Document:

Exhibit

           

Exhibit 10.57
July 15, 2019             

Ms. Molly Langenstein
XXXXXXXX, XX XXXXX

Dear Molly:  
 
It is with great pleasure that we offer you the opportunity to join Chico’s FAS, Inc.  As you are aware, we are a respected organization within which this position is a key driver of our success. As one of the top specialty retailers, we offer tremendous opportunity for personal and professional growth. Please let this letter serve as an offer to join Chico’s FAS, Inc. and your acceptance of that offer. The following will outline the specifics:  
 
Position:            President, Apparel Group
 
Reports to:           Bonnie Brooks, Interim President and CEO
 
Start Date:         August 1, 2019

Base Salary:      $800,000.00 annually
Bonus Plan:  
Target of 80% of base salary earned during the FY19 performance period (February 2019 to January 2020), which is contingent upon the achievement of corporate and brand financial objectives. The terms of the bonus, including eligibility, payouts and objectives are subject to the Management Bonus Plan and may be modified from time to time. All payouts are based on fiscal year business results and can vary from zero (0) to a maximum of 200% of your target bonus potential (160% of base salary earned). Bonus is typically paid in March, after the conclusion of the fiscal year.

For FY19, you will be provided with a bonus guarantee of $320,000.  Payment of the guaranteed bonus is contingent on continued employment at the time of payment.

Equity Grants:  
You will receive a new hire equity grant of 285,715 shares of Restricted Stock shortly after hire.  You will also be eligible for an appropriate annual equity grant, beginning in FY20, delivered in a combination of 50% Restricted Stock and 50% Performance Share Units. The target amount of such grants and the vesting conditions are established by the Human Resources, Compensation and Benefits Committee of our Board of Directors on an annual basis and may change from year to year.  

The Restricted Stock shares will vest ratably over a three-year period.  The Performance Share Units will cliff vest over a three-year period, contingent upon the achievement of corporate financial objectives and 
could range from zero (0%) to a maximum of 175% of the target award.  Annual equity grants are typically made in March.

As a member of the Executive Team, you will be subject to the Company’s Stock Ownership guidelines, which are set by the Human Resources, Compensation and Benefits Committee of our Board of Directors and may change from year to year.  Currently, your ownership guideline indicates that you must hold at least two times your base salary in shares.  Until you meet that guideline, you must retain and hold at least 50% of vested shares, net of taxes.  Once you meet the ownership guideline, you will be deemed to always meet it, regardless of the movement of the share price up or down.

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200

           

Sign-On Bonus:
You will receive a sign-on bonus of $250,000, less applicable taxes, payable within 30 days of your start date (contingent upon receipt of the attached repayment agreement).
Annual Review:  
You will be eligible for the FY19 performance appraisal process in April 2020.
Executive Coaching:
You will be eligible to receive executive coaching from the executive coach of your choice, paid for by Chico’s FAS, not to exceed $17,500.
Time Off:  
You will be eligible for 23 days of Paid Time Off (PTO) for each full calendar year of employment. This is an accrued benefit that you start to earn on your start date. In addition, Chico’s FAS, Inc. currently observes six paid holidays and two floating days of your choice. 
 
You will also be eligible to participate in Chico’s FAS, Inc. comprehensive benefits program outlined below: 
 
Group Insurance Program: 
Medical/Dental/Vision Plans 
Eligibility Date: Effective your first day of active employment 
 
Life Insurance: 
The company provides term insurance equal to 1X your base salary as well as accidental death and dismemberment insurance equal to 1X your base salary ($500,000 maximum). Supplemental insurance is available for purchase. 
Eligibility Date: Effective your first day of active employment 
 
Short and Long Term Disability: 
The company provides short and long term disability benefits. 
Eligibility Date: Effective your first day of active employment 
 
401(k) Plan:  
You may participate with an eligible deferral of your compensation (subject to an IRS maximum), with a company match of 50% of your deferral. Your 401(k) contributions may be subject to additional limitations under federal regulations.  You will be able to roll over existing qualified funds immediately.   
Eligibility Date: After 6 months of employment
Deferred Compensation:   
You will be eligible to participate in our Deferred Compensation Plan. You will have the opportunity to defer pre-tax compensation (less applicable FICA/Medicare tax withholding). You may defer up to 80% of your base salary payable during the current calendar year with a company match of 50% on the first 2.5% you defer, and up to 100% of your bonus for the applicable fiscal year.
Eligibility Date: Deferral available upon hire and 30-day enrollment period
Employee Stock Purchase Plan:  
You will have an opportunity to purchase Chico’s FAS, Inc. stock directly from the company, two times a year, during the March and September Offering Periods. 
Eligibility Date: First Offering Period following 6 months of employment
Executive Benefits 

Disability Income Protection:                                                                                     
As an officer, you will be eligible for Chico’s FAS, Inc.’s Supplemental Disability Insurance program after 90 days of employment. This program provides an increased level of income protection should you become totally disabled. Full details of the program will be provided by the Benefits Department.

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200

           

Annual Physical:                                                                                                        
As an officer, you are eligible to have one company paid physical per year at the Mayo Clinic in Jacksonville, FL as part of our Health and Wellness program.

Executive Severance Plan:                                                                                                        
As a qualifying executive, you are eligible for severance benefits pursuant to the attached Chico’s FAS, Inc. Officer Severance Plan.

The items listed above are covered by various benefit plans. Such benefit plans may be modified from time to time. In the event this offer letter conflicts with the terms of a benefit plan document or summary plan description, the terms of the plan document or summary plan description will control. 
Child Care:    
Chico’s FAS, Inc. is pleased to provide an early education and child development center located on campus. The center is operated by Bright Horizons Family Solutions Inc., a best in class child care provider. The center accommodates children from ages 6 weeks to 5 years. Summer program options are also available for children ages 5 to 12.
Chico’s Clinic:
You will have access to Chico’s Viva Verna Clinic, which is available to all associates and their spouses.  The on-site clinic offers no cost and low-cost appointments for wellness checks, sick visits and lab work.  Marathon Health operates the clinic with a staff of nurse practitioners and other providers.
Associate Discount:
You will be eligible for the Chico’s associate discount, which is generally 40% off the retail price for all Chico’s product at all 3 Chico’s Brands (Chico’s, WHBM, Soma), whether purchased on-line or in store.  This discount may not apply to all products and all purchases.
Ms. Molly Langenstein
Page 4
Relocation Benefits:    
In order to ensure a successful relocation, you will be provided relocation assistance as detailed in the attached Tier I Relocation Program, with the following exceptions: 1) you will be eligible for temporary housing for a period of 4 months; and 2) the benefit for the sale of your house will be extended until the end of 2020.  
By accepting our offer of employment, you acknowledge the at-will nature of our relationship. This offer is contingent upon the successful verification of references, background check, in addition to your execution of our attached Restrictive Covenant Agreement, substantially illustrated in the form attached. Additionally, you represent that you are not a party to any agreement that would bar or limit the scope of your employment with us.
We hope you view this opportunity as a chance to have a positive impact while enjoying a challenging and rewarding career. Nonetheless, please understand that Chico’s FAS, Inc. is an at-will employer. That 
means that either you or the company are free to end the employment relationship at any time, with or without notice or cause.  

We are looking forward to having you on our team. Let me be the first to welcome you aboard! We are sure you will find it a challenging and rewarding experience. If you have any questions, please feel free to contact us at the number indicated below. 

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200

           

Sincerely, 
 
 /s/ Bonnie Brooks 

Bonnie Brooks 
Interim President and CEO

Contact Information

For questions, please call: 
Kristin Gwinner
SVP, CHRO
(XXX) XXX-XXXX

I accept the terms and conditions of the offer as outlined above:  
 
Please return a signed copy

 
 
/s/ Molly Langenstein 
Molly Langenstein

Attachments

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200Exhibit

Exhibit 10.58

RESTRICTIVE COVENANT AGREEMENT

THIS RESTRICTIVE COVENANT AGREEMENT (this “Agreement”) is made and entered into this 1st day of August, 2019 (the “Effective Date”), by and between Chico’s FAS, Inc., a Florida corporation, having a principal place of business at 11215 Metro Parkway, Fort Myers, FL 33966 (the “Employer”), and Molly Langenstein (the “Executive”).  In consideration of the mutual covenants herein contained and intending to be legally bound hereby, the parties hereto agree to the following:
1.Employment.  Employer desires to employ Executive in the position of President, Apparel Group (the “Position”), and Executive desires to accept such Position.  In the Position, Executive will assume a key role in the organization that will require confidentiality and trust and will acquire information, knowledge and experience with Employer that is proprietary, confidential, unique and hard to replace. It would also place Employer at an unfair disadvantage, and Executive at an unfair advantage, should Executive use this information, knowledge, and experience to further the interests of anyone other than Employer.  As a result, Employer desires to protect its rights in its proprietary, confidential and trade secret information, and, as a condition of employment and for the consideration set forth herein, Executive is willing to and has agreed to abide by and faithfully observe the obligations and restrictions set forth herein.    
2.    Loyalty During Employment.  While employed with Employer, Executive will remain loyal to Employer and will not engage in any activities that create a conflict of interest.  Executive understands that it will be a conflict of interest for Executive to pursue business activities that compete with Employer while employed with Employer or to engage in material preparations to do so.  Executive will promptly inform Employer of any business opportunities related to Employer’s line of business, and will not pursue any such business opportunities independent from Employer without advance written authorization from Employer to do so.
3.    Confidential Information.  
(a)    Nondisclosure and Non-use.  Both during Executive’s employment with Employer and thereafter, Executive covenants and agrees that Executive (i) shall exercise the utmost diligence to protect and safeguard the Confidential Information of Employer and its Affiliates; (ii) shall not disclose to any third party any Confidential Information, except as may be required by Employer in the course of Executive’s employment or by law; and (iii) shall not use, directly or indirectly, for Executive’s own benefit or for the benefit of another, any Confidential Information.  Executive acknowledges that Confidential Information has been and will be developed and acquired by Employer and its Affiliates by means of substantial expense and effort, that the Confidential Information is a valuable proprietary asset of Employer’s and its Affiliates’ business, and that its disclosure would cause substantial and irreparable injury to Employer’s and its Affiliates’ business.  

For purposes of this Agreement, “Affiliate” shall mean any entity controlling, controlled by, or under common control of, Employer.
(b)    Definition of Confidential Information.  “Confidential Information” means all information of a confidential or proprietary nature, whether or not specifically labeled or identified as “confidential,” in any form or medium, that is or was disclosed to, or developed or learned by, Executive in connection with Executive’s past, present or future employment with Employer and that relates to the business, products, services, research or development of any of the Employer or its Affiliates or their suppliers, distributors or customers.  Confidential Information includes, but is not limited to, the following: (i) internal business information (including, but not limited to, information relating to strategic plans and practices, business, training, marketing, promotional and sales plans and practices, cost, rate and pricing structures, accounting and business methods);  (ii) identities of, individual requirements of, specific contractual arrangements with, and information about, any of Employer’s, or any of its Affiliates’, suppliers, distributors and customers and their confidential information; (iii) trade secrets, know-how, compilations of data and analyses, techniques, systems, formulae, research, records, reports, manuals, documentation, models, data and data bases relating thereto; (iv) inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable); and (v) other information or thing that has economic value, actual or potential, from not being generally known to or not being readily ascertainable by proper means by other persons.  
(c)    Not Confidential Information.  Confidential Information shall not include information that Executive can demonstrate:  (i) is publicly known through no wrongful act or breach of obligation of confidentiality; (ii) was rightfully received by Executive from a third party without a breach of any obligation of confidentiality by such third party; or (iii) was known to Executive on a non-confidential basis prior to the Executive’s employment with Employer.
(d)    Presumption of Confidentiality.  In any judicial proceeding, it will be presumed that the Confidential Information constitutes protectable trade secrets and Executive will bear the burden of proving that any Confidential Information is publicly or rightfully known by Executive.  
(e)    Return of Confidential Information and Materials.  Executive agrees to return to Employer either before or immediately upon the termination of Executive’s employment with Employer any and all information, materials or equipment which constitutes, contains, or in any way relates to the Confidential Information and any other document, equipment or materials of any kind relating in any way to the business of Employer in the possession, custody or control of Executive which was obtained by Executive during the course of or as a result of Executive’s employment with Employer whether confidential or not, including, but without limitation, any copies thereof which may have been made by or for Executive.  Executive shall also provide 

Employer, if requested to do so, the name of the new employer of Executive and Employer shall have the right to advise any subsequent employer of Executive’s obligations hereunder.
4.    Non-Competition.  Executive covenants and agrees that during the term of Executive’s employment with the Employer and for a twelve (12) month period [six (6) month period for Vice Presidents][twenty-four (24) month period in the case of the Chief Executive Officer] after the date of termination of the Executive’s employment hereunder for any reason (the “Restricted Period”), Executive will not, directly or indirectly, perform any job, task, function, skill, or responsibility for a Competing Business that Executive has provided for Employer (and/or its Affiliates) within the twelve (12) month period immediately preceding Executive’s termination date within the Restricted Territory.  For purposes of this Agreement, a “Competing Business” shall mean any direct competitor of the Employer which, in general, means a specialty retailer of: (i) better women’s intimate apparel, sleepwear and bath and body products; or (ii) better women’s apparel whose target customers are 35 years of age or older and have an annual household income of $75,000 or more. Competing Business includes, but is not limited to: The J. Jill Group, Inc., L Brands, Inc., Soft Surroundings Holdings, LLC, The Talbots, Inc., GAP, Inc., Victoria’s Secret Stores, Inc., and Ascena Retail Group, Inc.  The “Restricted Territory” means where Employer’s products are marketed at the time of Executive’s termination.
This covenant on the part of Executive shall be construed as an agreement independent of any other provision of this Agreement; and the existence of any claim or cause of action of Executive against Employer, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Employer of this covenant.  Executive expressly agrees that the restrictions of this Section 4 will not prevent Executive from otherwise obtaining gainful employment upon termination of Executive’s employment with Employer.

5.    Non-Solicitation of Customers, Suppliers, and Business Associates.  For a period of two (2) years after the date of termination of Executive’s employment for any reason, Executive shall not directly or indirectly induce, solicit or encourage any customer, supplier or other business associate of Employer or an Affiliate to terminate or alter its relationship with Employer or Affiliate, or introduce, offer or sell to or for any customer or business associate, any products or services that compete with an Employer product, service, marketing item, or other item which presently exists, or which was under development or active consideration during Executive’s employment with Employer. 
6.    Non-Solicitation of Employees.  For a period of two (2) years after the date of termination of Executive’s employment for any reason, Executive shall not, directly or indirectly, induce, solicit or encourage any employee of Employer or its Affiliates to terminate or alter his or her relationship with Employer or its Affiliates.
7.    Remedies.  

(a)    Injunctive Relief.  It is agreed by the parties hereto that any violation by Executive of any of the covenants contained herein would cause immediate, material and irreparable harm to Employer and/or its Affiliates which may not be adequately compensated for by money damages, and, therefore, Employer and/or its Affiliates shall be entitled to injunctive relief (including, without limitation, one or more preliminary injunctions and/or ex parte restraining orders) in addition to, and not in derogation of, any other remedies provided by law, in equity or otherwise for such a violation including, but not limited to, the right to have such covenants specifically enforced by any court of competent jurisdiction and the right to require Executive to account for and pay to Employer and/or its Affiliates all benefits derived or received by Executive as a result of any such breach of covenant together with interest thereon, from the date of such initial violation until such sums are received by Employer and/or its Affiliates.  The Restricted Period set forth herein shall be extended by any period of time in which Executive is in breach of the covenants contained in this Agreement and for any period of time which may be necessary to secure an order of court or injunction, either temporary or permanent, to enforce any of the covenants contained in this Agreement.
(b)    Executive Acknowledgment.  Executive acknowledges and agrees that the periods of restriction and geographical areas of restriction imposed by the confidentiality and non-competition covenants of this Agreement are fair and reasonably required for the protection of Employer and its Affiliates.
8.    At-Will. Nothing in this Agreement is intended to alter the at-will nature of Executive’s employment. 
9.    Severability.  In the event that, and if for any reason, any portion of this Agreement shall be held to be invalid or unenforceable, it is agreed that the remaining covenants and restrictions or portions thereof shall remain in full force and effect, and that if the validity or unenforceability is due to the unreasonableness of the time or geographical area covered by said covenants and restrictions, said covenants and restrictions of this Agreement shall nevertheless be effective for such period of time and for such area as may be determined to be reasonable by a court of competent jurisdiction.
10.    Integration.  This Agreement contains the entire agreement between the parties regarding the matters covered within it. To the extent other agreements cover the matters contained herein, the provisions of such agreements shall be read together with the provisions of this Agreement to afford Employer the greatest protections allowed by applicable law. 
11.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without reference to its conflict of laws provisions.

12.    Binding Effect.  This Agreement is binding upon the parties hereto and on their respective heirs, personal representatives, successors and assigns.  Executive agrees that the obligations contained in this Agreement will survive the termination of this Agreement.
13.    Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Nothing in this Agreement prohibits Executive from reporting an event that Executive reasonably and in good faith believes is a violation of law to the relevant law-enforcement agency (such as the Securities and Exchange Commission, Equal Employment Opportunity Commission, or Department of Labor), or from cooperating in an investigation conducted by such government agency.  Executive is hereby provided notice that under the 2016 Defend Trade Secrets Act (DTSA):  (1) no individual will be held criminally or civilly liable under Federal or State trade secret law for disclosure of a trade secret (as defined under the DTSA) that:  (A) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order.

This Agreement shall be considered made on the date signed by Executive below which shall be the effective date of this Agreement unless Executive is entering into this Agreement as part of Executive’s original hiring, transfer or promotion into a new position in which case the terms of this Agreement are understood to be effective as of the first day of Executive’s employment in such new position (whether reduced to writing on that specific date or not).

EMPLOYER:

By: /s/ Gregory S. Baker                       DATE: 8/1/19
Gregory S. Baker, General Counsel                                  

EXECUTIVE:

/s/ Molly Langenstein                    DATE: 8/1/19
Molly Langenstein

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