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EXHIBIT 10.1

FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT (the “Amendment”) is made and entered into effective _May 1_, 2006, by and between Ross Stores, Inc. (the “Company”) and Barbara Levy (the “Executive”).  The Executive and the Company previously entered into an Employment Agreement (the “Agreement,” attached hereto) effective February 7, 2005.  Executive has indicated her desire to retire from her employment with the Company.  In order to provide for an orderly transition of Executive’s responsibilities, it is now the intention of the Executive and the Company to amend the Agreement as set forth below.  Capitalized terms contained in this Amendment shall, unless otherwise defined herein, have the meanings assigned such terms by the Agreement.  Accordingly, the Executive and the Company hereby amend the Agreement as follows:

	
  
I.
  	
  
Term.    The Executive shall retire from the Executive’s current position as   Executive Vice President, Merchandising effective as of a date to be   determined, subject to the provisions hereof, at the sole discretion of the   Company’s Chief Executive Officer (the “Retirement Date”), which date shall   be no later than August 1, 2007 or 150 days following the commencement of   employment of a General Merchandise Manager in Ready to Wear, whichever is   sooner.  The Executive and the Company   further agree as follows:
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
A.
  	
  
The   Executive shall remain employed with the Company through the Retirement Date   as Executive Vice President, Merchandising, subject to the terms and   conditions of the Agreement and this Amendment.  The Company shall provide the Executive with written notice of   the Retirement Date determined by the Chief Executive Officer at least thirty   (30) days prior to the Retirement Date.    Executive agrees to cooperate with the Company’s public announcement   of the Executive’s intention to retire from the Company.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
B.
  	
  
From the   date of this Amendment until the Retirement Date, Executive shall cooperate   with and support the hiring and training of a General Merchandise Manager in   Ready to Wear and perform the Executive’s duties as set forth in the   Agreement.  Notwithstanding the   foregoing, the Executive hereby expressly agrees to support and permit   reasonable  changes, as determined at   the discretion of the Chief Executive Officer, to the nature and scope of the   Executive’s authority, power, function, duties and reporting relationships of   Executive’s position, including specifically, the reasonable diminishment   thereof as appropriate to effect an orderly transfer of the Executive’s   responsibilities; provided, that the Executive’s title shall not be   changed.  Executive agrees that no   such changes to the Executive’s authority, power, function, duties and   reporting relationships of Executive’s position,
individually or   cumulatively, shall be deemed “Good Reason” under any provision of the   Agreement for Executive’s resignation from employment with the Company.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
C.
  	
  
Provided the   Executive remains employed through the Retirement Date, following the   Retirement Date Executive will serve as an independent contractor consultant   to the Company for up to two (2) days per week, as requested by the Company,   for a term of twelve (12) months (the “Consulting Period”).  During the Consulting Period, the   Executive shall perform such duties as shall be reasonably requested by the   Chief Executive Officer.
  

	
  
II.
  	
  
Compensation and Related Matters.  In consideration of Executive’s promises   in Paragraph I above, and provided Executive complies with Paragraph I above,   Executive shall be entitled to the following compensation and related   benefits:
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
A.
  	
  
Salary.    Executive will receive her full salary, which shall not be less than   her current salary of  $600,000 per   annum, through the Retirement Date, paid in accordance with the terms of the   Agreement except as otherwise provided herein.  Executive will be eligible for annual merit increases in   accordance with the focal review cycle for senior executives of the Company.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
During the   Consulting Period, Executive will be paid a consulting fee for her services   in an annual amount equal to 100% of Executive’s annual base salary in effect   on the Retirement Date (the “Consulting Fee”).  The Consulting Fee shall be payable in equal bi-monthly installments   in accordance with the Company’s normal payroll practices applicable to its   senior officers.  Company shall   reimburse Executive for all reasonable travel and other approved expenses   incurred by the Executive in performing her services hereunder, to the extent   provided for under the policies and procedures established by the   Company.  Notwithstanding the   foregoing, the portion of the Consulting Fee payable during the six-month   period immediately following the Retirement Date, or such later date treated   as the date of separation from service for purposes of Section 409A of the   Internal Revenue Code of 1986, as amended
(“Section 409A”), shall, to the   extent necessary to avoid the imposition of penalties under Section 409A, be   paid in a single lump sum on the first day following the expiration of such   six-month period.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
B.
  	
  
Bonus.    The Executive will be eligible to receive a full year’s bonus for   fiscal year 2006, calculated and paid under the existing bonus plan for   senior executives of the Company (the “Bonus Plan”) and based on the   Company’s full 2006 fiscal year’s actual results.  For the Company’s fiscal year 2007, (i) if Executive remains   employed until August 1, 2007, Executive will be eligible to receive a full   year’s bonus calculated and paid under the Bonus Plan and based on the   Company’s full 2007 fiscal year’s actual results or (ii) if Executive does   not remain employed until August 1, 2007, Executive will be eligible to   receive a pro-rata bonus based on number of days the Executive is employed by   the Company in fiscal year 2007, calculated and paid under the Bonus Plan and   based on the full 2007 fiscal year’s actual results.  Payments of bonuses pursuant to this   paragraph
shall be made at the same time as bonus payments to other senior   executives of the Company under the Bonus Plan.  To the extent any bonus is not paid in the normal course prior   to the Retirement Date, it shall be paid at the later of when it would   normally be paid, and six months after the Retirement Date.
  
	
   
  	
  
 
  	
  
 
  
	
  
 
  	
  
C.
  	
  
Equity.    All stock options granted to Executive by the Company will continue to   vest in accordance with their existing terms.  The restricted stock award granted to Executive on March 20,   2003 will vest in full on March 20, 2007, or upon termination if Retirement Date   is prior to March 20, 2007.
  

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Executive’s   restricted stock award granted on March 29, 2004 will vest 25% on February 1,   2007, an additional 25% on May 1, 2007, and the remaining 50% on July 31,   2007, provided Executive remains employed through those respective vesting   dates; if Executive does not remain employed through those respective vesting   dates, any unvested restricted stock from the March 29, 2004 award shall be   forfeited, except as otherwise provided in the Employment agreement or the   equity grants.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
D.
  	
  
Benefits.    Company will provide, at no after-tax cost to the Executive, to   Executive and any of her dependents participating in the Company’s medical,   dental, vision and prescription plans as of the Retirement Date, continued   coverage in such plans for sixty (60) months from the Retirement Date.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
In addition,   on the first date following a period of six (6) months immediately following   the Retirement Date, the Company will pay Executive (i) a lump sum amount of   $1,670, grossed up in an amount to cover estimated taxes, for estimated   one-year’s full premium cost for Executive’s Company-provided life insurance   policy, and (ii) a lump sum of $15,000, grossed up in an amount to cover   estimated taxes, for estate planning services.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
E.
  	
  
Miscellaneous.
  
	
  
 
  	
  
 
  	
  
 
  
	
   
  	
  
 
  	
  
(i)  During the term of the Agreement and the   Consulting Period and at all times thereafter, the Executive shall be   entitled to the Company’s “Employee Discount”, provided that during the first   six months after the Retirement Date, Executive shall not be eligible for the   Employee Discount
  
	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
(ii)  Executive will not accrue vacation   following the Retirement Date.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
III.
  	
  
The   Employment Restriction provisions of Paragraph 9 of the Agreement, including   restrictions on Executive working for certain companies and entities, shall   remain effective until three (3) years after the later of the Retirement Date   or termination of the Consulting Period.
  
	
  
 
  	
  
 
  	
  
 
  
	
  IV.
  	
  
Section 409A. If any provision of this Amendment or the Agreement (or of   any award of compensation, including equity compensation or benefits) would   cause the Executive to incur any additional tax or interest under Section   409A or any regulations or Treasury guidance promulgated thereunder, the   Company shall, after consulting with and receiving the approval of the   Executive (which shall not be unreasonably withheld), reform such provision;   provided that the Company agrees to maintain, to the maximum extent   practicable, the original intent and economic benefit to the Executive of the   applicable provision without violating the provisions of Section 409A.
  
	
  
 
  	
  
 
  	
  
 
  
	
  
V.
  	
  
This Amendment Not a Termination by   Executive for Good Reason or Termination by Company.    The parties agree and understand that this Amendment does not   constitute or give rise to grounds for a termination under the Agreement by   Executive for Good Reason, or termination by Company for Cause, Without Cause   or Non-Renewal, and that this Amendment, the actions contemplated by this   Amendment, or Executive’s separation pursuant to this Amendment, shall not   entitle Executive to any additional benefits under her Agreement (i.e., under   Paragraphs 6 or 8 of the Agreement) other than those provided herein.
  

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The provision of this Amendment shall supersede conflicting provisions in the Agreement.  Except for the provisions of this Amendment as set forth above, the Agreement and all of its terms remain in full force and effect.

	
  
ROSS STORES, INC.
  	
  
 
  	
  
EXECUTIVE
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
/s/ Michael Balmuth
  	
  
 
  	
  
/s/ Barbara Levy
  	
  
 
  
	
  

  	
  
 
  	
  

  	
  
 
  
	
  Michael Balmuth
  	
  
 
  	
  
Barbara Levy
  	
  
 
  
	
  
Vice Chairman, President and CEO
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
 
  	
  
 
  	
  
 
  	
  
 
  
	
  
May 1, 2006
  	
  
 
  	
  
May 1, 2006
  	
  
 
  
	
  

  	
  
 
  	
  

  	
  
 
  
	
  Date
  	
   
  	
  Date
  	
   
  

-4-Exhibit 10.1

Exhibit 10.1

AMENDMENT NO. 1

TO

EMPLOYMENT AGREEMENT OF PHILIP KOWALCZYK

This Amendment No. 1 (this “Amendment”) dated as of May 3, 2006, to the Employment Agreement dated as of November 3, 2004 (the “Employment Agreement”), by and between The Talbots,
Inc., a Delaware Corporation (the “Company”) and Philip Kowalczyk (the “Executive”).

WHEREAS, the Company wishes to assign the Executive to serve as the President of the Company’s subsidiary, The J. Jill Group, Inc. (the “Assignment”), and the Executive desires to
accept the Assignment; and

WHEREAS, the Company and the Executive wish to amend the Employment Agreement to reflect the parties’ agreement with respect to the Assignment.

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt of which hereby is acknowledged, the parties agree as follows:

1. In paragraphs 1 and 2 of the Employment Agreement, effective as of the date hereof, the words “President of the Company’s subsidiary The J. Jill Group, Inc.” shall be substituted for
the words “Executive Vice President and Chief Administrative Officer of the Company”.

2. Effective as of the date hereof, the Base Salary Rate referred to in Paragraph 3(A)(i) of the Employment Agreement shall be at the rate of $625,000 per annum.

3. The Executive shall continue to be eligible to participate in the Company’s plans, programs and benefits referred to in Paragraphs 3(B)(i), 3(C)(i), 3(D), 4(A) through (F) of the Employment
Agreement on the same terms and conditions in effect as of the date hereof, as those terms and conditions may be amended by the Company at any time in its sole discretion, provided however, that for the Company’s 2006 Fiscal Year, and
thereafter, the Executive’s annual incentive bonus pursuant to the MIP shall be computed using forty-five percent (45%) of the Executive’s Base Salary Rate as a multiplier instead of the forty percent (40%) currently in effect. The Company
also agrees that the Executive shall be eligible to participate in any benefit plans or programs it shall adopt subsequent to the date hereof on the same terms and conditions as shall be applicable to the Company’s then Executive Vice
Presidents. 

4. A new paragraph 3(C) (iv) shall be added to the Employment Agreement as follows:

 

 

	
   
	
(iv)	May 8, 2006 Stock Option
	and Restricted Stock Awards. 
	The Company shall make the
following awards to the Executive pursuant to the Plan:

 

	
   
	 	(a)	Options to purchase 15,000
  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 4:00 p.m. closing price of the
  Company’s common stock on the New York Stock Exchange on May 8, 2006
  (the “Options”) and (b) 5,000 restricted shares of Common Stock of the
  Company, $0.01 par value per share, at a purchase price to the Executive
  of $0.01 per share (the “Restricted Stock”), which shares shall be
  non-transferable until they are fully vested on the dates set forth
  below and in accordance with the terms of the Restricted Stock Agreement
  to be executed by the Company and the Executive, and shall be subject to
  a repurchase option held by the Company and exercisable in certain
  events specified in the Restricted Stock Agreement. The Executive’s
  right to exercise the Options shall vest as follows: 5,000 shares on May
  8, 2007, 5,000 shares on May 8, 2008 and 5,000 shares on May 8, 2009.
  The Restricted Stock shall vest as follows: full vesting on March 3,
  2011, subject to possible earlier vesting of all, or a portion, of such
  shares on or about April 15, 2009, in accordance with the Restricted
  Stock Agreement.

5. The name “J. Jill” shall be deleted from paragraph 12 of the Employment Agreement.

6. The Executive’s address set forth in Paragraph 17(A) of the Employment Agreement shall be deleted, and [his current address] shall be substituted in its place.

7. Except as expressly notified by this Amendment, the terms and provisions of the Employment Agreement shall remain in full force and effect.

8. This Amendment may be executed in counterparts, each of which shall be deemed an original, but both of which taken together will constitute one instrument.

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

	
 	
The Talbots, Inc. 
 
 
	
 	
 
	
/s/ Philip H. Kowalczyk                       

 	
By:   /s/
Arnold B. Zetcher                                  
 
 
	
Philip Kowalczyk 
 
 	
          Arnold
 B. Zetcher, Chairman, 
 
 
	
 	
          President
 and Chief Executive Officer 
 
 
	
 	
 
	
Date of Signature: 
June 8, 2006            	
Date of Signature: 
June 16, 2006

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