Document:

Letter Agreement

 Exhibit 10.1 
 August 6, 2008 
 Ms. Christine Beauchamp 
 240
Centre Street, Apt. 5A 
 New York, NY 10013 
 Dear Christine,

 We are very pleased to offer you an opportunity to join Ann Taylor (the “Company”) in the position of President, Ann Taylor Stores, reporting
directly to Kay Krill. By joining our organization, you will be contributing to our mission of providing updated classic clothing which addresses the ever-evolving lifestyles of women through all of our divisions. 
 Your anticipated start date is August 11, 2008. Specific terms and conditions of this offer are as follows: 
 Compensation 
  

	•	 	 Your starting annual salary will be $800,000, to be paid semi-monthly. 

  

	•	 	 Fiscal Year 2008 bonus eligibility will be 70% of your base salary, prorated from your date of hire. Under the 2008 Ann Taylor Incentive Plan, the bonus is based on
seasonal results and paid on a seasonal basis for associates in your position. Associates hired after May 31 are not eligible for Spring results payout which is made in September, and associates hired after November 30 are not eligible for
the Fall results payout which is made in March. This potential bonus will be determined by corporate or division operating profit targets under the Ann Taylor Incentive Plan with payout to be paid at the sole discretion of the Company.

  

	•	 	 On your start date, we are granting you 50,000 stock options. These options vest over a three (3) year period with 16,666 vesting on the first anniversary date
of the grant and 16,667 vesting on the second and third anniversary dates of the grant, provided that you are still employed by the Company on the anniversary dates. You will receive a letter outlining the terms of the grant within 30 days from your
hire date. 

  

	•	 	 On your start date, we are also granting you 25,000 shares of Restricted Common Stock. These shares vest over a three (3) year period with 8,333
vesting on the first and second anniversary dates of the grant and 8,334 vesting on the third anniversary date of the grant, provided that you are still employed by the Company on the anniversary dates. You will receive a letter outlining the terms
of the grant within 30 days from your hire date. 

  

	•	 	 You will be eligible in 2009 and thereafter to participate in stock options and restricted stock programs. Exact grant amounts will be determined during future
grant cycles. 

  

	•	 	 You are eligible to participate in the restricted cash feature of the Ann Taylor Incentive Plan for the Fall Season of Fiscal Year 2008, with a target of 42.5% of
your base salary, prorated from your date of hire. Under this feature, the bonus is based on seasonal results. It is anticipated that this potential bonus will be determined by corporate operating profit targets under the Ann Taylor
Incentive Plan. If 

	 	 
the bonus is earned, it is mandatory that the payout be deferred for a 3 year period. During the 3 year period, the final value of the deferral will be based
on the average growth or decline of corporate net income. If you are not employed on the date of the payout at the end of the 3 year period you will forfeit the entire bonus, except to the extent otherwise specified in the Confidentiality,
Non-Solicitation of Associates and Non-Competition Agreement entered into on August 7, 2008 (the “Confidentiality Agreement”). 

 Good Reason 
  

	•	 	 If you terminate your employment for “Good Reason” (as defined below) you will not be deemed to have voluntarily resigned and you will be entitled to the
benefits set forth in the Confidentiality Agreement as if you had been terminated by the Company without Cause (as defined in the Confidentiality Agreement). As used herein, “Good Reason” shall mean: (1) a change in your reporting
relationship so that you no longer report to the CEO of Ann Taylor Stores Corporation; (2) action by the Company resulting in a diminution of your title or responsibilities; (3) the Company’s relocation of your principal place of
employment outside of the New York City metropolitan area; or (4) the Company’s breach of any contractual agreements with you, provided the Company does not cure such breach within fourteen calendar days of notice from you.

  

	•	 	 If you terminate your employment without Good Reason, the Company will not waive the provisions of Paragraph 2(b) of the Agreement or shorten the Non-Competition
period pursuant to Paragraph 2(c) of the Confidentiality Agreement. 

 Paid Time Off 
  

	•	 	 Your annual Paid Time Off (PTO) entitlement is 25 days. For 2008, you are eligible for 15 days.

 Benefits 
  

	•	 	 You will be eligible for medical, dental, vision, life and disability insurance under the Ann Taylor, Inc. benefit plans, available on a contributory basis after 30
days of service. 

  

	•	 	 You are eligible to participate in the Ann Taylor, Inc. 401K plan on the 1st of the month following 30 days of service. If you do not make an election to
participate, you will automatically be enrolled in the plan 60 days from your date of hire at a deferral rate of 3%. You will be eligible to receive a match under the plan after one year of service. You have the option at any time to opt out of the
plan or to change your contribution election. 

  

	•	 	 Our discounted stock purchase plan is available on set enrollment dates during the year. 

  

	•	 	 You will be eligible for our Annual Executive Health Exam. 

  

	•	 	 You will be eligible for Financial Planning Services from Charles Schwab. 

  

	•	 	 You will be eligible to participate in the Ann Taylor Deferred Compensation Program. 

  

	•	 	 An Associate discount of 40% is available on all merchandise. 

 All payments described in this letter will be subject to applicable payroll and income tax withholding and other applicable deductions. 

 Induction 
 On
your first day at 9:00 a.m., you have been invited to attend an Induction to Ann Taylor. This will be held at the following address: 
 7
Times Square Tower 
 Broadway, between 41st and 42nd Streets 
 (proceed to the Sky Lobby reception desk on 5) 
 New York, NY 10036

 The terms and conditions of your employment with Ann Taylor are governed by the laws of New York State and standard Company policies. This offer of
employment is contingent upon your execution of the Confidentiality Agreement attached hereto and your satisfactorily meeting all pre-employment requirements including a background check and proof of your eligibility to work in the United States.

 Please understand that this letter is not a contract of continuing employment. Your employment by Ann Taylor is “Employment-at-Will”, which
means it is for no fixed term, and either you or Ann Taylor may terminate the employment relationship at any time and for any reason. 
 Please review the
terms and conditions of employment outlined in this letter, sign and date the acknowledgment below, and return all pages of this letter in the self-addressed stamped envelope. We have provided an additional copy for your records. 
 Ann Taylor values the unique talents that each new hire brings to our organization. We look forward to welcoming you to our team, and providing you with the opportunity
to grow professionally in a supportive environment. If you have any questions regarding this offer, please contact me. 
  

	
	Sincerely,
	
	

	 Mark G. Morrison
 EVP, Human
Resources

 Acceptance of Offer 
 My signature below confirms acceptance of the offer of employment and my understanding of the terms and conditions associated with it. This signature also confirms that there are no oral promises associated with this offer that are not
reflected in this letter. I further acknowledge that I have received, read, and agree to all pre-employment conditions and policies. 
  

							
	Signature:	 	 /s/ Christine Beauchamp
	 		 	Date: 8/7/08Confidentiality, Non-solicitation of Associates and Non-competition Agreement

 Exhibit 10.2 
 CONFIDENTIALITY, NON-SOLICITATION OF ASSOCIATES AND NON-COMPETITION AGREEMENT 
 As an associate of
Ann Taylor, Inc. (the “Company”), you will have access to or may develop trade secrets, intellectual property, and other confidential and proprietary information of the Company. Therefore, in consideration of your becoming employed and the
payments described in Paragraph 2 below, and in recognition of the highly competitive nature of the Company’s business, you agree as follows: 
  

	1.	Protection of Confidential Information. 

  

	(a)	You acknowledge that your employment by the Company involves your obtaining knowledge of Confidential Information (as defined below) regarding the business and affairs of the
Company. 

  

	(b)	Accordingly, you agree that: 

  

	 	(i)	except in compliance with legal process, you will keep secret all Confidential Information and other confidential matters of the Company which are not otherwise in the public domain
and will not disclose them to anyone outside of the Company, wherever located (other than to a person to whom disclosure is reasonably necessary or appropriate in connection with the performance of your duties as an employee of the Company), either
during or after your employment, except with the prior written consent of the Chief Executive Officer or the General Counsel of the Company. In the event that you are required to disclose any Confidential Information or other confidential matters of
the Company to comply with legal process, you shall provide reasonable advance notice of such legal process to the General Counsel of the Company prior to disclosure of any Confidential Information or confidential matters and will not challenge the
Company’s standing or ability to seek an order of protection or otherwise seek to prevent or limit disclosure pursuant to such legal process consistent with applicable law; 

  

	 	(ii)	you will deliver promptly to the Company on termination of your employment or at any other time the Company may so request, all memoranda, notes, records, customer lists, reports
and other documents (whether in paper or electronic form and all copies thereof) relating to the business of the Company and all other Company property which you obtained or developed while employed by, or otherwise serving or acting on behalf of,
the Company and which you may then possess or have under your control, whether directly or indirectly; and 

  

	 	(iii)	you will not use Confidential Information for your personal benefit or for the benefit of another person or entity. 

  

	(c)	For purposes of this Agreement, “Confidential Information” refers to information of the Company (including its affiliated companies) or its suppliers, technology service
providers, licensors, clients, and employees, including without limitation information relating to designs, products, processes, formulas, merchandising, real estate strategy, contract terms, client lists, sourcing information and strategies,
technology, marketing plans, advertising, corporate assessments and strategic plans, financial and statistical information, accounting information, pricing and business affairs, associate compensation and relative skills and abilities, which have
been or are disclosed or available to you and which are either designated at the time of disclosure as confidential or which you know or have reason to know are confidential, regardless of the form or media in which such information is disclosed.

  

	2.	Non-solicitation of Associates; Non-competition. 

  

	(a)	During your employment and for a period of 12 months after your separation from the Company for any reason whatsoever, whether voluntary or involuntary (the “Non-Solicitation
Period”), you shall not directly or indirectly, (1) solicit, induce, or attempt to influence any associate at the director level or above to leave his or her employment with the Company or (2) hire or attempt to hire any associate of
the Company at the director level or above, directly or indirectly through a new employer or other person or entity, to join you in the pursuit of any business activity (whether or not such activity involves engaging or participating in a business
that competes, or plans to compete, with the Company or any of its products). Should you violate this provision, in addition to the other remedies the Company may pursue hereunder, the Non-Solicitation Period will be extended by the number of months
you were in violation of this Paragraph 2(a) and you shall have no further rights under Paragraphs 2(c), 2(d) and 2(e). 

  

	(b)	 During your employment and for a period of 12 months after your separation from the Company for any reason whatsoever, whether voluntary or involuntary (the
“Non-Competition Period”), you shall not, directly or 

	 	 
indirectly, without the prior written consent of the Company, work for, be employed, affiliated, engaged or associated with or contribute to the efforts (as
an employee, owner, stockholder, partner, director, officer, consultant or otherwise) of a business that is, or plans to be, a Competitor (as defined herein) of the Company at the time of termination. As used herein, “Competitor” means a
business or other entity engaged in the manufacture, design and/or sale of women’s apparel in the United States. Should you violate this provision, in addition to the other remedies the Company may pursue hereunder, the Non-Competition Period
will be extended by the number of months you were in violation of this Paragraph 2(b) and you shall have no further rights under Paragraphs 2(c), 2(d) and 2(e). Notwithstanding the foregoing, passive ownership of less than 2% of any class of
securities of a public company shall not violate this Section 2(b). 

  

	(c)	If you are terminated by the Company without cause (as defined Paragraph 2(f) below, “Cause”) or if you resign from your employment, during the Non-Competition Period the
Company shall pay you an amount equivalent to your base salary times 1.5 (“Separation Pay”), payable in substantially equal installments in accordance with the Company’s regular payroll cycle, and you will continue to receive all
benefits under the Company’s medical, dental and vision benefit plans to the same extent as if you were an employee of the Company. Subject to the provisions of the Offer Letter Agreement dated August 6, 2008, if you resign from your
employment, the Company may waive the provisions of Paragraph 2(b) or shorten the Non-Competition Period by providing you written notice of the waiver or the shortened Non-Competition Period within 10 business days of your resignation, in which case
(i) you will only be bound by the restrictions in Paragraph 2(b) above during the shortened Non-Competition Period (but will continue to remain bound by the restrictions in Paragraphs 1 and 2(a) above), and (ii) the Company will have no
obligation to pay you Separation Pay or continue your benefits if it waives the provisions of Paragraph 2(b) above or if the Company shortens the Non-Competition Period pursuant to this Paragraph 2(c), the Company will only pay you a pro rata
portion of the Separation Pay as prorated in proportion to the shortened Non-Competition Period and continue your benefits only during the shortened Non-Competition Period. 

  

	(d)	If you are terminated by the Company without Cause and have never been a “Section 162(m) Employee” (as defined below), in addition to the Separation Pay you will also be
entitled to an amount equal to your targeted bonus under the Management Performance Compensation Plan (“AMIP”) (or if the AMIP Plan is not then in effect, under the annual cash bonus plan in effect at the time of the termination of your
employment), for the season in which you are terminated (or year in which you are terminated if the bonus plan target for you is then an annual target). For those associates who in any year have been or become “covered employees” within
the meaning of Section 162(m) (“Section 162(m) Employee”) of the Internal Revenue Code of 1986, as amended (the “Code”), thereafter if you are terminated by the Company without Cause, you will also be eligible for a bonus
under the AMIP Plan (or if the AMIP Plan is not then in effect, under the annual cash bonus plan in effect at the time of the termination of your employment), for the season in which you are terminated (or year in which you are terminated if the
bonus plan target for you is then an annual target) as if you had remained an active associate for the season or entire year, as the case may be, such bonus to be based upon actual performance for such season or fiscal year. The Company will pay the
AMIP bonus, if any, payable under this Paragraph 2(d) when bonuses are paid to other Company executives under the AMIP Plan, or the annual cash bonus plan in effect at the time of termination. 

  

	(e)	If you are terminated by the Company without Cause, you will also receive payment of all monies earned but not yet vested under the Restricted Cash feature of the AMIP Plan,
including monies earned or to be earned in the season in which you are terminated (or year in which you are terminated if the restricted cash feature target for you is then an annual target) as if you had remained an active associate for the season
or entire year, as the case may be, such bonus to be based upon actual performance for such season or fiscal year. The Company will pay the earned monies in the restricted cash feature of the AMIP Plan, if any, in accordance with the payment
schedule for active associates. 

  

	(f)	For purposes of this Agreement, “Cause” shall be defined as: (1) conviction for the commission of any act or acts constituting a felony under the laws of the United
States or any state thereof; (2) action toward the Company involving dishonesty; (3) refusal to abide by or follow reasonable written directions of the CEO, which does not cease within ten business days after such written notice regarding
such refusal has been given to you by the CEO; (4) gross nonfeasance which does not cease within ten business days after written notice regarding such nonfeasance has been given to you by the CEO; or (5) failure to comply with the
provisions of Paragraphs 1, 2(a) or 2(b) of this Agreement, or other willful conduct which is intended to have and does have a material adverse impact on the Company. 

  

	(g)	 In order to receive Separation Pay and the continued benefits described in Paragraph 2(c) and the payments described in Paragraph 2(d) and 2(e) above, you will be
required to sign a separation agreement that is 

	 	 
satisfactory to the Company and includes, but is not limited to, a general waiver and release of all claims and potential claims against the Company and a
non-disparagement provision. The separation agreement must be signed within 22 days of your receipt of the agreement. 

  

	(h)	To the extent required by Section 409A of the Code, and applicable guidance issued thereunder, payments under Paragraphs 2(c), 2(d) and 2(e) that would otherwise be payable
during the six-month period immediately following your termination of employment by the Company shall instead be paid on the first business day after the expiration of such six-month period. 

  

	(i)	Notwithstanding any other provision of this Agreement to the contrary, in the event you fail to comply with Paragraphs 1, 2(a) or 2(b) above, all of your rights hereunder to any
future payments or benefits as described in Paragraphs 2(c), 2(d) and 2(e) above, and all rights with respect to any unexercised stock options you may have shall be forfeited; provided that, the foregoing shall not apply if such failure of
compliance with Paragraphs 2(a) or 2(b) commences following an Acceleration Event (as defined in the Company’s 2003 Equity Incentive Plan). 

  

	3.	If you commit a breach of any of the provisions of Paragraphs 1 and 2 of this Agreement, the Company shall have the right to have such provisions specifically enforced and to seek
temporary, preliminary and/or permanent injunctive relief, without limitation to any available forms of equitable or other relief to which the Company may be entitled, by any court having jurisdiction without the necessity of posting a bond or other
security. You hereby acknowledge and agree that any such breach or anticipatory or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company. 

  

	4.	Intellectual Property. You acknowledge that all discoveries, innovations, designs and useful ideas that you may originate which relate to or would be useful to the
Company’s business, including those developed on your own time, shall vest in the Company on the date they are originated and shall become the exclusive property of the Company. Without additional consideration, you further agree that you will
sign all necessary applications with respect to such property which the Company may prepare at its own expense. 

  

	5.	Severability & Governing Law. All provisions of this Agreement are severable. If any provision of this Agreement or the application of any provision of the Agreement
is determined to be invalid or unenforceable to any extent or for any reason, all other provisions of this Agreement will remain in full force and effect and will continue to be enforceable to the fullest extent permitted by law, except that if the
restraints in Paragraph 2(b) are held invalid or unenforceable in their entirety the Company shall have no obligation to make the payments or provide the benefits specified in Paragraphs 2(c), 2(d) and 2(e). In the event that any provision herein is
deemed invalid or unenforceable, you agree that the Court shall modify the provision so as to make it enforceable to the fullest extent permitted by law. This Agreement shall be governed by the laws of the State of New York, applicable to contracts
and to be performed therein, without regard to its conflicts of laws principles. 

  

	6.	Waiver. The failure of the Company to enforce any terms, provisions or covenants of this Agreement shall not be construed as a waiver of the same or of the right of the
Company to enforce the same. Waiver by the Company of any breach or default by you (or by any other associate) of any term or provision of this Agreement (or any similar agreement between the Company and you or any other associate) shall not operate
as a waiver of any other breach or default. 

  

	7.	Entire Agreement. Except as set forth in the next sentence, this Agreement, together with the Offer Letter Agreement dated August 6, 2008, is a complete statement of all
the terms and arrangements between us with respect to their subject matter and cannot be changed or terminated orally. In the event a Change in Control (as defined in the AnnTaylor Stores Corporation Special Severance Plan) occurs prior to the
termination of your employment, you will be eligible for benefits pursuant to the terms of such Special Severance Plan (as then in effect) and this Agreement shall become null and void, other than the provisions set forth in Paragraph 1.

  

	8.	At-Will Employment. Nothing in this Agreement constitutes a contract of continuing employment. Your employment is and will continue to be “at-will” which means it
is for no fixed term or duration and either you or the Company may terminate the employment relationship at any time with or without cause and for any reason or no reason, with or without prior notice. Please sign below to indicate your agreement to
the terms and conditions of this Agreement. 

	9.	Nothing in this Agreement shall affect or impair any rights you may have to indemnification for attorneys’ fees, costs, and/or expenses pursuant to applicable statutes, D&O
insurance, Certificates of Incorporation and Bylaws of the Company, its affiliates or subsidiaries. 

  

							
	ANN TAYLOR:	 		 	ASSOCIATE:
				
	BY:	 	 /s/ Mark G. Morrison
	 		 	 /s/ Christine Beauchamp

		 	Mark G. Morrison	 		 	Christine Beauchamp
		 	Executive Vice President, Human Resources	 		 	President, Ann Taylor Stores
		 	Date: 8/11/08	 		 	Date: 8/7/08

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