Document:

exv10w1

Exhibit 10.1

THIRD AMENDMENT TO LOAN AGREEMENT

     THIS THIRD AMENDMENT TO LOAN AGREEMENT (the “Amendment”) made and entered into on this the 27th day
of July, 2011, by and between MITCHAM INDUSTRIES, INC., as “Borrower,” and FIRST VICTORIA NATIONAL
BANK, as “Lender,” to amend, ratify and confirm that certain Loan Agreement (the “Loan Agreement”)
among the parties hereto dated the 24th day of September, 2008, governing the terms of a line of
credit as therein described and evidenced by a promissory note of even date therewith in the
original principal sum of $25,000,000.00, as previously amended to govern a line of credit
increased to $35,000,000.00 (the “Loan”).

     In consideration of their mutual warranties, covenants and agreements contained herein, and in said
Loan Agreement and Lender’s renewal and extension of the existing line of credit to Borrower
evidenced by the hereinafter described promissory note, Borrower and Lender hereby warrant,
covenant and agree as follows:

     1. Borrower acknowledges, represents, warrants, and agrees that Borrower is presently indebted to
Lender in the amount of the current principal balance of $3,250,000.00 owing on the promissory note
described in Paragraph II.A. of the Loan Agreement and any accrued interest thereon, and that
Borrower has no defenses, rights of set off, counterclaims, causes of action or any other bars to
enforcement of the obligations governed by the Loan Agreement or this amendment thereto.

     2. The Loan Agreement has been previously amended by First and Second Amendments to Loan Agreement
dated March 24, 2010 and July 27, 2010.

     3. Borrower is the Borrower under the Loan Agreement. All of the warranties of Borrower relating to
Borrower’s corporate existence, good standing and authority to enter into this transaction as set
forth in the Loan Agreement are hereby renewed, restated and confirmed, both as of the date of the
Loan Agreement and the date of this Amendment thereto.

     4. Borrower will execute and deliver to Lender a promissory note of even date herewith (the
“Promissory Note”) in the amount of $35,000,000.00 in the form attached hereto and made a part
hereof as Exhibit A, being partly in renewal and extension of the principal balance of the
promissory note dated July 27, 2010 executed by Borrower and payable to the

 

 

order of Lender in the original principal sum of $35,000,000.00 and evidencing the line of credit
governed by the Loan Agreement. Lender will advance to Borrower, according to the terms thereof and
subject to the limitations expressed therein and in the Loan Agreement, as amended, the unadvanced
portion of the principal of the Promissory Note remaining after renewal of the principal balance of
the existing line of credit and the reservation of any amounts of the unadvanced portion of the
Promissory Note which have been reserved for the purposes of funding draws on letters of credit
issued at Borrower’s request pursuant to Paragraph V.B of the Loan Agreement. Lender’s obligation
to make advances to Borrower under the Loan Agreement will hereafter be limited to the unadvanced
and unreserved portion of the Promissory Note.

     5. In addition to the other obligations of Borrower under the Loan Agreement, Borrower will pay to
Lender a commitment fee in the amount of $35,000.00 as consideration for the modification of the
terms of the Loan set forth in this Amendment and in the Promissory Note described in Paragraph 4.
The commitment fee will be due upon execution of this Amendment.

     6. The Loan will continue to be governed by Paragraph V.B of the Loan Agreement as amended to read
as follows:

	 	“B.	 	At Borrower’s option, Lender will reserve for the purposes of funding amounts drawn on letters
of credit issued by Lender or The Frost National Bank at Borrower’s request and with Lender’s
approval up to $7,000,000.00 of the amount of the Loan which would otherwise be available for
advances hereunder. Amounts drawn on any such letters of credit will be advanced by Lender from the
principal of the Loan upon draws made in accordance with the terms of the letter. The amounts
either drawn or available to be drawn on any such letter of credit will reduce the amount of the
principal of the Loan available to be advanced to Borrower and the aggregate amount of all advances
on the loan, together with all amounts which may be drawn under any letters of credit will not
exceed the original principal amount of the Note currently evidencing the line of credit extended
to Borrower under this Agreement ($35,000,000.00). Borrower will pay a fee of 1.0% of the face
amount of each domestic letter of credit and 1.5% of the face amount of each foreign letter of
credit for each year in which it will be in effect. Borrower will pay, in addition to the fees
prescribed in the Loan Agreement for issuance of any letter of credit, any fees assessed by any
other bank or other parties to the letter of credit transaction. Neither Lender nor The Frost
National Bank will have any obligation to issue any letter of credit that is not acceptable to
Lender as to form, term, and conditions.”

2

 

     7. The Loan will continue to be governed by Paragraph V.C of the Loan Agreement as amended to read
as follows:

	 	“C.	 	Lender will, at Borrower’s request, renew, extend and rearrange any portion of the unpaid
balance of the Loan as a separate, amortizing loan evidenced by a promissory note requiring monthly
installments of principal and interest in amounts sufficient to repay the balance over a period of
48 months at an interest rate One-half of One percent (0.5%) over the prime rate published in the
Wall Street Journal at the time of such renewal and rearrangement, adjusted annually thereafter, in
the form attached hereto as Exhibit “B.” Any portion of the unpaid balance of the Loan which is so
renewed and rearranged will be deducted from the amount of the Loan that is available to be
advanced to Borrower hereunder, so that the total of all advances of principal of the Loan, the
amounts drawn or which may be drawn under any letters of credit issued pursuant to Paragraph V. B,
above, and the portion of the unpaid principal renewed and rearranged as a separate, amortizing
loan will never exceed the original principal amount of the Note currently evidencing the line of
credit extended to Borrower under this Agreement ($35,000,000.00).”

     8. Paragraph IV.A.4.l of the Loan Agreement is hereby amended to read as follows:

	 	“l.	 	Maintain Borrower’s primary deposit accounts with Lender or such other depository institutions
as are necessary to provide financial services required by Borrower in its operations and have been
disclosed to Lender by Borrower as providing such services. “

     9.
The Loan shall be governed by and subject to all of the terms, covenants and conditions of the
Loan Agreement, as amended, and by the terms of the promissory note described in paragraph 4 above,
and be secured by all of the same liens, pledges, assignments and security interests as are
provided in the Promissory Note and the Loan Agreement, as amended, and in the security documents
referenced therein. Borrower hereby grants, renews and ratifies all such liens, pledges,
assignments and security interests in favor of Lender as continuing security for the indebtedness
of Borrower under the Loan Agreement, as amended.

     10. Borrower and Lender hereby renew, ratify, and confirm all of the warranties, covenants and
agreements contained in the Loan Agreement, as amended, except to the extent modified by the terms
of this Amendment thereto. The Loan Agreement, as so amended, and the documents referenced therein
constitute the sole and only agreement of the parties hereto and supersedes any prior oral
understandings or agreements between the parties respecting the subject matter of this agreement.
This Amendment, together with the Loan Agreement and all prior

3

 

amendments thereto, shall apply to and govern the extensions of credit described herein and all
renewals, extensions and rearrangements of such indebtedness of Borrower to Lender.

     EXECUTED on the date first hereinabove mentioned.

	 	 	 	 	 
	 	MITCHAM INDUSTRIES, INC.

 	 
	 	By:  	/s/ Billy F. Mitcham, Jr.
 	 
	 	 	Billy F. Mitcham, Jr. 	 
	 	 	Its President 	 
	 	

BORROWER

	 
	 	FIRST VICTORIA NATIONAL BANK

 	 
	 	By:  	/s/ HERSCHEL VANSICKLE
 	 
	 	 	HERSCHEL VANSICKLE 	 
	 	 	Its   SRVP	 
	 
	 	 	LENDER 	 
	 

	 	 	 

	STATE OF TEXAS

	 	§
	 
	 	 
	COUNTY OF WALKER

	 	§

     This instrument was acknowledged before me on July 29, 2011, by Billy F. Mitcham, Jr.,
as President of Mitcham Industries, Inc., on behalf of said corporation.

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Shannon Lee Wells
 	 
	 	 	Notary Public, State of Texas 	 
	 	 	 	 
	 

	 	 	 	 	 

	STATE OF TEXAS

	 	§
	 	
	 
	 	 	 	 
	COUNTY OF VICTORIA

	 	§	 	 

     This instrument was acknowledged before me on August 3, 2011, by HERSCHEL VANSICKLE, as SR VICE PRESIDENT of First Victoria National Bank, on
behalf of said corporation.

	 	 	 	 	 

	 

	 	By:
	 	/s/ MARIAN R. PASSMORE HOGAN
	 

	 	 	 	 
	
	 	 	 	Notary Public, State of Texas

4exv10w1

Exhibit 10.1

June 6, 2011

By Email

Lesli R. Gilbert

128 Blue Meadow Lane

Sicklerville, NJ 08081

Dear Lesli,

On behalf of The Talbots, Inc. (including its subsidiaries, “Talbots” or the “Company”), we are
pleased to offer you the position of Senior Vice President, Stores in accordance with the
following:

Base Salary, Benefits and Perquisites

	•	 	Your salary will be at the rate of $375,000 per annum. Your salary will be paid to you on
a bi-weekly basis. Your first review for a possible salary increase based on demonstrated job
performance will be scheduled for FY 2012 and annually thereafter.

	•	 	You are eligible to participate in the Company’s medical and dental benefit plans currently
in effect and generally available at the time to Talbots senior vice presidents, subject to
plan terms and eligibility conditions. You are also eligible to participate in all other
benefit plans currently in effect and generally available at the time to Talbots senior vice
presidents, subject to plan terms and eligibility conditions. Plans are subject to
modification or termination by the Company in its discretion. You will accrue paid time off
on a weekly basis throughout the year at a rate of 3.08 hours per week. You will also be
eligible for all perquisites at a level commensurate with the senior vice president level at
Talbots as in effect from time to time. Perquisites will not be grossed up for taxes. You
will also be entitled to a change in control agreement, a copy of which is attached as
Exhibit A (the “Change in Control Agreement”), which will be effective upon execution
and shall remain in effect at all times during your employment with the Company, unless
expressly amended or superseded in writing by the parties hereto.

	•	 	You will assume the position and title of Senior Vice President, Stores, effective on or
about June 27, 2011. The position will be based in Hingham, MA with frequent travel to the
Company’s store locations consistent with the position, travel to the Company’s Hingham
headquarters and New York office, and any other travel required for the Company’s business
purposes.

 

 

Lesli Gilbert

June 6, 2011

Page 2

Annual Incentive Award Opportunity

	•	 	You will be eligible for participation in any annual incentive plan of the Company as may
be in effect from time to time. Your target award opportunity under any annual incentive plan
of the Company will be 50% of your base salary. For FY 2011 only, you will receive a minimum
bonus equal to $187,500 (which equals your target award opportunity for FY 2011). This
$187,500 bonus payment (payable at the same time as other FY 2011 bonuses would customarily be
paid to other senior Company officers) is guaranteed and will be paid to you whether or not
the Company’s performance goals under the Company’s 2011 incentive plan are achieved, unless
you voluntarily leave Talbots or resign other than for Good Reason (as defined below) or your
employment is terminated by Talbots for Cause (as defined below) prior to the date that FY
2011 bonuses are paid to senior Company officers.

Equity Compensation

	•	 	You will be eligible to receive such equity incentive compensation as may be awarded from
time to time by the Company’s Compensation Committee of the Board of Directors (the
“Compensation Committee”) pursuant to The Talbots, Inc. 2003 Executive Stock Based Incentive
Plan as same may be amended or superseded from time to time (“Equity Plan”). All incentive
awards granted to you will be subject to the terms of the Equity Plan.

	•	 	As a special hiring inducement award in consideration for your joining the Company, you
will be awarded a one-time restricted stock award having a value of $160,000 pursuant to and
subject to the terms and conditions of a Restricted Stock Award Agreement to be executed by
the Company and you upon your joining the Company. The restricted stock award will be
effective, and the number of shares will be calculated based on the closing market price of
the Company’s common stock, as of the grant date which will be your employment commencement
date, and subject to the terms of the Restricted Stock Award Agreement, will vest over a
three-year period as follows: one-third on the first anniversary of the effective date of
grant; one-third on the second anniversary of the effective date of grant; and one-third on
the third anniversary of the grant date.

	•	 	As a special hiring inducement award in consideration for your joining the Company, you
will also be awarded a one-time Non-Qualified Stock Option having the value of $240,000
pursuant to and subject to the terms and conditions of a Non-Qualified Stock Option Agreement,
to be executed by the Company and you upon joining the Company. The number of shares
underlying the Non-Qualified Stock Option will be calculated using the Black-Scholes value (as
determined by the Company using its customary methodology) as of
the grant date which will be your employment commencement date. The option price will equal the
closing market price of the Company’s common stock on the grant date and will vest in one-third
annual increments beginning one year from the grant date.

	•	 	You understand and agree that the number and timing of any future equity awards to you will
be subject to Compensation Committee’s sole discretion.

 

 

Lesli Gilbert

June 6, 2011

Page 3

Severance

	•	 	It is understood and agreed that either you or Talbots may terminate the employment
relationship at any time and for any reason upon giving five days’ prior written notice. Your
eligibility for severance benefits will be pursuant to and subject to the terms and conditions
of the Severance Agreement being executed between you and the Company at the same time and
attached hereto as Exhibit B (the “Severance Agreement”). Subject to the terms and
conditions of such Severance Agreement, in the event of a termination of your employment by
the Company without Cause (as defined in the Severance Agreement) or by you for Good Reason
(as defined in the Severance Agreement), you would be entitled to receive 1.0 times your
annual base salary and 12 months benefits continuation, subject to the Company’s receipt of a
release and waiver as required by the Severance Agreement.

Restrictive Covenants

	•	 	Confidentiality. You agree that you will not, at any time during or following your
employment, directly or indirectly, without the express prior written consent of the Company,
other than as required in connection with the performance of your duties as an officer of the
Company, disclose or use any Confidential Information of the Company. “Confidential
Information” will include all information concerning the Company or any parent, subsidiary,
affiliate, employee, customer or supplier or other business associate of the Company or any
affiliate (including but not limited to any trade secrets or other confidential, proprietary
or private matters), which has been or is received by you or in your possession whether from
the Company or from any parent, subsidiary, affiliate or customer or supplier or other
business associate of the Company or otherwise, or developed by you during the term of your
employment, and which is not known or generally available to the public.

	•	 	Non-Disparagement. You agree that, for a period of one year after termination or
cessation of your employment for any reason, you will not take action or make any statement,
written or oral, which is intended to materially disparage the Company or its business.
Notwithstanding anything to the contrary contained herein or in the Severance Agreement,
neither this provision nor the same provision in the Severance Agreement shall apply to
accurate statements by you in your prosecution or defense of any action or proceeding by or
against the Company in any court or other tribunal of competent jurisdiction, including
arbitration and mediation, nor shall it apply to accurate statements by you in any testimony
given pursuant to subpoena or other process issued by a court or other tribunal of competent
jurisdiction.

	•	 	Non-Solicitation. You agree that, for a period of one year after the termination
or cessation of your employment for any reason, you will not directly or indirectly solicit,
attempt to hire, or hire any employee of the Company (or any person who may have been employed
by the Company during the last year of your employment with the Company), or actively assist
in such hiring by any other person or business entity or encourage, induce or attempt to
induce any such employee to terminate his or her employment with the Company.

 

 

Lesli Gilbert

June 6, 2011

Page 4

	•	 	Non-Competition. You agree that throughout your employment, and for a period of 12
months after termination or cessation of employment for any reason, you will not work directly
or indirectly in any capacity or perform any services (including as an officer, director,
employee, agent, advisor, in any consulting capacity or as an independent contractor) for any
person, partnership, division, corporation or other entity in any business in competition with
the principal businesses carried on by the Company in any jurisdiction in which the Company
actively conducts business (herein, the “Business Competitors”), including for illustrative
purposes only and not limited to, Ann Taylor, Gap Inc., Chico’s FAS, J. Crew, J. Jill,
Coldwater Creek, Polo Ralph Lauren, Phillips-Van Heusen Corporation, Liz Claiborne, Inc.,
Coach, Inc., the Limited Brands Incorporated or Nordstrom (or any of their affiliated brands,
subsidiaries or successors) (herein, the “Named Competitors”). In the event Talbots
terminates your employment for Cause and you are not entitled to severance under the Severance
Agreement or any other or successor severance agreement or arrangement to which you are then
covered, this 12-month non-competition restriction shall continue in effect without any
payment of severance with respect to the Named Competitors, but, with respect to any other
Business Competitor, only for as long as Talbots elects to continue to pay you (in accordance
with its then current payroll practices and up to a maximum period of 12 months) at a rate
equal to your base salary in effect at the time of termination.

	 	 	Your engaging in the following activities will not be deemed to be in violation of your
non-competition restriction: (i) investment banking; (ii) passive ownership of less than 2% of
any class of securities of a company; and (iii) engaging or participating solely in a
noncompetitive business of an entity that also separately operates a business that is a Business
Competitor or a Named Competitor.

	•	 	You acknowledge, with the advice of legal counsel, that you understand the foregoing
non-competition agreement and other restrictive covenants, that they are binding and
enforceable against you and that these provisions are fair, reasonable, and necessary for the
protection of the Company’s business.

	•	 	In addition to all other rights and remedies of the Company under this offer letter or
otherwise, upon any breach of any of the restrictive covenants outlined above, which is not
cured within 10 calendar days following written notice to you from the Company, such notice to
be provided in the same manner as set forth in Paragraph 6(h) of the Severance Agreement, the
Company will have the right to terminate any severance payment and benefits provided pursuant
to this offer letter (including all related agreements) or any other
or successor severance agreement covering you and the Company will also have the right to
recover any severance payment and benefits previously paid under this offer letter or such other
related agreements or any other or successor severance agreement covering you.

 

 

Lesli Gilbert

June 6, 2011

Page 5

Definitions

	•	 	“Cause” will have the meaning set forth in the Severance Agreement.

	•	 	“Good Reason” will have the meaning set forth in the Severance Agreement.

Arbitration; Mediation

	•	 	Any dispute, controversy or claim between the parties arising out of or relating to this
offer letter or all related agreements referenced herein, will be settled by arbitration
conducted in The Commonwealth of Massachusetts (before a single arbitrator who shall be a
former federal or state court judge), in accordance with the Commercial Rules of the American
Arbitration Association then in force, and each party shall bear their own expenses including
attorneys’ fees; provided, however, you acknowledge that in the event of a violation of the
restrictive covenants set forth above, the Company would suffer irreparable damages and will
be entitled to obtain from a state or federal court in The Commonwealth of Massachusetts or a
federal or state court of any other state or jurisdiction, temporary, preliminary or permanent
injunctive relief (without the necessity of posting any bond or other security), which rights
will be in addition to any other rights or remedies to which it may be entitled. You hereby
irrevocably consent to the exclusive jurisdiction of any federal court or state court located
in The Commonwealth of Massachusetts, and you hereby agree that process in any suit, action or
proceeding may be served anywhere in the world in the same manner as provided for notices to a
party as provided in the Severance Agreement. Moreover, nothing in this provision prevents
you from filing, cooperating with, or participating in any proceeding before the EEOC or a
state Fair Employment Practices Agency relating to discrimination or bias (except that you
acknowledge that you may not recover any monetary benefits in connection with any such
proceeding). The decision of the arbitrator conducting any such arbitration proceedings will
be in writing, will set forth the basis therefor and such arbitrator’s decision or award will
be final and binding upon the Company and you. The Company and you will abide by all awards
rendered in such arbitration proceedings, and all such awards may be enforced and executed
upon in any court having jurisdiction over the party against whom or which enforcement of such
award is sought. Notwithstanding the foregoing, the Company and you agree that, prior to
submitting a dispute under this offer letter to arbitration, the parties agree to submit, for
a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third
party mediator under the auspices of JAMS, Boston, Massachusetts, Resolution Center (or any
successor location), pursuant to the procedures of JAMS International Mediation Rules
conducted in The Commonwealth of Massachusetts (however, such mediation or obligation to
mediate will not suspend or otherwise delay any termination or other action of the Company or
affect the Company’s other rights).

 

 

Lesli Gilbert

June 6, 2011

Page 6

Taxes

	•	 	Notwithstanding anything to the contrary in this offer letter or the related agreements
referenced herein or in any other severance agreement or severance arrangement between you and
the Company, including without limitation the Severance Agreement and Change in Control
Agreement (for purposes of this subsection, all collectively referred to as the “agreements”),
it is the intention of the parties that each of such agreements comply with Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”), and any regulations or other
guidance issued thereunder, and the agreements and the payments of any benefits thereunder
will be operated and administered accordingly. Specifically, but not by limitation, you agree
that if, at the time of termination of employment, you are considered to be a specified
employee, as defined in Section 409A of the Code (and as determined as of December 31
preceding your termination of employment, unless your termination of employment occurs prior
to April 1, in which case the determination will be made as of the second preceding December
31), then some or all of such payments to be made under the agreements as a result of your
termination of employment will be deferred until the first business day following the date
that is 6 months following such termination of employment, except to the extent such payments
are exempt from Section 409A of the Code by virtue of the short-term deferral rule under
Treas. Reg. Sec. 1.409A-1(b)(4) and/or the severance pay execption under Treas. Reg. Sec.
1.409A-1(b)(9)(iii). Upon expiration of such 6 month period (or, if earlier, your death), any
payments so withheld will be distributed to you, with a payment of interest thereon credited
at a rate of prime plus 1% (with such prime rate to be determined as of the actual payment
date). Notwithstanding anything contained in this agreement to the contrary, the Company
acknowledges that, for purposes of Section 409A of the Code, each and every payment made under
this agreement shall be deemed a separate payment and not a series of payments. Further, it
is acknowledged that references to “termination of employment” and similar terms used in this
agreement are intended to refer to “separation from service” within the meaning of Section
409A of the Code to the extent necessary to comply with Section 409A.

Release and Waiver

	•	 	The Company’s obligation to make the payments and provide the benefits to you under or in
connection with this offer letter or the related agreements referenced herein, or under any
other severance agreement or severance arrangement (including, without limitation, under the
Severance Agreement or the Change in Control Agreement) will be conditioned upon and subject
to your delivery to the Company of an executed release (which will be effective when such
release is no longer subject to revocation) of any and all claims against the Company, its
parent entities, affiliates, employee benefit plans and fiduciaries (to the extent permissible
under ERISA), and their respective officers, employees, directors, agents and representatives
satisfactory in form and content to the Company’s counsel.

 

 

Lesli Gilbert

June 6, 2011

Page 7

Miscellaneous

	•	 	This offer letter together with all related agreements referenced herein (collectively, the
“Documents”) constitute the entire understanding between you and the Company and cannot be
modified, altered or waived unless it is done in a writing signed by both you and the Company.
If there is any conflict between the terms of these Documents and any other document related
to your employment, the terms of these Documents will control. This offer letter is governed
by the laws of The Commonwealth of Massachusetts (other than its rules for conflicts of laws).
This agreement is personal in nature to the Company and your rights and obligations under
this agreement may not be assigned by you. This agreement shall be binding upon and inure to
the benefit of the parties hereto and their successors (including successors by merger,
consolidation, sale or similar transaction, permitted assigns, executors, administrators,
personal representatives and heirs).
	 
	•	 	It is the intention of the parties that the provisions of this offer letter will be
enforced to the fullest extent permissible under the laws and public policies of each state
and jurisdiction in which such enforcement is sought, but that the unenforceability (or the
modification to conform with such laws or public policies) of any provisions hereof, will not
render unenforceable or impair the remainder of this offer letter. Accordingly, if any
provision of this offer letter will be determined to be invalid or unenforceable, either in
whole or in part, this offer letter will be deemed amended to delete or modify, as necessary,
the offending provisions and to alter the balance of this offer letter in order to render the
same valid and enforceable to the fullest extent permissible.
	 
	•	 	As an employee of Talbots, you agree to abide by all Company rules and policies, as
applicable, including the Company’s code of business conduct and ethics and stock ownership
guidelines.
	 
	•	 	You represent that the information (written or oral) provided to the Company by you or your
representatives in connection with obtaining employment or in connection with your former
employments, work history, circumstances of leaving your former employments and educational
background is true and complete.
	 
	•	 	You unconditionally agree not to: (1) use in connection with your employment with Talbots
any confidential or proprietary information that you have acquired in connection with any
former employment or reveal or disclose to Talbots or any of Talbots employees, agents,
representatives or vendors, any confidential or proprietary information that you have acquired
in connection with any former employment; or (2) directly or indirectly solicit or attempt to
solicit for hire any employee of any prior employer or directly or indirectly interfere with
any customer or vendor relationship of any prior employer, in each case, in breach or
violation of any existing covenant or obligation to which you may be subject and for the time
period specified in any such covenant or obligation. You acknowledge that this policy and
practice of Talbots is to be strictly followed and adhered to by you. You also agree that you
have not taken and do not have in your possession any confidential

 

 

Lesli Gilbert

June 6, 2011

Page 8

	 	 	information of a prior employer and have returned to your prior employer any confidential
information that was in your possession.
	 
	•	 	This offer is effective only through June 10, 2011 and is contingent upon a satisfactory
background check. If you wish to accept our offer as outlined above, please sign and return
this letter to me. The enclosed copy is for your records.

Lesli, we are thrilled you are joining the “Talbots Team” and look forward to the contributions you
will make to the overall success of the Company!

	 	 	 	 
	Very truly yours,

 	 
	/s/ Ruthanne Russell
 	 
	Ruthanne Russell 	 
	Senior Vice President, Human Resources 	 
	 

Accepted and agreed

this 7th day of June 2011

	 	 	 	 
	 	 
	/s/ Lesli Gilbert
 	 
	Lesli Gilbert

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