Document:

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                                                                    Exhibit 10.7

                             ABERCROMBIE & FITCH CO.
                      DIRECTORS' DEFERRED COMPENSATION PLAN
                     (as amended and restated May 22, 2003)

Section 1. PURPOSE - The Company desires and intends to recognize the value to
the Company of the past and present services of its Directors, to encourage
their continued service to the Company and to be able to attract and retain
superior Directors by adopting and implementing this Plan to provide such
Directors an opportunity to defer compensation otherwise payable to them from
the Company. In addition, the Company desires to allow such Directors an
opportunity to invest in the Common Shares of the Company by providing that
amounts deferred under this Plan may be used to purchase such Common Shares.

Section 2. CERTAIN DEFINITIONS - The following terms will have the meanings
provided below.

         "Additions" means the credits applied to Deferred Compensation Accounts
as provided in Section 4 hereof.

         "Annual Retainer" means, with respect to any calendar year or other
period, the retainer which, absent an election to defer hereunder, would be
payable to a Participant for services rendered to the Board or its committees
during those pay periods beginning in the given calendar year or other period.

         "Beneficiary" means the person or persons designated in writing as such
and filed with the Company at any time by a Participant. Any such designation
may be withdrawn or changed in writing (without the consent of the Beneficiary),
but only the last designation on file with the Company shall be effective.

         "Board" means the Board of Directors of the Company.

         "Code" means the Internal Revenue Code of 1986, as may be amended from
time to time.

         "Common Shares" means the shares of Class A Common Stock, par value
$.01, of the Company.

         "Company" means Abercrombie & Fitch Co., a Delaware corporation, and
any successor entity.

         "Deferred Compensation Account" means the separate Deferred
Compensation Account established for each Participant pursuant to Section 4 of
the Plan.

         "Director" means any director of the Company who receives compensation
from the Company for his or her services as a director.

         "Effective Date" means October 1, 1998, provided that the Plan is
approved by at least a majority vote of the members of the Board at a regularly
scheduled meeting of the Board within thirty (30) days following such date.

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         "Eligible Compensation" means, to the extent applicable to any given
Participant, the Annual Retainer, Meeting Fees, and stock-based incentives,
including stock options, restricted stock and stock units relating to Common
Shares. The extent to which a given Participant may defer a given component of
Eligible Compensation shall be based upon such Participant's eligibility to
receive the given component of Eligible Compensation (as determined under
applicable agreements and pay practices of the Company) and the provisions and
limitations applicable to the given component as provided under this Plan.

         "Fair Market Value" of the Common Shares means the most recent closing
price of the Common Shares on any national securities exchange on or through
which the Common Shares are then listed or traded.

         "Meeting Fees" means, with respect to any calendar year or other
period, the fees for attendance at meetings of the Board or its committees
(exclusive of expenses) which, absent an election to defer hereunder, would be
payable to a Participant during those pay periods beginning in the given
calendar year or other period.

         "Participant" has the meaning specified in Section 3 of the Plan.

         "Plan" means the Abercrombie & Fitch Co. Directors' Deferred
Compensation Plan, as reflected in this document, as the same may be amended
from time to time after the Effective Date.

         "Plan Administrator" means the Chief Financial Officer of the Company.

         "Trust" means the trust fund that, in the discretion of the Company,
may be established for purposes of segregating certain assets of the Company for
payment of benefits hereunder as the same may be amended from time to time. Such
Trust may be irrevocable, but the assets thereof shall, at all times, remain the
property of the Company subject to the claims of the Company's creditors.

Section 3. PARTICIPANTS

Each Director on the Effective Date shall be designated by the Company as
eligible for participation in the Plan on the Effective Date. Each individual
who becomes a Director after the Effective Date shall be designated by the
Company as eligible for participation in the Plan as of the later of the date on
which he or she becomes a Director or the date specified by the Board. A
Participant shall continue to participate in the Plan until his or her status as
a Participant is terminated by either a complete distribution of his or her
Deferred Compensation Account pursuant to the terms of the Plan, by written
directive of the Company or by revocation of his or her Deferral Notice.

Section 4. DEFERRED COMPENSATION ACCOUNTS

         A.       Establishment of Deferred Compensation Accounts. The Company
will establish a Deferred Compensation Account for each Participant.

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         B.       Election of Participant. To the extent authorized by the Plan
Administrator, a Participant may elect to have all or a portion of his or her
Eligible Compensation which is to be paid to him or her by the Company allocated
to his or her Deferred Compensation Account and paid on a deferred basis
pursuant to the terms of the Plan. To exercise such an election, the Participant
must advise the Company of his or her election, in writing, on a form and within
the time period prescribed by the Plan Administrator (each, a "Deferral
Notice"). Such Deferral Notice shall apply only to Eligible Compensation payable
to, or earned by, the Participant after the date on which the Deferral Notice is
received by the Company.

         C.       Company Contributions. As of the date any Eligible
Compensation would have otherwise been payable absent the filing of a Deferral
Notice, the Company will allocate to the Participant's Deferred Compensation
Account the amount of Eligible Compensation specified in the Deferral Notice.
Any amounts so allocated by the Company are called "Company Contributions."

         D.       Adjustment of Account Balances. Stock-based incentives
deferred pursuant to the Plan shall be credited to a Participant's Deferred
Compensation Account as Common Shares. As of the date any amount of Eligible
Compensation otherwise payable in cash is credited to a Participant's Deferred
Compensation Account, such amount shall be divided by the then Fair Market Value
of the Common Shares. Upon completion of this calculation, each Deferred
Compensation Account shall be credited with the resulting number of Common
Shares (carried to three decimals). The Deferred Compensation Account of each
Participant shall be credited with cash dividends on the Common Shares at the
times and equal in amount to the cash dividends actually paid with respect to
Common Shares on and after the date credited to the Deferred Compensation
Account. The amount of cash dividends credited to each Deferred Compensation
Account shall be divided by the then Fair Market Value of the Common Shares; and
the Deferred Compensation Account of each Participant shall be credited with the
resulting number of Common Shares (carried to three decimals). The Plan
Administrator may prescribe any reasonable method or procedure for the
accounting of Additions.

         E.       Stock Adjustments. The number of Common Shares in the Deferred
Compensation Account of each Participant shall be adjusted from time to time to
reflect stock splits, stock dividends or other changes in the Common Shares
resulting from a change in the Company's capital structure.

         F.       Participant's Rights in Accounts. A Participant's only right
with respect to his or her Deferred Compensation Account (and amounts allocated
thereto) will be to receive payments in accordance with the provisions of
Section 5 of the Plan.

Section 5. PAYMENT OF DEFERRED BENEFITS

         A.       Time of Payment. Distribution of a Participant's Deferred
Compensation Account shall be made in accordance with a Payment Election Form
delivered by the Participant to the Plan Administrator. The Plan Administrator
may, in his or her discretion, permit a Participant to elect a further deferral
of amounts credited to his or her Deferred Compensation Account by delivering a
later Payment Election Form; provided that, unless otherwise approved by the
Plan Administrator, any election to further defer amounts credited to a
Participant's Deferred Compensation Account must be made at least one year prior
to the date such amounts would otherwise be payable.

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         B.       Method of Distribution. A Participant's Deferred Compensation
Account shall be distributed to the Participant in a single lump sum transfer of
the whole Common Shares (plus cash representing the value of any fractional
share), or in such number of annual installments (not to exceed 10) as may be
elected by the Participant in accordance with a Payment Election Form delivered
to the Plan Administrator.

         C.       Hardship Distributions. Prior to the time a Participant's
Deferred Compensation Account becomes payable, the Plan Administrator, in his or
her sole discretion, may elect to distribute all or a portion of the whole
Common Shares (plus cash representing the value of any fractional share)
credited to such account in the event such Participant requests a distribution
due to severe financial hardship. For purposes of this Plan, severe financial
hardship shall be deemed to exist in the event the Plan Administrator determines
that a Participant needs a distribution to meet immediate and heavy financial
needs resulting from a sudden or unexpected illness or accident of the
Participant or a member of the Participant's family, loss of the Participant's
property due to casualty or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
Participant. A distribution based on financial hardship shall not exceed the
smaller of (i) the number of whole Common Shares (plus cash representing the
value of any fractional share) credited to the Participant's Deferred
Compensation Account or (ii) the number of whole Common Shares credited to the
Participant's Deferred Compensation Account with a Fair Market Value (determined
as of the date of distribution) equal to the amount needed to meet the financial
hardship.

         D.       Designation of Beneficiary. Upon the death of a Participant
prior to the distribution of his or her Deferred Compensation Account, such
Deferred Compensation Account shall be paid to the Beneficiary designated by the
Participant. If there is no designated Beneficiary or no designated Beneficiary
surviving at a Participant's death, payment of the Participant's Deferred
Compensation Account shall be made to the Participant's estate.

         E.       Taxes. In the event any taxes are required by law to be
withheld or paid from any payments made pursuant to the Plan, the Plan
Administrator shall deduct such amounts from such payments and shall transmit
the withheld amounts to the appropriate taxing authority.

Section 6. ASSIGNMENT OR ALIENATION - The right of a Participant, Beneficiary or
any other person to the payment of a benefit under this Plan may not be
assigned, transferred, pledged or encumbered except by will or by the laws of
descent and distribution.

Section 7. PLAN ADMINISTRATION - The Plan Administrator will have the right to
interpret and construe the Plan and to determine all questions of eligibility
and of status, rights and benefits of Participants and all other persons
claiming benefits under the Plan. In all such interpretations and constructions,
the Plan Administrator's determination will be based upon uniform rules and
practices applied in a nondiscriminatory manner and will be binding upon all
persons affected thereby. Subject to the provisions of Section 8 below, any
decision by the Plan Administrator with respect to any such matters will be
final and binding on all parties. The Plan Administrator will have absolute
discretion in carrying out his or her responsibilities under this Section 7.

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Section 8. CLAIMS PROCEDURE

         A.       Filing Claims. Any Participant or Beneficiary entitled to
benefits under the Plan will file a claim request with the Plan Administrator.

         B.       Notification to Claimant. If a claim request is wholly or
partially denied, the Plan Administrator will furnish to the claimant a notice
of the decision within ninety (90) days in writing and in a manner calculated to
be understood by the claimant, which notice will contain the following
information:

                  (i)      the specific reason or reasons for the denial;

                  (ii)     specific reference to pertinent Plan provisions upon
which the denial is based;

                  (iii)    a description of any additional material or
information necessary for the claimant to perfect the claim and an explanation
of why such material or information is necessary; and

                  (iv)     an explanation of the Plan's claims review procedure
describing the steps to be taken by a claimant who wishes to submit his or her
claims for review.

         C.       Review Procedure. A claimant or his or her authorized
representative may, with respect to any denied claim:

                  (i)      request a review upon a written application filed
within sixty (60) days after receipt by the claimant of written notice of the
denial of his or her claim;

                  (ii)     review pertinent documents; and

                  (iii)    submit issues and comments in writing.

Any request or submission will be in writing and will be directed to the Plan
Administrator (or his or her designee). The Plan Administrator (or his or her
designee) will have the sole responsibility for the review of any denied claim
and will take all steps appropriate in the light of the Plan Administrator's
findings.

         D.       Decision on Review. The Plan Administrator (or his or her
designee) will render a decision upon review. If special circumstances (such as
the need to hold a hearing on any matter pertaining to the denied claim) warrant
additional time, the decision will be rendered as soon as possible, but not
later than one hundred twenty (120) days after receipt of the request for
review. Written notice of any such extension will be furnished to the claimant
prior to the commencement of the extension. The decision on review will be in
writing and will include specific reasons for the decision, written in a manner
calculated to be understood by the claimant, as well as specific references to
the pertinent provisions of the Plan on which the decision is based. If the
decision on review is not furnished to the claimant within the time limits
prescribed above, the claim will be deemed denied on review.

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Section 9. UNSECURED AND UNFUNDED OBLIGATION - Notwithstanding any provision
herein to the contrary, the benefits offered under the Plan shall constitute an
unfunded, unsecured promise by the Company to pay benefits determined hereunder
which are accrued by Participants while such Participants are Directors. No
provision shall at any time be made with respect to segregating any assets of
the Company for payment of any benefits hereunder, except to the extent that the
Company, in its discretion, establishes a Trust for such purpose. To the extent
any benefits provided under the Plan are actually paid from a Trust, the Company
shall not have any further obligation therefor, but to the extent not so paid,
such benefits shall remain the obligations of, and shall be paid by, the
Company. No Participant, Beneficiary or any other person shall have any interest
in any particular assets of the Company by reason of the right to receive a
benefit under the Plan and any such Participant, Beneficiary or other person
shall have only the rights of a general unsecured creditor of the Company with
respect to any rights under the Plan. Nothing contained in the Plan shall
constitute a guaranty by the Company or any other entity or person that the
assets of the Company will be sufficient to pay any benefit hereunder. All
expenses and fees incurred in the administration of the Plan and of any Trust
shall be paid by the Company, provided that, in the event that a Trust is
established, at the direction of the Company, such expenses and fees shall be
paid from the Trust, provided that such amounts are not paid by the Company.

Section 10. AMENDMENT AND TERMINATION OF THE PLAN - The Company reserves the
right, by a resolution of the Board, to amend the Plan at any time, and from
time to time, in any manner which it deems desirable. The Company also reserves
the right, by a resolution of the Board, to terminate this Plan at any time
without providing any advance notice to any Participant; and in the event of any
Plan termination, the Company reserves the right to then distribute all amounts
allocated to Participants' Deferred Compensation Accounts. However, no amendment
to or termination of the Plan will adversely affect the benefit that any
Participant has accrued under the Plan on the later of (i) the effective date of
that amendment or, if applicable, the effective date of Plan termination or (ii)
the date that the amendment is adopted or, if applicable, the date that the Plan
is terminated.

Section 11. BINDING UPON SUCCESSORS - The Plan shall be binding upon and inure
to the benefit of the Company, its successors and assigns and the Participants
and their heirs, executors, administrators and legal representatives. In the
event of the merger or consolidation of the Company with or into any other
corporation, or in the event substantially all of the assets of the Company
shall be transferred to another corporation, the successor corporation resulting
from the merger or consolidation, or the transferee of such assets, as the case
may be, shall, as a condition to the consummation of the merger, consolidation
or transfer, assume the obligations of the Company hereunder and shall be
substituted for the Company hereunder.

Section 12. NO GUARANTEE OF PLAN PERMANENCY - This Plan does not contain any
guarantee of provisions for continued service on the Board to any Director or
Participant nor is it guaranteed by the Company to be a permanent plan.

Section 13. GENDER - Any reference in the Plan made in the masculine pronoun
shall apply to both men and women.

Section 14. INCAPACITY OF RECIPIENT - In the event that a Participant or
Beneficiary is declared incompetent and a guardian, conservator or other person
legally charged with the care of his or her person or of his or her estate is
appointed, any benefits under the Plan to which such

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Participant or Beneficiary is entitled shall be paid to such guardian,
conservator or other person legally charged with the care of his person or his
estate. Except as provided hereinabove, when the Plan Administrator, in his or
her sole discretion, determines that a Participant or Beneficiary is unable to
manage his or her financial affairs, the Plan Administrator may, but shall not
be required to, direct the Company to make distribution(s) to any one or more of
the spouse, lineal ascendants or descendants or other closest living relatives
of such Participant or Beneficiary who demonstrates to the satisfaction of the
Plan Administrator the propriety of making such distribution(s). Any payment
made under this Section 14 shall be in complete discharge of any liability under
the Plan for such payment. The Plan Administrator shall not be required to see
to the application of any such distribution made to any person.

Section 15. GOVERNING LAW - This Plan shall be construed in accordance with and
governed by the laws of the State of Delaware.

Section 16. INABILITY TO LOCATE PARTICIPANT OR BENEFICIARY Each Participant is
obliged to keep the Plan Administrator apprised of his or her current mailing
address and that of his or her Beneficiary. The Plan Administrator's obligation
to search for any Participant or Beneficiary is limited to sending a registered
or certified letter to the Participant's or Beneficiary's last known address.
Any amounts credited to the Deferred Compensation Account of any Participant or
Beneficiary that does not present himself or herself to the Plan Administrator
will be forfeited no later than 12 months after that benefit otherwise would
have been payable. However, this forfeited benefit will be restored and paid if
the Plan Administrator subsequently receives a claim for benefits which is
approved under the procedures described in Section 8.

         IN WITNESS WHEREOF, the Company has caused this Plan to be executed by
a duly authorized officer as of the Effective Date.

                                           ABERCROMBIE & FITCH CO.

                                           By: ________________________________

                                           Its:________________________________

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                                                                       EXHIBIT A

                             ABERCROMBIE & FITCH CO.
                      DIRECTORS' DEFERRED COMPENSATION PLAN

DEFERRAL NOTICE - ANNUAL RETAINER AND MEETING FEES

Name:__________________________________________________________________________

Soc. Sec. No.:_________________________________________________________________

Date of Birth:_________________________________________________________________

1.       ELECTION TO DEFER.

         In accordance with the provisions of the Abercrombie & Fitch Co.
Directors' Deferred Compensation Plan (the "Plan"), I hereby elect to defer
__________ percent (i.e., 25%, 50%, 75% or 100%) of the Annual Retainer and
Meeting Fees payable to me for services as a Director of Abercrombie & Fitch Co.
in respect of fiscal year quarters commencing after the date of this Deferral
Notice. This election supersedes any prior deferral election made by me and
shall remain in effect until terminated or otherwise amended.

2.       DISTRIBUTION ELECTION.

         I hereby elect to receive distribution of my Deferred Compensation
Account in the Plan in accordance with a Payment Election Form filed separately
with the Plan Administrator.

3.       DESIGNATION OF BENEFICIARY.

         I hereby designate _____________________ as my primary Beneficiary and
______________________ as my contingent Beneficiary(ies) to receive any amounts
payable under the Plan in the event of my death.

4.       ACKNOWLEDGMENT.

         I hereby acknowledge that (i) my election to defer my Annual Retainer
and Meeting Fees under the Plan is irrevocable with respect to amounts which are
deferred under the Plan and shall remain in effect until terminated or modified,
(ii) the Plan is unfunded and is maintained primarily for the purpose of
providing deferred compensation to Directors and that I have no rights or claims
to receive amounts credited to my Deferred Compensation Account other than those
specifically granted by the terms of the Plan, and (iii) I am solely responsible
for ensuring that the Plan Administrator's files contain my current mailing
address and that of my Beneficiary.

________________________            _______________________________________
          Date                                     Signature

                                            ____________________________________
                                              Name (please print)

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                                                                       EXHIBIT B

                            ABERCROMBIE & FITCH CO.
                      DIRECTORS' DEFERRED COMPENSATION PLAN

DEFERRAL NOTICE - STOCK UNITS

Name:_________________________________________________________________________

Soc. Sec. No.:_________________________________________________________________

Date of Birth:_________________________________________________________________

1.       ELECTION TO DEFER.

         In accordance with the provisions of the Abercrombie & Fitch Co.
Directors' Deferred Compensation Plan (the "Plan"), I hereby elect to defer
__________ percent (i.e., 25%, 50%, 75% or 100%) of the Common Shares (rounded
to the nearest whole share) payable to me pursuant to Stock Units awarded under
the Abercrombie & Fitch Co. 2003 Stock Plan for Non-Associate Directors for
services as a Director of Abercrombie & Fitch Co., provided such Stock Units are
scheduled to vest at least six months after the date of this Deferral Notice.
This election supersedes any prior deferral election made by me and shall remain
in effect until terminated or otherwise amended.

2.       DISTRIBUTION ELECTION.

         I hereby elect to receive distribution of my Deferred Compensation
Account in the Plan in accordance with a Payment Election Form filed separately
with the Plan Administrator.

3.       DESIGNATION OF BENEFICIARY.

         I hereby designate _____________________ as my primary Beneficiary and
______________________ as my contingent Beneficiary(ies) to receive any amounts
payable under the Plan in the event of my death.

4.       ACKNOWLEDGMENT.

         I hereby acknowledge that (i) my election to defer my Common Shares
under the Plan is irrevocable with respect to amounts which are deferred under
the Plan and shall remain in effect until terminated or modified, (ii) the Plan
is unfunded and is maintained primarily for the purpose of providing deferred
compensation to Directors and that I have no rights or claims to receive amounts
credited to my Deferred Compensation Account other than those specifically
granted by the terms of the Plan, and (iii) I am solely responsible for ensuring
that the Plan Administrator's files contain my current mailing address and that
of my Beneficiary.

         ________________________           ___________________________________
                  Date                                   Signature

                                            ____________________________________
                                               Name (please print)

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                                                                       EXHIBIT C
                                                                     PAGE 1 OF 2

                             ABERCROMBIE & FITCH CO.
                      DIRECTORS' DEFERRED COMPENSATION PLAN

         PAYMENT ELECTION FORM

This Payment Election Form sets forth my election as to the timing of payment of
the value of my Deferred Compensation Account pursuant to the Abercrombie &
Fitch Co. Directors' Deferred Compensation Plan (the "Plan"), subject to the
provisions, definition of terms, and conditions of the Plan which are
incorporated herein by reference.

This payment election will apply uniformly to all deferral sources (i.e., Annual
Retainer, Meeting Fees, and stock-based incentives).

This payment election will supersede any previous payment election forms that I
have submitted with respect to the Plan.

The payment election date may be revised to a later date by completing a new
Payment Election Form no later than one year prior to the most recently
designated settlement date.

MY PERIOD OF DEFERRAL WITH RESPECT TO AMOUNTS ELECTIVELY DEFERRED UNDER THE PLAN
SHALL EXPIRE AT THE EARLIEST TIME SPECIFIED BELOW (complete any that apply):

Upon my termination of service as a Director of the Company, in which case I
elect to receive settlement of my Deferred Compensation Account by (check one):

________ Lump sum settlement in January after such event; or

________ Commencement of ____ annual installment payments in January after such
event (up to 10 installment payments permitted).

or

In January of _____ (year), in which case I elect to receive settlement of my
Deferred Compensation Account by (check one):

______ Lump sum settlement in January of such year; or

_______ Commencement of _______ annual installment payments in January of such
year (up to 10 installment payments permitted).

Irrespective of the above elections with respect to the timing of payments, all
amounts credited to my Deferred Compensation Account will be paid out in a
single lump sum in the event of my termination of service as a Director of the
Company prior to attaining age 65, or in the event of a Change of Control (as
defined in the Abercrombie & Fitch Co. 2003 Stock Plan for Non-Associate
Directors).

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ABERCROMBIE & FITCH CO.
DIRECTORS' DEFERRED COMPENSATION PLAN

PAYMENT ELECTION FORM

ACKNOWLEDGEMENT BY PARTICIPANT              AGREEMENT OF ABERCROMBIE & FITCH CO.

SIGNATURE OF                                Abercrombie & Fitch Co. hereby
PARTICIPANT  __________________________     agrees that this Payment Election
                                            Form is valid and that the Director
PRINTED NAME __________________________     who executed this Payment Election
                                            Form is a Participant in the Plan in
SOCIAL SECURITY                             accordance with the terms thereof.
NUMBER       __________________________
                                            NAME     ___________________________
DATE         __________________________
                                            TITLE    ___________________________

                                            DATE
                                            RECEIVED ___________________________

                                       48<PAGE>

                                                                    Exhibit 10.9

                             ABERCROMBIE & FITCH CO.
                   2003 STOCK PLAN FOR NON-ASSOCIATE DIRECTORS

1.       PURPOSE

The purpose of the Abercrombie & Fitch Co. 2003 Stock Plan for Non-Associate
Directors (the "Plan") is to promote the interests of Abercrombie & Fitch Co.
(the "Company") and its stockholders by allowing the Company to attract and
retain the services of outstanding non-associate directors upon whose judgment,
interest and special efforts the successful conduct of the Company's business is
largely dependent and to encourage the highest level of participation by such
directors. The Plan is expected to contribute to the attainment of these
objectives by increasing the proprietary interest of the non-associate directors
in the growth and performance of the Company through the grant to such directors
of options to purchase shares of Class A Common Stock, par value $0.01 per share
("Shares"), of the Company, the grant to such directors of Shares which are
restricted as provided in Section 6 of this Plan ("Restricted Shares") and the
grant to such directors of stock units, each representing the right to receive
one Share, as described in Section 7 of this Plan ("Stock Units").

2.       ADMINISTRATION

The Plan shall be administered by the Company's Board of Directors (the
"Board"). Subject to the provisions of the Plan, the Board shall be authorized
to interpret the Plan; to establish, amend and rescind any rules and regulations
relating to the Plan; and to make all determinations necessary or advisable for
the administration of the Plan. The determinations of the Board in the
administration of the Plan, as described herein, shall be final and conclusive.
Each of the Chief Operating Officer, the Chief Financial Officer and the
Secretary of the Company shall be authorized to implement the Plan in accordance
with its terms and to take such actions of a ministerial nature as shall be
necessary to effectuate the intent and purposes of the Plan. The validity,
construction and effect of the Plan and any rules and regulations relating to
the Plan shall be determined in accordance with the laws of the State of
Delaware.

3.       ELIGIBILITY

The class of individuals eligible to receive grants of options, Restricted
Shares and Stock Units (collectively, "Awards") under the Plan, shall be
directors of the Company who are not associates of the Company or any of its
affiliates ("Eligible Directors"). Any holder of an Award granted under the Plan
shall hereinafter be referred to as a "Participant".

4.       SHARES SUBJECT TO THE PLAN

(a)      Subject to adjustment as provided in Section 9, the maximum number of
Shares that may be delivered to Participants and their beneficiaries under the
Plan shall be 550,000 Shares. Any Shares distributable in respect of "Eligible
Compensation" allocated to the accounts of Eligible Directors under the
Abercrombie & Fitch Co. Directors' Deferred Compensation Plan on or after the
Effective Date of this Plan shall also be deemed to have been delivered under
this Plan. The Shares to be delivered under the Plan may consist of either
Shares currently held or Shares subsequently acquired by the Company as treasury
Shares, including Shares purchased in the open market or in private
transactions.

(b)      In the event that prior to the date the Plan shall terminate in
accordance with Section 12, any Award granted under the Plan expires unexercised
or unvested or is terminated, surrendered or cancelled without the delivery of
Shares, or any Restricted Shares are forfeited back to the Company, then the
Shares subject to such Award may be made available for subsequent Awards under
the terms of the Plan. To the extent that any Shares covered by an Award are not
delivered

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to a Participant or beneficiary because the Award is settled in cash or used to
satisfy any applicable tax withholding obligation, such Shares shall not be
deemed to have been delivered for purposes of determining the maximum number of
Shares available for delivery under this Plan. If the exercise price of any
option granted under the Plan is satisfied by tendering already owned Shares to
the Company (either by actual delivery or by attestation), only the number of
Shares issued net of the Shares tendered shall be deemed delivered for purposes
of determining the maximum number of Shares available for delivery under this
Plan.

5.       GRANT, TERMS AND CONDITIONS OF OPTIONS

(a)      On the first business day of each of the second fiscal quarter and the
fourth fiscal quarter of each fiscal year of the Company, beginning after the
Effective Date, each individual then serving as an Eligible Director shall be
granted an option to purchase 2,500 Shares. Each option granted in accordance
with this Section 5(a) shall vest and become exercisable in full on the first
anniversary of the date of grant, provided the holder of such option is an
Eligible Director on such anniversary.

(b)      The Board may from time to time grant options under the Plan to the
Eligible Directors, in addition to those nondiscretionary options granted in
accordance with Section 5(a) of this Plan, subject to such restrictions,
conditions and other terms as the Board may determine. The Board shall have the
authority to determine the Eligible Director(s) to whom a discretionary option
is to be granted, the date of grant of each such option, the number of Shares
covered by each such option and the date or dates when each such option shall
become exercisable.

(c)      The options granted under this Plan shall be nonstatutory stock options
not intended to qualify as incentive stock options under Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code"), and shall have the
following terms and conditions:

(i)      Exercise Price. The purchase price per Share deliverable upon the
exercise of each option shall be 100% of the Fair Market Value per Share on the
date the option is granted. For purposes of this Plan, Fair Market Value shall
be the "closing price" of the Shares as reported on the principal exchange on or
through which the Shares are listed or traded for the date in question, or if
there were no sales of the Shares on such date, the most recent prior date on
which there were sales.

(ii)     Payment for Options. Options may be exercised by a Participant by
giving written notice to any individual or individuals designated from time to
time by the Board stating the number of Shares with respect to which the option
is being exercised and tendering payment therefor. The Board shall develop
procedures through which a Participant may pay an option's exercise price,
including tendering Shares the Participant already owns, either by actual
delivery of the previously acquired Shares or by attestation, valued at the Fair
Market Value of the Shares on the exercise date, as partial or full payment of
the exercise price.

(iii)    Term of Options. Once vested and exercisable, each option granted to a
Participant under the Plan shall remain exercisable until the earlier of (1) the
tenth anniversary of the date of grant and (2) the expiration of the applicable
period described in paragraph (iv) and Sections 5(d) and 5(e) below.

(iv)     Termination of Service as Eligible Director. Upon termination of a
Participant's service as a director of the Company for any reason other than
death or total disability, all outstanding options held by such Participant, to
the extent then vested and exercisable, shall remain exercisable in whole or in
part for a period of one year from the date upon which the Participant ceases to
be a director of the Company; provided that in no event shall any option remain
exercisable beyond the period provided for in paragraph (iii) above.

(v)      Nontransferability of Options. No option may be assigned, alienated,
pledged, attached, sold or otherwise transferred, encumbered or disposed of by a
Participant otherwise than by will

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<PAGE>

or the laws of descent and distribution, and during the lifetime of the
Participant to whom an option is granted, it may be exercised only by the
Participant or by the Participant's guardian or legal representative.
Notwithstanding the foregoing, options may be transferred pursuant to a
qualified domestic relations order, as defined in Section 414(p) of the Code or
any successor provision.

(vi)     Option Agreement. Each option granted under this Plan shall be
evidenced by an agreement with the Company which shall contain the terms and
conditions of the option and shall otherwise be consistent with the provisions
of this Plan.

(d)      Death of Participant. If a Participant should die while serving as a
director of the Company, all outstanding options held by such Participant
(whether or not then exercisable by their terms) shall become immediately vested
and exercisable in full by the Participant's estate or by the person who
acquires the right to exercise such options upon the Participant's death by
bequest or inheritance. Such exercise may occur at any time within one year
after the date of the Participant's death; provided that in no event shall any
option of a deceased Participant remain exercisable beyond the period provided
for in paragraph (iii) of Section 5(c) of this Plan.

(e)      Total Disability of Participant. If a Participant's service as a
director of the Company ceases as a result of the Participant's becoming totally
disabled, all outstanding options held by such Participant (whether or not then
exercisable by their terms) shall become immediately vested and exercisable in
full. Such exercise may occur at any time within one year after the Participant
has been determined to be totally disabled; provided that in no event shall any
option of a totally disabled Participant remain exercisable beyond the period
provided for in paragraph (iii) of Section 5(c) of this Plan. A Participant
shall be considered to be totally disabled for purposes of this Plan if the
Participant has been unable, by reason of a medically determinable physical or
mental impairment, to engage in any substantial gainful activity for a period of
180 days after the commencement of such impairment and such condition, in the
opinion of a physician selected by the Company and reasonably acceptable to the
Participant or the Participant's legal representative, is total and permanent.

(f)      Change of Control. Upon the occurrence of a Change of Control, all
outstanding options held by Participants (whether or not then exercisable by
their terms) shall become immediately vested and exercisable in full. For
purposes of this Plan, the term "Change of Control" shall mean, unless otherwise
defined in an Award agreement, an occurrence of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A issued
under the Securities Exchange Act of 1934 (the "Exchange Act") or any successor
rule or regulation. Without limiting the inclusiveness of the definition in the
preceding sentence, a Change of Control of the Company shall be deemed to have
occurred as of the first day that any one or more of the following conditions is
satisfied: (i) any person is or becomes the "beneficial owner" (as defined in
Rule 13d-3 under the Exchange Act or any successor rule or regulation), directly
or indirectly, of securities of the Company representing 20% or more of the
combined voting power of the Company's then outstanding securities and such
person would be deemed an "Acquiring Person" for purposes of the Rights
Agreement dated as of July 16, 1998, as amended (the "Rights Agreement"), to
which the Company and National City Bank, as successor Rights Agent, are
parties; or (ii) any of the following occur: (A) any merger or consolidation of
the Company, other than a merger or consolidation in which the voting securities
of the Company immediately prior to the merger or consolidation continue to
represent (either by remaining outstanding or by being converted into securities
of the surviving entity) 80% or more of the combined voting power of the Company
or surviving entity immediately after the merger or consolidation with another
entity; (B) any sale, exchange, lease, mortgage, pledge, transfer or other
disposition (in a single transaction or a series of related transactions) of
assets or earning

                                       51

<PAGE>

power aggregating more than 50% of the assets or earning power of the Company on
a consolidated basis; (C) any complete liquidation or dissolution of the
Company; (D) any reorganization, reverse stock split or recapitalization of the
Company that would result in a Change of Control as otherwise defined in this
Plan; or (E) any transaction or series of related transactions having, directly
or indirectly, the same effect as any of the foregoing.

6.       GRANT, TERMS AND CONDITIONS OF RESTRICTED SHARES

(a)      The Board may from time to time grant Restricted Shares under the Plan
to Eligible Directors, subject to such restrictions, conditions and other terms
as the Board may determine. At the time a grant of Restricted Shares is made,
the Board shall determine the duration of the period (the "Restricted Period")
during which, and the conditions under which, the Restricted Shares shall vest
and no longer be subject to forfeiture to the Company. The Board may, in its
discretion, at the time a grant of Restricted Shares is made, prescribe
restrictions in addition to or other than the expiration of the Restricted
Period.

(b)      The Restricted Shares granted under this Plan shall have the following
terms and conditions:

(i)      Nontransferability of Restricted Shares. Restricted Shares may not be
assigned, alienated, pledged, attached, sold or otherwise transferred,
encumbered or disposed of during the applicable Restricted Period or prior to
the satisfaction of any other restrictions prescribed by the Board with respect
to such Restricted Shares. Notwithstanding the foregoing, Restricted Shares may
be transferred pursuant to a qualified domestic relations order, as defined in
Section 414(p) of the Code or any successor provision.

(ii)     Termination of Service as Eligible Director. Any Restricted Shares
granted to a Participant pursuant to this Plan shall be forfeited if the
Participant terminates service as a director of the Company for any reason other
than death or total disability prior to the expiration or termination of the
applicable Restricted Period and the satisfaction of any other conditions
applicable to such Restricted Shares. Upon such forfeiture, the Chief Operating
Officer, the Chief Financial Officer or the Secretary of the Company shall cause
the Restricted Shares that are forfeited to the Company to be either cancelled
or retained as treasury Shares. If a Participant shall die while serving as a
director or if a Participant's service as a director of the Company ceases as a
result of the Participant's becoming totally disabled, all restrictions and
conditions applicable to the Restricted Shares held by the Participant shall
immediately lapse.

(iii)    Change of Control. Upon the occurrence of a Change of Control, all
restrictions and conditions applicable to the Restricted Shares held by
Participants shall immediately lapse.

(iv)     Award Agreement. Each grant of Restricted Shares under this Plan shall
be evidenced by an agreement with the Company which shall contain the terms and
conditions of the Restricted Shares and shall otherwise be consistent with the
provisions of this Plan.

(c)      If the Board deems it necessary or appropriate, the Company may issue,
in the name of each Participant to whom Restricted Shares have been granted, one
or more stock certificates representing the total number of Restricted Shares
granted to the Participant; provided that such stock certificates bear an
appropriate legend or other restriction on transfer. The Chief Operating
Officer, the Chief Financial Officer or the Secretary of the Company shall hold
such stock certificates, properly endorsed for transfer, for the Participant's
benefit until such time as the Restricted Shares are forfeited to the Company,
or the applicable Restricted Period expires and any other conditions applicable
to the Restricted Shares are satisfied.

(d)      Holders of Restricted Shares shall not have the right to vote such
Restricted Shares or the right to receive any dividends with respect to such
Restricted Shares. All distributions, if any, received by a Participant with
respect to Restricted Shares as a result of any split-up, distribution,
combination of shares, or other similar transaction affecting the Shares, shall
be subject to the

                                       52

<PAGE>

restrictions of this Section 6.

(e)      Upon the expiration or termination of the applicable Restricted Period
and the satisfaction of any other conditions prescribed by the Board, the
restrictions applicable to the Restricted Shares shall lapse and a stock
certificate for or other appropriate documentation evidencing the number of
Restricted Shares with respect to which the restrictions have lapsed shall be
delivered, free of all such restrictions, to the Eligible Director or the
Eligible Director's beneficiary or estate, as the case may be.

7.       GRANT, TERMS AND CONDITIONS OF STOCK UNITS

(a)      On the first business day of each fiscal year of the Company, beginning
after the Effective Date, each individual then serving as an Eligible Director
shall be granted Stock Units representing the right to receive that number of
Shares which shall be equal to the number determined by dividing (i) $60,000 by
(ii) the average of the closing sale price of a Share on the principal exchange
on or through which the Shares are then listed or traded, during the period of
20 trading days immediately preceding the date of grant of the Stock Units (each
trading day being a day on which actual trades of Shares occur). Each Stock Unit
shall represent the right to receive one Share. Each Stock Unit granted in
accordance with this Section 7(a) shall vest in full on the first anniversary of
the date of grant, provided the holder of such Stock Unit is an Eligible
Director on such anniversary, and the Share covered thereby deliverable to the
holder of the Stock Unit as soon as reasonably practicable after the vesting
date.

(b)      The Board may from time to time grant Stock Units under the Plan to
Eligible Directors, in addition to those nondiscretionary Stock Units granted in
accordance with Section 7(a) of the Plan, representing the right to receive one
Share of the Company in respect of each Stock Unit so granted. At the time a
grant of a Stock Unit is made, the Board shall determine the conditions under
which such Stock Unit shall vest and the Share covered thereby delivered to the
holder of the Stock Unit.

(c)      The Stock Units granted under this Plan shall have the following terms
and conditions:

(i)      Nontransferability of Stock Units. No Stock Units may be assigned,
alienated, pledged, attached, sold or otherwise transferred, encumbered or
disposed of by a Participant otherwise than by will or the laws of descent and
distribution. Notwithstanding the foregoing, Stock Units may be transferred
pursuant to a qualified domestic relations order, as defined in Section 414(p)
of the Code or any successor provision.

(ii)     Termination of Service as Eligible Director. Upon termination of a
Participant's service as a director of the Company for any reason other than
death or total disability, all outstanding Stock Units held by such Participant
which shall not have vested shall be forfeited by the Participant.

(iii)    Death of Participant. If a Participant should die while serving as a
director of the Company, all outstanding Stock Units held by such Participant
(whether or not then vested by their terms) shall become immediately vested in
full and the Shares subject thereto deliverable to the Participant's estate or
the person who acquires the right to receive such Shares upon the Participant's
death by bequest or inheritance.

(iv)     Total Disability of Participant. If a Participant's service as a
director of the Company ceases as a result of the Participant's becoming totally
disabled, all outstanding Stock Units held by such Participant (whether or not
then vested by their terms) shall become immediately vested in full and the
Shares subject thereto deliverable to the Participant.

(v)      Change of Control. Upon the occurrence of a Change of Control, all
outstanding Stock Units held by Participants (whether or not then vested by
their terms) shall become immediately vested in full and the Shares subject
thereto deliverable to the Participants.

(vi)     Award Agreement. Each Stock Unit granted under this Plan shall be
evidenced by an

                                       53

<PAGE>

agreement with the Company which shall contain the terms and conditions of the
Stock Unit and shall otherwise be consistent with the provisions of this Plan.

8.       TAX WITHHOLDING

(a)      The Company shall withhold from other amounts owed to a Participant, or
require the Participant to remit to the Company, an amount sufficient to satisfy
any applicable federal, state and local withholding tax requirements on any
Award under the Plan, exercise or cancellation of an Award or purchase of
Shares. If any such amounts are not to be withheld from other payments due to
the Participant (or if there are no other payments due to the Participant), the
Company will defer the issuance of Shares until the earlier of:

(i)      Thirty days after the settlement date; or

(ii)     The date the Participant remits the required amount.

(b)      If the Company has been unable to satisfy any tax withholding
obligation which the Company may have pursuant to Section 8(a) above, in its
discretion, the Board may allow a Participant to elect, subject to conditions
the Board establishes, to reimburse the Company for this tax withholding
obligation through one or more of the following methods:

(i)      By having Shares otherwise issuable under the Plan withheld by the
Company (but only to the extent of the minimum amount that must be withheld to
comply with applicable state, federal and local income, employment and wage tax
laws);

(ii)     By delivering to the Company previously acquired Shares;

(iii)    By remitting cash to the Company; or

(iv)     By remitting a personal check immediately payable to the Company.

9.       ADJUSTMENT AND CHANGES IN SHARES

If, after the Effective Date, there is a Share dividend or Share split,
recapitalization (including payment of an extraordinary dividend), merger,
consolidation, combination, spin-off, distribution of assets to stockholders,
exchange of shares, or other similar corporate change affecting the Shares, the
Board shall appropriately adjust (a) the aggregate number of Shares available
for Awards under the Plan or subject to outstanding Awards, (b) the respective
exercise price, number of Shares and other limitations applicable to outstanding
or subsequently issuable Awards, and (c) any other factors, limits or terms
affecting any outstanding or subsequently issuable Awards.

10.      PLAN AMENDMENT AND TERMINATION

The Board may terminate, suspend or amend the Plan at any time without
stockholder approval except to the extent that stockholder approval is required
to satisfy applicable requirements imposed by (a) Rule 16b-3 under the Exchange
Act, or any successor rule or regulation; (b) applicable requirements of the
Code; or (c) the rules of any exchange on or through which the Shares are then
listed or traded. If the Plan is terminated, the terms of the Plan,
notwithstanding such termination, shall continue to apply to Awards granted
prior to such termination. No termination, suspension or amendment of the Plan
may, without the consent of the Participant to whom an Award shall theretofore
have been granted, adversely affect the rights of such Participant under such
Award.

11.      APPLICABLE LAW AND REGISTRATION

The grant of Awards and the issuance of Shares shall be subject to all
applicable laws, rules and regulations, and to such approvals of any
governmental agencies or exchanges as may be required. Notwithstanding the
foregoing, no Shares shall be issued under the Plan unless the Company is
satisfied that such issuance will be in compliance with applicable federal and
state securities laws. Shares issued under the Plan may be subject to such stop
transfer orders and other restrictions as the Board may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange
Commission, any exchange on or through which the

                                       54

<PAGE>

Shares are then listed or traded, or any applicable federal or state securities
law. The Board may cause a legend or legends to be placed on any certificates
issued under the Plan to make appropriate reference to restrictions within the
scope of this Section 11 or other provisions of the Plan.

12.      EFFECTIVE DATE AND DURATION OF PLAN

The Plan shall become effective on the date of the adoption of the Plan by the
Board ("Effective Date"). Subject to the provisions of Section 10, the Plan
shall continue until the tenth anniversary of the Effective Date unless the Plan
is terminated by exhaustion of the Shares available for issuance under the Plan.

                                       55

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