Document:

exv10w19

    EXHIBIT 10.19

 

    SUMMARY OF BOARD
    COMPENSATION

 

    Non-employee directors of Pacific Sunwear of California, Inc.
    (the “Company”) receive compensation for their
    services to the Board of Directors and related committees as
    follows:

 

	 	 	 
	

    Amount

	
 
	
    Description

	 

	

    $100,000

	
 
	
    Annual retainer to Chairman, disbursed in five equal payments
    for each regularly scheduled Board meeting.

	

    30,000

	
 
	
    Annual Board retainer other than to Chairman, disbursed in five
    equal payments for each regularly scheduled Board meeting.

	

    10,000

	
 
	
    Additional annual retainer to audit committee chairman,
    disbursed in same manner as Board member annual retainer.

	

    5,000

	
 
	
    Additional annual retainer to committee chairman other than
    audit committee chairman, disbursed in same manner as Board
    member annual retainer.

	

    3,000

	
 
	
    Fee for each Board meeting attended in person.

	

    1,250

	
 
	
    Fee for each Board meeting attended telephonically and for each
    committee meeting attended in person or telephonically.

 

    All directors are reimbursed for expenses incurred in attending
    meetings of the Board of
    Directors.1

    Gary H. Schoenfeld, who is the President and Chief Executive
    Officer of the Company, is not paid any fees or additional
    remuneration for his services as a member of the Board of
    Directors.

 

    Each non-employee director continuing in service after the
    annual meeting of shareholder receives an automatic annual award
    of $100,000 to be delivered solely in the form of Restricted
    Stock Units (“RSUs”), or in a combination of RSUs and
    cash under the circumstances described below. Each RSU is
    granted under the Company’s 2005 Performance Incentive Plan
    and represents the right to receive one share of Company common
    stock following the date the director ceases to be a member of
    the Board of Directors. The number of RSUs subject to a
    continuing non-employee director’s annual award will be
    determined by dividing the sum of $100,000 by the closing price
    of a share the Company’s common stock on the date of grant
    of the award, which is expected to be on or about the date of
    the annual meeting of shareholders. In no event, however, will
    any non-employee director’s RSU award cover more than
    25,000 units in any single fiscal year. To the extent that
    the number of units subject to a director’s annual RSU
    award would otherwise exceed 25,000 units under the above
    formula, the Company will supplement the RSU award with a cash
    payment to the director in the amount necessary to achieve the
    $100,000 value target. Consistent with the timing for payment of
    the RSUs, payment of any supplemental cash award will be
    deferred until after the date the director ceases to be a member
    of the Board of Directors. The RSUs and, if applicable, the
    right to receive any supplemental cash award, vest on the first
    anniversary of the grant date (or if earlier, the date of the
    regularly scheduled annual meeting of shareholders that occurs
    in the year in which such vesting date would otherwise fall).
    The RSUs and, if applicable, the right to receive any
    supplemental cash award, vest on an accelerated basis in
    connection with a change in control of the Company, unless
    otherwise provided by the Board of Directors in circumstances
    where the Board has made a provision for the assumption or other
    continuation of the awards. In addition, if a non-employee
    director’s service terminates by reason of the
    director’s death, disability or voluntary retirement, any
    unvested RSUs (and any supplemental cash awards) will then vest
    on a pro rata basis, proportionate to the part of the year
    during which the non-employee director served, with the
    remainder of the RSUs (and any supplemental cash awards) to be
    forfeited unless otherwise determined by the Board of Directors.

 

 

    1 To

    the extent any expense reimbursements provided for in this
    Summary of Board Compensation are taxable to a director and
    provide for a deferral of compensation within the meaning of
    Section 409A of the Internal Revenue Code, the director
    shall complete all steps required for reimbursement so as to
    facilitate payment, and any such reimbursements shall be paid to
    the director on or before December 31 of the calendar year
    following the calendar year in which the expense was incurred.
    Such reimbursements shall not be subject to liquidation or
    exchange for other benefits, and the expenses eligible for
    reimbursement in one calendar year shall not affect the expenses
    eligible for reimbursement in any other calendar year.exv10w20

    EXHIBIT 10.20

 

    SUMMARY OF NAMED
    EXECUTIVE OFFICERS’ COMPENSATION FOR FISCAL 2010

 

    Base Salaries.  Following are the current
    annual base salaries for the executive officers employed by
    Pacific Sunwear of California, Inc. (the “Company”) as
    of March 31, 2011, who will be included in the
    Company’s proxy statement to be filed with the Securities
    and Exchange Commission for the Company’s 2011 Annual
    Meeting of Shareholders (the “Named Executive
    Officers”):

 

	 	 	 	 	 	 	 	 	 
	

    Named Executive Officer

	
 
	
    Title
	
 
	
    Annual Base Salary

	 

	

    Gary H. Schoenfeld

	
 
	 
	
    President, Chief Executive Officer and Director
	 
	
 
	
    $
	
    1,050,000
	
 

	

    Charles Mescher

	
 
	 
	
    Senior Vice President, Men’s Merchandising
	 
	
 
	
    $
	
    400,000
	
 

	

    Christine Lee

	
 
	 
	
    Senior Vice President, Women’s Merchandising
	 
	
 
	
    $
	
    375,000
	
 

	

    Jonathan Brewer

	
 
	 
	
    Senior Vice President, Operations
	 
	
 
	
    $
	
    372,000
	
 

	

    Michael L. Henry

	
 
	 
	
    Senior Vice President, Chief Financial Officer
	 
	
 
	
    $
	
    300,000
	
 

 

    Annual Bonuses.  The Company provides each of
    the Named Executive Officers with an annual incentive bonus
    opportunity pursuant to a broad-based bonus plan which covers
    the other executives of the Company and non-retail managers of
    the Company. Actual bonus amounts are determined by a
    combination of (i) the Company’s achievement of a
    pre-set financial target, (ii) the individual’s
    achievement of personal goals, and (iii) in some cases, the
    achievement of financial goals of the individual’s
    department. All bonuses are approved by the Compensation
    Committee of the Company’s Board of Directors.
    Mr. Schoenfeld’s target incentive bonus is 100% of his
    base salary with a maximum incentive bonus of 200% of his base
    salary. All other Named Executive Officers have a target
    incentive bonus of 50% of his or her base salary with a maximum
    incentive bonus of 100% of his or her base salary.

 

    Additional Compensation.  The Named Executive
    Officers are also entitled to participate in various Company
    plans, including equity plans, and may be subject to other
    written agreements, in each case as set forth in exhibits to the
    Company’s filings with the Securities and Exchange
    Commission. In addition, the Named Executive Officers may be
    eligible to receive perquisites and other personal benefits as
    disclosed in the Company’s proxy statements filed with the
    Securities and Exchange Commission in connection with the
    Company’s annual meetings of shareholders.Exhibit 10.31.1

Exhibit 10.31.1

THIRD AMENDMENT TO

EMPLOYMENT AGREEMENT

THIRD AMENDMENT, dated as of March 28, 2011 (this “Amendment”) to EMPLOYMENT
AGREEMENT, dated as of July 24, 2006, as amended by FIRST AMENDMENT TO EMPLOYMENT AGREEMENT dated
as of November 15, 2006 and SECOND AMENDMENT TO EMPLOYMENT AGREEMENT dated as of November 19, 2007
(as heretofore amended, collectively, the “Employment Agreement”) between A. C. Moore Arts &
Crafts, Inc., a Pennsylvania corporation (“Company”), and Amy Rhoades (“Executive”). Capitalized
terms used herein and not defined herein shall have the respective meanings set forth for such
terms in the Employment Agreement.

R E C I T A L S:

WHEREAS, Company and Executive have mutually agreed that certain provisions of the Employment
Agreement be amended, as set forth herein.

NOW, THEREFORE, intending to be legally bound hereby, it is agreed as follows:

Section 1. Amendment to Paragraph 4(b). Clause (i) of the first sentence of
Paragraph 4(b) is amended and restated to read in its entirety as follows: “ ... (i) Executive’s
Base Salary through the twelfth month anniversary of such termination and Executive’s Pro Rata
Bonus (as defined in paragraph (h) below) and health insurance benefits pursuant to the Company’s
programs as in effect from time to time, to the extent Executive participated immediately prior to
such termination, for twelve consecutive months from the termination date, if and only if Executive
has not breached the provisions of paragraphs 5, 6 and 7 hereof, ...”.

Section 2. Effectiveness. This Amendment shall be become effective as of the date
hereof.

Section 3. Status of Employment Agreement. This Amendment is limited solely for the
purposes and to the extent expressly set forth herein, and, except as expressly set forth herein
all of the terms, provisions and conditions of the Employment Agreement shall continue in full
force and effect and are not effected by this Amendment.

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to Employment
Agreement to be duly executed and delivered as of the date first written above.

	 	 	 	 	 
	 	 	 
	 	     /s/ Amy Rhoades
 	 
	 	Amy Rhoades 	 
	 	 	 
	 
	 	A. C. MOORE ARTS & CRAFTS, INC.

 	 
	 	By:  	/s/ Joseph A. Jeffries
 	 
	 	 	Joseph A. Jeffries 	 
	 	 	Chief Executive Officer

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