreement may be executed in           counterparts, each of which shall be deemed
an original but both of which taken           together shall constitute one instrument.  

        
                   
(G)        Amendments.  This Agreement may not be amended except by a           writing executed by the party
against whom or which such amendment is to be           enforced.  

        
                   
(H)        Expenses.  All reasonable legal fees and expenses incurred by the           Executive in
negotiating and entering into this Agreement will be paid by the           Company. All
such fees and expenses will be paid by the Company within 30 days           after the
Company’s receipt of the invoices therefore.  

        
                   
(I)        Termination Without Cause.   For purposes of the Plan,           “termination
without cause” hereunder shall mean termination of the           Executive’s
employment hereunder as result of an event or condition that is           not referred to
in paragraph 6(E) hereof.  

        
        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the date
first written above. 

	PHILIP KOWALCZYK

  /s/ Philip H. Kowalczyk
——————————————

       Philip Kowalczyk           		THE TALBOTS, INC.

By:  /s/ Arnold B. Zetcher                
        12/21/04
——————————————

Name:    
Title:              

	

EXHIBIT A 

        
        For
purposes of this Agreement, “Change in Control” shall mean (i) the acquisition
(including as a result of a merger) by any “person” (as such term is used in
Sections 3(a)(9), 13(d) and 14 (d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or persons “acting in concert” (which for purposes of
this Agreement shall include two (2) or more persons voting together on a consistent
basis pursuant to an agreement or understanding between them to act in concert and/or as a
“group” within the meaning of Sections 13(d)(3) and 14(d) (2) of the Exchange
Act), other than the Company or any of its subsidiaries, or JUSCO (U.S.A.), Inc. or any of
its subsidiaries or “affiliates” (as such term is defined in Rule 12b-2 under
the Exchange Act; (collectively, an “Acquiring Person”), of beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing more than 25 percent of the combined voting power
of the then outstanding securities of the Company entitled to then vote generally in the
election of directors of the Company, and no other stockholder is the beneficial owner
(within the meaning of Rule l3d-3 under the Exchange Act), directly or indirectly, of
a percentage of such securities higher than that held by the Acquiring person; or (ii)
individuals, who, as of the effective date of this Agreement (the “Effective
Date”), constitute the Board (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board; provided that any individual becoming a
director subsequent to the Effective Date, whose election, or nomination for election by
the Company’s stockholders, was approved by a vote of at least two-thirds of the
directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding as a member of the
Incumbent Board, any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the directors of
the Company (as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange
Act) and further excluding any individual who is an “affiliate”,
“associate” (as such terms are defined in Rule 12b-2 under the Exchange Act) or
designee of an Acquiring Person having or proposing to acquire beneficial ownership
(within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Company representing more than 10 percent of the combined voting power
of the then outstanding securities of the Company entitled to then vote generally in, the
election of directors of the Company.

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