Document:

<PAGE>

                                                            No. PEW-(CD)

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR ANY STATE SECURITIES LAWS.
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN
OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT
REQUIRED.

                  WARRANT TO PURCHASE  UP TO 2,396,932 SHARES
                       OF CONVERTIBLE PREFERRED STOCK OF
                                  DOCENT, INC.
                   (Void after 5:00 p.m. on  March 31, 2003)

  THIS WARRANT is granted to AC Ventures B.V., a Netherlands company, with
business at 1661 Page Mill Road, Palo Alto, CA 94304 ("Grantee") by DOCENT, Inc.
with its principal office at 2444 Charleston Road, Mountain View, CA 94043 (the
"Company"), a Delaware corporation.

  Subject to the provisions hereinafter set forth, Grantee or its assigns
(collectively, "Holder"), for value received, is entitled to purchase from the
Company a maximum of two million ninety-six nine hundred thirty-two (2,396,932)
shares of the Series E Convertible Preferred Stock ("Series E Preferred") of the
Company ("Exercise Shares") at the purchase price per share that is equal to
$7.52 per share ("Exercise Price").

  This warrant ("Warrant") may be exercised, at Holder's sole discretion, from
March 31, 2000 (the "Date of Grant") until 5:00 p.m. on March 31, 2003 (the
"Expiration Date").  This Warrant may be exercised from time to time and in
whole or in part upon surrender to the Company at its principal office (or at
such other location as the Company may advise Holder in writing) of this Warrant
properly endorsed with the Form of Subscription (attached hereto as Exhibit A)
duly filled in and signed.  Upon exercise of this Warrant, Holder shall have the
same rights, preferences and privileges, as set forth in the Company's Amended
and Restated Certificate of Incorporation, as holders of the Series E Preferred,
as the case may be, and as set forth in the preceding paragraph, that Holder has
purchased.  Prior to such exercise, the Exercise Price and the number of shares
purchasable hereunder are subject to adjustment as provided in Section 4 of this
Warrant.

  This Warrant is being granted in order to induce Grantee to enter into the
Master Alliance Agreement attached hereto as Exhibit A with the Company (the
"Proposed Alliance Agreement") during the first two weeks in April, 2000, by
giving Grantee a chance to profit from the proposed alliance not just from
increased revenue to Grantee but also from holding an equity  stake in the
Company that should increase in value if the alliance is successful.

  This Warrant is subject to the following terms and conditions:
<PAGE>

     1.  EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.  This Warrant
is exercisable at the option of Holder, at any time and from time to time, up to
the Expiration Date, for all or any part of the shares of Series E Preferred
(but not for a fraction of a share) which may be purchased hereunder. The
Company agrees that the shares of Series E Preferred purchased under this
Warrant shall be deemed to be issued to Holder as the record owner of such
shares as of the close of business on the date (the "Exercise Date") on which
this Warrant shall have been surrendered, properly endorsed, the completed,
executed Form of Subscription delivered and the applicable payment made for such
shares. Certificates for the shares of Series E Preferred so purchased, together
with any other securities or property to which Holder is entitled upon such
exercise, shall be delivered to Holder by the Company at the Company's expense
within a reasonable time after the rights represented by this Warrant have been
so exercised. In case of a purchase of less than all the shares which may be
purchased under this Warrant, the Company shall cancel this Warrant and execute
and deliver a new Warrant or Warrants of like tenor for the balance of the
shares purchasable under the Warrant surrendered upon such purchase to Holder
within a reasonable time. Each stock certificate so delivered shall be in such
denominations of Series E Preferred as may be requested by Holder and shall be
registered in the name of such Holder or, subject to Section 8, each Holder's
designee.

     2.  NET EXERCISE.  Notwithstanding any provisions herein to the contrary,
if the fair market value of one share of the Exercise Shares is greater than the
Exercise Price (at the date of calculation as set forth below), in lieu of
exercising this Warrant by payment of cash, the Holder may elect to receive
shares equal to the value (as determined below) of this Warrant (or the portion
thereof being canceled) by surrender of this Warrant at the principal office of
the Company together with the properly endorsed Notice of Exercise in which
event the Company shall issue to the Holder a number of shares of Series E
Preferred computed using the following formula:

         X = Y (A-B)
             -------
               A

          Where     X =   the number of shares of Exercise Shares to be issued
                          to the Holder

                    Y =   the number of shares of Exercise Shares purchasable
                          under the Warrant or, if only a portion of the Warrant
                          is being exercised, the portion of the Warrant being
                          canceled (at the date of such calculation)

                    A =   the fair market value of one share of the Company's
                          Exercise Shares on the Exercise Date

                    B =   Exercise Price (as adjusted to the date of such
                          calculation)

     For purposes of the above calculation, the fair market value of one share
of Exercise Shares shall be determined by the Company's Board of Directors in
good faith; provided, however, that in the event that this Warrant is exercised
pursuant to this Section (A) after the Company's initial public offering, the
fair market value on the Exercise Date shall be the closing

                                       2.
<PAGE>

price of the Company's Common Stock on the market on which it is traded and (B)
on the date of the Company's initial public offering and the notice of exercise
was received prior to such date with a specification that such exercise be
effective upon the initial public offering, then the fair market value of one
share of Exercise Share shall be the per share offering price to the public of
the Company's initial public offering. Thus, if this Warrant is exercised in
connection with the Company's initial public offering of its Common Stock as
provided in (B) above, the fair market value per share of Exercise Shares shall
be the product of (i) the per share offering price to the public of the
Company's initial public offering and (ii) the number of shares of Common Stock
into which each share of Series E Preferred is then convertible at the time of
such exercise.

     3.  SHARES TO BE FULLY PAID.  The Company covenants and agrees that all
shares of Series E Preferred that may be issued upon the exercise of this
Warrant shall, upon such exercise, be duly authorized, validly issued, fully
paid and nonassessable and free from all preemptive rights of any stockholder
and free of all taxes, liens and charges with respect to the issue thereof. The
Company shall take all such action as may be necessary to assure that such
shares of Series E Preferred may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of any domestic
securities exchange upon which the Series E Preferred may be listed; provided
however, that the Company shall not be required to effect a registration under
federal or state securities laws with respect to such exercise. The Company
shall not take any action that would result in any adjustment of the Exercise
Price or number of shares purchasable hereunder (as set forth in Section 4
hereof) (i) if the total number of shares of Series E Preferred issuable after
such action upon exercise of all outstanding options, rights and warrants,
together with all shares of Series E Preferred then outstanding and all shares
of Series E Preferred then issuable upon exercise of all options, rights and
warrants and upon the conversion of all convertible securities then outstanding,
would exceed the total number of shares of Series E Preferred then authorized by
the Company's Certificate of Incorporation, or (ii) if the total number of
shares of Common Stock issuable after such action upon the conversion of all
such shares of Series E Preferred, together with all shares of Common Stock then
issuable upon exercise of all outstanding options, rights and warrants and upon
the conversion of all such shares of Series E Preferred, together with all
shares of Common Stock then outstanding and all shares of Common Stock then
issuable upon exercise of all options, rights and warrants and upon the
conversion of all convertible securities then outstanding would exceed the total
number of shares of Common Stock then authorized by the Company's Certificate of
Incorporation.

     4.  ADJUSTMENTS.  The Exercise Price and the number of shares purchasable
hereunder are subject to adjustment from time to time as follows:

4.1  Conversion of Preferred Stock.  Should all of the Company's Preferred Stock
     be, or if outstanding would be, at any time prior to the expiration of this
     Warrant or any portion thereof, converted into shares of the Company's
     Common Stock in accordance with the Company's Certificate of Incorporation,
     then this Warrant shall become immediately exercisable for that number of
     shares of the Company's Common Stock equal to the number of shares of the
     Common Stock that would have been received if this Warrant had been
     exercised in full and the Series E Preferred received thereupon had been
     simultaneously converted immediately prior to such event, and the Exercise
     Price shall immediately be adjusted to equal the quotient obtained by
     dividing (i) the aggregate Exercise Price of the maximum number of shares
     of Series E Preferred for which this Warrant was exercisable

                                       3.
<PAGE>

     immediately prior to such conversion, by (ii) the number of shares of
     Common Stock for which this Warrant is exercisable immediately after such
     conversion. For purposes of the foregoing, the "Certificate of
     Incorporation" shall mean the Certificate of Incorporation of the Company
     as amended and/or restated and effective immediately prior to the
     conversion of all of the Company's Preferred Stock. At the time of any such
     conversion of all of the Company's Preferred Stock, references herein to
     "Series E Preferred or Preferred Stock" shall be deemed to refer to the
     Company's Common Stock to the extent necessary to give appropriate meaning
     to the provisions hereof.

4.2  Merger, Sale of Assets, etc.  If at any time while this Warrant, or any
     portion hereof, is outstanding and unexpired there shall be (i) a
     reorganization (other than a combination, reclassification, exchange or
     subdivision of shares otherwise provided for herein), (ii) a merger or
     consolidation of the Company with or into another corporation in which the
     Company is not the surviving entity, or a reverse triangular merger in
     which the Company is the surviving entity but the shares of the Company's
     capital stock outstanding immediately prior to the merger are converted by
     virtue of the merger into other property, whether in the form of
     securities, cash, or otherwise, or (iii) a sale, lease or other transfer of
     the Company's properties and assets as, or substantially as, an entirety to
     any other person, then, as a part of and as a condition to such
     reorganization, merger, consolidation, sale, lease or transfer, lawful
     provision shall be made so that the holder of this Warrant shall thereafter
     be entitled to purchase and receive upon exercise of this Warrant, during
     the period specified herein and upon payment of the Exercise Price then in
     effect, the number of shares of stock or other securities or property of
     the successor corporation resulting from such reorganization, merger,
     consolidation, sale or transfer that a holder of the shares deliverable
     upon exercise of this Warrant would have been entitled to receive in such
     reorganization, consolidation, merger, sale or transfer if this Warrant had
     been exercised immediately before such reorganization, merger,
     consolidation, sale or transfer, all subject to further adjustment as
     provided in this Section. The foregoing provisions of this Section shall
     similarly apply to successive reorganizations, consolidations, mergers,
     sales and transfers and to the stock or securities of any other corporation
     that are at the time receivable upon the exercise of this Warrant. If the
     per-share consideration payable to Holder for shares in connection with any
     such transaction is in a form other than cash or marketable securities,
     then the value of such consideration shall be determined in good faith by
     the Company's Board of Directors. In all events, appropriate adjustment (as
     determined in good faith by the Company's Board of Directors) shall be made
     in the application of the provisions of this Warrant with respect to the
     rights and interests of Holder after the transaction, to the end that the
     provisions of this Warrant shall be applicable after that event, as near as
     reasonably may be, in relation to any shares, securities or other property
     deliverable after that event upon exercise of this Warrant.

4.3  Reclassification, etc.  If the Company, at any time while this Warrant, or
     any portion hereof, remains outstanding and unexpired by reclassification
     of securities or otherwise, shall change any of the securities as to which
     purchase rights under this Warrant exist into the same or a different
     number of securities of any other class or classes, this Warrant shall
     thereafter represent the right to acquire such number and kind of
     securities as would have been issuable as the result of such change with
     respect to the securities that were subject to the purchase rights under
     this Warrant immediately prior to such reclassification or other change and
     the Exercise Price therefor shall be appropriately adjusted, all subject to
     further adjustment as

                                       4.
<PAGE>

     provided in this Section. No adjustment shall be made pursuant to this
     Section, upon any conversion of the Preferred Stock which is the subject of
     this Section.

4.4  Split, Subdivision or Combination of Shares.  If the Company at any time
     while this Warrant, or any portion hereof, remains outstanding and
     unexpired shall split, subdivide or combine the securities as to which
     purchase rights under this Warrant exist, into a different number of
     securities of the same class, the Exercise Price for such securities shall
     be proportionately decreased in the case of a split or subdivision or
     proportionately increased in the case of a combination. Upon each such
     split, subdivision or combination, Holder shall thereafter be entitled to
     purchase at the Exercise Price resulting from such adjustment, the number
     of shares obtained by multiplying the Exercise Price in effect immediately
     prior to such adjustment by the number of shares purchasable pursuant
     hereto immediately prior to such adjustment, and dividing the product
     thereof by the Exercise Price resulting from such adjustment.

4.5  Adjustments for Dividends in Stock or Other Securities or Property.  If
     while this Warrant, or any portion hereof, remains outstanding and
     unexpired, the holders of the securities as to which purchase rights under
     this Warrant exist at the time shall have received, or, on or after the
     record date fixed for the determination of eligible stockholders, shall
     have become entitled to receive, without payment therefor, other or
     additional stock, other securities, property or rights or options to
     subscribe for or purchase or otherwise acquire any of the foregoing (other
     than cash) of the Company, by way of dividend, then and in each case, this
     Warrant shall represent the right to acquire, in addition to the number of
     shares of the security receivable upon exercise of this Warrant, and
     without payment of any additional consideration therefor, the amount of
     such other or additional stock, other securities, property or rights or
     options to subscribe for or purchase or otherwise acquire any of the
     foregoing (other than cash) of the Company that such holder would hold on
     the date of such exercise had it been the holder of record of the security
     receivable upon exercise of this Warrant on the date hereof and had
     thereafter, during the period from the date hereof to and including the
     date of such exercise, retained such shares and/or all other additional
     stock available by it as aforesaid during such period, giving effect to all
     adjustments called for during such period by the provisions of this
     Section.

4.6  Certificate as to Adjustments.  Upon the occurrence of each adjustment or
     readjustment pursuant to this Section, the Company at its expense shall
     promptly compute such adjustment or readjustment in accordance with the
     terms hereof and furnish to Holder a certificate setting forth such
     adjustment or readjustment and showing in detail the facts upon which such
     adjustment or readjustment is based. The Company shall upon the written
     request at any time of Holder, furnish or cause to be furnished to Holder a
     like certificate setting forth: (i) such adjustments and readjustments;
     (ii) the Exercise Price at the time in effect; and (iii) the number of
     shares and the amount, if any, of other property that at the time would be
     received upon the exercise of the Warrant.

4.7  No Impairment.  The Company will not, by any voluntary action, avoid or
     seek to avoid the observance or performance of any of the terms to be
     observed or performed hereunder by the Company, but will at all times in
     good faith assist in the carrying out of all the provisions of

                                       5.
<PAGE>

     this Section and in the taking of all such action as may be necessary or
     appropriate in order to protect the rights of Holder against impairment.

4.8  Anti-Dilution Protection.  Prior to exercise of this Warrant, Holder shall
     be entitled to the anti-dilution protection provided to the holders of
     Preferred Stock.

     5.  ISSUE TAX.  The issuance of certificates for shares of Series E
Preferred upon the exercise of the Warrant shall be made without charge to
Holder for any issue tax (other than any applicable income taxes) in respect
thereof; provided however, that the Company shall not be required to pay any tax
which may be payable in respect of any transfer involved in the issuance and
delivery of any certificate in a name other than that of Holder.

     6.  CLOSING OF BOOKS.  The Company will at no time close its transfer books
against the transfer of any warrant or of any shares of Series E Preferred
issued or issuable upon the exercise of any warrant in any manner which
interferes with the timely exercise of this Warrant.

     7.  NO VOTING OR DIVIDEND RIGHTS; LIMITATION OF LIABILITY.  Nothing
contained in this Warrant shall be construed as conferring upon Holder the right
to vote or to consent or to receive notice as a stockholder of the Company or
any other matters or any rights whatsoever as a stockholder of the Company. No
dividends or interest shall be payable or accrued in respect of this Warrant or
the interest represented hereby or the shares purchasable hereunder until, and
only to the extent that, this Warrant shall have been exercised. No provisions
hereof, in the absence of affirmative action by Holder to purchase shares of
Series E Preferred, and no mere enumeration herein of the rights or privileges
of Holder, shall give rise to any liability of Holder for the Exercise Price or
as a stockholder of the Company, whether such liability is asserted by the
Company or by its creditors.

     8.  WARRANTS TRANSFERABLE.  Subject to compliance with applicable federal
and state securities laws, the Company's Bylaws and provided that Holder does
not transfer any interest in this Warrant to a competitor of the Company or
entity affiliated with a competitor of the Company, this Warrant and all rights
hereunder are transferable, in whole or in part, only with the written consent
of the Company, which consent shall not be unreasonably withheld or delayed
without charge to Holder (except for transfer taxes), upon surrender of this
Warrant properly endorsed. Each Holder of this Warrant, by taking or holding the
same, consents and agrees that this Warrant, when endorsed in blank, shall be
deemed negotiable, and that Holder, when this Warrant shall have been so
endorsed, may be treated by the Company, at the Company's option, and all other
persons dealing with this Warrant, as the absolute owner hereof for any purpose
and as the person entitled to exercise the rights represented by this Warrant,
or to the transfer hereof on the books of the Company any notice to the contrary
notwithstanding; but until such transfer on such books, the Company may treat
the registered owner hereof as the owner for all purposes.

     9.  LOCKUP.  In the event of the first underwritten public offering of any
securities of the Company, the Company (or a representative of the underwriters)
may require that you not sell, dispose of, transfer, make any short sale of,
grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale, any shares of Series E
Preferred, Common Stock or other securities of the Company held by you, for a
period of time

                                       6.
<PAGE>

specified by the underwriter(s) (not to exceed one hundred eighty (180) days)
following the effective date of a registration statement of the Company filed
under the Act. You further agree to execute and deliver such other agreements as
may be reasonably requested by the Company and/or the underwriter(s) which are
consistent with the foregoing or which are necessary to give further effect
thereto. In order to enforce the foregoing covenant, the Company may impose
stop-transfer instructions with respect to your Common Stock until the end of
such period; provided however, that such limitations under this section shall
only exits if the officers and directors of the Company are subject to these
same restrictions.

     10.  RIGHTS AND OBLIGATIONS SURVIVE EXERCISE OF WARRANT.  The rights and
obligations of the Company and Holder set forth in Sections 8 and 9 herein,
shall survive the exercise of this Warrant, in whole or in part.

     11.  MODIFICATION AND WAIVER.  This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

     12.  NOTICES.  Any notice, request or other document required or permitted
to be given or delivered to Holder or the Company shall be sent by facsimile or
delivered or sent by certified mail, postage prepaid, to each such holder or to
the address indicated on this Warrant or such other facsimile number or address
as either may from time to time provide to the other and shall be effective
three (3) business days after mailed via first-class mail, three (3) business
days after mailed via registered or certified mail, return receipt requested,
one (1) business day after mailed via overnight Express Mail, the day of
transmission of a facsimile or upon delivery if delivered by hand or by
messenger or courier delivery service.

     13.  BINDING EFFECT ON SUCCESSORS.  This Warrant shall be binding upon any
corporation succeeding the Company by merger, consolidation or acquisition of
all or substantially all of the Company's assets.  All of the covenants and
agreements of the Company hereunder shall inure to the benefit of the successors
and assigns of Holder.

     14.    DESCRIPTIVE HEADINGS AND GOVERNING LAW.  The description headings
of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. This Warrant
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of California as such laws
apply to agreements among California residents made and to be performed entirely
within the State of California. Any legal action or other legal proceeding
relating to this Warrant shall be brought or otherwise commenced in any state or
federal court located in San Mateo, San Francisco or Santa Clara counties in the
State of California. Each Holder of this Warrant (i) expressly and irrevocably
consents and submits to the jurisdiction of each state and federal court located
in San Mateo, San Francisco or Santa Clara counties in the State of California
in connection with any such legal proceeding; (ii) agrees that each state and
federal court located in San Mateo, San Francisco or Santa Clara counties in the
State of California shall be deemed to be a convenient forum; and (iii) agrees
not to assert (by way of motion, as a defense or otherwise), in any such legal
proceeding commenced in any state or federal court located in San Mateo, San
Francisco or Santa Clara counties in the State of California, any claim that
such party is not subject personally to the jurisdiction of such court, that
such legal proceeding has been

                                       7.
<PAGE>

brought in an inconvenient forum, that the venue of such proceeding is improper
or that this Warrant or the subject matter of this Warrant may not be enforced
in or by such court.

     15.  LOST WARRANTS.  The Company represents and warrants to Holder that
upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction, or mutilation of this Warrant and, in the case of any such
loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory
to the Company, or in the case of any such mutilation upon surrender and
cancellation of such Warrant, the Company, at its expense, will make and deliver
a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or
mutilated Warrant.

     16.  FRACTIONAL SHARES.  No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional
share, pay the holder entitled to such fraction a sum in cash based on the fair
market value of the Series E Preferred on the date of exercise, as reasonably
determined in good faith by the Board of Directors.

     17.  SEVERABILITY.  The invalidity or unenforceability of any provision of
this Warrant in any jurisdiction shall not affect the validity or enforceability
of such provision in any other jurisdiction, or affect any other provision of
this Warrant, which shall remain in full force and effect.

     18.  RECOVERY OF LITIGATION COSTS.  If any legal action or other
proceeding is brought for the enforcement of this Warrant, or because of an
alleged dispute, breach, default, or misrepresentation in connection with any of
the provisions of this Warrant, the successful or prevailing party or parties
shall be entitled to recover reasonable attorneys' fees and other costs incurred
in that action or proceeding, in addition to any other relief to which it or
they may be entitled.

     19.  EARLY TERMINATION.  Should Grantee or an affiliate of Grantee not
enter into the Proposed Alliance Agreement with the Company on or before 5:00
p.m. on April 15, 2000, then the Expiration Date shall not be March 31, 2003,
but rather shall be April 30, 2000.

     20.  SECURITIES LAW REPRESENTATIONS. Grantee represents that Grantee is an
accredited investor by virtue of having $5,000,000 in assets (or by virtue of
being owned entirely by persons who have a net worth in excess of one million
dollars or by persons who had for the past two years and expect to have this
year individual income in excess of two hundred thousand dollars or combined
income with their spouse in excess of three hundred thousand dollars).  Grantee
represents that Grantee is acquiring this Warrant, and would be acquiring any
Exercise Shares, for Grantee's own account, for investment, and not to or for
sale in connection with any distribution.  Grantee understands that the Exercise
Shares have not been registered under the Securities Act of 1933, as amended, or
any state securities law and therefore cannot be resold unless they are so
registered or unless an exemption from such registration is available.  Grantee
understands that any share certificate registering the Exercise Shares shall
bear the legend contained at the top of page 1 of this Warrant Agreement.
Grantee understands that the Exercise Shares comprise restricted securities for
purposes of Rule 144 and as a result cannot be sold in the public market until
at least one year after exercise.  Grantee understands that the Company is under
no duty to register the Exercise Shares.  Grantee represents that the Grantee
has had the opportunity to ask questions and receive answers concerning the
terms and conditions of this

                                       8.
<PAGE>

offering and to obtain any additional information which the Company possesses or
can acquire without unreasonable effort or expenses that is necessary to verify
the accuracy of information furnished by the Company.

                                       9.
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant to be duly granted
and executed this 31st day of March, 2000.

                                       DOCENT, INC.
                                       a Delaware corporation

                                       /s/ David R. Ellett
                                       -----------------------------------------
                                       David R. Ellett
                                       President and Chief Executive Officer

                                       2444 Charleston Rd.
                                       Mountain View, CA  94043
                                       Fax: (650) 962-9411

AGREED TO AND ACCEPTED:

AC VENTURES B.V.

By:_____________________________

                                      10.
<PAGE>

                                   EXHIBIT A

                               SUBSCRIPTION FORM

Date:  ____________,

VIA FACSIMILE: (650) 962-9411

Docent, Inc.
2444 Charleston Rd.
Mountain View, CA  94043

Attn:  President

Ladies and Gentlemen:

     The undersigned hereby elects to exercise the warrant issued to it by
     DOCENT, INC. (the "Company"), dated March 31, 2000, (the "Warrant") and to
     purchase thereunder __________________________ shares of the Preferred
     Stock of the Company (the "Shares") at a purchase price of _______________
     per share (the "Purchase Price").

Pursuant to the terms of the Warrant, the undersigned has delivered the Purchase
Price herewith in full in cash or by certified check or wire transfer.  The
undersigned certifies that the Warrant is exercisable at this time.

Very truly yours,

________________________________

By:_____________________________

Print Name:_____________________

Title:__________________________EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT is made and entered into this 16th day of
August, 2000, but is effective for all purposes as of February 7, 2000, by and
between CHICO'S FAS, INC. a Florida corporation (the "Employer"), and MARVIN J.
GRALNICK, residing at 648 Lake Murex Circle, Sanibel Island, Florida 33957, (the
"Executive").

                              W I T N E S S E T H:

         1.       EMPLOYMENT. The Employer hereby employs the Executive, and the
Executive hereby accepts such employment, upon the terms and subject to the
conditions set forth in this Agreement.

         2.       TERM.

                  Subject to the provisions of termination as hereinafter
provided, the term of employment under this Agreement shall begin as of February
7, 2000 and shall continue through January 31, 2003; provided, however, that
beginning on February 1, 2003 and on each February 1st (each a "Renewal Date")
thereafter, the term of this agreement shall automatically be extended for one
additional year unless either party gives the other written notice of
termination at least ninety (90) days prior to any such Renewal Date.

         3.       COMPENSATION; REIMBURSEMENT, ETC.

                  (a)      BASIC SALARY. The Employer shall pay to the Executive
as compensation for all services rendered by the Executive during the term of
this Agreement a basic annualized salary as follows (the "Basic Salary"), or
such other sum as the parties may agree on from time to time, payable monthly or
in other more frequent installments, as determined by the Employer:

<TABLE>
<CAPTION>
                  PERIOD                                               BASIC ANNUALIZED SALARY
                  ------                                               -----------------------
<S>                                                                             <C>
         For the period from February 7, 2000
                   through January 31, 2001                                     $600,000

         For the period from February 1, 2001
                   through January 31, 2002                                     $750,000

         For the period from February 7, 2002
                   through January 31, 2003 and thereafter                      $850,000
</TABLE>

The Board of Directors of the Employer shall have the right to increase the
Executive's compensation from time to time by action of the Board of Directors.
In addition, the Board of Directors of the Employer, in its discretion, may,
with respect to any year during the term hereof, award a bonus or

                                       1.

<PAGE>

bonuses to the Executive in addition to the bonuses provided for in Section
3(b). The compensation provided for in this Section 3(a) shall be in addition to
any pension or profit sharing payments set aside or allocated for the benefit of
the Executive.

                  (b)      BONUSES. In addition to the Basic Salary to be paid
pursuant to Section 3(a) of this Agreement, during the term of this Agreement or
any renewal or extension, the Company shall pay to the Executive as incentive
compensation quarterly and annual bonuses in accordance with the incentive bonus
plan(s) adopted from time to time by the Board or the Compensation and Benefits
Committee of the Board (the "Committee"), as the case may be. Such plan for the
initial three year term of this Agreement ending January 31, 2003, among other
things, shall establish a "Target Bonus" equal to 50% of the Executive's Basic
Salary and a "Maximum Bonus" equal to 100% of the Executive's Basic Salary.

                  (c)      STOCK OPTIONS. The Executive shall participate in
under the Employer's stock option plan or plans, in accordance with the terms
thereof, through the grant by the Committee of nonqualified options to purchase
shares of the Employer's common stock, as follows (the "Options"), provided that
Executive remains employed by the Employer on the approximate date of grant:

                  APPROXIMATE DATE OF GRANT                    NUMBER OF OPTIONS
                  -------------------------                    -----------------

                  Effective Date of this Agreement                        75,000
                  February 1, 2001                                       100,000
                  February 1, 2002                                       125,000

The date of grant for each tranche of Options shall be the respective day on
which the Committee acts to effectuate the respective grant. The initial
exercise price for each tranche of the Options shall be the closing price for
the Company's stock on the Nasdaq Stock Market (NMS) on the respective date of
grant. The Options shall be subject to the terms of the applicable stock option
plan under which they are issued.

                  (d)      REIMBURSEMENTS. The Employer shall reimburse the
Executive for all reasonable expenses incurred by the Executive in the
performance of his duties under this Agreement; provided, however, that the
Executive must furnish to the Employer an itemized account, satisfactory to the
Employer, in substantiation of such expenditures.

                  (e)      OTHER FRINGE BENEFITS. The Executive shall be
entitled to such fringe benefits including, but not limited to, medical and
insurance benefits as may be provided from time to time by the Employer to other
senior officers of the Employer.

                  (f)      AUTOMOBILE. The Executive shall provide his own
automobile for use as an employee hereunder. The Executive shall at all times
maintain said automobile in good repair and condition and shall insure both
Employer and Executive against claims for bodily injury, death or

                                       2.
<PAGE>

property damage occurring as a result of its use to the limit of not less than
Five Hundred Thousand ($500,000.00) Dollars in respect to any one accident and
to the limit of not less than One Million ($1,000,000.00) Dollars in respect to
any one accident and to the limit of not less than One Hundred Thousand
($100,000.00) Dollars in respect to property damage.

                  (g)      DEFERRAL OF CERTAIN COMPENSATION PAYMENTS.
Notwithstanding any other provisions of this Agreement to the contrary, any
portion of the cash compensation otherwise payable to the Executive under this
Agreement shall not be paid currently in cash to the Executive hereunder if
pursuant to the provisions of Section 162(m) of the Internal Revenue Code of
1986, as amended, or any similar or successor provision ("Section 162(m)"), the
Company would not be entitled to a current deduction for federal income tax
purposes in respect of the payment of such portion of the cash compensation (any
such compensation being referred to as "Section 162(m) Non-Deductible
Compensation"). The payment of any such Section 162(m) Non-Deductible
Compensation shall be deferred (the "Deferred Compensation"). The Deferred
Compensation shall be recorded on the books of the Company but shall be
unfunded. The Executive's right to receive the Deferred Compensation in cash
shall arise automatically no later than 30 days after the first time when the
deduction for federal income taxes by the Company in respect of the Section
162(m) Non-Deductible Compensation to which the Deferred Compensation relates
would no longer be prohibited by Section 162(m).

         4.       DUTIES. The Executive is engaged as the Chief Executive
Officer and President. In addition, the Executive shall have such other duties
and hold such other offices as may from time to time be reasonably assigned to
him by the Board of Directors of the Employer.

         5.       EXTENT OF SERVICES; VACATIONS AND DAYS OFF.

                  (a)      EXTENT OF SERVICES. During the term of his employment
under this Agreement, the Executive shall devote such time, energy and attention
during regular business hours to the benefit and business of the Employer as may
be reasonably necessary in performing his duties pursuant to this Agreement.

                  (b)      VACATIONS. The Executive shall be entitled to
vacations with pay and to such personal and sick leave with pay in accordance
with the policy of the Employer as may be established from time to time by the
Employer and applied to other senior officers of the Employer.

         6.       FACILITIES. The Employer shall provide the Executive with a
fully furnished office, and the facilities of the Employer shall be generally
available to the Executive in the performance of his duties pursuant to this
Agreement, it being understood and contemplated by the parties that all
equipment, supplies and office personnel required in the performance of the
Executive's duties under this Agreement shall be supplied by the Employer.

                                       3.
<PAGE>

         7.       ILLNESS OR INCAPACITY, TERMINATION ON DEATH, ETC.

                  (a)      DEATH OF EXECUTIVE. If the Executive dies during the
term of his employment, the Employer shall pay to the estate of the Executive
such compensation, including any bonus compensation earned but not yet paid, as
would otherwise have been payable to the Executive up to the end of the month in
which his death occurs plus six (6) month's Basic Salary. The Employer shall
have no additional financial obligation under this Agreement to the Executive or
his estate. After receiving the payments provided in this subparagraph (a), the
Executive and his estate shall have no further rights under this Agreement.

                  (b)      DISABILITY OF EXECUTIVE

                           (i)      During any period of disability, illness or
incapacity during the term of this Agreement which renders the Executive at
least temporarily unable to perform the services required under this Agreement
for a period which shall not equal or exceed one hundred and eighty (180)
continuous days, or one hundred and eighty (180) continuous days in any one (1)
year period, the Executive shall receive the compensation payable under Section
3(a) of this Agreement plus any bonus compensation earned but not yet paid, less
any benefits received by him under any disability insurance carried by or
provided by the Employer. All rights of the Executive under this Agreement
(other than rights already accrued) shall terminate as provided below upon the
Executive's permanent disability (as defined below), although the Executive
shall continue to receive any disability benefits to which he may be entitled
under any disability income insurance which may be carried by or provided by the
Employer from time to time.

                           (ii)     The term "permanent disability" as used in
this Agreement shall mean the inability of the Executive, as determined by the
Board of Directors of the Employer, by reason of physical or mental disability
to perform the duties required of him under this Agreement for a period of one
hundred and eighty (180) days in any one-year period. Successive periods of
disability, illness or incapacity will be considered separate periods unless the
later period of disability, illness or incapacity is due to the same or related
cause and commences less than six months from the ending of the previous period
of disability. Upon such determination, the Board of Directors may terminate the
Executive's employment under this Agreement upon ten (10) days' prior written
notice. If any determination of the Board of Directors with respect to permanent
disability is disputed by the Executive, the parties hereto agree to abide by
the decision of a panel of three physicians. The Executive and Employer shall
each appoint one member, and the third member of the panel shall be appointed by
the other two members. The Executive agrees to make himself available for and
submit to examinations by such physicians as may be directed by the Employer.
Failure to submit to any such examination shall constitute a breach of a
material part of this Agreement.

                                       4.
<PAGE>

         8.       OTHER TERMINATIONS.

                  (a)      VOLUNTARY TERMINATION BY EXECUTIVE.

                           (i)      The Executive may terminate his employment
hereunder upon giving at least ninety (90) days' prior written notice. In
addition, the Executive shall have the right to terminate his employment
hereunder on the conditions and at the times provided for in Section 8(d) of the
Agreement.

                           (ii)     If the Executive gives notice pursuant to
Section 8(a) above, the Employer shall have the right to relieve the Executive,
in whole or in part, of his duties under this Agreement (without reduction in
compensation through the termination date).

                  (b)      TERMINATION BY EMPLOYER.

                           (i)      Except as otherwise provided in this
Agreement, the Employer may terminate the employment of the Executive hereunder
only for good cause and upon written notice; provided, however, that no breach
or default by the Executive shall be deemed to occur hereunder unless the
Executive shall have failed to cure the breach or default within thirty (30)
days after he received written notice thereof indicating that it is a notice of
termination pursuant to this Section of this Agreement.

                           (ii)     As used herein, "good cause" shall include:

                                    (1)      the Executive's conviction of
         either a felony involving moral turpitude or any crime in connection
         with his employment by the Employer which causes the Employer a
         substantial detriment, but specifically shall not include traffic
         offenses;

                                    (2)      actions by the Executive as an
         executive officer of the Employer which clearly are contrary to the
         best interests of the Employer;

                                    (3)      the Executive's willful failure to
         take actions permitted by law and necessary to implement policies of
         the Employer's Board of Directors which the Board of Directors has
         communicated to him in writing, provided that minutes of a Board of
         Directors meeting attended in its entirety by the Executive shall be
         deemed communicated to the Executive;

                                    (4)      the Executive's continued failure
         to attend to his duties as an executive officer of the Employer; or

                                       5.
<PAGE>

                                    (5)      any condition which either resulted
         from the Executive's substantial dependence, as determined by the Board
         of Directors of the Employer, on alcohol, or any narcotic drug or other
         controlled or illegal substance. If any determination of substantial
         dependence is disputed by the Executive, the parties hereto agree to
         abide by the decision of a panel of three physicians appointed in the
         manner and subject to the same penalties for noncompliance as specified
         in Section 7(b)(ii) of this Agreement.

                           (iii)    Termination of the employment of the
Executive for reasons other than those expressly specified in this Agreement as
good cause shall be deemed to be a termination of employment "without good
cause."

                  (c)      CONTINUATION OF COMPENSATION FOLLOWING TERMINATION
                           WITHOUT GOOD CAUSE.

                           (i)      If the Employer shall terminate the
employment of the Executive without good cause effective on a date earlier than
the termination date provided for in Section 2 (with the effective date of
termination as so identified by the Employer being referred to herein as the
"Accelerated Termination Date"), the Executive, until the termination date
provided for in Section 2 or until the date which is twelve (12) months after
the Accelerated Termination Date, whichever is later, shall continue to receive
the Basic Salary and employee benefits (including without limitation the bonus
that would have otherwise been payable during such compensation continuation
period under the bonus plan in effect immediately before the Accelerated
Termination Date) that the Employer has heretofore in Section 3 agreed to pay
and to provide for the Executive, in each case in the amount and kind and at the
time provided for in Section 3; provided that, notwithstanding such termination
of employment, the Executive's covenants set forth in Section 10 and Section 11
are intended to and shall remain in full force and effect.

                           (ii)     The parties agree that, because there can be
no exact measure of the damage that would occur to the Executive as a result of
a termination by the Employer of the Executive's employment without good cause,
the payments and benefits paid and provided pursuant to this Section 8(c) shall
be deemed to constitute liquidated damages and not a penalty for the Employer's
termination of the Executive's employment without good cause, and the Employer
agrees that the Executive shall not be required to mitigate his damages.

                  (d)      RIGHTS UPON CHANGE IN CONTROL.

                           (i)      If a Change in Control of the Employer, as
defined in Section 8(d)(ii) shall occur and the Executive shall:

                                    (1)      voluntarily terminate his
         employment within one year following such Change in Control and such
         termination shall be as a result of the Executive's good faith
         determination that as a result of the Change in Control and a change in
         circumstances thereafter significantly affecting his position, he can
         no longer adequately exercise the

                                       6.
<PAGE>

         authorities, powers, functions or duties attached to his position as an
         executive officer of the Employer; or

                                    (2)      voluntarily terminate his
         employment within one year following such Change in Control, and such
         termination shall be as a result of the Executive's good faith
         determination that he can no longer perform his duties as an executive
         officer of the Employer by reason of a substantial diminution in his
         responsibilities, status or position; or

                                    (3)      have his employment terminated by
         the Employer for reasons other than those specified in Section 8(b)(ii)
         within one (1) year following such Change in Control;

then in any of the above three cases, the Executive shall have, instead of the
further rights described in Section 3(a), the right to immediately terminate
this Agreement and a nonforfeitable right to receive, payable in a lump sum, the
sum of the monthly amounts of his Basic Salary for a period equal to the greater
of 12 months or the number of full months remaining in the period from the date
of such termination through the termination date provided for in Section 2 of
this Agreement plus an amount equal to the aggregate of all bonuses earned by
the Executive with respect to the 12 month period ended on the fiscal quarter
end which next precedes such date of termination.

                           (ii)     For purposes of this Agreement, a "Change in
                                    Control" shall mean:

                                    (1)      the obtaining by any party of fifty

         percent (50%) or more of the voting shares of the Employer pursuant to
         a "tender offer" for such shares as provided under Rule 14d-2
         promulgated under the Securities Exchange Act of 1934, as amended, or
         any subsequent comparable federal rule or regulation governing tender
         offers; or

                                    (2)      individuals who were members of the
         Employer's Board of Directors immediately prior to any particular
         meeting of the Employer's shareholders which involves a contest for the
         election of directors fail to constitute a majority of the members of
         the Employer's Board of Directors following such election; or

                                    (3)      the Employer's executing an
         agreement concerning the sale of substantially all of its assets to a
         purchaser which is not a subsidiary; or

                                    (4)      the Employer's adoption of a plan
         of dissolution or liquidation; or

                                    (5)      the Employer's executing an
         agreement concerning a merger or consolidation involving the Employer
         in which the Employer is not the surviving corporation or if,
         immediately following such merger or consolidation, less than fifty
         percent

                                       7.
<PAGE>

         (50%) of the surviving corporation's outstanding voting stock is held
         by persons who are stockholders of the Employer immediately prior to
         such merger or consolidation.

                           (iii)    The provisions of Section 8(c) and this
Section 8(d) are mutually exclusive, provided, however, that if within one year
following commencement of an 8(c) payout there shall be a Change in Control as
defined in Section 8(d)(ii), then the Executive shall be entitled to the amount
payable to the Executive under Section 8(d)(i) reduced by the amount that the
Executive has received under Section 8(c) up to the date of the change in
control. The triggering of the lump sum payment requirement of this Section 8(d)
shall cause the provisions of Section 8(c) to become inoperative. The triggering
of the continuation of payment provisions of Section 8(c) shall cause the
provisions of Section 8(d) to become inoperative except to the extent provided
in this Section 8(d)(iii).

                  (e)      COMPENSATION PAYABLE UPON TERMINATION BY EMPLOYER FOR
GOOD CAUSE OR VOLUNTARILY BY EMPLOYEE ABSENT CHANGE IN CONTROL. If the
employment of the Executive is terminated for good cause under Section 8(b)(ii)
of this Agreement, or if the Executive voluntarily terminates his employment by
written notice to the Employer under Section 8(a) of this Agreement without
reliance on Section 8(d), the Employer shall pay to the Executive any
compensation earned but not paid to the Executive prior to the effective date of
such termination. Under such circumstances, such payment shall be in full and
complete discharge of any and all liabilities or obligations of the Employer to
the Executive hereunder, and the Executive shall be entitled to no further
benefits under this Agreement.

                  (f)      RELEASE. Payment of any compensation to the Executive
under this Section 8 following termination of employment shall be conditioned
upon the prior receipt by the Employer of a release executed by the Executive in
substantially the form attached to this Agreement as Exhibit A.

         9.       DISCLOSURE. The Executive agrees that during the term of his
employment by the Employer, he will disclose and disclose only to the Employer
all ideas, methods, plans, developments or improvements known by him which
relate directly or indirectly to the business of the Employer, whether acquired
by the Executive before or during his employment by the Employer. Nothing in
this Section 9 shall be construed as requiring any such communication where the
idea, plan, method or development is lawfully protected from disclosure as a
trade secret of a third party or by any other lawful prohibition against such
communication.

         10.      CONFIDENTIALITY. The Executive agrees to keep in strict
secrecy and confidence any and all information the Executive assimilates or to
which he has access during his employment by the Employer and which has not been
publicly disclosed and is not a matter of common knowledge in the fields of work
of the Employer. The Executive agrees that both during and after the term of his
employment by the Employer, he will not, without the prior written consent of
the Employer, disclose

                                       8.
<PAGE>

any such confidential information to any third person, partnership, joint
venture, company, corpora tion or other organization.

         11.      NONCOMPETITION AND NONSOLICITATION.

         The Executive hereby acknowledges that, during and solely as a result
of his employment by the Employer, he has received and shall continue to
receive: (1) special training and education with respect to the operations of a
retail clothing chain and other related matters, and (2) access to confidential
information and business and professional contacts. In consideration of the
special and unique opportunities afforded to the Executive by the Employer as a
result of the Executive's employment, as outlined in the previous sentence, the
Executive hereby agrees as follows:

                  (a)      NONCOMPETITION. During the term of the Executive's
employment, whether pursuant to this Agreement, any automatic or other renewal
hereof or otherwise, and, except as may be otherwise herein provided, for a
period of two (2) years after the termination of his employment with the
Employer, regardless of the reason for such termination, the Executive shall
not, directly or indirectly, enter into, engage in, be employed by or consult
with any business which competes with the business of the Employer by selling,
offering to sell, soliciting offers to buy, or producing, or by consulting with
others concerning the selling or producing of, any product substantially similar
to those now sold or produced by the Employer or included in the product lines
then developed by the Employer for sale or production, or by engaging in
transactions with any person who was a vendor of merchandise to the Employer;
provided that the restriction on the ability to deal with a vendor shall not
apply to dealing with any vendor from whom the Employer has not purchased or is
not expected to purchase in excess of $250,000 of merchandise in any one fiscal
year and shall not apply to dealing with a vendor in connection with any
transaction which does not involve, directly or indirectly, a product
substantially similar to those being sold or produced by the Employer. The
Executive shall not engage in such prohibited activities, either as an
individual, partner, officer, director, stockholder, employee, advisor,
independent contractor, joint venturer, consultant, agent, or representative or
salesman for any person, firm, partnership, corporation or other entity so
competing with the Employer. The restrictions of this Section 11 shall not be
violated by (i) the ownership of no more than 2% of the outstanding securities
of any company whose stock is traded on a national securities exchange or is
quoted in the Automated Quotation System of the National Association of
Securities Dealers (NASDAQ), or (ii) other outside business investments that do
not in any manner conflict with the services to be rendered by the Executive for
the Employer and that do not diminish or detract from the Executive's ability to
render his required attention to the business of the Employer.

                  (b)      NONSOLICITATION. During his employment with the
Employer and, except as may be otherwise herein provided, for a period of two
(2) years following the termination of his employment with the Employer,
regardless of the reason for such termination, the Executive agrees he will
refrain from and will not, directly or indirectly, as an individual, partner,
officer, director, stockholder, employee, advisor, independent contractor, joint
venturer, consultant, agent, representative, salesman or otherwise solicit any
of the employees of the Employer to terminate their

                                       9.
<PAGE>

employment unless such solicitation is consented to in writing by an authorized
senior officer of the Employer (other than the Employer or a person related to
the Employee) prior to such solicitation.

                  (c)      EXTENSION OF PROHIBITION PERIOD. The period of time
during which the Executive is prohibited from engaging in certain business
practices pursuant to Sections 11(a) or (b) shall be extended by any length of
time during which the Executive is in breach of such covenants.

                  (d)      INDEPENDENT COVENANTS. It is understood by and
between the parties hereto that the foregoing restrictive covenants set forth in
Sections 11(a) through (c) are essential elements of this Agreement, and that,
but for the agreement of the Executive to comply with such covenants, the
Employer would not have agreed to enter into this Agreement. Such covenants by
the Executive shall be construed as agreements independent of any other
provision in this Agreement. The existence of any claim or cause of action of
the Executive against the Employer, whether predicated on this Agreement, or
otherwise, shall not constitute a defense to the enforcement by the Employer of
such covenants.

                  (e)      DIVISIBLE COVENANTS. It is agreed by the Employer and
Executive that if any portion of the covenants set forth in this Section 11 are
held to be invalid, unreasonable, arbitrary or against public policy, then such
portion of such covenants shall be considered divisible both as to time and
geographical area. The Employer and Executive agree that, if any court of
competent jurisdiction determines the specified time period or the specified
geographical area applicable to this Section 11 to be invalid, unreasonable,
arbitrary or against public policy, a lesser time period or geographical area
which is determined to be reasonable, non-arbitrary and not against public
policy may be enforced against the Executive. The Employer and the Executive
agree that the foregoing covenants are appropriate and reasonable when
considered in light of the nature and extent of the business conducted by the
Employer.

         12.      SPECIFIC PERFORMANCE. The Executive agrees that damages at law
will be an insufficient remedy to the Employer if the Executive violates the
terms of Sections 9, 10 or 11 of this Agreement and that the Employer would
suffer irreparable damage as a result of such violation. Accordingly, it is
agreed that the Employer shall be entitled, upon application to a court of
competent jurisdiction, to obtain injunctive relief to enforce the provisions of
such Sections, which injunctive relief shall be in addition to any other rights
or remedies available to the Employer. The Executive agrees to pay to the
Employer all costs and expenses incurred by the Employer relating to the
enforcement of the terms of Sections 9, 10 or 11 of this Agreement, including
reasonable fees and disbursements of counsel (both at trial and in appellate
proceedings).

         13.      PAYMENT OF EXCISE TAXES.

                  (a)      PAYMENT OF EXCISE TAXES. If the Executive is to
receive any (1) Change of Control Payment under Section 8(d) of this Agreement,
(2) any benefit or payment under Section 7 as a result of or following the death
or permanent disability of the Executive, or (3) any benefit or

                                       10.
<PAGE>

payment under Section 8(c) as a result of or following any termination of
employment hereunder Without Good Cause (such sections being referred to as the
"Covered Sections" and the benefits and payments to be received thereunder being
referred to as the "Covered Payments"), the Executive shall be entitled to
receive the amount described below to the extent applicable: If any Covered
Payment(s) under any of the Covered Sections or by the Employer under another
plan or agreement (collectively, the "Payments") are subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code of 1986 (as amended from
time to time, the "Code"), or any successor or similar provision of the Code
(the "Excise Tax"), the Employer shall pay the Executive an additional cash
amount (the "Gross Up") such that the net amount retained by the Executive after
deduction of any Excise Tax on the Payments (and any Excise Tax on the federal
income tax and Excise Tax on any amounts paid as Gross Up under this Section 13)
shall be equal to the Payments.

                  (b)      CERTAIN ADJUSTMENT PAYMENTS. For purposes of
determining the Gross Up, the Executive shall be deemed to pay the federal
income tax at the highest marginal rate of taxation (currently 39.6%) in the
calendar year in which the payment to which the Gross Up applies is to be made.
The determination of whether such Excise Tax is payable and the amount thereof
shall be made upon the opinion of tax counsel selected by the Employer and
reasonably acceptable to the Executive. The Gross Up, if any, that is due as a
result of such determination shall be paid to the Executive in cash in a lump
sum within thirty (30) days of such computation. If such opinion is not finally
accepted by the Internal Revenue Service upon audit or otherwise, then
appropriate adjustments shall be computed (without interest but with additional
Gross Up, if applicable) by such tax counsel based upon the final amount of the
Excise Tax so determined; any additional amount due the Executive as a result of
such adjustment shall be paid to the Executive by the Employer in cash in a lump
sum within thirty (30) days of such computation, or if less than the Gross Up
any amount due the Employer as a result of such adjustment shall be paid to the
Employer by the Executive in cash in a lump sum within thirty (30) days of such
computation.

         14.      COMPLIANCE WITH OTHER AGREEMENTS. The Executive represents and
warrants that the execution of this Agreement by him and his performance of his
obligations hereunder will not conflict with, result in the breach of any
provision of or the termination of or constitute a default under any Agreement
to which the Executive is a party or by which the Executive is or may be bound.

         15.      WAIVER OF BREACH. The waiver by the Employer of a breach of
any of the provisions of this Agreement by the Executive shall not be construed
as a waiver of any subsequent breach by the Executive.

         16.      BINDING EFFECT; ASSIGNMENT. The rights and obligations of the
Employer under this Agreement shall inure to the benefit of and shall be binding
upon the successors and assigns of the Employer. It is expressly acknowledged
that the provisions of Section 11 relating to noncompetition, nonsolicitation
and nonacceptance may be enforced by the Employer's successors and assigns. This
Agreement is a personal employment contract and the rights, obligations and
interests of the Executive hereunder may not be sold, assigned, transferred,
pledged or hypothecated.

                                       11.
<PAGE>

         17.      ENTIRE AGREEMENT. This Agreement contains the entire agreement
and supersedes all prior agreements and understandings, oral or written, with
respect to the subject matter hereof, including without limitation any
previously existing employment agreements between the parties. This Agreement
may be changed only by an agreement in writing signed by the party against whom
any waiver, change, amendment, modification or discharge is sought.

         18.      HEADINGS. The headings contained in this Agreement are for
reference purposes only and shall not affect the meaning or interpretation of
this Agreement.

         19.      GOVERNING LAW. This Agreement shall be construed and enforced
in accordance with the laws of the State of Florida.

         20.      NOTICE. All notices which are required or may be given under
this Agreement shall be in writing and shall be deemed to have been duly given
when received if personally delivered; when transmitted if transmitted by
telecopy or similar electronic transmission method; one working day after it is
sent, if sent by recognized expedited delivery service; and five days after it
is sent, if mailed, first class mail, certified mail, return receipt requested,
with postage prepaid. In each case notice shall be sent to:

         To the Employer:                       Chico's FAS, Inc.
                                                11215 Metro Parkway
                                                Ft. Myers, Florida  33912

         With a copy to:                        Gary I. Teblum, Esquire
                                                Trenam, Kemker, Scharf, Barkin
                                                  Frye, O'Neill & Mullis, P.A.
                                                Post Office Box 1102
                                                Tampa, Florida 33601

         To the Executive at his address herein first above written.

                                       12.
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.

                                          CHICO'S FAS, INC.

                                          By: /s/ JOHN BURDEN
                                             -----------------------------------
                                              John Burden, Chairperson,
                                              Compensation & Benefits Committee

                                          EXECUTIVE:

                                              /s/ MARVIN J. GRALNICK
                                          --------------------------------------
                                          Marvin J. Gralnick

                                       13.
<PAGE>

                                    EXHIBIT A
                                       TO
                  EMPLOYMENT AGREEMENT WITH MARVIN J. GRALNICK
                          DATED AS OF FEBRUARY 7, 2000

                                     RELEASE

         WHEREAS, __________________________(the "Executive") is an employee of
Chico's FAS, Inc., (the "Company") and is a party to the Employment Agreement
dated __________________ (the "Agreement");

         WHEREAS, the Executive's employment has been terminated in accordance
with Section 8___ 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.

         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:

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

         3. In consideration of the payments to be made and the benefits to be
received by the Executive pursuant to the Agreement, which the Executive
acknowledges are in addition to payment and benefits to which the Executive
would be entitled to but for the Agreement, the Executive, for the Executive and
the Executive's dependents, successors, assigns, heirs, executors and
administrators (and the Executive and their 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
attorney's 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 ("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

                                       A-1
<PAGE>

                  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.

         4.       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.

         5.       The Executive further agrees and acknowledges that:

         (a)      The Release provided for herein releases claims to and
                  including the date 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 21 days to review and
                  consider the terms of this Release, prior to its execution and
                  that the Executive may use as much of the 21 day period as the
                  Executive desires; 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.

         6.       The Executive agrees that the Executive will never file a
lawsuit or other complaint asserting any claim that is released in this Release.

                                       A-2
<PAGE>

         7.       The Executive waives and releases any claim that the Executive
has or may have to reemployment after ____________________________.

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

Dated:_______________________                   ________________________________
                                                Executive

                                       A-3

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