Document:

EXHIBIT 10.2

OFFER LETTER DATED SEPTEMBER 15, 1995 WITH STEVEN
BALASIANO.

 

Exhibit 10.2

September 15, 1995

Mr. Steven Balasiano

915 Secaucus Road

Secaucus, N.J.  07094

Dear
Mr. Balasiano,

We
are pleased to offer you the position of Vice President — General Counsel of
The Children’s Place Retail Stores, Inc.

The
terms of your appointment are as follows:

1)              Base salary will be
$140,000 per annum with a review date of November 30 in each year.

2)              You will be entitled
to participate in the Executive bonus plan. Your percentage of base salary will
be 20% and the plan is based on the operating income of the company. The
details of this plan I will explain to you before you join the company.

3)              You will receive a
car allowance of a $8000 per annum payable monthly.

4)              You will be entitled
to participate in the company Life insurance and Medical plan. A copy of the
company’s plan is enclosed.

5)              You will also be
entitled to participate in the company’s 401K plan. As mentioned to you this
plan is currently being reviewed to incorporate a company matching.

6)              The company will be
introducing an option or Phantom option plan for the executive structure and
you will be entitled to participate when this is introduced.

7)              In the event that
your employment is terminated without cause you would be entitled to 6 months
severance.

 

Ezra
and myself are truly looking forward to your joining the company and to you
making a major contribution. You will be given every opportunity to expand your
business experience and to fully comprehend the business of specialty retailing.
As mentioned to you, your joining date would be around December 1, 1995
and we can discuss this nearer the date.

Would
you please sign a copy of this letter and return to me.

Very best wishes,

	
  THE CHILDREN’S PLACE RETAIL STORES, INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /S/ STAN SILVER

  	
   

  
	
  Stan Silver

  	
   

  
	
  Executive Vice President & Chief Operating
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /S/ STEVEN BALASIANO

  	
   

  
	
  Steven BalasianoEXHIBIT 10.3

OFFER LETTER DATED MARCH 13, 2006 WITH SUSAN J.
RILEY.

 

Exhibit
10.3

March 2, 2006

Ms. Susan J. Riley

915 Secaucus Road

Secaucus, NJ 07094

Dear Sue:

On behalf of The Children’s
Place Services Company, LLC it is my pleasure to confirm our offer of
employment for the position of Senior Vice President, reporting to Ezra Dabah,
Chief Executive Officer, with
the expectation that you will assume the position of Chief Financial Officer
shortly after the filing of the Company’s 2005 Financial Statements
(approximately March 29, 2006). Details of our offer are as
follows:

	
  EFFECTIVE DATE:

  	
   

  	
  March 13, 2006

  
	
   

  	
   

  	
   

  
	
  ANNUAL BASE SALARY:

  	
   

  	
  $400,000

  
	
   

  	
   

  	
   

  
	
  BONUS:

  	
   

  	
  You will be eligible to participate in the
  Management Incentive Plan. Your targeted payout is 40% of your Annual Salary
  and is based on the Company’s performance to profit goals.

  
	
   

  	
   

  	
   

  
	
  401(k) PLAN:

  	
   

  	
  Following 90 days of service, you will be eligible
  to participate in The Children’s Place 401(k) Savings Plan.

  
	
   

  	
   

  	
   

  
	
  OTHER COMPENSATION:

  	
   

  	
  You will be eligible to participate in the Company’s
  Long Term Compensation Plan and will receive an equity grant in the amount of
  25,000 performance shares at target.

  
	
   

  	
   

  	
   

  
	
  VACATION:

  	
   

  	
  You will be entitled to four (4) weeks of
  vacation in every fiscal year, which begins February 1.

  
	
   

  	
   

  	
   

  
	
  SEVERANCE:

  	
   

  	
  In the event that your employment is terminated for
  any reason other than “Cause”, the Company will make a payment to you in the
  amount equal to six (6) months of your base salary, less applicable
  payroll deductions. This sum will be paid on a bi-weekly basis pursuant to
  the Company’s regular payroll practices. Receipt of the Company’s payment is
  conditioned on execution of the Company’s Severance Agreement and General
  Release of All Claims. “Cause” means (1) your failure to perform your
  material duties which you failed to remedy or cease within ten (10) business
  days after notice to

  

 

 

 

	
  

  	
   

  	
  you; (2) any conduct, action or behavior that
  has or may reasonably be viewed to have a material adverse effect on the
  reputation or interests of the Company or its’ parent and affiliates;
  (3) the commission of an act involving moral turpitude, dishonesty,
  fraud or the engagement in any other willful or intentional misconduct,
  whether or not in connection with your employment; or for an act constituting
  a felony under the laws of the United States or any state or political
  subdivision thereof.

  
	
   

  	
   

  	
   

  
	
  CONFIDENTIALITY:

  	
   

  	
  During your employment and thereafter, you shall
  not, without the prior written consent of the Company, disclose to anyone
  Confidential Information. “Confidential Information” shall include, without
  limitation, all information that is not known or available to the public
  concerning the business of the Company or any subsidiary relating to any of their
  products, product development, trade secrets, customers, suppliers, finances,
  and business plans and strategies.

  
	
   

  	
   

  	
   

  

Unless specifically
stated in this letter, all terms and conditions of your employment are as
provided by the policies and practices of The Children’s Place Retail Stores, Inc.
and its affiliated companies.

This offer of employment
is not to be construed as an employment contract, expressed or implied, and it
is specifically understood that your employment is at-will (this means that either
you or the Company may terminate your employment at any time with or without
cause) and further that there is no intent on the part of The Children’s Place
or yourself, for continued employment of any specified period of time.

You have disclosed to us that
you currently sit on the board of PJM Interconnection and have acknowledged
that your first responsibility is to your duties at The Children’s Place.

Should you have any
questions concerning the specifics of our offer to you, or the benefit
programs, please do not hesitate to call.

Sincerely,

	
  /S/ STEVEN BALASIANO

  	
   

  
	
  Steven Balasiano

  	
   

  
	
  Senior Vice
  President, General Counsel And Chief Administrative Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Agreed and Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /S/ SUSAN J. RILEY

  	
   

  
	
  Sue Riley

  	
  DateEXHIBIT 10.4

SEVERANCE
AGREEMENT AND RELEASE DATED APRIL 14, 2006 WITH

MARIO CIAMPI.

 

Exhibit 10.4

 

SEVERANCE AGREEMENT AND RELEASE

This Severance Agreement and Release (the “Agreement”)
is made this 14th day of April, 2006 between Mario Ciampi (the “Employee”)
and The Children’s Place Services Company, LLC, its parent and its direct and
indirect affiliated corporations and other entities (collectively, the “Company”).

1.             Termination of Employment. The parties agree that
the Employee’s employment with the Company shall terminate effective April 30,
2006 (the “Separation Date”).

2.             Separation Payments and Options.

(a)           In
consideration for entering into this Agreement, the Company shall pay to the
Employee the sum of Five Hundred Ten Thousand Dollars ($510,000), less legally
required payroll deductions (the “Separation Payment”), which sum shall be paid
to Employee in accordance with the Company’s regular payroll practices in
twenty-six bi-weekly installments commencing the first pay period following the
Separation Date. Notwithstanding the above, the final separation payment under
this Section 2 shall be made on or before April 13, 2007.

(b)           The
Company also agrees that the Transfer Restrictions under The Children’s Place
Retail Stores, Inc. Transfer Restriction Agreement dated January 27,
2006 (the “Transfer Restriction Agreement”) shall lapse with respect to the
Employee’s vested options to acquire 30,400 shares of the Company at the strike
prices set forth in Exhibit A, upon execution of this Agreement.

(c)           The
Company agrees that a total of 10,000 unvested stock options in the Company’s
common stock at a strike price of $37.655, scheduled to vest on April 29,
2007, shall be accelerated to vest on April 27, 2006. All other unvested
stock options as of the Separation Date shall be null and void. The Employee
shall have a period of ninety (90) days from the Separation Date to exercise
all vested but unexercised stock options, if applicable, after which time all
such unexercised stock options shall expire.

(d)           The
Company represents and warrants, and the Employee acknowledges, that the
consideration paid to the Employee under this Agreement exceeds the amount the
Employee would ordinarily be entitled to upon termination of the Employee’s
employment.

3.             Other Benefits. Any and all other employment
benefits received by the Employee shall terminate effective as of the
Separation Date, except as follows:

(a)           In
the event that the Employee elects to continue medical, dental, and vision
benefits through COBRA, the Company agrees to waive the applicable premium cost
that Employee would otherwise be required to pay for continuation of the
existing group health coverage provided to him and his family under Employer’s
medical and dental plans for a period of twelve (12) months or the date
Employee commences full-time employment with another company that provides
health benefits to Employee and his family which are comparable in

 

coverage and benefits to the medical, dental and vision available to
Employee and his family through COBRA, whichever date is sooner.

(b)           The
parties acknowledge that the Company is currently the lessee on a residence
located in La Canada, California in which the Employee and his family currently
resides. The Company agrees that Employee and his family shall be permitted to
continue to reside in such residence and the Company will continue to pay the
costs associated with the lease, including utilities charges, through June 30,
2006. Employee and his family shall vacate such premises not later than June 30,
2006. In addition, the Company agrees that any amounts paid by the Company
pursuant to this Section 3(b) that is reported as income to the
Employee shall be subject to a gross up of forty (40%) percent.

(c)           The
Company agrees to reimburse the Employee for all reasonable costs incurred by
Employee, upon presentation of signed, itemized accounts or receipts of such
expenditures, for Employee and his family to relocate from California to New
York, which amount shall not exceed Twenty Thousand Dollars ($20,000), provided
that Employee and his family relocate to New York not later than April 28,
2007.

(d)           The
Company agrees that, through June 30, 2006, Employee’s personal mail,
emails and telephone calls shall be re-directed to a mail, email address and
telephone number as instructed by Employee.

(e)           The
Company agrees that Employee will be entitled to a lifetime employee discount
at all Children’s Place and Disney Stores.

4.             Return of Company Property. The Company agrees
that Employee shall retain his blackberry and laptop computer, provided that
they shall each be scrubbed of any Company information. The Employee agrees to
return to the Company all other Company property, including keys, locks,
documents, records, identification cards, computer equipment, credit cards, and
other materials and property of any type whatsoever that is the property of the
Company. Such property shall be returned not later than the Separation Date.

5.             Removal from Company Positions and Indemnification.
The Company agrees that as of the Separation Date the Employee shall be removed
from all positions held on behalf of the Company, its parents, subsidiaries and
affiliated companies and any other related entities including, but not limited
to, officer, director, agent, representative, trustee, administrator, fiduciary
and signatory. In addition, with respect to all acts or omissions of Employee
which occurred prior to the Separation Date, the Company agrees to continue to
indemnify the Employee to the same extent that the Employee was indemnified
prior to the Separation Date and that the Employee shall retain the benefit of
all directors and officer liability insurance and coverage maintained by
Employer, in accordance with the terms of such policy.

6.             Consultation with Counsel and Voluntariness of
Agreement.

(a)           The
Employee acknowledges that the Company has advised the Employee in writing to
consult with an attorney prior to executing this Agreement. The Employee
further acknowledges that, to the extent desired, the Employee has consulted
with the Employee’s own attorney in reviewing this Agreement, that the Employee
has carefully read and

 2
 

 

fully understands all the provisions of this Agreement, and that the
Employee is voluntarily entering into this Agreement.

(b)           The
Employee further acknowledges that the Employee has had a period of at least
twenty-one (21) days in which to consider the terms of this Agreement.

(c)           The
Employee acknowledges that the Employee has been informed in writing that the
Employee has seven (7) calendar days following the execution of this
Agreement to revoke it, and that such revocation must be in writing, hand
delivered or sent via overnight mail and actually received by the Company
within such period. It is specifically understood that this Agreement shall not
be effective or enforceable until the seven-day revocation period has expired.

7.             Confidentiality of Agreement; Non-Disparagement. The
Employee agrees not to disclose the terms and conditions of this Agreement to
any person or entity, except (a) to comply with this Agreement; (b) to
the Employee’s legal, financial or tax advisors, spouse, and to the Internal
Revenue Service or any similar state or local taxation authority; or (c) as
otherwise required by law. The Employee agrees that the Employee will not
publicly or privately disparage the Company or The Walt Disney Company or any
of their respective properties, products, services, affiliates, or current or
former officers, directors, trustees, employees, agents, administrators,
representatives or fiduciaries. The Company agrees that the Company’s Chief
Executive Officer, Ezra Dabah, will not publicly or privately disparage the
Employee.

8.             Confidential and Proprietary Information; Work
Product.

(a)           The
Employee acknowledges that the Employee may possess certain confidential
information, property or trade secrets of the Company (“Confidential
Information”) which would damage the Company if disclosed or used by the
Employee. Accordingly, the Employee acknowledges a continuing duty of
confidentiality to the Company and agrees that the Employee will not use or
disclose Confidential Information to any person or entity or use the
Confidential Information in any way. Confidential information shall include,
but shall not be limited to, any of the following categories of documents that
the Company identifies and protects internally as confidential information: (i) documentation
or data contained in any files or any other records the Company may maintain;
ii) statements regarding any matters made by any employees, officers, agents,
representatives or attorneys of the Company at any meeting attended by the
Employee or which the Employee may have heard or obtained knowledge of which
may result in any detriment to the Company; (iii) actions taken or
contemplated by the Company with respect to any of its operations, assets or
employees; (iv) policies, practices, programs or plans contemplated,
initiated or effectuated by the Company; (v) information obtained by the
employee on behalf of the Company from The Walt Disney Company, its affiliates
or representatives; and (vi) any other information, records or data of a
private nature to the Company. Confidential Information shall not include
information which is then in the public domain (so long as the Employee did
not, directly or indirectly, cause or permit such information to enter the
public domain). Notwithstanding the foregoing, nothing contained in this
Paragraph 8 shall prevent Employee from disclosing Confidential Information if
compelled to do so by legal process; provided, that Employee immediately
notifies Employer if disclosure of Confidential Information is required by
court order or other legal process to allow

 3
 

 

Employer sufficient time to obtain a protective order or otherwise
obtain the fullest protection permitted by applicable law. In addition,
notwithstanding the foregoing, nothing contained in this Section 8 shall
serve as a restraint or limitation upon the Employee from exercising the
Employee’s general knowledge and expertise in the Employee’s field or from
earning a livelihood in said field, so long as the Employee complies with the
foregoing restrictions.

(b)           Employee
agrees that all copyrights, patents, trade secrets or other intellectual
property rights associated with any ideas, concepts, techniques, inventions,
processes, or works of authorship developed or created by him during his
employment by the Company that (i) relate, whether directly or indirectly,
to the Company’s actual or anticipated business, research or development or (ii) are
suggested by or as a result of any work performed by Employee on the Company’s
behalf, shall, to the extent possible, be considered works made for hire within
the meaning of the Copyright Act (17 U.S.C. § 101 et. seq.) (the “Work Product”).
All Work Product shall be and remain the property of the Company. To the extent
that any such Work Product may not, under applicable law, be considered works
made for hire, Employee hereby grants, transfers, assigns, conveys and
relinquishes, and agrees to grant, transfer, assign, convey and relinquish from
time to time, on an exclusive basis, all of his right, title and interest in
and to the Work Product to the Company in perpetuity or for the longest period
otherwise permitted by law. Consistent with his recognition of the Company’s
absolute ownership of all Work Product, Employee agrees that he shall (i) not
use any Work Product for the benefit of any party other than the Company and (ii) perform
such acts and execute such documents and instruments as the Company may now or
hereafter deem reasonably necessary or desirable to evidence the transfer of
absolute ownership of all Work Product to the Company; provided, however, if
following ten (10) days’ written notice from the Company, Employee
refuses, or is unable, due to disability, incapacity, or death, to execute such
documents relating to the Work Product, he hereby appoints any of the Company’s
officers as his attorney-in-fact to execute such documents on his behalf. This
agency is coupled with an interest and is irrevocable without the Company’s
prior written consent.

9.             Non-Solicitation and Non-Interference With Business
Operations. The Employee agrees that, for a period of one (1) year
following the Separation Date, the Employee will not:

(a)           Directly
or indirectly employ, solicit or entice away any director, officer or employee
of the Company or any of its affiliated companies;

(b)           Take
any action to diminish, directly or indirectly, the goodwill of the Company or
any of its affiliated companies, or induce or attempt to induce any person or
entity known by the Employee to be a current employee, distributor, source, supplier,
customer, or contractor of the Employee to sever or decrease the activity of
any relationship with the Company; or

(c)           Use
the name of the Company or its subsidiaries in the conduct of any business
activities or for Employee’s personal use without the prior written consent of
the Company.

 4
 

 

(d)           Take any action that could cause the
Company to be in breach of the License and Business Conduct Agreement dated as
of November 21, 2004, by and among TDS Franchising, LLC, The Disney Store,
LLC and The Disney Store (Canada) Ltd.

10.           Injunctive Relief. Employee
acknowledges that a breach of any of the terms set forth in Section 7, 8
or 9 of this Agreement shall result in an irreparable and continuing harm to
the Employer for which there shall be no adequate remedy of law. The Employer
shall, without posting a bond, be entitled to seek injunctive and other
equitable relief, in addition to any other remedies available to the Employer
in connection with Section 7, 8 or 9 of this Agreement.

11.           Confirmation of Employment. The
Company shall, if called upon, confirm the Employee’s dates of employment and
position with the Company.

12.           Violation of Terms. Should the
Employee violate any provision of this Agreement, then, in addition to all
other damages or legal remedies available to the Company (including without
limitation injunctive relief), the Employee immediately shall return to the
Company all monies paid to the Employee pursuant to this Agreement. Should the
Company violate any provision of this Agreement, then the Employee shall have
all remedies and civil actions available to remedy Employee’s damages. The
parties agree that, should either party seek to enforce the terms of this
Agreement through litigation, then the prevailing party, in addition to all
other legal remedies, shall be reimbursed by the other party for all reasonable
attorneys’ fees in relation to such litigation.

13.           Cooperation. Upon reasonable
notice, Employee shall furnish such information as may be in his possession to,
and cooperate with, the Company as may reasonably be requested by the Company
in the orderly transfer of his responsibilities to other Company employees or
in connection with any litigation in which the Company is or may be a party.

14.           Release.

(a)           In
exchange for the consideration set forth in this Agreement, the Employee, on
behalf of the Employee and the Employee’s agents, assignees, attorneys, heirs,
executors and administrators, voluntarily and knowingly releases the Company,
as well as the Company’s successors, predecessors, assigns, parents,
subsidiaries, divisions, affiliates, officers, directors, shareholders,
employees, agents and representatives, in both their individual and
representative capacities (collectively, the “Released Parties”), from any and
all claims, causes of action, suits, grievances, debts, sums of money,
controversies, agreements, promises, damages, back and front pay, costs,
expenses, attorneys’ fees and remedies of any type by reason of any matter,
cause, act or omission arising out of or in connection with the Employee’s
employment or separation from employment with the Company, including but not
limited to any claims based upon common law, any federal, state or local
employment statutes or civil rights laws (such as Title VII of the Civil Rights
Act of 1964, as amended; the Age Discrimination in Employment Act; the Family
and Medical Leave Act; the Americans with Disabilities Act; the Employee
Retirement Income Security Act of 1974; the New Jersey Conscientious Employee
Protection Act; Sarbanes-Oxley Act of 2002; and laws prohibiting discrimination
based upon race, color, religion, creed, national origin, ancestry, family
and/or medical leave, citizenship status, sex, sexual orientation or
preference, marital status, age or disability), wrongful termination, failure
to

 5
 

 

pay wages, breach of contract, defamation, invasion of privacy,
whistleblowing or infliction of emotional distress, or any other matter. This
release shall apply to all known, unknown, unsuspected and unanticipated
claims, liens, injuries and damages that have accrued to the Employee as of the
date of this Agreement. This release does not waive any rights or claims that
Employee has under this Agreement, including the right to indemnification set
forth in paragraph 5 of this Agreement, or that may arise after this release is
executed or relate to the enforcement of this Agreement.

(b)           It
is the intention of the Employee in executing this Agreement that it shall be
effective as a bar against each and all claims, causes of action, suits, grievances,
debts, sums of money, controversies, agreements, promises, damages, back and
front pay, costs, expenses, attorneys’ fees and remedies of any type described
in Section 14(a) above. In furtherance of this intention, the
Employee expressly waives any and all rights and benefits conferred upon the
Employee by the provisions of Section 1542 of the California Civil Code,
which states:

A
general release does not extend to claims which the creditor does not know or
suspect to exist in his favor at the time of executing the release, which if
known by him would have materially affected his settlement with the debtor.

15.           No Admission. Nothing
contained in this Agreement nor the fact that the parties have signed this
Agreement shall be construed as an admission by either party.

16.           Waiver of Reinstatement. By
entering into this Agreement, the Employee acknowledges that the Employee
waives any claim to reinstatement and/or future employment with the Company. The
Employee further acknowledges that the Employee is not and shall not be
entitled to any payments, benefits or other obligations from the Released
Parties whatsoever (except as expressly set forth in this Agreement).

17.           Miscellaneous. This Agreement
contains the entire understanding between the parties. This Agreement
supersedes any and all previous agreements and plans, whether written or oral,
between the Employee and the Company. There are no other representations,
agreements or understandings, oral or written, between the parties relating to
the subject matter of this Agreement. No amendment to or modification of this
Agreement shall be valid unless made in writing and executed by the parties
hereto subsequent to the date of this Agreement. This Agreement shall be
enforced in accordance with the laws of the State of New Jersey. This Agreement
may be executed in several counterparts, and all counterparts so executed shall
constitute one Agreement, binding upon the parties hereto.

18.           Severability. If any term,
provision or part of this Agreement shall be determined to be in conflict with
any applicable federal, state or other governmental law or regulation, or
otherwise shall be invalid or unlawful, such term, provision or part shall
continue in effect to the extent permitted by such law or regulation. Such
invalidity, unenforceability or unlawfulness shall not affect or impair any
other terms, provisions and parts of this Agreement not in conflict, invalid or
unlawful, and such terms, provisions and parts shall continue in full force and
effect and remain binding upon the parties hereto.

 6
 

 

THE EMPLOYEE STATES THAT THE EMPLOYEE HAS CAREFULLY
READ THIS AGREEMENT PRIOR TO SIGNING IT, THAT THE AGREEMENT HAS BEEN FULLY
EXPLAINED TO THE EMPLOYEE PRIOR TO SIGNING IT, THAT THE EMPLOYEE HAS HAD THE
OPPORTUNITY TO HAVE IT REVIEWED BY AN ATTORNEY AND THAT THE EMPLOYEE
UNDERSTANDS THE AGREEMENT’S FINAL AND BINDING EFFECT PRIOR TO SIGNING IT, AND
THAT THE EMPLOYEE IS SIGNING THE RELEASE VOLUNTARILY WITH THE FULL INTENTION OF
COMPROMISING, SETTLING, AND RELEASING THE COMPANY AS STATED IN THIS AGREEMENT.

	
  The Children’s Place
  Services Company, LLC

  	
   

  	
  Mario Ciampi

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /S/ STEVEN
  BALASIANO

  	
   

  	
  /S/ MARIO CIAMPI

  
	
   

  	
  Steven Balasiano

  	
   

  	
  Mario Ciampi (signature)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
  April 14,
  2006

  	
   

  	
  Dated:

  	
  April 14, 2006

  
							

 

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]