Document:

Exhibit

Exhibit 10.1

February 10, 2020

Dear Jon Kosoff,  

This offer of employment letter supersedes any prior communications from Tillys regarding your potential employment with us.  

Congratulations and welcome to the Tillys Team! At Tillys we bring together an unparalleled selection of the most popular brands rooted in action sports, music, art and fashion. We have established a loyal customer following and we would like you to become an extension of that by joining our team!

You’ve scored a conditional offer of employment (Regular Position - Full Time) at Tillys as the Chief Digital Officer (CDO) in our Executive Department, reporting to Ed Thomas. By accepting this offer, you agree to join our team and the Tillys Experience, with an anticipated start date of Monday, February 24, 2020.  This offer is contingent upon successful completion, to our satisfaction, of efforts to confirm your suitability for this position, which includes our pre-employment screening process.

Should you decide to accept this offer, your individual compensation and benefits package will include the following:

Base Salary:
Your initial annualized base salary will be $320,000.00

Vacation:
20 days. You will be eligible for paid vacation each year from the anniversary of your hire date. Vacation begins accruing on your first day of work. 

Stock Options:
50,000 non-qualified stock options covering Tilly’s, Inc. class A common stock will be granted to you at next open trading window following your start date of employment at Tillys, subject to approval by the compensation committee. These options will vest 25% on each anniversary of the grant date and will have an exercise price equal to the closing price of Tilly’s, Inc. class A common stock on the grant date. The terms of this equity award are set forth in Tilly’s, Inc. 2012 Amended and Restated Equity and Incentive Award Plan and in the award agreement that will accompany the grant.  

Bonus:  
You will be eligible for our Fiscal 2020 Annual Bonus Plan (“Bonus Plan”) payable in 2021 on a pro-rated basis, subject to the terms of the Bonus Plan. Your target bonus will be 50% of your base salary. Your stretch bonus potential will be at 100% of your base salary.  Bonus Plan details will be provided to you upon acceptance of offer of employment. 

Incentive Bonus:  

You will be eligible to receive an annual incentive bonus in the amount of $50,000 (the “Incentive Bonus”) per fiscal year for each of your first three (3) fiscal years of employment with Tillys (the “Incentive Bonus Term”), beginning with Fiscal 2020, which is the fiscal year ending January 30, 2021. The Incentive Bonus is in addition to the Bonus Plan referenced above, and is based upon the achievement of specific performance targets provided to you in connection with this offer of employment.

The Incentive Bonus will consist of two components, each eligible for 50% of the Incentive Bonus. The Incentive Bonus will be earned in full by achieving both of the established targets for a given fiscal year.  However, if either of the targets is not achieved in one or both of the first two fiscal years during the Incentive Bonus Term, but the following or final fiscal year target is achieved, you will receive the cumulative bonus payout eligible through that point in the Incentive Bonus Term.

Benefits: 
Eligibility to enroll in Tillys’ Medical Benefits Program will take effect on the first of the month following one complete calendar month of employment. You will be eligible to enroll in all of our comprehensive health and life benefits including Medical, Dental, Vision, Life, and AD&D coverage. As a Tillys employee you can also participate in our Employee Perks Program, 401K (after 3 months of employment) and Employee Assistance Program. Upon your acceptance of this offer, we will provide you with additional information regarding the employee benefits we offer.

Please be advised that the main business address and telephone number for World of Jeans and Tops, Inc. dba Tillys, is 10 Whatney, Irvine, CA 92618, (949) 609-5599. Our normal business hours are 8:30 am to 5:30 pm PST.

At-will employment.  Your employment is at-will.  Therefore, you may leave your employment at any time and Tillys may transfer, reassign, suspend, demote or terminate your employment, at any time, for any reason, with or without cause, and with or without notice.

Exempt status.  This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay. Your salary is intended to compensate you for all hours worked. Your work hours may vary from week to week depending on Tillys’ needs.

Tax and other withholding. The amounts of compensation described in this letter are before taxation or other withholdings required or permitted by law. Tillys reserves the right to withhold all applicable federal, state and local income, Social Security and other employment taxes, along with any other amounts of required withholding, from all amounts of compensation and other remuneration payable to you, whether as direct compensation or pursuant to any of the compensation or benefit plans in which you may participate.

Guidelines for employment. If you accept this offer and become a Tillys employee, you will be subject to our employment policies. In addition, Tillys reserves the right to modify the compensation or benefits arrangements described in this letter or otherwise maintained by Tillys, and also reserves the right to modify your position or duties to meet business needs and to use its discretion in deciding on appropriate discipline. Upon hire, you will be required to read and sign an acknowledgment of receipt of our Employee Handbook and any applicable supplement(s).

Offer Contingencies.  This offer is contingent upon the following:

		
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	Signing the Tillys Confidential Information and Inventions Agreement and signing or formally opting out of the Arbitration Agreement.

		
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	Successful completion of a background investigation, consistent with applicable federal and state law, including, but not limited to, a background check of employment, criminal history and if applicable, credit history and verification of driving record for placement on Tillys’ insurance policy.

		
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	Verification of the information contained in your employment application, including satisfactory results in the verification of references.

		
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	Accepting this offer in writing within 72 hours of receipt of this letter.

This offer will be withdrawn (whether or not you have already signed it) if any of the above conditions are not satisfied. Unless and until all such steps have been completed, this conditional offer of employment may be withdrawn and you should not resign your current employment, otherwise alter your employment status, or alter any personal circumstances in reliance on this conditional offer. 

In addition, on your first day of employment, please be sure to bring your identification card(s) to establish your identity and eligibility for employment in the United States, e.g., unexpired passport or driver’s license and social security card. If you are unable to provide such verification within three business days of the date your employment begins, this offer of employment will be withdrawn.  

This letter, and the Tillys Confidential Information and Inventions Agreement, Arbitration Agreement, and new hire packet, which will be provided to you on your first day of employment, constitutes the entire agreement relating to this subject matter and supersedes any and all other agreements, either oral or in writing, express or implied, on this subject.  You and Tillys acknowledge and agree that no representations, inducements, promises or agreements, oral or otherwise, have been made between you and Tillys, or anyone acting on behalf of you or Tillys, which are not included in this letter.  You and Tillys acknowledge and agree that no other agreement, statement or promise not included in this letter shall be valid or binding.  The terms of your employment may not be modified or amended by oral agreement or course of conduct, but only by an agreement in writing signed by both you and Tillys’ CEO, CFO or head of Human Resources.

If you accept this offer of employment on the terms and conditions listed above, sign where indicated and return the original signed copy of this letter to us.

Cheers to your success at Tillys,

	
	
	 

	 

	/s/  Jaheida Sanchez                                

	Jaheida Sanchez
Director of Human Resources
Tillys

ACCEPTED:

	
	
	 

	 

	/s/  Jonathan Kosoff                             

	Jonathan Kosoff
Dated: February 12, 2020Exhibit

Exhibit 4.15
Description of Registrant’s Equity Securities Registered Pursuant to Section 12 of the Securities and Exchange Act of 1934. 
As of December 28, 2019, Kellogg Company (“Kellogg,” “we,” “our,” and “us”) had one class of equity securities, our Common Stock, par value $0.25 per share (“Common Stock”), registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The following summary of terms of our Common Stock is based upon our amended restated certificate of incorporation (the “Certificate”) and bylaws (the “Bylaws”) currently in effect under Delaware law. This summary is not complete and is subject to, and qualified in its entirety by reference to, the Certificate and Bylaws, which are filed as Exhibits 3.1 and 3.2 to our Annual Report on Form 10-K of which this Exhibit 4.15 is a part. We encourage you to read these documents and the applicable portion of the Delaware General Corporation Law, as amended, carefully.
Description of Common Stock.
General 
Kellogg is authorized to issue 1,000,000,000 shares of Common Stock. 
Voting Rights 
Each shareowner shall be entitled to one (1) vote for each share of Common Stock held on all matters to be voted upon. Each shareowner entitled to vote shall be entitled to vote in person or by proxy (and may authorize another person to act as such proxy in such ways, such as electronic transmission, as are permitted under the DGCL), but no proxy shall be voted or acted on after three years from its date unless said proxy provides for a longer period. Our Bylaws contain a majority voting standard for the election of directors in an uncontested election (that is, an election where the number of nominees is equal to the number of seats open). In an uncontested election, each nominee must be elected by the vote of a majority of the votes cast. A “majority of the votes cast” means the number of votes cast “for” a director’s election must exceed the number of votes cast “against” (excluding abstentions). 
Dividends 
Dividends may be paid upon the Common Stock as and when declared by the Board of Directors, or a committee thereof expressly authorized by resolution of the Board of Directors, out of funds legally available for the payment of dividends. 
Other Rights 
Upon dissolution, liquidation or winding up of the Company, whether voluntary or involuntary, the net assets of the Company shall be distributed ratably to the holders of the Common Stock.
No shareowner shall have any preemptive right to subscribe for, purchase, or otherwise acquire shares of (a) the Company’s stock or (b) bonds, notes, or other securities, whether or not convertible, into the Company’s stock.  The Board of Directors may, from time-to-time, and at any time, cause shares of stock of the Company of any class to be issued, sold or otherwise disposed of at such price or prices and upon such terms as the Board of Directors may determine.
All the outstanding shares of Common Stock are validly issued, fully paid and nonassessable. 
Anti-Takeover Effects of Our Certificate and Bylaws and Delaware Law 
Some provisions of Delaware law and our Certificate and Bylaws could make the following more difficult: 

		
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	acquisition of us by means of a tender offer or merger;

		
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	acquisition of us by means of a proxy contest or otherwise; or

		
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	removal of our incumbent officers and directors.

These provisions, summarized below, may discourage coercive takeover practices and inadequate takeover bids.  
Classified Board and Removal of Directors 
Our Bylaws provide that our directors be divided into three classes, as nearly equal in number as possible, with a term of office of three years, one class to expire each year. At each annual meeting, the class of directors whose terms of office shall expire at such time shall be elected as provided in the Bylaws to hold office for terms expiring at the third annual meeting following their election and until a successor shall be elected and shall qualify.
Subject to the rights of the holders of any particular class or series of equity securities, any director may be removed only for cause and only by the affirmative vote of the holders of not less than two-thirds of the voting power of all shares of voting stock, voting together as a single class, at any regular or special meeting of the shareowners, subject to any requirement for a larger vote contained in the DGCL. 
Size of Board of Directors and Vacancies 
Our Bylaws provide that the number of directors shall be not less than seven nor more than fifteen, the exact number of directors to be fixed from time-to-time by a resolution adopted by not less than two−thirds of the Board of Directors. Subject to the rights of the holders of any particular class or series of equity securities, (i) newly created directorships resulting from any increase in the total number of authorized directors may be filled by the affirmative vote of not less than two-thirds of the directors then in office, although less than a quorum, or by a sole remaining director, at any regular of special meeting of the Board of Directors, or by a plurality vote of the shareowners at any meeting of shareowners, and (ii) any vacancies on the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause may be filled only by the affirmative vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director, at any regular or special meeting of the Board of Directors. Any director elected to fill a vacancy described in clause (ii) shall be of the same class as his or her predecessor.
No Shareowner Action by Written Consent 
Our Certificate provides that any shareowner action may be effected only at a duly called annual or special meeting of shareowners and may not be effected by a written consent or consents by shareowners in lieu of such a meeting. 
Amendment of Our Bylaws 
Except to the extent otherwise provided in our Certificate, our Bylaws may any by amended by (i) by the affirmative vote of the holders of not less than a majority of the voting power of all shares of the voting stock, voting together as a single class, at any regular or special meeting of the shareowners (but only if notice of the proposed change be contained in the notice to the shareowners of the proposed action) or (ii) by the affirmative vote of not less than a majority of the members of the Board of Directors at any meeting of the Board of Directors at which there is a quorum present and voting; provided that any amendment inconsistent with Article II, Section 2, or Article III, Section 1, Section 2, Section 5, or Section 7, or Article XIV, Section 1 of the Bylaws, shall require, in the case of clause (i), the affirmative vote of the holders of not less than two-thirds of the voting power of all shares of the voting stock, or, in the case of clause (ii), the affirmative vote of directors constituting not less than two−thirds of the Board of Directors. 
Amendment of Our Amended Certificate of Incorporation 
This Certificate shall be subject to alteration, amendment or repeal, and new provisions thereof may be adopted by the affirmative vote of the holders of not less than a majority of the outstanding shares of voting stock, voting 

together as a single class, at any regular or special meeting of the shareowners (but only if notice of the proposed change be contained in the notice to the shareowners of the proposed meeting). Notwithstanding the foregoing and in addition to any other requirements of applicable law, the alteration, amendment or repeal of, or the adoption of any provision inconsistent with, the Article Nine, Ten, Eleven or Twelve of the Certificate shall require the affirmative vote of the holders of not less than two-thirds of the voting power of all shares of the voting stock, voting together as a single class, at any regular or special meeting of the shareowners.
Shareowner Meetings 
Our Certificate and Bylaws provide that except as otherwise required by law, if any, a special meeting of our shareowners may be called only by (i) the Chairman of our Board of Directors, or Vice Chairman in such officer’s absence or incapacity, or by the chairman of the Nominating and Governance Committee in such officer’s absence or incapacity or (ii) our Board of Directors pursuant to a resolution adopted by directors constituting not less than two-thirds of the Board of Directors.
No business other than that stated in the notice of a special meeting of shareowners shall be transacted at such special meeting. 
Requirements for Advance Notification of Shareowner Nominations and Proposals 
Our Bylaws establish an advance notice procedure for shareowner proposals to be brought before an annual meeting of our shareowners, including proposed nominations of persons for election to our Board of Directors. Shareowners at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our Board of Directors or by a shareowner who was a shareowner of record on the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice, in proper form, of the shareowner's intention to bring that business before the meeting. Although the Bylaws do not give our Board of Directors the power to approve or disapprove shareowner nominations of candidates or proposals regarding other business to be conducted at a special or annual meeting, the Bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors or otherwise attempting to obtain control of the Company. 
Only such persons who are nominated in accordance with the procedures set forth in our Bylaws shall be eligible to serve as directors and only such business shall be conducted at a meeting of shareowners as shall have been brought before the meeting in accordance with the procedures set forth in our Bylaws. Except as otherwise required by our governing documents, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed in accordance with the procedures set forth in our Bylaws and, if any proposed nomination or business is not in compliance with our Bylaws, to declare that such defective proposal or nomination shall be disregarded. 
Delaware Anti-Takeover Law 
Our Certificate subjects us to Section 203 of the DGCL. 
In general, Section 203 of the DGCL prohibits a publicly-held Delaware corporation from engaging in a business combination with an interested shareowner for a period of three years following the date the person became an interested shareowner, unless the business combination or the transaction in which the person became an interested shareowner is approved in a prescribed manner. Generally, a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested shareowner. Generally, an “interested shareowner” is a person that together with affiliates and associates, owns or within three years prior to the determination of interested shareowner status, did own, 15% or more of a corporation’s voting stock. This may have an anti-takeover effect with respect to transactions not approved in advance by our Board of Directors, including discouraging attempts that might result in a premium over the market price for the shares of our Common Stock. 

No Cumulative Voting 
Our Certificate and Bylaws do not provide for cumulative voting in the election of our Board of Directors.

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