Document:

Exhibit
10.19

 

AMENDMENT
TO

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDMENT
is made as of December 29, 2005 by and between MOTHERS WORK, INC. (the “Company”)
and DAN W. MATTHIAS (“Executive”).

 

WHEREAS, the Company and
Executive are parties to an Amended and Restated Employment Agreement dated as
of April 28, 2005 (the “Employment Agreement”); and

 

WHEREAS, Section 17 of the
Employment Agreement provides that the Company and Executive may amend the
Employment Agreement by agreement in writing; and

 

WHEREAS, the Company has
requested that Executive agree to certain changes with respect to the treatment
of stock options held upon cessation of employment or upon the occurrence of
certain transactions.

 

NOW, THEREFORE, in
consideration of these premises and intending to be legally bound hereby, the
Employment Agreement is amended as follows, effective as of the date first
above written:

 

1.             Section 11.2
is deleted in its entirety and replaced with the following:

 

11.2         Treatment of Stock Options Held at Termination.

 

(a)           In
the event of a termination of Employee’s employment hereunder pursuant to
Sections 9.3 or 9.4, at Employee’s election given by written notice to the
Company within 30 days of such termination (provided that, if necessary, such
period will be extended to terminate one day after the Employee could effect
the transaction without incurring liability under section 16(b) of
the Securities Exchange Act of 1934 or
otherwise violating applicable securities laws or insider trading policies),
the Company shall be obligated to repurchase all vested stock options issued by
the Company and then held by Employee in exchange for a cash payment equal to (i) the
number of shares of Common Stock subject to such options multiplied by the Fair
Market Value as of the date of such election, less (ii) the aggregate
exercise price of such options (the “Aggregate Repurchase Price”).  Promptly following the Company’s physical
receipt of such election, the Company will pay in immediately available funds
the Aggregate Repurchase Price to Employee. 
As of the date of such election,
Employee will cease to have any interest in or rights with

 

 

respect to those options,
other than a right to receive payment therefor in accordance with the preceding
sentence.

 

(b)           In the event of a termination of Employee’s
employment hereunder pursuant to Section 9.6, at Employee’s election given
by written notice within the period specified below, the Company will
repurchase from Employee up to all nonforfeitable shares of Common Stock acquired
upon exercise of stock options issued by the Company, to the extent that such
stock options were held by the Employee at the time of that termination.  Such election may be made by the Employee
within the 30 day period beginning six months and one day following the
acquisition of those shares upon the exercise of such stock options (or, in the
event of multiple exercises, six months and one day following the last of such
exercises); provided, however,
that if necessary, such period will be extended to terminate one day after the
Employee could elect such repurchase without incurring liability under section 16(b) of
the Securities Exchange Act of 1934 or otherwise violating applicable
securities laws or insider trading policies. 
Such written notice will be accompanied by all certificates representing
the shares to be repurchased and such representations and warranties by
Employee as may be reasonably requested by the Company regarding Employee’s
ownership of and ability to convey those shares, including a representation
that such shares are free and clear of all liens, claims or encumbrances.  Promptly following the date that such
election, certificates and representations and warranties are physically
received by the Company (the “Election Date”), the Company will pay to
Employee in immediately available funds the Fair Market Value of those shares
as of the Election Date.  As of the
Election Date, Employee will cease to have any interest in or rights with
respect to those shares, other than a right to receive payment therefor in
accordance with the preceding sentence.

 

2.             The
following new Section 24 is added:

 

24.           Cashout
of Stock Options in Connection with Certain Transactions.  With respect to stock options granted to
Employee under the Company’s 1987 Stock Option Plan (whether as originally in
effect or as subsequently amended and restated), Employee agrees that Section 15(c) of
that plan will not apply automatically and will instead apply only to the
extent determined by the Board (or by the committee of the Board authorized to
administer the plan on behalf of the Board) in its discretion.

 

3.             The
Employment Agreement, as amended by the foregoing changes, is hereby ratified
and confirmed in all respects.

 

2

 

IN WITNESS
WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized officer and Executive has executed this Amendment, in each case on
the date first written above.

 

	
   

  	
  MOTHERS WORK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward M. Krell

  	
   

  
	
   

  	
   

  
	
   

  	
  Name & Title: Edward M. Krell, Executive Vice President

  – Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DAN W. MATTHIAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Dan. W. Matthias

  	
   

  

 

3Exhibit
10.20

 

AMENDMENT
TO

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDMENT
is made as of December 29, 2005 by and between MOTHERS WORK, INC. (the “Company”)
and REBECCA C. MATTHIAS (“Executive”).

 

WHEREAS, the Company and
Executive are parties to an Amended and Restated Employment Agreement dated as
of April 28, 2005 (the “Employment Agreement”); and

 

WHEREAS, Section 17 of the
Employment Agreement provides that the Company and Executive may amend the
Employment Agreement by agreement in writing; and

 

WHEREAS, the Company has
requested that Executive agree to certain changes with respect to the treatment
of stock options held upon cessation of employment or upon the occurrence of
certain transactions.

 

NOW, THEREFORE, in
consideration of these premises and intending to be legally bound hereby, the
Employment Agreement is amended as follows, effective as of the date first
above written:

 

1.             Section 11.2
is deleted in its entirety and replaced with the following:

 

11.2         Treatment of Stock Options Held at
Termination.

 

(a)           In
the event of a termination of Employee’s employment hereunder pursuant to
Sections 9.3 or 9.4, at Employee’s election given by written notice to the
Company within 30 days of such termination (provided that, if necessary, such
period will be extended to terminate one day after the Employee could effect
the transaction without incurring liability under section 16(b) of
the Securities Exchange Act of 1934 or
otherwise violating applicable securities laws or insider trading policies),
the Company shall be obligated to repurchase all vested stock options issued by
the Company and then held by Employee in exchange for a cash payment equal to (i) the
number of shares of Common Stock subject to such options multiplied by the Fair
Market Value as of the date of such election, less (ii) the aggregate
exercise price of such options (the “Aggregate Repurchase Price”).  Promptly following the Company’s physical
receipt of such election, the Company will pay in immediately available funds
the Aggregate Repurchase Price to Employee. 
As of the date of such election,
Employee will cease to have any interest in or rights with

 

 

respect to those options,
other than a right to receive payment therefor in accordance with the preceding
sentence.

 

(b)           In the event of a termination of Employee’s
employment hereunder pursuant to Section 9.6, at Employee’s election given
by written notice within the period specified below, the Company will
repurchase from Employee up to all nonforfeitable shares of Common Stock
acquired upon exercise of stock options issued by the Company, to the extent
that such stock options were held by the Employee at the time of that
termination.  Such election may be made
by the Employee within the 30 day period beginning six months and one day
following the acquisition of those shares upon the exercise of such stock
options (or, in the event of multiple exercises, six months and one day
following the last of such exercises); provided,
however, that if necessary, such period will be extended to
terminate one day after the Employee could elect such repurchase without
incurring liability under section 16(b) of the Securities Exchange
Act of 1934 or otherwise violating applicable securities laws or insider
trading policies.  Such written notice
will be accompanied by all certificates representing the shares to be
repurchased and such representations and warranties by Employee as may be
reasonably requested by the Company regarding Employee’s ownership of and
ability to convey those shares, including a representation that such shares are
free and clear of all liens, claims or encumbrances.  Promptly following the date that such
election, certificates and representations and warranties are physically received
by the Company (the “Election Date”), the Company will pay to Employee
in immediately available funds the Fair Market Value of those shares as of the
Election Date.  As of the Election Date,
Employee will cease to have any interest in or rights with respect to those
shares, other than a right to receive payment therefor in accordance with the
preceding sentence.

 

2.             The
following new Section 24 is added:

 

24.           Cashout
of Stock Options in Connection with Certain Transactions.  With respect to stock options granted to
Employee under the Company’s 1987 Stock Option Plan (whether as originally in
effect or as subsequently amended and restated), Employee agrees that Section 15(c) of
that plan will not apply automatically and will instead apply only to the
extent determined by the Board (or by the committee of the Board authorized to
administer the plan on behalf of the Board) in its discretion.

 

3.             The
Employment Agreement, as amended by the foregoing changes, is hereby ratified
and confirmed in all respects.

 

2

 

IN WITNESS
WHEREOF, the Company has caused this Amendment to be executed by its duly
authorized officer and Executive has executed this Amendment, in each case on
the date first written above.

 

	
   

  	
  MOTHERS WORK, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward M. Krell

  	
   

  
	
   

  	
   

  
	
   

  	
  Name &
  Title: Edward M. Krell, Executive Vice
  President

  – Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REBECCA C. MATTHIAS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Rebecca C. Matthias

  

 

3

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