Document:

Exhibit 4.1

Exhibit 4.1

AMENDMENT NO. 2 TO RIGHTS AGREEMENT

THIS AMENDMENT NO. 2 TO RIGHTS AGREEMENT (this “Amendment”), dated as of June 24, 2009, is
between Tween Brands, Inc., a Delaware corporation (the “Company”), and American Stock Transfer &
Trust Company, LLC, a New York corporation (the “Rights Agent”).

WHEREAS, the Company and the Rights Agent are parties to a Rights Agreement, dated as of
August 14, 2001, as amended by the Agreement of Substitution and Amendment of Rights Agreement,
dated November 11, 2003 (collectively, the “Rights Agreement”);

WHEREAS, the Company intends to enter into an Agreement and Plan of Merger (the “Merger
Agreement”) with The Dress Barn, Inc., a Connecticut corporation (the “Parent”) and Thailand
Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of the Parent (the “Merger
Sub”), which provides for, among other things, the merger of Merger Sub with and into the Company,
subject to stockholder and regulatory approval and other terms and conditions; and

WHEREAS, the Board of Directors of the Company has (a) determined that it is in the best
interests of the Company and its stockholders and consistent with the objectives of the Board of
Directors in adopting the Rights Agreement to amend the Rights Agreement to except the Merger
Agreement and the actions and transactions contemplated thereby and effected in connection
therewith from the Rights Agreement and (b) directed the Rights Agent to amend the Rights Agreement
as set out hereunder.

NOW, THEREFORE, the Rights Agreement is hereby amended as follows:

1. Amendment of Section 1.

(a) Section 1(n) of the Rights Agreement is deleted in its entirety and replaced with the
following:

“(n) ‘Expiration Date’ shall mean the earlier of (i) August 14,
2011, unless the Distribution Date shall occur on or prior to such
date and the Rights shall have separated from the Common Shares
pursuant to the terms of this Agreement, in which case ‘Expiration
Date’ shall mean the date which is the tenth anniversary of the
Distribution Date, or (ii) immediately prior to the Effective Time
(as defined in the Merger Agreement).”

(b) Section 1 of the Rights Agreement is further amended by adding thereto new subsection (o)
and the existing subsections (o) through (ff) shall be re-numbered as subsections (p) through (gg),
and which shall read as follows:

“(o) ‘Merger Agreement’ shall mean the Agreement and Plan of
Merger, dated June 24, 2009, by and among The Dress Barn, Inc., a
Connecticut corporation (the “Parent”), Thailand Acquisition
Corp., a Delaware corporation and a wholly-owned subsidiary of the
Parent (the “Merger Sub”), and the Company as the same may be
amended from time to time.”

 

 

 

2. Addition of New Section 35.

The Rights Agreement is amended by adding a Section 35 thereof which shall read as follows:

“Section 35. Exception For Merger Agreement.
Notwithstanding any provision of this Agreement to the contrary,
neither a Distribution Date, Section 11(a)(ii) Event, Section 13(a)
Event nor a 15% Ownership Date shall be deemed to have occurred,
none of the Parent, the Merger Sub (each as defined in the Merger
Agreement) or any of their Affiliates or Associates shall be deemed
to have become a 15% Stockholder, and no holder of any Rights shall
be entitled to exercise such Rights under, or be entitled to any
rights pursuant to, any of Sections 3(c), 7(b), 11(a) or 13 of this
Agreement, in any such case by reason of (a) the approval, execution
or delivery of the Merger Agreement or any amendments thereof or (b)
the commencement or, prior to termination of the Merger Agreement,
the consummation of any of the transactions contemplated by the
Merger Agreement, including the Merger (as defined in the Merger
Agreement).”

3. Effectiveness.

This Amendment shall be deemed effective as of the date hereof as if executed by both parties
hereto on such date. Except as amended hereby, the Rights Agreement shall remain in full force and
effect and shall be otherwise unaffected hereby.

4. Miscellaneous.

This Amendment shall be deemed to be a contract made under the laws of the State of Delaware
and for all purposes shall be governed by and construed in accordance with the laws of such state
applicable to contracts to be made and performed entirely within such state. This Amendment may be
executed in any number of counterparts, each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts shall together constitute but one and the same
instrument. If any term, provision, covenant or restriction of this Amendment is held by a court
of competent jurisdiction or other authority to be invalid, illegal, or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

[signatures on following page]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date set forth above.

	 	 	 	 	 
	 	
TWEEN BRANDS, INC.

 	 
	 	By:  	/s/ Michael W. Rayden
 	 
	 	 	Name:  	Michael W. Rayden 	 
	 	 	Title:  	Chairman and Chief Executive Officer 	 
	 	

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

 	 
	 	By:  	/s/ Herbert J. Lemmer
 	 
	 	 	Name:  	Herbert J. Lemmer 	 
	 	 	Title:  	Vice President 	 

 

S-1Exhibit 10.1

Exhibit 10.1

June 24, 2009

Rolando de Aguiar

Tween Brands, Inc.

8323 Walton Parkway

New Albany, Ohio 43054

Dear Rolando:

As you know, Tween Brands, Inc. (the “Company”) is contemplating entering into an Agreement and
Plan of Merger (the “Merger Agreement”) with Dress Barn, Inc., a Connecticut corporation
(“Parent”), and Thailand Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of
Parent (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the
Company becoming a subsidiary of Parent following such merger (the “Merger”).

The Company recognizes that if it enters into the Merger Agreement, you will be asked to perform
additional responsibilities during the executory period as the Company works to consummate the
Merger. In recognition of these additional responsibilities, and as a special incentive for you to
remain continuously employed with the Company through the closing of the Merger, the Company will
pay you a special retention bonus (the “Retention Bonus”) equal to Two Hundred Thousand dollars
($200,000.00) if you remain continuously employed by the Company through the closing date of the
Merger. The Company will also pay you your full Retention Bonus if the Merger closes but, prior to
the closing date of the Merger, the Company terminates your employment without “Cause” (as defined
in your Executive Agreement with the Company dated as of September 26, 2008 (the “Executive
Agreement”)). However, if your employment with the Company terminates prior to the closing date of
the Merger for any reason other than a termination by the Company without Cause, you will not be
eligible to receive your Retention Bonus, and in no event will you be considered to have earned
this bonus. If your Retention Bonus becomes earned and payable, the Company will pay the full
amount of the Retention Bonus to you in cash within fifteen (15) days after the closing date of the
Merger.

This Retention Bonus opportunity is being provided to you in addition to your incentive
compensation opportunities under the Company’s incentive compensation plans (e.g., your semi-annual
incentive opportunity under the Company’s Incentive Compensation Performance Plan).

 

 

 

In addition, subject to the closing of the Merger, Section 3(b)(4) of your Executive Agreement is
hereby amended to provide that, in the event you become entitled to severance payments as a result
of a termination by the Company without Cause or a Change in Control Termination (as defined in the
Executive Agreement), the deduction for any salary or compensation you earn from other employment
or self-employment shall not apply as to your
employment or self-employment during the period you receive severance payments unless and until the
aggregate severance payments to you total 100% of your Base Salary (as defined in the Executive
Agreement). The intent of this amendment is to eliminate the mitigation provision currently
contained in Section 3(b)(4) of your Executive Agreement with respect to the first 100% of your
Base Salary that becomes payable as severance. Such mitigation provision will only apply as to any
salary or compensation you earn from other employment or self-employment after the point in time
when you have received total severance payments pursuant to Section 3(b) of the Executive Agreement
equal to 100% of your base salary and, in the case of any such salary or compensation, such amounts
shall reduce any severance otherwise payable or to be paid to you on a dollar-for-dollar basis. In
no event, however, shall you be required to repay any severance theretofore paid or required to
have been paid to you. For purposes of clarity, if your employment is terminated by the Company
prior to the closing date of the Merger, the foregoing amendment to Section 3(b)(4) of your
Executive Agreement will still apply.

If for any reason the Company does not enter into the Merger Agreement, or if the Merger fails to
close for any reason, you will not be eligible to receive your Retention Bonus and the amendment to
Section 3(b)(4) of your Executive Agreement shall not take effect.

The Company may withhold (or cause there to be withheld) from your Retention Bonus such non-U.S.,
U.S., state, local or other employment, income, or other taxes as may be required to be withheld
pursuant to any applicable law or regulation.

This letter agreement will be governed by, and shall be construed and enforced in accordance with,
the internal laws of the State of Ohio, without regard to conflicts of law principles. The Company
may assign this letter agreement to any successor (whether by amalgamation, merger, consolidation,
purchase or otherwise) to all or substantially all of the equity, assets or business of the
Company, and this letter agreement will be binding upon and inure to the benefit of such successors
and assigns. This letter agreement constitutes the entire agreement between you and the Company
with respect to the terms of your Retention Bonus and the amendment to your Executive Agreement,
and supersedes all prior agreements, if any, understandings, and arrangements, oral or written,
between you and the Company with respect to the subject matter of this letter agreement. Except as
amended by this letter agreement, the terms of your Executive Agreement shall continue to apply
following the closing of the Merger.

The Company appreciates all of your efforts to date. Please sign where indicated below to
acknowledge and agree to the terms of this letter agreement. Any signature delivered by facsimile
or PDF shall be deemed for all purposes as being a good and valid signature.

[Remainder of page intentionally left blank]

 

 

 

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Michael W. Rayden
 	 
	 	Michael W. Rayden 	 
	 	Chairman and Chief Executive Officer 	 

Accepted and Agreed:

	 	 	 
	/s/ Rolando de Aguiar
	 	 
	 

Rolando de Aguiar

	 	 

 

 

 

 

 

 

 

 

Signature Page to R. de Aguiar Retention Letter

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