Document:

EX-10.1

 Exhibit 10.1 

RELEASE AGREEMENT 

THIS RELEASE AGREEMENT (this “Release”) is made by and between MELISSA PAYNER-GREGOR (“Employee”) and
DESTINATION MATERNITY CORPORATION (the “Company”). 
 WHEREAS, Employee has decided to resign from the position of Interim
Chief Executive Officer effective at the close of business on June 1, 2018 (the “Effective Time”); and 
 WHEREAS, in
recognition of Employee’s service to the Company and to obtain a release from Employee, the Company, subject to Employee’s execution and non-revocation of this Release, has agreed to pay Employee a
certain sum upon her resignation pursuant to the Letter Agreement by and between the Company and Employee dated January 3, 2018 (the “Agreement”), certain benefits pursuant to a COBRA Continuation Coverage Letter Agreement by and
between the Company and Employee dated March 22, 2018 (the “COBRA Agreement”), and certain additional amounts as set forth herein. 

NOW THEREFORE, in consideration of these premises and the mutual promises contained herein, and intending to be legally bound hereby, the
parties agree as follows: 
 1.    Resignation and Consideration. 

1.1.    Employee hereby resigns as an officer of the Company and each of its subsidiaries and affiliates, in each case,
effective as of the Effective Time. 
 1.2.    Employee’s employment as interim Chief Executive Officer of
the Company is hereby terminated effective as of the Effective Time. 
 1.3.    The Company will, in exchange for and
contingent upon Employee’s execution and non-revocation of this Release, provide Employee with: (a) a lump sum payment of the $50,000 bonus (as set forth in the Section of the Agreement entitled
“Bonus”) payable upon termination of Employee’s employment by the Company, which shall be paid as soon as practicable following the date on which the Release becomes effective; (b) continuation of Employee’s base salary at
the current rate through and including June 1, 2018, such payments to be paid in accordance with the Company’s normal payroll practices; ; (c) reimbursement of all of Employee’s business expenses incurred on or before June 1,
2018, in accordance with the Company’s expense reimbursement policy for senior executives; and (d) certain benefits as described in the COBRA Agreement. 

1.4.    Employee acknowledges that: (i) the payments, rights and benefits set forth in Section 1.3 above
constitute full settlement of all her rights under the Agreement, (ii) she has no entitlement under any other severance or similar arrangement maintained by the Company, and (iii) except as otherwise provided specifically in this Release,
the Company does not and will not have any other liability or obligation to Employee. Employee further acknowledges that, in the absence of her execution and non-revocation of this Release, the payments
specified in Section 1.3(a), 1.3 (b), and 1.3(c) above would not be provided to her. 

 2.    Employee’s Release. 

2.1.    Employee hereby fully and forever releases and discharges the Company, its parent and subsidiary corporations and
each of their predecessors, successors, assigns, stockholders, affiliates, officers, directors, trustees, employees, agents and attorneys, past and present (the Company and each such person or entity is referred to as a “Released
Person”) from any and all claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, obligations, controversies, debts, costs, expenses, damages, judgments, orders and liabilities, of whatever kind or
nature, direct or indirect, in law, equity or otherwise, whether known or unknown, arising through the date of this Release out of Employee’s employment by the Company or the termination thereof, including, but not limited to, any claims for
relief or causes of action under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., or any other federal, state or local statute, ordinance or regulation regarding discrimination in employment and any claims, demands or
actions based upon alleged wrongful or retaliatory discharge or breach of contract under any state or federal law. 

2.2.    Employee expressly represents that she has not filed a lawsuit or initiated any other administrative proceeding
against a Released Person and that she has not assigned any claim against a Released Person. Employee further promises not to initiate a lawsuit or to bring any other claim against the other arising out of or in any way related to Employee’s
employment by the Company or the termination of that employment. This Release will not prevent Employee from filing a charge with the Equal Employment Opportunity Commission (or similar state agency) or participating in any investigation conducted
by the Equal Employment Opportunity Commission (or similar state agency); provided, however, that any claims by Employee for personal relief in connection with such a charge or investigation (such as reinstatement or monetary damages) would
be barred. 
 2.3.    The foregoing will not be deemed to release the Company from (a) claims solely to enforce
Section 1.3 of the Release, (b) claims for benefits (not including severance benefits), if any, under the Company’s employee welfare benefit plans and employee pension benefit plans, subject to the terms and conditions of those plans,
or (c) claims for indemnification under the Company’s By-Laws or policies of insurance. 

3.    Company Release. 

3.1.    The Company hereby fully and forever releases and discharges Employee and her executors, administrators and heirs
from any and all claims, demands, liens, agreements, contracts, covenants, actions, suits, causes of action, obligations, controversies, debts, costs, expenses, damages, judgments, orders and liabilities, of whatever kind or nature, direct or
indirect, in law, equity or otherwise, whether known or unknown, arising through the date of this Release out of Employee’s service to the Company or the termination thereof. 

3.2.    The Company expressly represents that it has not filed a lawsuit or initiated any other administrative proceeding
against Employee and that it has not assigned any claim against Employee. The Company further promises not to initiate a lawsuit or to bring any other claim against Employee arising out of or in any way related to Employee’s service to the
Company or the termination thereof. 

  
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 3.3.    The foregoing will not be deemed to release Employee from claims
(a) arising from acts or omissions by Employee prior to the Effective Time that would constitute a crime or willful misconduct or (b) that are not known to any member of the Company’s Board of Directors (provided that a claim will be
deemed known if the basis for each material element of the claim could have been ascertained by the Board of Directors prior to the date hereof upon reasonable inquiry). 

4.    Non-Disparagement. Employee will not disparage any Released Person or
otherwise take any action which could reasonably be expected to adversely affect the personal or professional reputation of any Released Person. Similarly, the Company (meaning, solely for this purpose, the executive officers and directors of the
Company and other persons authorized to make official communications on behalf of the Company) will not disparage Employee or otherwise take any action which could reasonably be expected to adversely affect the personal or professional reputation of
Employee. Notwithstanding the foregoing, in no event will any legally required disclosure or action be deemed to violate this Section, regardless of the content of such disclosure or the nature of such action. 

5.    Disclosures. Employee and the Company agree that nothing in this Agreement prevents or prohibits Employee
from (i) making any disclosure of relevant and necessary information or documents in connection with any charge, action, investigation, or proceeding relating to this Agreement, or as required by law or legal process; (ii) participating,
cooperating, or testifying in any charge, action, investigation, or proceeding with, or providing information to, any self-regulatory organization, governmental agency or legislative body, and/or pursuant to the Sarbanes-Oxley Act, or
(iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or
any self-regulatory organization. To the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling the disclosure of any such information or documents, Employee agrees to give prompt written notice to the
Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible. 

6.    Cooperation. Employee further agrees that, subject to reimbursement of her reasonable expenses, she
will cooperate fully with the Company and its counsel with respect to any matter (including litigation, investigations, or governmental proceedings) in which Employee was in any way involved during her employment with the Company. Employee will
render such cooperation in a timely manner on reasonable notice from the Company, provided that the Company will attempt to limit the need for Employee’s cooperation under this Section so as not to unduly interfere with her other personal and
professional commitments. 
 7.    Notice. Any notice or communication required or permitted under this Agreement
shall be made in writing and sent by certified or registered mail, return receipt requested, addressed as follows: 
 If to Employee: to the
address in the Company’s personal file. 

  
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 If to Company: 

Destination Maternity Corporation 

232 Strawbridge Drive 

Moorestown, New Jersey 08057 

Attn: General Counsel 
 or to such other address
as either party may from time to time duly specify by notice given to the other party in the manner specified above. 

8.    Rescission Right. Employee expressly acknowledges and recites that
(a) she has read and understands the terms of this Release in its entirety, (b) she has entered into this Release knowingly and voluntarily, without any duress or coercion; (c) she has been
advised orally and is hereby advised in writing to consult with an attorney with respect to this Release before signing it; (d) she was provided 21 calendar days after receipt of the Release to consider its terms before signing
it; and (e) she is provided 7 calendar days from the date of signing to terminate and revoke this Release, in which case this Release shall be unenforceable, null and void. Employee may revoke this Release during those 7 days by
providing written notice of revocation to the Company at the address specified in Section 7 herein. 

9.    Challenge. If Employee violates or challenges the enforceability of this Release, no further payments,
rights or benefits under Section 1.3 of the Release (or under the Section of the Agreement entitled “Bonus”) will be due to Employee. 

10.    Miscellaneous. 

10.1.    No Admission of Liability. This Release is not to be construed as an admission of any violation of any
federal, state or local statute, ordinance or regulation or of any duty owed by the Company to Employee. There have been no such violations, and the Company specifically denies any such violations. 

10.2.    Severability. Whenever possible, each provision of this Release will be interpreted in such manner as to
be effective and valid under applicable law. However, if any provision of this Release is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provision, and this
Release will be reformed, construed and enforced as though the invalid, illegal or unenforceable provision had never been herein contained. 

10.3.    Entire Agreement; Amendments. Except as otherwise provided herein, this Release contains the entire
agreement and understanding of the parties hereto relating to the subject matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and understandings of every nature relating to the subject matter hereof. This
Release may not be changed or modified, except by an agreement in writing signed by each of the parties hereto. 

10.4.    Governing Law. This Release shall be governed by, and enforced in accordance with, the laws of the
Commonwealth of Pennsylvania, without regard to the application of the principles of conflicts of laws. 

  
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 10.5.    Counterparts and Facsimiles. This Release may be executed,
including execution by facsimile signature, in multiple counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. 

[Signature page follows.] 

  
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 IN WITNESS WHEREOF, the Company has caused this Release to be executed by its duly authorized
officer, and Employee has executed this Release, in each case on the date indicated below, respectively. 
  

			
	DESTINATION MATERNITY CORPORATION
		
	By:	 	 /s/ David Stern

			
	Name & Title:	 	David Stern, Executive Vice President and Chief Financial Officer

 
			
		
	Date:	 	June 4, 2018
	
	MELISSA PAYNER-GREGOR
	
	/s/ Melissa Payner-Gregor
		
	Date:	 	June 1, 2018

  
 -6-EX-10.2

 Exhibit 10.2 
  

 
 May 30, 2018 

Marla A. Ryan 
 VIA HAND DELIVERY 

 

	 	Re:	Employment Terms 

 Dear Marla: 

On behalf of Destination Maternity Corporation (the “Company”), I am pleased to confirm the Company’s employment of you (also referred
to as the “Executive”) as the Chief Executive Officer of the Company. This letter agreement (“Agreement”) memorializes the terms and conditions agreed to and shall become effective May 30, 2018 (the
“Effective Date”). The terms and conditions of your employment with the Company following the Effective Date shall be as follows: 
  

			
	POSITION:	  	Chief Executive Officer of the Company.
		
	REPORTING:	  	Board of Directors of the Company (the “Board”).
		
	DUTIES:	  	During your employment by the Company, you shall use your best efforts to serve the Company faithfully and shall devote your full time, attention, skill and efforts to the performance of the duties required as or appropriate for
a Chief Executive Officer of the Company. You agree to assume such duties and responsibilities as may be customarily incident to such position and as may be reasonably and lawfully assigned to you from time to time by the Board.
		
		  	Your employment will be on an at-will basis.
		
	EMPLOYMENT AGREEMENT:	  	The Company and the Executive intend to enter into a new and more complete employment agreement (the “Definitive Agreement”) by July 30, 2018. Each of you and the Company agrees to work in good faith to
complete and execute such agreement on mutually agreeable terms as soon as possible and in no event later than July 30, 2018.
		
	BASE SALARY:	  	Commencing with the Effective Date, you will be paid an annualized base salary of $620,000 (“Base Salary”), payable in accordance with the Company’s regular payroll practices in effect from time to
time.

			
	EXPENSES:	  	The Company shall reimburse you for all reasonable and necessary business expenses incurred for the benefit of the Company during your period of service, including reimbursement of reasonable transportation and temporary living
expenses incurred by you as a result of your commuting and/or temporary relocation during your period of service.
		
	BENEFITS:	  	During your employment, you will be eligible to participate in all medical and health plans or other employee welfare benefit or retirement plans that the Company provides to other senior executive officers, subject to the terms
of those plans.
		
	TERMINATION:	  	As stated above, you will be an “at-will” employee who can resign or terminate your employment with the Company at any time. Likewise, the Company may terminate your employment at
any time and for any reason whatsoever, with or without cause or any advance notice.
		
		  	Upon any cessation of your employment with the Company, you will be entitled only to such compensation and benefits as described in Appendix A to this Agreement.
		
	SECTION 409A COMPLIANCE:	  	Notwithstanding the other provisions hereof, this Agreement is intended to comply with or be exempt from the requirements of Section 409A, to the extent applicable, and this Agreement shall be interpreted to avoid any
penalty sanctions under Section 409A. Accordingly, all provisions herein, or incorporated by reference, shall be construed and interpreted to comply with or be exempt from Section 409A, if necessary, any such provision shall be deemed
amended to comply with Section 409A and regulations thereunder.
		
		  	Notwithstanding anything to the contrary contained in this Agreement, all reimbursements and in-kind benefits provided hereunder shall be made or provided in accordance with the
requirements of section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during your lifetime, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a taxable year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year,
(iii) the reimbursement of an eligible expense will be made on or before the last day of the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement or
in-kind benefits is not subject to liquidation or exchange for another benefit.

  
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	MISCELLANEOUS:	  	The Company will pay reasonable legal fees incurred by you in negotiating this Agreement and the Definitive Agreement.
		
		  	The Company will be entitled to withhold from any amounts to be paid or benefits provided to you hereunder any federal, state, local or foreign withholding, FICA contributions, or other taxes, charges or deductions which it is
from time to time required to withhold. The Company will be entitled to rely on the advice of counsel if any question as to the amount or requirement of any such withholding shall arise.
		
		  	As a Company employee, you will be expected to abide by all Company rules and regulations.
		
		  	Any notice, request, instruction or other document given under this Agreement shall be in writing and shall be addressed and delivered, in the case of the Company, to the Board at the principal office of the Company and, in your
case, to your address as shown in the records of the Company or to such other address as may be designated in writing by either party.
		
		  	This Agreement shall be exclusively governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to conflicts of law doctrine.
		
		  	The provisions of this Agreement are severable and the invalidity of any one or more provisions shall not affect the validity of any other provision.
		
		  	A waiver by either party of any breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by the other party.
		
		  	This Agreement forms the complete statement of your employment terms with the Company, and supersedes any other agreements made to you by anyone, whether oral or written. This Agreement may not be amended or revised except by a
writing signed by the parties.
		
		  	This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but which together shall constitute one and the same instrument.

 [Signature Page Follows] 

  
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 If you are in agreement with the foregoing, please execute this Agreement at the signature line below and return
an executed copy to my attention. 
  

	
	Very truly yours,
	
	 /s/ David Stern

	Destination Maternity Corporation
	David Stern
	Executive Vice President & Chief Financial Officer

  

	
	Accepted and agreed to by:
	
	 /s/ Marla A. Ryan

	Marla A. Ryan
	
	Date: May 30, 2018

  
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 Appendix A 

1.    Termination. Upon any cessation of her employment with the Company, Executive will be entitled only to such
compensation and benefits as described in this Section 1. Upon any cessation of her employment for any reason, unless otherwise requested by the Company, Executive agrees to resign immediately from all officer and director
positions she then holds with the Company and its affiliates, other than the Board of Directors of the Company. 

1.1.    Termination without Cause or for Good Reason. If Executive’s employment by the Company ceases due to a
termination by the Company without Cause (as defined below) or a resignation by Executive for Good Reason (as defined below), Executive will be entitled to: 

1.1.1.    payment of all accrued and unpaid Base Salary through the date of such cessation; 

1.1.2.    a lump sum severance payment of $50,000; and 

1.1.3.    monthly reimbursement of the applicable premium payable for COBRA continuation coverage for Executive
(and, to the extent covered immediately prior to the date of such cessation, her eligible dependents) for a period equal to 12 months. 
 Except
as otherwise provided in this Section 1.1, all compensation and benefits will cease at the time of such cessation and the Company will have no further liability or obligation by reason of such cessation. The payments
and benefits described in this Section 1.1 are in lieu of, and not in addition to, any other severance arrangement maintained by the Company. Notwithstanding any provision of this Agreement, the payments and benefits
described in Section 1.1 are conditioned on Executive’s execution and delivery to the Company, within 45 days following her cessation of employment, of a general release of claims against the Company and its affiliates
in such form as the Company may reasonably require (the “Release”). Subject to the “Section 409A Compliance” section of the Agreement to which this Appendix is attached, and provided the Release is not revoked,
the severance benefits described herein will begin to be paid or provided (x) 15 days after the Release has been delivered, if the 60-day period following the cessation of employment does not
straddle two calendar years; or (y) the later of 15 days after the Release has been delivered or the first regularly scheduled payroll date in the calendar year following the cessation of employment, if the
60-day period following such cessation straddles two calendar years. 

1.2.    Other Terminations. If Executive’s employment with the Company ceases for any reason other than as
described in Section 1.1, above (including but not limited to termination (a) by the Company for Cause, (b) as a result of Executive’s death, (c) as a result of Executive’s disability
or (d) by Executive without Good Reason), then the Company’s obligation to Executive will be limited solely to the payment of accrued and unpaid Base Salary through the date of such cessation. All compensation and benefits will
cease at the time of such cessation and, except as otherwise provided by COBRA, the Company will have no further liability or obligation by reason of such termination. The foregoing will not be construed to limit Executive’s right to
payment or reimbursement for claims incurred prior to the date of such termination under any insurance contract funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms of such insurance contract. 

1.3.    Definitions. For purposes of this Agreement: 

1.3.1.    “Cause” means: (a) conviction of, or the entry of a plea of guilty or no contest to, a
crime, other than a minor traffic offense; (b) alcohol abuse or use of controlled drugs (other than in accordance with a physician’s prescription); (c) willful misconduct or gross negligence in the

  
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course of employment; (d) material breach of any published Company policy, including (without limitation) the Company’s ethics guidelines, insider trading policies or policies regarding
employment practices; (e) material breach of any agreement with or duty owed to the Company or any of its affiliates; or (f) refusal to perform the lawful and reasonable directives of the Board of Directors. For avoidance of doubt, a
separation from service that occurs as a result of a condition entitling the Executive to benefits under any Company sponsored or funded long term disability arrangement will not constitute a termination “without Cause.” 

1.3.2.    “Good Reason” means any of the following, without the Executive’s prior consent:
(a) a material, adverse change in title, authority or duties (including the assignment of duties materially inconsistent with the Executive’s position) or removal from the Board of Directors of the Company; (b) a reduction
in Base Salary; or (c) a relocation of the Executive’s principal worksite more than 50 miles. However, none of the foregoing events or conditions will constitute Good Reason unless the Executive provides the Company with written
objection to the event or condition within 30 days following the occurrence thereof, the Company does not reverse or otherwise cure the event or condition within 30 days of receiving that written objection, and the Executive resigns her employment
within 30 days following the expiration of that cure period. 

  
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