Document:

Exhibit 10.8

 

AMENDMENT TO ACCOUNT PURCHASE AGREEMENTS

 

THIS AMENDMENT TO ACCOUNT
PURCHASE AGREEMENTS, (this “Amendment”), dated as of December 3, 2014, is entered into by and among CORPORATE
RESOURCE DEVELOPMENT INC. (“CRD”), DIAMOND STAFFING SERVICES, INC. (“Diamond”), INSURANCE
OVERLOAD SERVICES, INC. (“Insurance”), TS STAFFING SERVICES, INC. (“TS Staffing”), ACCOUNTABILITIES,
INC. (“Accountabilities”), INTEGRATED CONSULTING GROUP, INC. (“Integrated” and together with
CRD, Diamond, Insurance, TS Staffing and Accountabilities, individually and collectively, jointly and severally, the “Customer”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION (“WFBC”).

 

W I T N E
S S E T H:

 

WHEREAS, Customer and
WFBC have entered into the (i) Account Purchase Agreement, dated November 2, 2010, by and between CRD and WFBC (as amended, the
“CRD APA”), (ii) Account Purchase Agreement, dated August 27, 2010, by and between Insurance and WFBC (as amended,
the “Insurance APA”), (iii) Amended and Restated Account Purchase Agreement, dated November 21, 2011, by and
between TS Staffing and WFBC (as amended, the “TS APA”), (iv) Account Purchase Agreement, dated January 31,
2011, by and between Diamond and WFBC (as amended, the “Diamond APA”), (v) Account Purchase Agreement, dated
June 13, 2013, by and between Accountabilities and WFBC (as amended, the “Accountabilities APA”) and (vi) Account
Purchase Agreement, dated November 1, 2013, by and between Integrated and WFBC (as amended, the “Integrated APA”
and together with the CRD APA, Insurance APA, TS APA, Diamond APA and Accountabilities APA, each individually, an “Account
Purchase Agreement” and collectively, the “Account Purchase Agreements”).

 

WHEREAS, Customer and
WFBC have agreed to amend certain provisions of Account Purchase Agreements, subject to the terms and conditions of this Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, it is agreed as follows:

 

		1.	Definitions.

 

(a)          Additional
Definitions.  Section 2 of each Account Purchase Agreement is hereby amended to add the following additional definitions:

 

“Material
Deviation” shall mean, with respect to any Test Period, if (i) the actual aggregate cash disbursements during such Test
Period of Customer and its Affiliates party to an Affiliate Account Purchase Agreement exceed 120% of the projected aggregate cash
disbursements during such Test Period as reflected in the Cash Flow Forecast, or (ii) the actual aggregate cash receipts during
such Test Period of Customer and its Affiliates party to an Affiliate Account Purchase Agreement are less than 80% of the projected
aggregate cash receipts during such Test Period as reflected in the Cash Flow Forecast. Following the first week of each 13-Week
Cash Flow Forecast, the Material Deviation will be measured on a cumulative, month-to-date basis.

 

    	 

    	 

    

 

“Refinancing
Event” shall mean with respect to this Agreement or any Affiliate Account Purchase Agreement, termination thereof on
terms and conditions acceptable to WFBC and receipt by WFBC, in cash or other immediately available funds, of all obligations,
liabilities and indebtedness, net of all reserves and unapplied funds held by WFBC in connection therewith, due WFBC hereunder
or thereunder, as the case may be (including the full Repurchase Price of all Accounts purchased by WFBC hereunder or thereunder,
as applicable).

 

“Test
Period” shall mean, as of Friday December 12, 2014 and as of each Friday thereafter, the period commencing on the 1st
day of the initial Cash Flow Forecast through and including such Friday; provided that, with respect to any Friday for which the
Test Period would exceed 13 weeks, the Test Period shall mean the 13 week period up to and including such Friday.

 

(b)          Interpretation.
 As to each Customer, capitalized terms used and not defined in this Amendment shall have the meanings given them in the Account
Purchase Agreement to which such Customer is party.

 

		2.	Amendments.

 

(a)          Monthly
Monitoring Fee. Upon receipt by WFBC of the monitoring fee payable under the Account Purchase Agreements (as in effect prior
to this Amendment) for November 2014, the text of Section 3.08(e) of the CRD APA, and the text of Section 3.08(d) of each other
Account Purchase Agreement, is hereby deleted in its entirety and the following substituted therefor:

 

“Monitoring
Fee. On the first day of each month until this Agreement shall be terminated and all obligations, liabilities and indebtedness
of Customer hereunder and of its Affiliates under the Affiliate Account Purchase Agreements have been indefeasible paid and satisfied
in full, Customer shall pay to WFBC a monthly monitoring fee equal to $500,000, each of which shall be fully earned and payable
when due and may be charged by WFBC to Customer’s Collected Reserve; provided, that:

 

(i) the monitoring
fee for December 2014 shall be (X) fully earned on December 1, 2014 but payable in equal weekly installments during the month of
December 2014 and (Y) in the event one or more Refinancing Events occur on or before December 31, 2014, reduced (or, if applicable,
refunded) by the percentage by which the aggregate outstanding indebtedness, obligations and liabilities of Customer and its Affiliates
hereunder and under the Affiliate Purchase Agreement is indefeasibly repaid as a result of such Refinancing Event(s).

 

(ii) the
monitoring fee for January 2015 shall be (X) fully earned on January 1, 2015 but payable in equal weekly installments during the
month of January 2015 and (Y) in the event one or more Refinancing Events occur on or before January 31, 2015, reduced (or, if
applicable, refunded) by the percentage by which the aggregate outstanding indebtedness, obligations and

 

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liabilities of Customer and its
Affiliates hereunder and under the Affiliate Purchase Agreement is indefeasibly repaid as a result of such Refinancing Event(s).

 

(iii) each
such monitoring fee shall be reduced by any amount confirmed in writing by WFBC to have been received by WFBC, in cash or other
immediately available funds, in respect of any analogous monitoring fee due under any Affiliate Account Purchase Agreement on the
same date and for the same period as such monitoring fee payable hereunder, such that, for the avoidance of doubt, only a single
monitoring fee shall be payable for Customer and all applicable Affiliates in any month, notwithstanding the inclusion of such
fee in multiple agreements.”

 

(b)         Designated
Reserve.  Section 3.21 of each Account Purchase Agreement is hereby deleted in its entirety and the following substituted therefor:

 

“3.21
Designated Reserve.  WFBC has and shall continue to have the right to establish and maintain, in its discretion, reserves
against any credit balance or other amounts payable or available to Customer from the Collected Reserve Account. Such reserves
include, without limitation, the Designated Reserve. Without limiting the right of WFBC to establish or maintain new or other reserves
in accordance with the terms of the hereof, the amount of the Designated Reserve shall increase by $250,000 per week during the
month of December 2014 and $125,000 per week during each month thereafter.

 

(c)         Financing
Milestones.  Section 6.33 of the Insurance APA, and Section 6.32 of each other Account Purchase Agreement, is hereby deleted
in its entirety. Each Account Purchase Agreement is hereby amended to add the following new Section 6.34:

 

“6.34     Financing
Milestones.

 

(a) Proposal
Letter.  On or before December 19, 2014, the Customer shall deliver or cause to be delivered to WFBC a proposal letter, in form
and substance reasonably acceptable to WFBC and executed by a Person reasonably acceptable to WFBC, of such Person to provide debt
or equity financing to Customer in an amount no less than, and the proceeds of which to be used to repay in cash in full, all indebtedness,
liabilities and obligations of Customer to WFBC under this Agreement and the Related Documents and of Customer's Affiliates to
WFBC under the Affiliate Account Purchase Agreements and Related Documents (as defined in each such Affiliate Account Purchase
Agreement). Any failure of Customer to comply with this Section shall constitute and result in an Event of Termination hereunder.

 

(b) Commitment
Letter.  On or before January 15, 2015, the Customer shall deliver or cause to be delivered to WFBC a commitment letter, in
form and substance acceptable to WFBC and duly executed by the parties thereto, with respect to the financing proposal described
in Section

 

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6.34(a) above. Any failure of
Customer to comply with this Section shall constitute and result in an Event of Termination hereunder.

 

(c) Repayment
in Full. On or before January 31, 2015, Customer shall remit to WFBC, and shall cause each Affiliate party to an Affiliate
Account Purchase Agreement to remit to WFBC, repayment in cash in full of all indebtedness, liabilities and obligations (including
the Repurchase Price for all Accounts) of Customer and its Affiliates to WFBC under this Agreement and each Affiliate Account Purchase
Agreement. Any failure of Customer to comply with this Section shall constitute and result in an Event of Termination hereunder.”

 

(d)         Cash Flow Forecasts.
Each Account Purchase Agreement is hereby amended to add the following new Section 6.35:

 

“6.35     Cash
Flow Forecasts.

 

(a) Not
later than December 5, 2014, Customer shall deliver to WFBC, in form and substance reasonably acceptable to WFBC and the Bank Consultant,
an initial thirteen (13) week forecast setting forth projected aggregate weekly cash disbursements and receipts of Customer and
its Affiliates party to an Affiliate Account Purchase Agreement, prepared on an individual basis for Customer and on a combined
basis for Customer and such Affiliates (the “Cash Flow Forecast”).

 

(b) Commencing
December 11, 2014, and on the Thursday of each week thereafter, Customer shall deliver to WFBC, in form and substance reasonably
acceptable to WFBC and the Bank Consultant, a report that sets forth, for the immediately preceding week (as of Friday of such
week), a comparison of Customer’s, and its Affiliates party to an Affiliate Account Purchase Agreement, projected cash disbursements
and receipts for such week as set forth in the Cash Flow Forecast to their actual cash disbursements and receipts for such week.

 

(c) On January
1, 2015, and on the first day of each month thereafter, Customer shall deliver to WFBC, in form and substance reasonably acceptable
to WFBC and the Bank Consultant, a new 13-Week Cash Flow Forecast, which shall upon delivery become the applicable Cash Flow Forecast
for the relevant period.

 

(d) Customer
acknowledges, confirms and agrees that the occurrence of Material Deviations for two consecutive weeks, or any failure of Customer
to comply with the foregoing clauses (a) or (b), shall constitute an additional Event of Termination hereunder.”

 

(e)         Bank Consultant.
Each Account Purchase Agreement is hereby amended to add the following new Section 6.36:

 

“6.36
Bank Consultant. WFBC (or its counsel) may from time to time engage, at the cost and expense of Customer, Focus Management
Group USA Inc.

 

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or such other consultant acceptable
to WFBC (the “Bank Consultant”) for such purposes as WFBC may specify in connection with this Agreement, including
for the purpose of (a) reviewing all financial and other information, including the Cash Flow Forecasts, required to be delivered
by Customer to WFBC hereunder, (b) inspecting, auditing, and making copies of the Customer's financial and business records, (b)
making verifications regarding the Collateral, (c) reviewing operating procedures and the accuracy of the Customer's financial
reporting, cash reporting and cash management, and (d) assessing the Customer's operations and finances. Customer shall make its
officers, employees and directors, as well as the consultant engaged by Customer pursuant to this Agreement, reasonably available
to the Bank Consultant to discuss the affairs, finances and business of the Customer or otherwise assist such consultant in its
review of the Customer's finances and operations. Customer acknowledges and agrees that all Cash Flow Forecasts shall be subject
to review and approval of the Bank Consultant.”

 

(f)          TS Employment
Inc. Each Account Purchase Agreement is hereby amended to add the following new Section 6.37:

 

“6.37    TS
Employment Inc.Customer shall deliver to WFBC, and cause TS Employment Inc. (“TSE”) to deliver to WFBC,
(a) monthly updated insurance certificates evidencing, and proof of payment for, workers compensation insurance for TSE and Customer,
(b) from time to time at the request of WFBC, an Internal Revenue Service form 8821 from and executed by TSE and each other Person
that remits payroll taxes on behalf of Customer or TSE, or in respect of payroll or wages related to the staffing services provided
by Customer and (c) on a weekly basis, a report of all payroll and payroll tax payments by TSE and such Person(s), together with
evidence, reasonably satisfactory to WFBC, of the same. Without limiting the foregoing, Customer will cooperate to provide information
on TSE , upon WFBC’s request from time to time.

 

3.           Limited Waiver.
WFBC hereby waives any Event of Termination which might have occurred or arisen under any Account Purchase Agreement prior to giving
effect to Sections 2(c) of this Amendment and solely to the extent that such Event of Termination would not have occurred or arisen
had Section 2(c) of this Amendment then been in effect. Except as expressly set forth in this Section 3, WFBC has not waived and
is not by this Amendment waiving any other Event of Termination which may have occurred prior to the date hereof, be continuing
on the date hereof or occur after the date hereof.

 

4.           Conditions
Precedent. The effectiveness of this Amendment shall be subject to the receipt by WFBC of (a) an original (or electronic copy)
of this Amendment duly executed by each Customer and (b) an original (or electronic copy) of a consent, in form and substance satisfactory
to WFBC, executed by Sterling National Bank with respect to this Amendment.

 

5.           Effect of
this Amendment. Except as modified pursuant hereto, no other changes or modifications to the Account Purchase Agreements or
any Related Documents are intended or implied, and in all other respects the Account Purchase Agreements and Related Documents
are hereby specifically ratified, restated and confirmed by all parties hereto as of the date hereof. To the

 

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extent of conflict between the terms of
this Amendment, on the one hand, and any of the Account Purchase Agreements, on the other hand, the terms of this Amendment shall
control.

 

6.           Release.
Each Customer and each Guarantor hereby absolutely and unconditionally releases and forever discharges WFBC, and any and all participants,
parent entities, subsidiary entities, affiliated entities, insurers, indemnitors, successors and assigns thereof, together with
all of the present and former directors, officers, attorneys, agents and employees of any of the foregoing, from any and all claims,
demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under
any state or federal law or otherwise, which such Customer or such Guarantor has had, now has or has made claim to have against
any such Person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to
and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or
unknown.

 

7.           Governing
Law. The rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined
in accordance with the internal laws of the State of New York (without giving effect to principles of conflicts of laws or other
rules of law that would result in the application of the law of any jurisdiction other than the State of New York).

 

8.           Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be an original with the same force and effect
as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of this Amendment by
telefacsimile shall have the same force and effect as delivery of an original executed counterpart of this Amendment.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their authorized officers as of the day and
year first above written.

 

WFBC

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

	By:  	 

	Name:  	 
	Title: 	 

 

CUSTOMER:

 

Each of the parties signing below are agreeing to this Amendment
in its capacity as a Customer under the Account Purchase Agreement to which it is party, and are acknowledging and agreeing to
this Amendment as a Guarantor of each Affiliate Account Purchase Agreement:

 

	CORPORATE RESOURCE 	 	 
	DEVELOPMENT INC.	 	DIAMOND STAFFING SERVICES, INC.
	 	 	 
	By: 	 	 	By: 	 
	Name: 	 	 	Name: 	 
	Title: 	 	 	Title: 	 
	 	 	 
	INSURANCE OVERLOAD SERVICES, INC.	 	TS STAFFING SERVICES, INC.
	 	 	 
	By: 	 	 	By: 	 
	Name: 	 	 	Name: 	 
	Title: 	 	 	Title: 	 
	 	 	 
	ACCOUNTABILITIES, INC.	 	INTEGRATED CONSULTING GROUP, INC.
	 	 	 
	By: 	 	 	By: 	 
	Name: 	 	 	Name: 	 
	Title: 	 	 	Title: 	 

 

AGREED AND ACKNOWLEDGED:

 

	 
	ROBERT CASSERA,
	  as a Guarantor of each Account Purchase Agreement 
	 
	CORPORATE RESOURCE SERVICES, INC.,
	  as a Guarantor of each Account Purchase Agreement

 

	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 

    	Amendment to Account Purchase AgreementsExhibit 10.1 - Retirement Agreement - 12-8-14

Exhibit 10.1

RETIREMENT AGREEMENT

This RETIREMENT AGREEMENT (“Agreement”) dated this 8th day of December, 2014 between Abercrombie & Fitch Co., an Ohio corporation (the “Company”), and Michael S. Jeffries (the “Executive”).

WHEREAS, the Company and the Executive are subject to an employment agreement dated December 9, 2013 under which the Executive was employed to serve as the Company’s Chairman and Chief Executive Officer (the “Employment Agreement”); and

WHEREAS, the Executive’s employment with the Company will terminate upon his retirement, effective December 31, 2014; and

WHEREAS, the Executive wishes to resign all officer positions with the Company and its subsidiaries and as a member of the Board of Directors of the Company, in all cases effective on the date hereof; and

WHEREAS, the Company and the Executive have agreed that the Executive will be entitled to certain compensation and benefits set forth below upon and following such termination of employment, contingent upon the execution of this Agreement and the Release attached hereto as Exhibit A as set forth herein and nonrevocation of the releases herein and attached hereto;

NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein and in the Employment Agreement, the Company and the Executive agree as follows:

1.The employment relationship between the Executive and the Company will continue until December 31, 2014 (the “Retirement Date”), at which time it shall cease, and December 31, 2014 will be the Termination Date and the last day of the Term for purposes of the Employment Agreement.  The Executive hereby resigns, effective on the date hereof, (i) all officer positions with the Company and its subsidiaries, (ii) his membership on the Board of Directors of the Company, and (iii) his membership on any committees of the Company or its subsidiaries.

2.In consideration for the covenants of the Executive and the release of claims by the Executive contained herein, the Company shall pay, or provide benefits to, the Executive as follows, and the following, together with the Company’s obligations in Paragraph 6 and 7 below shall be the Company’s sole obligations to the Executive:

(a)the Company shall pay the Executive the Accrued Compensation (as defined in the Employment Agreement), the Company shall provide the benefits set forth in Section 10(g) of the Employment Agreement, and Section 10(b)(v) of the Employment Agreement shall apply to any long-term incentive awards held by the Executive (and thus, for the avoidance of doubt, all unvested and/or unearned long-term incentive awards held by the Executive will be forfeited on the Retirement Date); and

(b)provided the Executive executes this Agreement and, on December 31, 2014, further executes the general release of claims attached hereto as Exhibit A, and does not revoke the release below or in Exhibit A prior to the end of the applicable seven day statutory revocation period and the Executive complies with the terms of this Agreement, the Company will make the payments and provide the benefits set forth in Section 10(b)(ii) through (iv) of the Employment Agreement.  For the avoidance of doubt, the benefits set forth in Section 10(b)(iii) shall continue through the last day of the period during which the Company provides the benefits set forth in Section 10(g) of the Employment Agreement.

3.     Subject to Paragraph 5 below, the Executive, on his own behalf and on behalf of his heirs, estate, beneficiaries and assigns, does hereby release the Company, and any of its subsidiaries or affiliates, and each past or present officer, director, agent, employee, shareholder, and insurer of any such entities, from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, from the beginning of time to the date this Agreement is executed, arising out of or as a consequence of his employment with the Company, or arising out of the severance of such employment relationship, or arising out of any act committed or omitted during or after the existence of such employment relationship, all up through and including the date on which this Agreement is executed, including, but not limited to, those which were, could have been or could be the subject of an administrative or judicial proceeding filed by the Executive or on his behalf under federal, state or local law, whether by statute, regulation, in contract or tort, and including, but not limited to, every claim for front pay, back pay, wages, bonus, fringe benefit, any form of discrimination (including but not limited to, every claim of race, color, sex, religion, national origin, disability or age discrimination and any claim under the Age Discrimination in Employment Act (ADEA)), wrongful termination, emotional distress, pain and suffering, breach of contract, compensatory or punitive damages, interest, attorney’s fees, reinstatement or reemployment.  If any court rules that such waiver of rights to file, or have filed on his behalf, any administrative or judicial charges or complaints is ineffective, the Executive agrees not to seek or accept any money damages or any other relief upon the filing of any such administrative or judicial charges or complaints.  The Executive relinquishes any right to future employment with the Company and the Company shall have the right to refuse to reemploy the Executive without liability.  The Executive acknowledges and agrees that even though claims and facts in addition to those now known or believed by him to exist may subsequently be discovered, it is his intention to fully settle and release all such employment-related claims he may have against the Company and the persons and entities described above, whether known, unknown or suspected.

4.     The Company acknowledges and agrees that the release contained in Paragraph 3 does not, and shall not be construed to, release or limit the scope of any existing obligation of the Company (i) to pay or provide any compensation or benefit required to be paid or provided under Sections 10(b) or 10(g) of the Employment Agreement, (ii) to indemnify the Executive for his acts as an officer or director of the Company in accordance with the bylaws of the Company and the policies and procedures of the Company that are presently in effect including Section 12 of the Employment Agreement and the Director and Officer Indemnification Agreement between the Company and the Executive (the “Indemnification Agreement”), or (iii) to the Executive and his eligible, participating dependents or beneficiaries under any existing welfare, retirement or 

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other fringe-benefit plan or program of the Company in which the Executive and/or such dependents are participants.  The Company acknowledges and agrees that the release contained in Paragraph 3 does not apply to any post-termination of employment obligations of the Company under Sections 10(b) or 10(g) of the Employment Agreement. 

5.     The Executive acknowledges that he has been provided at least 21 days to review the Agreement and has been advised to review it with an attorney of his choice.  In the event the Executive elects to sign this Agreement prior to this 21-day period, he agrees that it is a knowing and voluntary waiver of his right to wait the full 21 days.  The Executive further understands that he has 7 days after the signing hereof to revoke the release set forth in Paragraph 3 above by so notifying the Company in writing, such notice to be received by the General Counsel of the Company within the 7-day period.  The Executive further acknowledges that he has carefully read this Agreement, and knows and understands its contents and its binding legal effect.  The Executive acknowledges that by signing this Agreement, he does so of his own free will and act and that it is his intention that he be legally bound by its terms.

6.    For the avoidance of doubt, the provisions of Section 11 (Employee Covenants), Section 12 (Indemnification) and Section 16 (Section 409A Compliance) of the Employment Agreement shall survive termination of the Executive’s employment in accordance with their terms and are incorporated by reference herein.  Section 4(b)(iv) and Section 4(d) of the Amended and Restated Employment Agreement, dated August 15, 2005, between the Company and the Executive (the “2005 Employment Agreement”) shall continue in effect.  Sections 10(h), 14, 15 (with respect only to any contest, effort to enforce or dispute relating to this Agreement), 17 and 18 of the Employment Agreement shall continue in effect and are incorporated by reference herein.

7.    During Executive’s employment by the Company and at any time following the Retirement Date, (i) the Executive agrees not to make any disparaging communication to any party in relation to the Company, its subsidiaries or any of their respective officers, directors, executive personnel, employees, products or services, or make false or misleading statements regarding any of them to anyone, including but not limited to the Company’s customers, competitors, suppliers, employees, former employees or the press or other media, and (ii) the Company agrees that it will not make, and the Company will instruct its executive officers, its senior human resources officer and its senior public relations officer, not to make any disparaging communication to any party about the Executive or make false or misleading statements about him, except, in either case, if placed under legal compulsion to do so by a court or other governmental authority.  Clause (ii) of this Paragraph 7 shall cease to be effective if the Executive fails to further execute, on December 31, 2014, the general release of claims attached hereto as Exhibit A or the Executive revokes the release in Paragraph 3 above or in Exhibit A prior to the end of the applicable seven day statutory revocation period.

8.    On or before the Retirement Date (or such other date specified by the Company in a written notice to the Executive), the Executive shall return all property of the Company and its subsidiaries in the Executive’s possession or control, including, but not limited to, the Company’s credit, telephone, identification and similar cards, keys, cellular phones, computer equipment, software and peripherals and originals and copies of books, records, and other information 

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pertaining to the business of the Company or its subsidiaries.  The Executive’s access to Company information and email will be terminated on the date hereof.

9.    The Executive shall, at the request of the Company, reasonably cooperate with the Company in the defense and/or investigation of any third party claim, dispute or any investigation or proceeding, whether actual or threatened, including, without limitation, meeting with attorneys and/or other representatives of the Company to provide reasonably requested information regarding same and/or participating as a witness in any litigation, arbitration, hearing or other proceeding between the Company or an affiliate and a third party or any government body with regard to matters related to Executive’s employment period with the Company.  The Company shall promptly reimburse the Executive for all reasonable expenses and costs incurred by him in connection with such assistance including, without limitation, reasonable travel expenses.

10.    The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

11.    The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld therefrom pursuant to any applicable law or regulation.

12.    This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Ohio without giving effect to the conflict of laws principles thereof.

13.    This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, other than (i) the Indemnification Agreement, (ii) any and all outstanding equity compensation awards that by their terms (after application of Section 10(b)(v) of the Employment Agreement) continue in operation after the Retirement Date, and (iii) Sections 4(b)(iv) and 4(d) of, and Exhibit A to (as previously amended), the 2005 Employment Agreement.

14.    This Agreement may be executed and delivered (including by facsimile transmission or pdf) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

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IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

	
				
	 
	 
	ABERCROMBIE & FITCH CO.

	 
	 
	By:
	/s/ Arthur C. Martinez

	 
	 
	Name:
	Arthur C. Martinez

	 
	 
	Title:
	Chairman of the Board

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	/s/ Michael S. Jeffries

	 
	 
	 
	Michael S. Jeffries

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Exhibit A
General Release

This General Release (“Release”) is executed on this 31st day of December, 2014, by Michael S. Jeffries (the “Executive”) pursuant to the Retirement Agreement between Abercrombie & Fitch Co. (the “Company”) and the Executive dated December 8, 2014 (the “Agreement”).

1.As a condition to, and in consideration for, the payments and benefits set forth in Paragraph 2 of the Agreement, subject to Paragraph 3 of this Release below, the Executive, on his own behalf and on behalf of his heirs, estate, beneficiaries and assigns, does hereby release the Company, and any of its subsidiaries or affiliates, and each past or present officer, director, agent, employee, shareholder, and insurer of any such entities, from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, from the beginning of time to the date this Release is executed, arising out of or as a consequence of his employment with the Company, or arising out of the severance of such employment relationship, or arising out of any act committed or omitted during or after the existence of such employment relationship, all up through and including the date on which this Release is executed, including, but not limited to, those which were, could have been or could be the subject of an administrative or judicial proceeding filed by the Executive or on his behalf under federal, state or local law, whether by statute, regulation, in contract or tort, and including, but not limited to, every claim for front pay, back pay, wages, bonus, fringe benefit, any form of discrimination (including but not limited to, every claim of race, color, sex, religion, national origin, disability or age discrimination and any claim under the Age Discrimination in Employment Act (ADEA)), wrongful termination, emotional distress, pain and suffering, breach of contract, compensatory or punitive damages, interest, attorney’s fees, reinstatement or reemployment.  If any court rules that such waiver of rights to file, or have filed on his behalf, any administrative or judicial charges or complaints is ineffective, the Executive agrees not to seek or accept any money damages or any other relief upon the filing of any such administrative or judicial charges or complaints.  The Executive relinquishes any right to future employment with the Company and the Company shall have the right to refuse to reemploy the Executive without liability. The Executive acknowledges and agrees that even though claims and facts in addition to those now known or believed by him to exist may subsequently be discovered, it is his intention to fully settle and release all such employment-related claims he may have against the Company and the persons and entities described above, whether known, unknown or suspected.

2.     The Company acknowledges and agrees that the release contained in Paragraph 1 of this Release does not, and shall not be construed to, release or limit the scope of any existing obligation of the Company (i) to pay or provide any compensation or benefit required to be paid or provided under Sections 10(b) or 10(g) of the Employment Agreement, (ii) to indemnify the Executive for his acts as an officer or director of the Company in accordance with the bylaws of the Company and the policies and procedures of the Company that are presently in effect including Section 12 of the Employment Agreement and the Director and Officer Indemnification Agreement between the Company and the Executive, (iii) to the Executive and his eligible, participating dependents or beneficiaries under any existing welfare, retirement or other fringe-benefit plan or program of the Company in which the Executive and/or such dependents are 

6

participants, or (iv) under the Retirement Agreement between the Company and the Executive dated December 8, 2014.  In addition, the Company acknowledges and agrees that the release contained in Paragraph 1 does not apply to any post-termination of employment obligations of the Company under Sections 10(b) or 10(g) of the Employment Agreement. 

3.     The Executive acknowledges that he has been provided at least 21 days to review the Release and has been advised to review it with an attorney of his choice.  In the event the Executive elects to sign this Release prior to this 21-day period, he agrees that it is a knowing and voluntary waiver of his right to wait the full 21 days.  The Executive further understands that he has 7 days after the signing hereof to revoke this Release by so notifying the Company in writing, such notice to be received by the General Counsel of the Company within the 7-day period.  The Executive further acknowledges that he has carefully read this Release, and knows and understands its contents and its binding legal effect.  The Executive acknowledges that by signing this Release, he does so of his own free will and act and that it is his intention that he be legally bound by its terms.

______________________________
Michael S. Jeffries

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