Document:

Exhibit 10.7

AMENDMENT NUMBER ONE

TO THE

THE DRESS BARN, INC. 1995 STOCK OPTION PLAN

WHEREAS, subject to the consummation of the reorganization (the “Reorganization”) of The Dress Barn, Inc. (“DBI”), Ascena Retail Group, Inc. (the “Company”), as successor to DBI, maintains The Dress Barn, Inc. 1995 Stock Option Plan (the “Plan”); and

 

WHEREAS, the Company desires to amend the Plan, effective upon the consummation of the Reorganization, to update the Plan’s name and any references to DBI therein, to change the Plan’s governing law to reflect the Company’s state of incorporation, and to reflect the par value of the Company’s stock.

 

NOW, THEREFORE, the Plan is hereby amended, effective upon the consummation of the Reorganization, as follows:

  

1.           For clarity, the term “Corporation” as used in the Plan shall mean Ascena Retail Group, Inc., a Delaware Corporation.

 

2.           The name of the Plan is hereby amended to be the “Ascena Retail Group, Inc. 1995 Stock Option Plan.”

 

3.           All references in the Plan to “The Dress Barn, Inc.” are hereby replaced with “Ascena Retail Group, Inc.”

 

4.           Section 2 of the Plan is hereby amended to delete the language “par value $.05 per share” and replace it with “par value $.01 per share.”

  

 

  

 

5.           Section 16 of the Plan is hereby amended to delete the reference to “Connecticut” and replace it with “Delaware.”

 

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IN WITNESS WHEREOF, the Company has caused this amendment to be executed this 17th day of December, 2010.

  

ASCENA RETAIL GROUP, INC.

  

By: /s/ Armand Correia

   

Title: EVP, CFOExhibit 10.9

AMENDMENT NUMBER ONE

TO THE

THE DRESS BARN, INC. 2010 STOCK INCENTIVE PLAN

WHEREAS, subject to the consummation of the reorganization (the “Reorganization”) of The Dress Barn, Inc. (“DBI”), Ascena Retail Group, Inc. (the “Company”), as successor to DBI, maintains The Dress Barn, Inc. 2010 Stock Incentive Plan (the “Plan”) (formerly, The Dress Barn, Inc. 2001 Stock Incentive Plan (the “2001 Plan”)); and

 

WHEREAS, the Company desires to amend the Plan, effective upon the consummation of the Reorganization, to update the Plan’s name and any references to DBI therein; and

 

WHEREAS, because the Plan is subject to the approval of the shareholders of DBI, if the Plan is not approved by the shareholders of DBI, the Plan will not be effective, and the following amendments shall be made to the 2001 Plan.

NOW, THEREFORE, the Plan (or in the event that the Plan is not approved by shareholders, the 2001 Plan) is hereby amended, effective upon the consummation of the Reorganization, as follows:

 

1.           For clarity, the term “Company” as used in the Plan shall mean Ascena Retail Group, Inc., a Delaware Corporation.

 

2.           The name of the Plan is hereby amended to be the “Ascena Retail Group, Inc. 2010 Stock Incentive Plan.”

 

  

  

  

3.           All references in the Plan to “The Dress Barn, Inc.” are hereby replaced with “Ascena Retail Group, Inc.” except for any such references included in “The Dress Barn, Inc. 2001 Stock Incentive Plan,” which references shall remain unchanged.

 

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IN WITNESS WHEREOF, the Company has caused this amendment to be executed this 17th day of December, 2010.

 

	  	
ASCENA RETAIL GROUP, INC.

	  	  
	  	
By: /s/ Armand Correia

	  	  
	  	
Title: EVP, CFOExhibit 10.10

AMENDMENT NUMBER TWO

TO THE

ASCENA RETAIL GROUP, INC. 2010 STOCK INCENTIVE PLAN

WHEREAS, Ascena Retail Group, Inc. (the “Company”) maintains the Ascena Retail Group, Inc. 2010 Stock Incentive Plan (the “Plan”)

 

WHEREAS, pursuant to Section 11.1 of the Plan, the Board of Directors of the Company (the “Board”) may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of the Plan, subject to stockholder approval in certain circumstances;

 

WHEREAS, the Board has authorized the Company to amend the Plan as set forth herein; and

 

WHEREAS, stockholder approval is not required for the amendment set forth herein.

 

NOW, THEREFORE, pursuant to Section 11.1 of the Plan, effective as of September 22, 2011, the Plan is hereby amended as follows:

1.  A new Section 4.4 is hereby added to the Plan to read as follows:

“4.4.           Early Vesting Share Limit.

The Committee may, in it sole discretion, grant Awards of Stock Options, Restricted Stock or Other-Stock Based Awards consisting of restricted stock units on or after September 22, 2011 with a vesting schedule that provides for earlier vesting than the applicable minimum vesting dates set forth under Section 6.3(c), 7.1 or 8.2(c), as applicable, for up to an aggregate of five percent (5%) of the shares of Common Stock that may be the subject of Awards under the Plan pursuant to Section 4.1(a)”

2.  Section 6.3(c) of the Plan is hereby amended by adding the following sentence to the end thereof:

  

  

  

  

“Notwithstanding anything herein to the contrary, subject to Section 4.4, the vesting schedule for any Stock Options granted on or after September 22, 2011 shall be no less than in three (3) equal annual installments on the first, second and third anniversaries of the date of grant; provided that the Committee may provide, in its sole discretion, that such Stock Options shall vest and become exercisable earlier than such minimum vesting dates, subject to Section 6.4, upon the Participant’s death, Disability, Retirement, or Termination by the Company without Cause or by the Participant for good reason (in the event such term (or words or a concept of like import) is defined in an agreement between the Company or an Affiliate and the Participant in effect at the time of grant) or upon a Change in Control.”

3.  Section 7.1 of the Plan is hereby amended by adding the following sentence to the end thereof:

“Notwithstanding anything herein to the contrary, subject to Section 4.4, the vesting schedule for any Restricted Stock awarded on or after September 22, 2011 shall be no less than in two (2) equal annual installments on the first and second anniversaries of the date of grant; provided that the Committee may provide, in its sole discretion, that such Restricted Stock shall vest earlier than such minimum vesting dates upon the Participant’s death, Disability, Retirement, or Termination by the Company without Cause or by the Participant for good reason (in the event such term (or words or a concept of like import) is defined in an agreement between the Company or an Affiliate and the Participant in effect at the time of grant), or upon a Change in Control.”

4.  Section 8.2(c) of the Plan is hereby amended by adding the following sentence to the end thereof:

“Notwithstanding anything herein to the contrary, subject to Section 4.4, the vesting schedule for any Other Stock-Based Award consisting of restricted stock units awarded on or after September 22, 2011 shall be no less than in two (2) equal annual installments on the first and second anniversaries of the date of grant; provided that the Committee may provide, in its sole discretion, that such Award shall vest earlier than such minimum vesting dates upon the Participant’s death, Disability, Retirement, or Termination by the Company without Cause or by the Participant for good reason (in the event such term (or words or a concept of like import) is defined in an agreement between the Company or an Affiliate and the Participant in effect at the time of grant), or upon a Change in Control.”

 

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IN WITNESS WHEREOF, the Company has caused this amendment to be executed this 22nd day of September, 2011.

	  	
ASCENA RETAIL GROUP, INC.

	  	  
	  	
By: /s/ Armand Correia

	  	
EVP, CFOExhibit 10.12

AMENDMENT NUMBER THREE

TO THE

THE DRESS BARN, INC. 162(m) EXECUTIVE BONUS PLAN

  

WHEREAS, subject to the consummation of the reorganization (the “Reorganization”) of The Dress Barn, Inc. (“DBI”), Ascena Retail Group, Inc. (the “Company”), as successor to DBI, maintains The Dress Barn, Inc. 162(m) Executive Bonus Plan (the “Plan”); and

 

WHEREAS, the Company desires to amend the Plan, effective upon the consummation of the Reorganization, to update the Plan’s name and any references to DBI therein, and to change the Plan’s governing law to reflect the Company’s state of incorporation.

 

NOW, THEREFORE, the Plan is hereby amended, effective upon the consummation of the Reorganization, as follows:

 

1.           Section 2(c) of the Plan is amended in its entirety to read as follows:

 

“(c)       “Company” - shall mean Ascena Retail Group, Inc., and any successor by merger, consolidation or otherwise.”

 

	
  

	
2.

	
Section 2(n) of the Plan is amended in its entirety to read as follows:

 

“(n)       “Plan” - shall mean this Ascena Retail Group, Inc. Executive 162(m) Bonus Plan.”

 

3.           Any remaining references in the Plan to “The Dress Barn, Inc.” are hereby replaced with “Ascena Retail Group, Inc.”

 

  

  

  

 

4.           Section 13 of the Plan is hereby amended to delete the reference to “Connecticut” and replace it with “Delaware.”

   

IN WITNESS WHEREOF, the Company has caused this amendment to be executed this 17th day of December, 2010.

 

	  	
ASCENA RETAIL GROUP, INC.

	  	  
	  	
By: /s/ Armand Correia

	  	  
	  	
Title: EVP, CFOExhibit 10.16

 

AMENDMENT NO. 1

 

TO

 

EMPLOYMENT AGREEMENT

 

AMENDMENT NO. 1 (“Amendment”) effective as of the 1st day of January, 2009 to the employment agreement (the “Employment Agreement”) dated as of May 2, 2002, by and between The Dress Barn, Inc. (the “Company”) and David R. Jaffe (the “Executive”).

 

WHEREAS, the Company and the Executive have previously entered into the Employment Agreement; and

 

WHEREAS, the Company and the Executive desire to amend the Employment Agreement.

 

NOW, THEREFORE, solely for the purpose of making changes that are necessary or desirable to reflect Section 409A of the Internal Revenue Code of 1986, as amended, effective as of the date set forth above, the Employment Agreement is hereby amended as follows:

 

The last sentence of Section 6(a) and the second sentence of Section 7(b) of the Employment Agreement are hereby amended to include the following at the end thereof:

 

“, subject to the Delay Period under Section 11(b) of the Agreement”

 

The second sentence of Section 6(b) of the Employment Agreement is hereby amended to read as follows:

 

“In the event Executive’s employment is terminated by reason of a Notice of Termination following a Change in Control, Dress Barn shall pay the Executive an amount equal to two times the Base Salary at the rate in effect on the date of the Notice of Termination, which amount shall be payable pro-ratably over a period equal to what would have otherwise been the period remaining in the applicable term, but not less than one year, subject to the Delay Period under Section 11(b) of the Agreement.”

 

The Employment Agreement is hereby amended to include a new Section 11 immediately following Section 10 thereof to read as follows:

  

  

  

 

“11.    Code Section 409A.

  

           (a)  Although Dress Barn does not guarantee to the Executive any particular tax treatment relating to the payments and benefits paid in accordance with the terms and conditions of this Agreement, it is the intent of the parties that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  The parties agree to reasonably cooperate to take all further actions necessary to satisfy the requirements of Code Section 409A.

 

           (b)  A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that are considered “nonqualified deferred compensation” under Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  If the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the providing of any benefit made subject to this Section 11(b), to the extent required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment or benefit shall be made or provided at the date which is the later of (i) eighteen (18) months following January 1, 2009 and (ii) the earlier of (A) expiration of the six (6)-month period measured from the date of the Executive’s “separation from service,” and (B) the date of the Executive’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this provision (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum on the first business day following the end of the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

 

           (c)  All expenses or other reimbursements paid pursuant to this Agreement that are taxable income to the Executive shall be paid at the time provided by Dress Barn’s applicable policies and customary practices, but in no event shall be paid later than the end of the calendar year next following the calendar year in which the Executive incurs such expense.  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of the Executive’s taxable year following the taxable year in which the expense occurred.”

 

  

  

  

 

IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed as of the 1st day of January, 2009.

 

	  	
EXECUTIVE

	  	  
	  	
/s/ David R. Jaffe

	  	
David R. Jaffe

	  	  
	  	
THE DRESS BARN, INC.

	  	  
	  	
By: /s/ Armand Correia

	 	 
	  	
SVP, CFO

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