Document:

Exhibit 10.103

	 	 	 	 	 

Exhibit 10.103

RETAIL VENTURES, INC.

RESTRICTED STOCK AWARD AGREEMENT

Summary of Terms

Awardee Name: JULIA A. DAVIS

Grant Date: February 22, 2010

Award Type: Restricted Stock

Number of Shares: 20,000

	 	Vesting Schedule: 	 	 100% Vesting on February 22, 2011 unless
sooner pursuant to terms of the Restricted Stock Award
Agreement

 

 

 

RETAIL VENTURES, INC.

RESTRICTED STOCK AWARD AGREEMENT

This Agreement is entered into in Franklin County, Ohio. On February 22, 2010 (the “Grant
Date”), Retail Ventures, Inc., an Ohio corporation (the “Company”), has awarded to Julia A. Davis
(“Awardee”) 20,000 Shares of Restricted Stock (the “Restricted Stock” or “Award”), representing an
unfunded unsecured promise of the Company to deliver common shares, without par value, of the
Company (the “Shares”) to Awardee as set forth herein. The Restricted Stock has been granted
pursuant to the Retail Ventures, Inc. Second Amended and Restated 2000 Stock Incentive Plan (the
“Plan”), and shall be subject to all provisions of the Plan, which are incorporated herein by
reference, and shall be subject to the provisions of this Restricted Stock Award Agreement (this
“Agreement”). Capitalized terms used in this Agreement which are not specifically defined shall
have the meanings ascribed to such terms in the Plan.

	 	1.	 	Vesting. The Restricted Stock shall vest on the earlier of (a) February 22, 2011, or
(b) a Change in Control prior to February 22, 2011 (the “Vesting Date”), subject to the
provisions of this Agreement, including those relating to the Awardee’s continued
employment with the Company or any Related Entity. For the purposes of this Agreement,
“Change of Control” shall mean any Change of Control as defined in the Plan or any merger
involving the Company or, to the extent requiring approval of the shareholders of the
Company, any merger involving any subsidiary of the company.
	 
	 	2.	 	Transferability. The Restricted Stock may not be sold, transferred, pledged, or
otherwise disposed of prior to the Vesting Date.
	 
	 	3.	 	Termination of Employment.

	 	(a)	 	General. Except as set forth below, if a Termination of Service
occurs prior to the Vesting Date, such Restricted Stock shall be forfeited by
Awardee.
	 
	 	(b)	 	Death and Disability. If an Employment Termination occurs prior
to the Vesting Date by reason of Awardee’s Death or Disability, then any unvested
Restricted Stock shall immediately vest in full and shall not be forfeited.
	 
	 	(c)	 	Involuntary Termination Without Cause. If an Employment
Termination occurs prior to the Vesting Date by reason of Awardee’s Involuntary
Termination Without Cause, then any unvested Restricted Stock shall immediately
vest in full and shall not be forfeited.

	 	4.	 	Payment. Awardee shall be entitled to receive from the Company (without any payment
on behalf of Awardee other than as described in Paragraph 8) the Shares represented by
such Restricted Stock; provided, however, that in the event that such Restricted Stock
vests prior to the applicable Vesting Date as a result of a Change of Control or the
Death, Disability, Retirement or Termination Without Cause of Awardee, Awardee shall be
entitled to receive the Shares represented by the Restricted Stock on the date of such
Death, Disability, Retirement or Termination Without Cause.
	 
	 	5.	 	Dividend Equivalents. Awardee shall receive cash dividends, if any, from the Company
on the Restricted Stock which shall be paid at the same time as other holders of Shares
receive payment of such cash dividends. Any dividends payable in Shares shall be
subject to the same restrictions as the Restricted Stock to which such dividends relate
and shall be settled as described in this Agreement.

 

 

 

	 	6.	 	Right of Set-Off. By accepting this Restricted Stock, Awardee consents to a deduction
from, and set-off against, any amounts owed to Awardee by the Company or a Related Entity
from time to time (including, but not limited to, amounts owed to Awardee as wages,
severance payments or other fringe benefits) to the extent of the amounts owed to the
Company or a Related Company by Awardee under this Agreement.
	 
	 	7.	 	Shareholder Rights. Awardee shall have all rights of a shareholder with respect to
the Restricted Stock, including, without limitation, Awardee shall have the right to vote
the Shares represented by the Restricted Stock.
	 
	 	8.	 	Withholding Tax.

	 	(a)	 	Generally. Awardee is liable and responsible for all taxes owed in
connection with the Restricted Stock regardless of any action the Company takes with
respect to any tax withholding obligations that arise in connection with the
Restricted Stock. The Company does not make any representation or undertaking
regarding the tax treatment or the treatment of any tax withholding in connection
with the grant or vesting of the Restricted Stock or the subsequent sale of Shares
issuable pursuant to the Restricted Stock. The Company does not commit and is under
no obligation to structure the Restricted Stock to reduce or eliminate Awardee’s tax
liability.
	 
	 	(b)	 	Payment of Withholding Taxes. Prior to any event in connection with the
Restricted Stock (e.g., vesting or settlement) that the Company determines may
result in any domestic or foreign tax withholding obligation, whether national,
federal, state or local, including any employment tax obligation (the “Tax
Withholding Obligation”), Awardee is required to arrange for the satisfaction of the
minimum amount of such Tax Withholding Obligation in a manner acceptable to the
Company. Unless Awardee elects to satisfy the Tax Withholding Obligation by an
alternative means that is then permitted by the Company, Awardee’s acceptance of
this Agreement constitutes Awardee’s instruction and authorization to the Company to
withhold on Awardee’s behalf the number of Shares from those issuable to Awardee at
the time when the Restricted Stock becomes vested and payable as the Company
determines to be sufficient to satisfy the Tax Withholding Obligation. In the case
of any amounts withheld for taxes pursuant to this provision in the form of Shares,
the amount withheld shall not exceed the minimum required by applicable law and
regulations.

	 	9.	 	Governing Law/Venue for Dispute Resolution. This Agreement shall be governed by the
laws of the State of Ohio, without regard to principles of conflicts of law, except to the
extent superceded by the laws of the United States of America. The parties agree and
acknowledge that the laws of the State of Ohio bear a substantial relationship to the
parties and/or this Agreement and that the Restricted Stock and benefits granted herein
would not be granted without the governance of this Agreement by the laws of the State of
Ohio. In addition, all legal actions or proceedings relating to this Agreement shall be
brought exclusively in state or federal courts located in Franklin County, Ohio and the
parties executing this Agreement hereby consent to the personal jurisdiction of such

 

 

 

	 	 	 	courts. Any provision of this Agreement which is determined by a court of competent
jurisdiction to be invalid or unenforceable should be construed or limited in a manner
that is valid and enforceable and that comes closest to the business objectives intended
by such provision, without invalidating or rendering unenforceable the remaining
provisions of this Agreement.

	 	10.	 	Action by the Committee. The parties agree that the interpretation of this Agreement
shall rest exclusively and completely within the sole discretion of the Committee. The
parties agree to be bound by the decisions of the Committee with regard to the
interpretation of this Agreement and with regard to any and all matters set forth in this
Agreement. The Committee may delegate its functions under this Agreement to an officer of
the Company designated by the Committee (hereinafter the “Designee”). In fulfilling its
responsibilities hereunder, the Committee or its Designee may rely upon documents, written
statements of the parties or such other material as the Committee or its Designee deems
appropriate. The parties agree that all determinations and decisions made by the
Committee, the Board, and any delegate of the Committee pursuant to the provisions of the
Plan shall be final, conclusive and binding on all Persons, and shall be given the maximum
deference permitted by law. Pursuant to Section 13.4 of the Plan, the Committee has
specifically determined that the limitations contained in Sections 2.29, 7.2 and 7.5
relating to the Period of Restriction and/or transfer of Shares underlying the Restricted
Stock shall not apply.
	 
	 	11.	 	Prompt Acceptance of Agreement. The Restricted Stock evidenced by this Agreement
shall, at the discretion of the Committee, be forfeited if this Agreement is not manually
executed and returned to the Company, or as applicable electronically executed by Awardee
by indicating Awardee’s acceptance of this Agreement in accordance with the acceptance
procedures set forth on the Company’s third-party equity plan administrator’s web site,
within 90 days of the Grant Date.
	 
	 	12.	 	Electronic Delivery and Consent to Electronic Participation. The Company may, in its
sole discretion, decide to deliver any documents related to the Restricted Stock under and
participation in the Plan or future Restricted Stock that may be awarded under the Plan by
electronic means or to request Awardee’s consent to participate in the Plan by electronic
means. Awardee hereby consents to receive such documents by electronic delivery and to
participate in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company, including the acceptance
of restricted stock grants and the execution of restricted stock agreements through
electronic signature.
	 
	 	13.	 	Notices. All notices, requests, consents and other communications required or
provided under this Agreement to be delivered by Awardee to the Company will be in writing
and will be deemed sufficient if delivered by hand, facsimile, nationally recognized
overnight courier, or certified or registered mail, return receipt requested, postage
prepaid, and will be effective upon delivery to the Company at the address set forth
below:

Retail Ventures, Inc.

4150 E. Fifth Avenue

Columbus, Ohio 43219

Attention: Chief Executive Officer

Facsimile: (614) 238-4156

 

 

 

	 	 	 	All notices, requests, consents and other communications required or provided under this
Agreement to be delivered by the Company to Awardee may be delivered by e-mail or in
writing and will be deemed sufficient if delivered by e-mail, hand, facsimile, nationally
recognized overnight courier, or certified or registered mail, return receipt requested,
postage prepaid, and will be effective upon delivery to the Awardee.
	 
	 	14.	 	Employment Agreement, Offer Letter or Other Arrangement. To the extent a written
employment agreement, offer letter or other arrangement (“Employment Arrangement”) that
was approved by the Compensation Committee or the Board of Directors or that was approved
in writing by an officer of the Company pursuant to delegated authority of the
Compensation Committee provides for greater benefits to Awardee with respect to vesting of
the Restricted Stock on a Termination of Service, than provided in this Agreement or in
the Plan, then the terms of such Employment Arrangement with respect to vesting of the
Restricted Stock on a Termination of Service by reason of such specified events shall
supersede the terms hereof to the extent permitted by the terms of the Plan.

	 	 	 	 	 
	 	RETAIL VENTURES, INC.

 	 
	 	By:  	/s/ James A. McGrady
 	 
	 	 	Its: CEO 	 
	 	 	 	 

 

 

 

	 	 	 	 	 

ACCEPTANCE OF AGREEMENT

Awardee hereby: (a) acknowledges that he or she has received a copy of the Plan, a copy of the
Company’s most recent annual report to shareholders and other communications routinely distributed
to the Company’s shareholders, and a copy of the plan description (Prospectus) dated January 1,
2008 pertaining to the Plan; (b) accepts this Agreement and the Restricted Stock awarded to him or
her under this Agreement subject to all provisions of the Plan and this Agreement; (c) represents
that he or she understands that the acceptance of this Agreement through an on-line or electronic
system, if applicable, carries the same legal significance as if he or she manually signed the
Agreement; (d) represents and warrants to the Company that he or she is purchasing the Restricted
Stock for his or her own account, for investment, and not with a view to or any present intention
of selling or distributing the Restricted Stock either now or at any specific or determinable
future time or period or upon the occurrence or nonoccurrence of any predetermined or reasonably
foreseeable event; and (e) agrees that no transfer of the Shares delivered in respect of the
Restricted Stock shall be made unless the Shares have been duly registered under all applicable
Federal and state securities laws pursuant to a then-effective registration which contemplates the
proposed transfer or unless the Company has received a written opinion of, or satisfactory to, its
legal counsel that the proposed transfer is exempt from such registration.

	 	 	 	 	 
	 	 	 
	 	                                                      /s/ Julia A. Davis
 	 
	 	Awardee’s Signature 	 
	 	Date: 3/16/2010exv10w1

Exhibit 10.1

FIRST AMENDMENT TO WARRANT AGREEMENT

     This FIRST AMENDMENT TO WARRANT AGREEMENT, dated as of April 14, 2010 (this
“Amendment”), is entered into by and among BPW Acquisition Corp., a
Delaware corporation (“BPW”) and Mellon Investor Services LLC, a New Jersey
limited liability company, as warrant agent (the “Warrant Agent”).

     WHEREAS, the parties hereto are parties to that certain Warrant Agreement,
dated as of February 26, 2008 (the “Agreement”);

     WHEREAS, Section 18 of the Agreement provides that BPW, with the consent of (i)
the holders of Warrants exercisable for a majority of the Warrant Shares issuable on
exercise of all outstanding Warrants and (ii) the holders of a majority of Public
Warrants, may enter into this Amendment;

     WHEREAS, consents have been received from (i) holders of Warrants exercisable
for not less than a majority of the Warrant Shares issuable on exercise of all
outstanding Warrants (ii) the holders of not less than a majority of Public
Warrants, in each case with respect to the amendments set forth below in Article II;
and

     WHEREAS, all necessary actions to make this Amendment a valid agreement of the
parties hereto have been taken.

     NOW, THEREFORE, for and in consideration of the premises and mutual agreements
herein set forth, the parties hereto, intending to be legally bound, hereby agree as
follows:

ARTICLE I

DEFINITION OF TERMS

     Unless the context otherwise requires: (A) a term defined in the Agreement has
the same meaning when used in this Amendment; (B) capitalized terms used herein that
are not otherwise defined herein shall have the meaning assigned to such terms in
the Agreement; (C) references to Sections mean references to such Sections in the
Agreement, unless stated otherwise; and (D) rules of construction applicable
pursuant to the Agreement are also applicable herein. Each reference in the
Agreement to the “date hereof” or any similar term shall refer to February 26, 2008.

ARTICLE II

AMENDMENT TO THE WARRANT AGREEMENT

     The Agreement is hereby amended as follows:

     A. Clause (x) of the definition of “Warrant Exercise Period” contained in
Section 6(a) of the Agreement is hereby amended by deleting Clause (x)(A) of such
definition and replacing it in its entirety with the following (and Clause (x)(A) of
the definition of “Warrant Exercise Period” contained in Section 6(a) of the
Agreement as in effect prior to the execution of this Amendment by the parties
hereto shall no longer apply to the Warrants):

(A) With respect to the Public Warrants and the Sponsor Warrants, on
the later of (1) the date that is 12 months from the date of the
final prospectus

 

 

relating to the IPO; and (2) the earlier of: (X) the date that is 12
months from the date on which the Company completes its Initial
Business Combination and (Y) the date of public announcement by the
Company of a determination of the board of directors of the Company
at such time (the “Current Company Board”) that the Warrant Exercise
Period shall have commenced; and

     B. Clause (x)(B)(1) of the definition of “Warrant Exercise Period” contained
in Section 6(a) of the Agreement is hereby amended by inserting the phrase “that is
12 months from the date” immediately prior to the phrase “on which the Company
completes” contained therein, and Clause (x)(B)(1) of the definition of “Warrant
Exercise Period” contained in Section 6(a) of the Agreement as in effect prior to
the execution of this Amendment by the parties hereto shall no longer apply to the
Warrants.

     C. Clause (y) of the definition of “Warrant Exercise Period” contained in
Section 6(a) of the Agreement is hereby amended by deleting Clause (y)(A) of such
definition and replacing it in its entirety with the following (and Clause (y)(A) of
the definition of “Warrant Exercise Period” contained in Section 6(a) of the
Agreement as in effect prior to the execution of this Amendment by the parties
hereto shall no longer apply to the Warrants):

(A) the date that is the earlier of: (1) seven years from the date of
the final prospectus relating to the IPO and (2) in the event that the
Warrant Exercise Period with respect to the Public Warrants and the
Sponsor Warrants shall have commenced pursuant to clause (x)(A)(2)(Y)
of this definition, six years from the date of the final prospectus
relating to the IPO plus the number of days following the date on
which the Company completes its Initial Business Combination up to and
including the date of such public announcement; and

     D. Section 11 of the Agreement is hereby amended by deleting Section 11(c) in
its entirety and replacing it with the following (and Section 11(c) of the Agreement
as in effect prior to the execution of this Amendment by the parties hereto shall no
longer apply to the Warrants):

Mergers, Reorganization, Etc. In case of any
reclassification or reorganization of the outstanding shares of
Common Stock (other than (i) a change covered by Section 11(a)
hereof, (ii) an increase in the number of outstanding shares of
Common Stock resulting from a stock dividend payable in shares of
Common Stock, or from a split-up of shares of Common Stock, or other
similar event, or (iii) a change that solely affects the par value of
such shares of Common Stock), or in the case of any merger or
consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or
reorganization of the outstanding shares of Common Stock), or in the
case of any sale or conveyance to another corporation or entity of
the assets or other property of the Company as an entirety or
substantially as an entirety in connection with which the Company is
dissolved, at the option of the Current Company Board in its sole
discretion, (1) the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and
conditions specified in the Warrants and in lieu of the shares of
Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the
kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the Warrant holder would
have received if such

 

 

Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event or (2) each Warrant that is outstanding
immediately prior to the consummation of such reclassification,
reorganization, merger or consolidation, or dissolution following any
such sale or transfer, shall be cancelled (“Cashed Out”) as of
immediately prior to such consummation in exchange for, and in lieu
of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights
represented thereby, the right to receive a lump sum cash payment in
an amount equal to the excess, if any, of (X) the fair market value
(as determined by the Current Company Board acting in good faith in
its sole discretion) of the shares of stock or other securities or
property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the holder of such Warrant
would have received if such Warrant holder had exercised such Warrant
immediately prior to such event over (Y) the Exercise Price
applicable to such Warrant, provided, that if there is no such
excess, such Warrant shall be cancelled, without any consideration
being payable in respect thereof, and have no further force and
effect; and if any reclassification also results in a change in
shares of Common Stock covered by Section 11(a) hereof, then such
adjustment shall be made pursuant to Section 11(a) hereof and this
Section 11(b); provided that the option of the Company pursuant to
clause (2) above to Cash Out Warrants shall not apply in the case of
the Company’s Initial Business Combination. The provisions of this
Section 11(b) shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers,
except in each case, with respect to Warrants Cashed Out in
accordance with Section 11(b)(2) hereof.

     E. Section 11 of the Agreement is hereby further amended by deleting the
phrase “Sections 11(a) and 11(b)” contained in Section 11(e) and replacing it with
the phrase “Section 11(a)”, and Section 11(e) of the Agreement as in effect prior to
the execution of this Amendment by the parties hereto shall no longer apply to the
Warrants.

     F. Section 11 of the Agreement is hereby further amended by deleting Section
11(a) in its entirety (and Section 11(a) of the Agreement as in effect prior to the
execution of this Amendment by the parties hereto shall no longer apply to the
Warrants), and Sections 11(b) and 11(c) are hereby re-lettered Sections 11(a) and
11(b).

     G. Section 11 of the Agreement is hereby further amended by deleting Section
11(d) in its entirety (and Section 11(d) of the Agreement as in effect prior to the
execution of this Amendment by the parties hereto shall no longer apply to the
Warrants), and Sections 11(e) and 11(f) are hereby re-lettered Sections 11(c) and
11(d).

     H. Section 11 of the Agreement is hereby further amended by deleting Section
11(g) in its entirety (and Section 11(g) of the Agreement as in effect prior to the
execution of this Amendment by the parties hereto shall no longer apply to the
Warrants).

 

 

ARTICLE III

MISCELLANEOUS

     A. Ratification of Warrant Agreement; No Further Amendment; Full Force and
Effect.

     Except as amended or modified hereby, all terms, covenants and conditions of
the Agreement
as heretofore in effect shall remain in full force and effect and are hereby
ratified and confirmed in all respects. This Amendment shall form a part of the
Agreement for all purposes, and each party hereto and thereto shall be bound hereby.
This Amendment shall be deemed to be in full force and effect from and after the
execution of this Amendment by the parties hereto.

     B. Governing Law.

     This Amendment shall be deemed to be a contract made under the laws of the
State of New York and for all purposes shall be construed in accordance with the
internal laws of the State of New York. BPW agrees that all actions and proceedings
arising out of this Amendment or any of the transactions contemplated hereby shall
be brought in the United States District Court for the Southern District of New York
or in a New York State Court in the County of New York and that, in connection with
any such action or proceeding, the parties will submit to the jurisdiction of, and
venue in, such court.

     C. Successors; Entire Agreement; Counterparts.

     All the covenants and provisions of this Amendment by or for the benefit of BPW
or the Warrant Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder. This Amendment constitutes the entire agreement
among the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and undertakings, both written and oral, among the parties
hereto, or any of them, with respect to the subject matter hereof. This Amendment
may be executed in any number of counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

     D. Severability.

     If any term, provision, covenant or restriction of this Amendment is held by a
court of competent jurisdiction or other authority to be invalid, null and void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of
this Amendment shall remain in full force and effect and shall in no way be
affected, impaired or invalidated; and provided further, that if any such excluded
term, provision, covenant or restriction shall adversely affect the rights,
immunities, duties or obligations of the Warrant Agent, the Warrant Agent shall be
entitled to resign immediately.

[Remainder of Page Intentionally Left Blank]

 

 

     IN WITNESS WHEREOF, BPW and the Warrant Agent have caused this Amendment to be
executed as of the date first written above by their respective officers thereunto
duly authorized.

	 	 	 	 	 
	 	THE TALBOTS, INC.,

as Successor to BPW Acquisition Corp.

 	 
	 	By:  	/s/ Richard T. O’Connell, Jr.
 	 
	 	 	Name:  	Richard T. O’Connell, Jr. 	 
	 	 	Title:  	Executive Vice President, Real Estate, Legal,
Store Planning & Design and Construction, and
Secretary 	 
	 
	 	MELLON INVESTOR SERVICES LLC,

as Warrant Agent

 	 
	 	By:  	/s/
Christopher T. Coleman	 
	 	 	Name:  	Christopher T. Coleman	 
	 	 	Title:  	Vice President

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