Document:

EX-10.1

Exhibit 10.1

Execution Copy

January 7, 2009

Scott A. Edmonds

c/o Chico’s FAS, Inc.

11215 Metro Parkway

Ft. Myers, Florida 33912

Dear Scott:

Reference is made to your employment agreement with Chico’s FAS, Inc. (the “Company”), dated
December 29, 2003, as amended on June 22, 2004 and December 19, 2008 (the “Employment Agreement”).
We understand that you have determined to resign as an officer and director of the Company. This
letter (the “Letter”) addresses certain matters arising under your Employment Agreement and
otherwise in connection with your separation from employment with the Company. Unless otherwise
defined herein, capitalized terms shall have the meaning set forth in the Employment Agreement.

     1.     Separation from Employment. Your separation from employment will be effective as
of January 7, 2009 (the “Separation Date”) and as of such date you shall cease to be employed by
the Company in any capacity and you shall resign from all executive positions you then hold with
the Company and its subsidiaries. Your resignation as a member of the Board of Directors of the
Company (as well as of the Board of Directors of any of the Company’s subsidiaries) shall be
effective as of the Separation Date. Notwithstanding anything in the Employment Agreement to the
contrary, in consideration of your execution of this Letter, and as further provided herein, the
parties agree that your resignation from the Company (i) shall be treated under the Employment
Agreement as a “Termination By Employer Without Good Cause” pursuant to Section 8(d) of the
Employment Agreement and an involuntary termination by the Company without cause for purposes of
any other Company benefit plan or arrangement (including your Accrued Amounts), (ii) shall
constitute a “separation from service” within the meaning of Section 409A of the Code as of the
Separation Date, and (iii) shall not be subject to any prior notice provisions under the Employment
Agreement. The Company shall continue to pay you at your current rate of basic salary and benefits
through the Separation Date, in accordance with the Company’s payroll practices.

     2.     Payments Due Under the Employment Agreement. (a) Pursuant to Section 8(d) of the
Employment Agreement, and conditioned on your execution of the release attached as Exhibit A to
this Letter on the Separation Date and such release becoming effective pursuant to its terms on
January 15, 2009 (such date being the “Effective Date” so long as you do not exercise your right to
revoke such release on or before January 14, 2009), the Company shall pay you (subject to the
payment delay provided for in the succeeding sentence) an aggregate of $4,376,000 (the “Separation
Amount”), which represents two times the sum of (i) your current annual salary ($1,094,000) (“Basic
Salary”) and (ii) your target bonus for the fiscal year ending January 31, 2009 (100% of Basic
Salary). As provided for in Section 8(d) of the

 

 

Employment Agreement, the Separation Amount shall
be paid to you or your estate (as the case may be), by wire transfer to an account designated by you or your legal
representative in advance, on the earlier of the date which is six (6) months and one (1) day
following the Separation Date or your death (the “409A Payment Date”). You shall also receive a
pro-rata bonus, to the extent a bonus would otherwise be payable, for the applicable bonus period
ending January 31, 2009, calculated in accordance with Section 8(b)(ii)(B) of the Employment
Agreement (the “Pro Rata Bonus”), with such payment to be made to you in 2009 if and when fiscal
year 2008 bonuses are paid to other executives of the Company. There shall be deducted from the
payment of the Separation Amount and Pro Rata Bonus all applicable federal, state and local
withholding taxes and other appropriate deductions.

     3.     Benefit Coverage Under the Employment Agreement. On and after the Effective Date,
the Company shall provide you with continued health benefits for you and your dependents as
provided under Sections 8(b)(ii)(C) and 8(d) of your Employment Agreement, either in the form of
continued coverage or, if such continued coverage would be a taxable benefit, in the form of lump
sum payment provided for under Section 8(b)(ii)(C) thereof. The provisions of Section 3(d) of the
Employment Agreement shall apply to the reimbursement for costs, expenses or in-kind benefits in
connection with your termination of employment. In the event that the Company changes to a
partially or fully self-insured health plan during the coverage period that would be taxable to you
under Section 105(h) of the Code, the parties mutually agree to negotiate in good faith at such
time and to take commercially reasonable actions with the goal of providing that you shall not be
subject to taxation for such continued health coverage.

     4.     Treatment of Equity Awards. (a) You have been granted stock options to purchase
shares of common stock of the Company (the “Options”) pursuant to the terms of the Chico’s FAS,
Inc. Omnibus Stock and Incentive Plan (the “Stock Incentive Plan”), as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Vested	 	 	 	 	 	 
	 	 	Options	 	Number of	 	Exercise	 	 
	 	 	as of	 	Unvested	 	Price Per	 	Remaining Vesting
	Grant Date	 	1/7/2009	 	Options	 	Share	 	Dates
	2/24/2003

	 	 	50,000	 	 	 	0	 	 	$	8.80	 	 	 
	12/4/2003

	 	 	100,000	 	 	 	0	 	 	$	17.325	 	 	 
	2/2/2004

	 	 	133,334	 	 	 	0	 	 	$	18.665	 	 	 
	1/31/2005

	 	 	187,500	 	 	 	0	 	 	$	26.34	 	 	 
	1/31/2006

	 	 	60,000	 	 	 	30,000	 	 	$	43.56	 	 	 
	3/9/2007

	 	 	30,000	 	 	 	60,000	 	 	$	22.47	 	 	3/9/2009, 3/9/2010
	3/7/2008

	 	 	0	 	 	 	90,000	 	 	$	7.42	 	 	3/7/2009, 3/7/2010,

3/7/2011

     (b) you have been granted restricted shares of common stock of the Company (the
“Restricted Shares”) pursuant to the terms of the Stock Incentive Plan, as follows:

	 	 	 	 	 	 	 
	 	 	Number of	 	 
	 	 	Unvested Out-	 	 
	 	 	Standing Restricted	 	 
	Grant Date	 	Shares	 	Vesting Dates
	1/31/2006

	 	 	10,000	 	 	1/31/2009
	3/9/2007

	 	 	20,000	 	 	3/9/2009; 3/9/2010
	6/8/2007

	 	 	16,667	 	 	6/8/2009; 6/8/2010
	3/7/2008

	 	 	30,000	 	 	3/7/2009; 3/7/2010; 3/7/2011

     (c) As of the Effective Date, and as provided for the Employment Agreement, the
Options and Restricted Shares shall be fully vested and in the case of the Options, fully
exercisable until the earlier to occur of the ninetieth (90th) day following the
Separation Date or the original expiration date of the Options as set forth in the Stock
Incentive Plan or applicable Option agreements.

     5.     Outplacement Services. As provided for in Section 8(b)(ii) of the Employment
Agreement, the Company shall provide you with executive outplacement assistance for one (1) year
after the Separation Date.

     6.     Accrued Benefits. As provided for in Section 8(a)(i) of the Employment Agreement,
the Accrued Amounts shall be paid within sixty (60) days of the Separation Date, with any bonus
amount to be paid as it would otherwise have been paid in the normal course. In addition,
following the Separation Date, you will be entitled to receive vested amounts payable to you under
the Company’s 401(k) plan, Nonqualified Deferred Compensation Plans and other retirement and
deferred compensation plans in accordance with the terms of such plans and applicable law.

     7.     Employment Agreement Provisions. Notwithstanding your separation from employment,
your rights and obligations under the following provisions of the Employment Agreement shall remain
in full force and effect: Section 10 (“Confidentiality”), Section 11 (“Noncompetition and
Nonsolicitation”), Section 12 (“Specific Performance”), Section 13 (“Excise Taxes”), Section 15
(“Indemnification”), Section 16 (“Liability Insurance”), Section 18 (“Arbitration”) and Section 21
(“Binding Effect; Assignment”). The Company confirms that, as of the Separation Date, it has in
compliance with the Employment Agreement arranged for and has in place directors and officers
insurance coverage for you following the Separation Date.

     8.     Press Release. You and the Company agree that the Company shall issue a press
release announcing your resignation promptly after the date hereof and that any further press
releases and/or governmental filings with regard to the topics covered therein shall be consistent
therewith. The Company agrees to provide you with an opportunity to review and comment upon the
content of the press release a reasonable period in advance of its issuance, and to consider your
comments in good faith before finalizing the press release.

 

 

     9.     Personal Effects. The Company shall cooperate with the Executive and permit the
Executive to remove or direct the removal of his personal papers and possessions and effects from
his office.

     10.     Cooperation in Transition.

     (a) The Executive agrees to be reasonably available, through March 31, 2009, to
provide reasonable transition assistance to the Company; provided, that such assistance
shall not require a significant expenditure of time or otherwise result in Executive’s
provision of services to the Company that would otherwise affect his “separation from
service” as of the Separation Date for purposes of Section 409A of the Code. The Company
agrees to promptly reimburse the Executive for reasonable expenses incurred by him in
connection with his cooperation pursuant to this paragraph.

     (b) The Executive agrees that, in the event he is subpoenaed or otherwise required by
any person or entity (including, but not limited to, any government agency) to give
testimony or produce documents (in a deposition, court proceeding or otherwise) which in
any way relates to the Executive’s employment by the Company, he will, to the extent not
legally prohibited from doing so, give prompt notice of such request to the General Counsel
of the Company so that the Company may contest the right of the requesting person or entity
to such disclosure before making such disclosure. Nothing in this provision shall require
the Executive to violate his obligation to comply with valid legal process.

     (c) The Company agrees that payment by the Company of any amounts to the Executive
under the terms of this Letter and the Employment Agreement, other than the reimbursement
obligations set forth in this Section 10, shall not be conditioned upon compliance by the
Executive with the foregoing paragraphs (a) and (b).

     11.     Attorney’s Fees. The Company shall reimburse you for your reasonable attorney’s
fees incurred in connection with your separation from employment, with such amount to be paid to
you on the 409A Payment Date.

     12.     No Mitigation/Settoff. The Executive shall not be required to mitigate the amount
of any payment or benefit contemplated by Section 8 of the Employment Agreement or this Letter, nor
shall any such payment or benefit described under those sections be reduced by any earnings or
benefits you may receive from any other source. The Company’s obligation to pay you the amounts
and benefits provided under the Employment Agreement and hereunder shall not be subject to set-off,
counterclaim or recoupment of amounts owed by the Executive to the Company or its affiliates.

 

 

	 	 	 	 	 	 	 
	Signature:

	 	/s/ Scott A. Edmonds
	 	Date:
	 	January 7, 2009
	 

	 	 
	 	 	 	 
	 

	 	Scott A. Edmonds	 	 	 	 

	 	 	 	 	 	 	 
	CHICO’S FAS, INC.	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Ross Roeder 	 	Date:
	 	January 7, 2009
	 

	 	 
	 	 	 	 
	 

	 
	Title:
	 	Chairman of the Board 	 	 	 	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT A

TO

EMPLOYMENT AGREEMENT WITH SCOTT A. EDMONDS

DATED AS OF SEPTEMBER 3, 2003

RELEASE

     WHEREAS, Scott A. Edmonds (the “Executive”) is an employee of Chico’s FAS, Inc., (the
“Company”) and is a party to the Employment Agreement dated as of September 3, 2003 (the
“Agreement”);

     WHEREAS, the Executive’s employment has been terminated and such termination has been treated
by the parties as a “Termination By Employer Without Good Cause” pursuant to section 8(d) of the
Agreement; and

     WHEREAS, the Executive is required to sign this Release in order to receive the payment of any
compensation under Section 8 of the Agreement following termination of employment (other than to
receive amounts earned and accrued prior to such termination).

     NOW, THEREFORE, in consideration of the promises and agreements contained herein and other
good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, and
intending to be legally bound, the Executive agrees as follows:

     1.     This Release is effective on the date hereof and will continue in effect as provided
herein.

     2.     In consideration of the payments to be made and the benefits to be received by the
Executive pursuant to the Agreement as set forth in Section 2 of the letter agreement (the “Letter
Agreement”) dated January 7, 2009 (collectively, the “Release Consideration), which the Executive
acknowledges are in addition to payments and benefits to which the Executive would be entitled but
for the Agreement, the Executive, for the Executive and the Executive’s dependents, successors,
assigns, heirs, executors and administrators (and their respective legal representatives of every
kind), hereby releases, dismisses, remises and forever discharges the Company, its predecessors,
parents, subsidiaries, divisions, related or affiliated companies, officers, directors,
stockholders, members, employees, heirs, successors, assigns, representatives, agents and counsel
(collectively the “Released Party”) from any and all arbitrations, claims (including claims for
attorneys’ fees), demands, damages, suits, proceedings, actions and/or causes of action of any kind
and every description, whether known or unknown, which the Executive now has or may have had for,
upon, or by reason of any cause whatsoever up to the date the Executive signs this Agreement
(“Claims”), against the Released Party, including but not limited to:

 

 

     (a)     any and all Claims arising out of or relating to Executive’s employment by or service with
the Company and the Executive’s termination from the Company;

     (b)     any and all Claims of discrimination, including, but not limited to, Claims of
discrimination on the basis of sex, race, age, national origin, marital status, religion or
handicap, including, specifically, but without limiting the generality of the foregoing, any Claims
under the Age Discrimination in Employment Act, as amended, Title VII of the Civil Rights Act of
1964, as amended, the Americans with Disabilities Act; and

     (c)     any and all Claims of wrongful or unjust discharge or breach of any contract or promise,
express or implied. Notwithstanding the foregoing, nothing herein shall be considered as releasing
the Released Party from:

          (i)     its obligations to pay and/or provide the Release Consideration or as an agreement by the
Executive not to file a lawsuit to enforce the payment and/or providing of the Release
Consideration;

          (ii)     any rights that the Executive may have to indemnification and directors and officers
liability insurance coverage;

          (iii)     the Executive’s right to enforce the terms of the Agreement and the Letter Agreement;
and

          (iv)     any rights that cannot be waived by applicable law.

     3.     The Executive acknowledges and agrees that no further sums are owed to him by the Company
or any of the Released Parties arising out of or relating to Executive’s employment with the
Company, except as expressly provided in the Agreement, the Letter Agreement, or with respect to
the Accrued Amounts.

     4.     The Executive represents that he has not filed against the Company or any of the Released
Parties any complaints, charges or lawsuits arising out of his employment by the Company, or any
other matters arising on or prior to the date he signed this Release. Executive covenants and
agrees that he will not seek any personal recovery against the Company or any of the Released
Parties arising out of any of the matters released in this Release.

     5.     The Executive understands and acknowledges that the Company does not admit any violation of
law, liability or invasion of any of the Executive rights and that any such violation, liability or
invasion is expressly denied. The consideration provided

 

 

for this Release is made for the purpose of settling and extinguishing all Claims and rights
(and every other similar or dissimilar matter) that the Executive ever had or now may have against
the Company to the extent provided in this Release. The Executive further agrees and acknowledges
that no representations, promises or inducements have been made that the Company other than as
appear in the Agreement.

     6.     The Executive further agrees and acknowledges that:

          (a)     the Release provided for herein solely releases Claims up to and including the date of
execution of this Release;

          (b)     the Executive has been advised by the Company to consult with legal counsel prior to
executing this Release, has had an opportunity to consult with and to be advised by legal counsel
of the Executive’s choice, fully understands the terms of this Release, and enters into this
Release freely, voluntarily and intending to be found;

          (c)     the Executive has been given a period of more than 21 days to review and consider the
terms of this Release prior to Executive’s execution (as Executive acknowledges and agrees that the
substantial form of this Release was originally provided to him for his review in the Employment
Agreement and that subsequent negotiations, material or immaterial, did not restart the 21 day
review period); and

          (d)     the Executive may, within 7 days after execution, revoke this Release. Revocation shall be
made by delivering a written notice of revocation to the Chief Financial Officer at the Company.
For such revocation to be effective, written notice must be actually received by the Chief
Financial Officer at the Company no later than the close of business on the 7th day after the
Executive executes this Release. If the Executive does exercise the Executive’s right to revoke
this Release, all of the terms and conditions of the Release shall be of no force and effect and
the Company shall not have any obligation to make payments or provide benefits to the Executive as
set forth in Sections 8 of the Agreement.

     7.     The Executive waives and releases any Claims that the Executive has or may have to
reemployment after January 7, 2009.

 

 

IN WITNESS WHEREOF, the Executive has executed and delivered this Release on the date set forth below.

	 	 	 	 	 
	Dated:

	 	January 7, 2009	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	/s/ Scott A. Edmonds	 	 
	 	 	 
	ExecutiveEX-10.2

Exhibit 10.2

January 7, 2009

Mr. David F. Dyer

300 Beach Drive N.E.

Apt. 2801

St. Petersburg, FL 33701

Dear Dave:

Please let this letter serve as an offer to join Chico’s FAS, Inc (the “Company” or “Chico’s”).
Your signature where indicated will signify your acceptance of that offer. The following will
outline the specifics:

	 	 	 
	Title:

	 	President and Chief Executive Officer
	 
	 	 
	Reporting to:

	 	The Board of Directors
	 
	 	 
	Base Salary:

	 	$950,000.00 annually
	 
	 	 
	Start Date:

	 	January 7, 2009
	 
	 	 
	Incentive Bonus:

	 	Range: 0-175% of base salary earned during the
annual bonus period, which is contingent upon the
achievement of certain performance measures and goals
consistent with goals for other Chico’s executives such
as Earnings Per Share, Comparable Store Sales, Return On
Invested Capital that are set at or near the beginning of
each year by the Company’s Compensation and Benefits
Committee (the “Plan”). The Target Bonus is 100% of base
salary; threshold is 25%. Company performance below
levels established, however, will result in no bonus
payout. Achievement of results beyond the Plan level
may pay up to 175% of base salary actually earned during
the year. Payouts normally occur at or around the time
of our earnings release in early March. The terms of the
bonus, including eligibility, payouts and objectives, may
be modified from time to time.
	 
	 	 
	Stock Options:

	 	A one-time grant of 600,000 non-qualified stock
options with a grant date consistent with the Company’s
procedures for equity grants and a grant price as
follows:

 

 

	 	•	 	200,000 options with an exercise price equal to the
closing price of the Company’s stock on the grant date,
	 
	 	•	 	200,000 options with an exercise price equal to 125%
of the closing price of the Company’s stock on the grant
date, and
	 
	 	•	 	200,000 with an exercise price equal to 150% of the
closing price of the Company’s stock on the grant date.

	 	 	 
	 

	 	These options will vest over a 3-year period with one-third of each
tranche vesting each year on the anniversary of the grant date and
have a seven-year term. These options are intended to be a multi-year
grant. Therefore, unless the Board of Directors determines otherwise,
no additional options will be granted for 3 years. Details of your
option award will be set forth in a separate grant certificate.
	 
	 	 
	Performance Shares:

	 	The opportunity to earn shares of the Company’s common
stock, contingent upon the achievement of certain
performance measures and goals over a three-year
period (2009-2011) as determined by the Company’s
Compensation and Benefits Committee. The Target
number of shares is 300,000 with a range of 0-133% of
Target depending on the level of the achievement of
the performance measures and goals over the stated
period. Details of your performance share award will
be set forth in a separate grant certificate.
	 
	 	 
	Severance and Change of Control:

	 	If you are involuntarily terminated without “Cause,”
or in the event of a “Change of Control” resulting in
your voluntary termination with “Good Reason,” you may
be entitled to the severance benefits set forth in
Exhibit A to this letter. Eligibility and key terms
are defined in Exhibit A. As a condition to receive
the benefits listed in Exhibit A, you agree to execute
the Company’s Form of Waiver and Release substantially
in the form of the agreement attached as Exhibit B to
this letter, Both parties acknowledge the inclusion of
Restrictive Covenants, including a non-competition
covenant and a non-raiding covenant, in Exhibit B.
	 
	 	 
	Death/Disability:

	 	In the event of your death or permanent disability,
you will be entitled to the benefits set forth in
Exhibit A to this letter. “Permanent

 

 

	 	 	 
	 

	 	Disability” shall mean “disabled” as defined in Section 409A(a)(2)(C)
of the Internal Revenue Code of 1986, as amended (the “Code”).
	 
	 	 
	Restrictive Covenants:

	 	In the event you violate any applicable restrictive covenant as set forth in
Exhibit B to this letter, you agree to the immediate forfeiture of any unvested equity grants
and the cancellation of all outstanding option grants. You also agree that any gains on option
exercises within 6 months of the violation of the restrictive covenant are subject to
claw-back. Forfeiture of equity grants and option gains may also apply in the event grounds
for a “cause” termination are uncovered during the severance period.
	 
	 	 
	409A Compliance:

	 	Notwithstanding any provisions of this letter to the contrary and, to the extent
applicable, this letter shall be interpreted, construed, and administered (including with
respect to any amendment, modification, or termination of the letter), in such a manner so as
to comply with the provisions of Code Section 409A and any related Internal Revenue Service
guidance promulgated thereunder. In addition, for purposes of this letter, each amount to be
paid or benefit to be provided to you pursuant to the letter, which constitutes deferred
compensation subject to Code Section 409A, shall be construed as a separate identified payment
for purposes of Code Section 409A.
	 
	 	 
	Delayed Payment:

	 	Notwithstanding anything in this letter to the contrary, in the event the you are
a “specified employee” (as such term is defined in Section 409A(a)(2)(B)(i) of the Code), to
the extent required in order to avoid accelerated taxation and/or tax penalties under Section
409A of the Code, any payment due and payable to the you hereunder as a result of your
severance from service with the Company shall not be made before the date which is six (6)
months after such severance from service.

You will also be eligible to participate in Chico’s FAS, Inc. comprehensive benefits program
outlined below:

	 	 	 
	Group Insurance Plan:

	 	Medical/Dental/Vision
	 
	 	 
	 

	 	Notwithstanding anything in this letter to the contrary and regardless
of the reason for your termination from the Company, you will eligible
to receive continued health insurance benefits post-termination until
you reach the age of 67; provided that you pay both the employee and

 

 

	 	 	 
	 

	 	employer portion of premium post-termination, and provided further
that (i) benefits will be discontinued if and when you receive similar
benefits from another employer, and (ii) Chico’s will not be obligated
to provide health benefits to you if it no longer maintains a group
health plan.
	 
	 	 
	 

	 	Eligibility Date:
Effective the first day of your active employment.
	 
	 	 
	Life Insurance:

	 	Chico’s provides term insurance equal to 1X your base salary; in addition Chico’s
provides accidental death and dismemberment insurance equal to 1X your base salary.
Supplemental insurance is available for purchase.
	 
	 	 
	 

	 	Eligibility Date:
Effective the first day of your active employment.
	 
	 	 
	401(k) Plan:

	 	Eligible deferral of 1-100% of your compensation (subject to an IRS maximum), with a
match of 50% of the first 6% of compensation you defer. You will be able to roll over
existing qualified funds immediately.
	 
	 	 
	 

	 	Eligibility Date:
First quarter after 12 months of employment.
	 
	 	 
	Deferred
	 	 
	Compensation Plan:

	 	As a highly compensated associate of Chico’s, you will
have the opportunity to participate in the Chico’s
Deferred Compensation Plan and to defer pre-tax
compensation (less applicable FICA/Medicare tax
withholding). You may defer up to 80% of your base
salary payable during 2009, and up to 100% of your
bonus paid for 2009, payable in March 2010 in
accordance with the terms of the plan.
	 
	 	 
	 

	 	Eligibility Date: Immediately upon hiring.
	 
	 	 
	Stock Purchase Plan:

	 	To the extent made available to other officers of
Chico’s, the opportunity to purchase Chico’s stock
directly from the Company for a discount, two times a
year, in March and September.
	 
	 	 
	 

	 	Eligibility Date: First offering period following one year of
employment.

We hope you view this opportunity as a chance to have a positive impact on Chico’s while enjoying a
challenging and rewarding career. Nonetheless, please understand that Chico’s FAS, Inc. is an
at-will employer, meaning that either you or Chico’s (subject to severance benefits outlined in
Exhibit A) are free to end the employment relationship at any time, with or without notice or
cause.

 

 

Please indicate your acceptance of our offer by signing below and returning to my attention. By
signing this letter you warrant your acknowledgement the at-will nature of our relationship, and
that you are not a party to any agreement that would bar or limit the scope of your employment with
Chico’s.

Dave, we are looking forward to having you on our Chico’s team. Let me be the first to welcome you
aboard! We are sure you will find it a challenging and rewarding experience.

If you have any questions, please feel free to call me at your convenience.

Very truly yours,

/s/ Ross Roeder

Ross Roeder

Chico’s FAS, Inc.

Accepted by:

	 	 	 
	/s/ David F. Dyer

	 	January 7, 2009
	 

	 	 
	David F. Dyer

	 	Date

 

 

EXHIBIT A

In the event of your involuntary termination without Cause, as defined below, other than a
termination within 24 months following a Change in Control (defined below), you will be entitled to
the following:

	 	1)	 	If termination occurs within the first year of employment, payments equal to
two (2) times the sum of base salary and target bonus, payable in monthly installments
over two years. Payments will commence on the thirty-fifth (35th) day
following your termination of employment, provided that (i) you have executed the
waiver and release agreement, and (ii) the required revocation period has expired.
	 
	 	2)	 	If termination occurs after the first year of employment, payments equal to the
sum of base salary and target bonus, payable in monthly installments over one year.
Payments will commence on the thirty-fifth (35th) day following your
termination of employment, provided that (i) you have executed the waiver and release
agreement, and (ii) the required revocation period has expired.
	 
	 	3)	 	A pro-rated bonus for the applicable bonus period based on actual company
performance that would otherwise have been payable to you. Payments will be made after
year-end results are measured, but in no event later than two and one-half months after
the end of the year.
	 
	 	4)	 	A pro-rata vesting of stock options based on the amount of time worked through
termination date. You may exercise any vested options for three years after termination
or the remaining term of the options, whichever is less.
	 
	 	5)	 	A pro-rata number of Performance Shares based on the shares that would have
been earned at end of original performance period, pro-rated based on time worked
through termination date. These shares will be paid as soon as possible after the end
of the original performance period, but in no event later than two and one-half months
after the end of such performance period.
	 
	 	6)	 	Continued health insurance coverage until age 67 provided that you pay both the
employee and employer portion of premium post-termination, and provided further that
(i) benefits will be discontinued if an when you receive similar benefits from another
employer, and (ii) Chico’s will not be obligated to provide health benefits to you if
it no longer maintains a group health plan; all other benefits continued for one year
post-termination.

 

 

	 	7)	 	All severance benefits are specifically conditioned on the Company receiving a
signed waiver and release agreement from you as well as your continued compliance with
the restrictive covenants.

“Cause” shall mean the occurrence of any of the following:

	 	1)	 	Your conviction of, or entering a plea of no contest to, any felony;
	 
	 	2)	 	Your conviction of, or entering a plea of no contest to, any crime related to
your employment by the Company, but specifically excluding traffic offenses;
	 
	 	3)	 	Your continued willful neglect of, refusal to perform, or gross negligence
concerning, your duties, or engaging in willful misconduct in the performance of your
duties, which has a material adverse affect on the Company;
	 
	 	4)	 	Your willful failure to take actions that are permitted by law and necessary to
implement policies of the Company’s Board of Directors which the Board of Directors has
communicated to you in writing, provided that minutes of a Board of Directors meeting
that are provided to or made available to you shall be deemed communicated to you;
	 
	 	5)	 	Your material breach of the terms of the attached letter agreement; or,
	 
	 	6)	 	Drug or alcohol abuse by you, but only to the extent that such abuse has an
obvious and material adverse affect on the Company or on the performance of your duties
and responsibilities under this Agreement.

provided; however, that Cause shall not be found in any of the circumstances set
forth above (other than in subparagraph (1), or (2) above or where the basis for the Cause
determination is incapable of being cured) unless the relevant act or failure to act is not cured
by you within ten (10) business days after the Company gives you written notice setting out a clear
description of the circumstances alleged by the Company to constitute Cause hereunder.

In the event of your involuntary termination without Cause, or your voluntary termination with
“Good Reason,” as defined below, in either case within 24 months following a Change in Control
(CIC), you will be entitled to the following:

	 	1)	 	An amount equal to two (2) times the sum of base salary and target bonus,
payable in a lump sum. Payments will be made on the thirty-fifth (35th) day
following your

 

 

	 	 	 	termination of employment, provided that (i) you have executed the waiver and release
agreement, and (ii) the required revocation period has expired.
	 	2)	 	A pro-rata vesting of stock options based on the amount of time worked through
termination date. You may exercise any vested options for three years after termination
or the remaining term of the options, whichever is less.
	 
	 	3)	 	Performance Shares — Upon a CIC, any unvested performance shares will be
converted, without pro-ration, to time vested restricted stock units, with the number
of restricted stock units based upon performance to the date of the CIC. In the event
of your involuntary termination without “Cause” or your termination with “Good Reason,”
as defined below, in either case within 24 months following the CIC, vesting of these
restricted stock units will be accelerated and you will receive delivery of the shares
within 60 days following such termination of employment.

“Good Reason” shall mean, without your express written consent, the occurrence of the following
events, unless such events are corrected in all material respects by the Company within 30 days of
your written notification to us that you intend to terminate your employment for “Good Reason and
provided that you gave the Company notice within 90 days of the initial existence of such
conditions:”

	 	1)	 	Any material reduction in your then current titles or positions, or a material
reduction in your then current duties or responsibilities; or
	 
	 	2)	 	Your failure to be re-elected or re-appointed to the Company’s Board of
Directors.

In the event of your death or “Permanent Disability”, as defined in Section 409A(a)(2)(C) of the
Internal Revenue Code of 1986, as amended (the “Code”), You or your beneficiaries will be entitled
to the following:

	 	1)	 	All accrued but unpaid compensation.
	 
	 	2)	 	A pro-rata vesting of stock options based on the amount of time worked through
your last date of employment. You or your beneficiaries may exercise any vested options
for one year after your death or Permanent Disability or the remaining term of the
options, whichever is less.
	 
	 	3)	 	Continued health insurance coverage until age 67 (or, in the case of death,
until executive would have reached age 67) as set forth in the Letter; such benefits to
be mitigated by similar benefits provided by new employer; all other benefits continued
for one year post-termination.

 

 

A “Change in Control” shall mean:

	 	A)	 	any “person” or “group” as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934 (“Act”) becomes the “beneficial owner” (as defined in Rule
13d-3 under the Act), directly or indirectly, of securities of the Company representing
thirty-five percent (35%) or more of the combined voting power of the Company’s then
outstanding securities;
	 
	 	B)	 	during any one-year period, individuals who at the beginning of such period constitute
the Board of Directors, and any new director who is elected or nominated by the Board by a
vote of at least two-thirds of the directors then still in office who either were directors
at the beginning of the one-year period or whose election or nomination was previously so
approved, cease to constitute at least a majority of the Board;
	 
	 	C)	 	a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than fifty percent
(50%) of the combined voting power of the voting securities of the surviving entity or its
ultimate parent outstanding immediately after such merger or consolidation; or
	 
	 	D)	 	the sale or disposition of all or substantially all of the Company’s assets.

Provided that a “Change in Control” shall not be deemed to have occurred unless it is a “change in
control” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations.

 

 

EXHIBIT B

Confidential Executive Separation Agreement And Release

     This Confidential Executive Separation Agreement and Release (“Agreement”) is
entered into between Chico’s FAS, Inc., its subsidiaries and affiliates, including but not limited
to Chico’s Retail Services, Inc., White House | Black Market, Inc., Chico’s Distribution Services,
LLC, SOMA by Chico’s, LLC and FitAppCo, LLC (collectively referred to in this Agreement as the
“Company”) and ___(“Executive”).

     Executive’s employment by Company as its ___has been terminated effective
___(“Termination Date”). Company and Executive wish to provide for the payment of
severance pay to Executive and the final settlement of all claims that Executive may have against
Company and any of the other Released Parties named in this Agreement, including but not limited to
claims arising out of his employment by Company and claims alleging an ownership interest in
Company. Therefore, Company and Executive agree as follows:

1. Termination of Employment

     Executive acknowledges that his employment by Company has been terminated effective at the
close of business on the Termination Date. He acknowledges that he has received all of his accrued
salary and vacation pay up to and including that date. He shall not receive or accrue any salary
or benefits after that date.

2. Severance Payments

     Company shall pay Executive severance payments and benefits in the amount and manner outlined
in the Letter Agreement dated January 7, 2009.

3. General Release

     In exchange for the payments described in paragraph 2 above, Executive, on behalf of himself,
his heirs, executors, administrators, successors and assigns, releases and waives any claims,
charges, complaints, liabilities, obligations, promises, agreements, causes of action, rights,
costs, losses, debts and expenses of any nature whatsoever, known or unknown, of any kind that he
or his heirs, executors, administrators, successors and assigns had, now have or hereafter can,
will or may have (either directly, indirectly, derivatively or in any other representative
capacity) by reason of any matter, fact or cause whatsoever (the “Claims”) against, (a) Company and
its subsidiaries and affiliates, including but not limited to Chico’s Retail Services, Inc., White
House | Black Market, Inc., Chico’s Distribution Services, LLC, SOMA by Chico’s, LLC and FitAppCo,
LLC; (b) the owners, shareholders, employees, officers, managers, supervisors, directors, agents,
attorneys, partners, joint ventures, predecessors, successors and assigns of Company and its
subsidiaries and affiliates; and (c) the employee benefit plans and plan administrators and
fiduciaries of Company and its subsidiaries and affiliates (collectively referred to in this
Agreement as the “Released Parties”) from the beginning of time through the date upon which he
signs this Agreement. Notwithstanding the foregoing, nothing herein shall be considered as
releasing; (i) any rights that Executive may have to indemnification and directors and officers
liability insurance coverage; (ii) Executives’ right to enforce the terms of this Agreement; (iii)
any rights that cannot be waived under applicable law; or (iv) any rights to workers’ compensation
or unemployment insurance benefits.

     This General Release waives all Claims of any kind that Executive may have against the
Released Parties from the beginning of time through the date upon which Executive signs this
Agreement, including any Claim arising out of

 

 

(a) Executive’s employment by Company or the termination of that employment; (b) an alleged
ownership interest in Company; (c) any express or implied contract; (d) any public policy violation
or other tort; (e)any federal, state or local constitution, statute, regulation or ordinance
(including statutory attorneys’ fees); or (f) any other law of any kind. It expressly waives all
Claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act, the
Americans with Disabilities Act, the Fair Labor Standards Act, the Worker Retraining and
Notification Act, the Employee Retirement Income Security Act, and the Florida Civil Rights Act of
1992 (often referred to as the Florida Civil Human Rights Act). Executive represents that he has
not filed against the Company or any of the Released Parties any complaints, charges or lawsuits
arising out of his employment by the Company, or any other matter arising on or prior to the date
he signs this Agreement. Executive covenants and agrees that he will not seek any personal
recovery against the Company or any of the Released Parties arising out of any of the matters set
forth in this paragraph 3.

4. Knowing and Voluntary Waiver

     By signing this Agreement, Executive acknowledges the following:

     (a) He has read and understands this Agreement.

     (b) He understands that the General Release set forth above waives rights or claims arising
under the Age Discrimination in Employment Act.

     (c) He understands that he is not waiving any rights or claims under the Age Discrimination in
Employment Act that may arise after the date on which he signs this Agreement.

     (d) He was not already entitled to the severance payments described above, and they are
consideration in exchange for his waiver of rights or claims in this Agreement.

     (e) He is advised that he should consult with an attorney prior to signing this Agreement.

     (f) He understands that he has a period of 21 days to consider this Agreement before signing
it.

     (g) He understands that he has a right to revoke this Agreement for seven days after signing
it, and that it will not become effective or enforceable until that period has expired. To be
effective, any revocation must be, in writing, to the Chief Human Resources Officer for the
Company, and state, “I hereby revoke my acceptance of our Confidential Executive Separation
Agreement and Release.” The revocation must be personally delivered to the Chief Human Resources
Officer for the Company, or his designee, or mailed to the Chief Human Resources Officer for the
Company and postmarked within seven calendar days of execution of this Agreement. This Agreement
and General Release shall not become effective or enforceable until the revocation period has
expired.

     (h) Revisions to this Agreement do not restart the 21 period set forth in this Section.

5. No Assignment of Claims

     Executive represents and warrants that he has not transferred or assigned to any other person
or entity any of the claims that are waived or released by him in the General Release set forth
above.

6. Non-Disclosure and Code of Ethics Agreements

 

 

     Executive acknowledges that he has surviving obligations under the Code of Ethics and the
Non-Disclosure Agreement that he previously signed, which are incorporated into this Agreement by
reference, and he agrees to comply with all of such obligations. Executive acknowledges that the
Non-Disclosure Agreement prohibits him from using or disclosing, in any way, information relating
to the compensation or contact information of current or former employees of the Company.

7. Employment with a Competitor

     Executive understands if he begins to work for a Direct Competitor of the Company, as an
employee, director, or contractor, within twelve months from the Effective Date of this Agreement,
he must immediately notify the Chief Human Resources Officer for the Company. Executive also
understands if he does begin such work, all remaining severance payments under Section 2, above,
will end. For the purposes of this Agreement, Direct Competitors of the Company are specifically
defined as ___, ___, ___and ___. [Company to insert named
competitors].

8. Confidentiality

     Executive agrees that he will not disclose the terms of this Agreement to anyone except his
accountant or attorney, unless he is required to do so by law or court order. He further agrees
that any disclosure of such terms by his accountant or attorney will be deemed to be a breach of
this covenant. Because a breach of this covenant would result in damages that would be extremely
difficult to ascertain or calculate, liquidated damages in the sum of $10,000 shall immediately be
due from Executive to Company if this covenant is breached.

9. No Disparagement

     Executive agrees that he will not disparage Company or any of the other Released Parties in
any communication, or make any statements that will reflect negatively on or harm the business
interests of any of them.

10. No Raiding

     Executive agrees that, for one year following the Effective Date of this Agreement, he will
not solicit or attempt to persuade any employee, consultant, representative or agent of Company or
any of its subsidiaries or affiliates to terminate his or her employment or relationship with
Company or its subsidiary or affiliate. Executive acknowledges that the purpose of this covenant
is to enable Company and its subsidiaries and affiliates to maintain a stable workforce in order to
remain in business, and that it would disrupt, damage, impair and interfere with their business if
he were to engage in such solicitation.

11. Return of Company Property

     Executive acknowledges that he is required to return to Company all property belonging to
Company or its subsidiaries or affiliates, and he agrees to do so promptly. This includes, but is
not limited to, equipment, keys, credit cards, files, records, documents, notes, computer records,
intellectual property and proprietary information of any kind. He further acknowledges that he is
not permitted to remove such property from the premises of Company or its subsidiaries or
affiliates or retain it in his possession, and he agrees not to do so.

12. Restrictive Covenants

 

 

     Executive agrees that should he violate any of the Restrictive Covenants outlined in
Paragraphs 6, 7, 9 and 10, herein, any unvested equity grants will be immediately forfeited and all
outstanding option grants will be cancelled. He further acknowledges that any gains on option
exercises within six months of the violation of the Restrictive Covenant are subject to claw-back.
These remedies are in addition to any and all other legal remedies.

13. Future Employment

     Executive agrees that he will not apply for employment with Company or any of its subsidiaries
or affiliates at any time in the future.

14. Non-Admission of Liability

     Nothing in this Agreement shall be construed as an admission of liability by Company or any of
the other Released Parties.

15. Cooperation

     Executive agrees that, if any legal action is threatened or commenced against Company or any
of the other Released Parties, relating to events about which he has knowledge, he will cooperate
fully with them in the defense of such action.

16. Entire Agreement

     With the exception of the Non-Disclosure Agreement and Code of Ethics referred to above, this
Agreement contains the complete and exclusive agreement between Executive and Company related to
the matters addressed herein, and it supersedes any other agreements for understandings between
them, whether oral or in writing. Executive acknowledges that he has not relied on any oral
representations concerning the effect of this Agreement.

17. Amendments and Waivers

     This Agreement may be amended or modified, and its provisions may be waived, only in a written
instrument signed by Executive and Company.

18. Severability

     If any part of this Agreement is held to be unenforceable for any reason, the other parts of
the Agreement will remain in effect.

19. Governing Law

     This Agreement shall be governed by and construed under the laws of the State of Florida,
without regard to principles of conflict of laws.

20. Interpretation

     The rule of interpretation that ambiguities in an agreement are to be construed against the
party that drafted it shall not apply to this Agreement.

 

 

21. Successors

     This Agreement shall be binding upon and inure to the benefit of the parties and their heirs,
successors and assigns.

22. Counterparts

     This Agreement may be executed in counterparts, and every signed counterpart shall have the
legal effect of an original document.

23. Attorneys’ Fees

     If any arbitration or other legal proceeding is commenced to enforce the terms of this
Agreement, the prevailing party shall be entitled to the payment of its reasonable attorneys’ fees
and costs in the proceeding by the losing party.

24. Effective Date

     This Agreement shall become effective upon the expiration of the seven-day revocation period
provided for above, unless Executive revokes it during the revocation period.

	 	 	 	 	 
	EXECUTIVE 

 	 
	By:  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Dated: 	 	 	 
	 

	 	 	 	 	 
	CHICO’S FAS, INC.

 	 
	By:  	 	 
	 	Manuel Jessup 	 
	 	Chief Human Resources Officer 	 
	 	 	 	 
	Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00151-of-00352.parquet"}]]