Document:

exv10w100

Exhibit 10.100

THE TALBOTS, INC.

CHANGE IN CONTROL AGREEMENT

Michael Smaldone

Chief Creative Officer, Talbots Brand

c/o The Talbots, Inc.

One Talbots Drive

Hingham, Massachusetts 02043

Dear Michael:

     This agreement (the “Agreement”) reflects our mutual understanding regarding payments to be
made to, and benefits to be received by, you in the event your employment with The Talbots, Inc., a
Delaware corporation (including its subsidiaries, the “Company”), is terminated by the Company
within twelve (12) months following a Change in Control. This Agreement shall become effective on
your employment commencement date. The capitalized termed used in this Agreement that are not
otherwise defined herein shall have the meanings given to such terms in Appendix A hereto,
incorporated herein by this reference and hereby made a part hereof.

     1. Termination after Change In Control. In the event that the Company
terminates your
employment Without Cause within twelve (12) months after the occurrence of a Change in Control,
then the following shall occur:

	 	(a)	 	The Company shall pay to you on the effective date of such termination: (i)
salary for services rendered up to and including the date of termination, (ii) any and
all compensation to which
you may be entitled as of the date of termination pursuant to The Talbots, Inc. 2003
Executive Stock Based Incentive Plan (the “Plan”) or any other compensation or benefit
plan to the extent permitted by such plans, and (iii) reimbursement for outstanding
ordinary and reasonable expenses incurred by you in connection with the performance of
your duties for the Company up to and including the date on which your employment is
terminated;
	 
	 	(b)	 	The Company shall pay to you, within thirty (30) days after the effective date of
such termination, an amount of severance pay equal to one times the sum of:

	 	(i)	 	your annual base salary at the rate in effect on the date of such
termination, and
	 
	 	(ii)	 	your “target” annual cash incentive bonus as then established for
you and determined in accordance with the applicable annual cash incentive bonus
arrangement in place from time to time (provided that the target annual cash
incentive bonus shall be no less than 50% of your annual base salary).

          You shall continue to participate, on the same terms and conditions, in any benefit programs
of the Company in which you participated immediately prior to such termination (including, without
limitation, as applicable, any disability insurance benefit program, any medical insurance program,
and dental insurance program, and any life insurance program) from time of such termination until
the earlier of: (i) the end of the one (1) year period beginning from the effective date of the
termination of your employment, or (ii) such time as you are eligible to be covered by a comparable
program of a subsequent employer. You hereby agree to notify the Company promptly if and when you
begin employment with another employer and if and when you become eligible to participate in any
pension or other benefit plans, programs or arrangements of another employer.

 

 

     2. Assignment. None of the parties hereto shall, without the consent of the
other, assign or transfer this
Agreement or any rights or obligations hereunder. This Agreement and all of the provisions hereof
shall be binding upon, and inure to the benefit of, the parties hereto, and their successors
(including successors by merger, consolidation or similar transactions), permitted assigns,
executors, administrators, personal representatives, heirs and distributees.

     3. Miscellaneous.

     (a) Entire Agreement. This Agreement contains the entire understanding between and
among the parties
hereto with respect to the subject matter hereof and supersedes any prior or contemporaneous
understandings and agreements, written or oral, between us respecting such subject matter;
provided however, that this Agreement shall not be construed to impair or otherwise
adversely affect the grant of any Award (as such term is defined in the Plan) hereafter made to you
under the Plan or the Restricted Stock Award Agreement, the Non-Qualified Stock Option Agreement,
the Severance Agreement, and the Offer Letter, each as effective as of an even date hereof between
Company and you and all of which remain in full force and effect. For as long as this Agreement
is in effect, to the degree there is any conflict between the severance payments and benefit
provisions to which you are then entitled under this Agreement and those of any other written
agreement which continues to be in effect between the Company and you, such conflict shall be
resolved by the Company in good faith by affording you the more favorable severance payments or
benefits contained in any such agreement. Notwithstanding the foregoing, nothing herein relieves
you from the obligation to comply with the restrictive covenants of all such agreements or from the
consequences of noncompliance therewith regardless under which agreement the severance payments
and/or severance benefits may be deemed to have been made. Furthermore, for purposes of
clarification only, if you receive severance pay and benefits under one agreement, you shall not be
entitled to severance pay or benefits under any other agreement, plan or arrangement.

     (b) Governing Law. This Agreement shall be governed by and construed in accordance
with the
laws of the Commonwealth of Massachusetts applicable to contracts made and to be wholly performed
in that state.

If this letter sets forth our agreement on the subject matter hereof, kindly sign, date and return
to The Talbots, Inc. the enclosed copy of this letter which will then constitute our binding
agreement on the subject.

	 	 	 	 	 
	 	Sincerely,

THE TALBOTS, INC.

 	 
	 	By:  	/s/ John Fiske, III
 	 
	 	 	John Fiske, III 	 
	 	 	Senior Vice President

Human Resources 	 
	 

	 	 	 	 	 
	Executive:

 	 	 
	/s/ Michael Smaldone
 	 	 
	Name:  	Michael Smaldone 	 	 
	Title:  	Chief Creative Officer, Talbots Brand 	 	 
	Date:  	December 17, 2007
 	 	 

 

 

	 	 	 	 	 

Appendix A

Definitions. As used in the Change in Control Agreement.

	(a)	 	“Change in Control” shall mean (i) the acquisition (including as a result of a
merger) by any “person” (as such term is used in Sections 3(a)(9), 13(d) and 14(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or persons “acting
in concert” (which for purposes of this Agreement shall include two (2) or more persons
voting together on a consistent basis pursuant to an agreement or understanding between
them to act in concert and/or as a “group” within the meaning of Sections 13(d)(3) and
14(d)(2) of the Exchange Act), other than the Company or any of its subsidiaries, and
other than AEON (U.S.A.), Inc. or any of its subsidiaries or “affiliates” (as such term
is defined in Rule 12b-2 under the Exchange Act) (collectively, an “Acquiring Person”),
of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than 25 percent
of the combined voting power of the then outstanding securities of the Company entitled
to then vote generally in the election of directors of the Company, and no other
stockholder is the beneficial owner (within the meaning of Rule 13d-3 under the Exchange
Act), directly or indirectly, of a percentage of such securities higher than that held
by the Acquiring Person; or (ii) individuals, who, as of the effective date of this
Agreement (the “Effective Date”), constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided that any individual
becoming a director subsequent to the Effective Date, whose election or nomination for
election by the Company’s stockholders was approved by a vote of at least two-thirds of
the directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding as a member of the
Incumbent Board, any such individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of the directors
of the Company (as such terms are used in Rule 14a-11 of Regulation 14A under the
Exchange Act) and further excluding any individual who is an “affiliate”, “associate”
(as such terms are defined in Rule 12b-2 under the Exchange Act) or designee of an
Acquiring Person having or proposing to acquire beneficial ownership (within the meaning
of Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Company representing more than 10 percent of the combined voting power of the then
outstanding securities of the Company entitled to then vote generally in the election of
directors of the Company.

	(b)	 	“Without Cause” shall mean termination by Talbots of your employment as a result
of an event or condition other than (i) your death, (ii) your inability substantially to
perform your employment duties as a result of physical or mental illness or injury for a
continuous periods of at least six months (any dispute as to your incapacities shall be
resolved by an independent physician, reasonably acceptable to you or your legal
representative and the Company’s Board of Directors, whose determination shall be final
and binding upon you and the Company), (iii) any material breach by you of this
Agreement or any other agreement to which you and the Company are both parties (which is
not cured within 30 days following written notice from the Company), (iv) any act or
omission to act by you which may have a material and adverse effect on the Company’s
business or on your ability to perform services for the Company, including, without
limitation, the conviction of or plea of nolo contendere for any crime involving moral
turpitude or any felony, or (v) any material misconduct or material gross neglect of
duties by you in connection with the business or affairs of the Company.exv10w101

Exhibit 10.101

Ms. Michele Mandell

[Home Address]

Dear Michele:

     Thank you for agreeing to consult on an as needed basis through the end of the year to help
with the transition of your responsibilities and to accompany me on certain store visits.

     As previously discussed, this is to confirm that in consideration for these consulting
services, Talbots agrees to pay you at a daily rate of $2,000 (plus travel) for each full day of
consulting services that you provide, up to a maximum of $50,000 (plus travel). Payments will be
made for the full gross amounts without withholding or deductions and an IRS Form 1099 will be
issued to you by Talbots in connection with these payments. You understand and agree that in your
capacity as a consultant you will not be an employee of Talbots. Further, because Talbots will not
be taking any withholding or deductions from these payments you acknowledge that it is your
responsibility to make any tax payments that may be required.

     If you decide to accept this offer to provide consulting services to Talbots in accordance
with the conditions set forth above, please sign the enclosed copy of this Letter Agreement and
return it to me.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ John Fiske, III
 	 
	 	John Fiske, III 	 
	 	Executive Vice President, Chief Stores Officer 
    
Dated: April 10, 2009 	 
	 

	 	 	 	 	 
	Accepted and Agreed:

 	 	 
	/s/ Michele M. Mandell
 	 	 
	Michele M. Mandell 	 	 
	Dated: April 10, 2009

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