Document:

Exhibit 10.1

 

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:

  	
  Executive Vice President - Chief Financial
  Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DAN W. MATTHIAS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Dan W.
  Matthias

  	
   

  
					

 

3Exhibit 10.2

 

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:

  	
  Executive Vice President - Chief Financial
  Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  REBECCA
  C. MATTHIAS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Rebecca C. Matthias

  	
   

  
					

 

3

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