Document:

Exhibit

 

Exhibit 10.1
April 27, 2020             

Ms. Molly Langenstein

Dear Molly:  
 
It is with great pleasure that we offer you the opportunity to continue with Chico’s FAS, Inc. as our Chief Executive Officer and President (“CEO”).  Please let this letter serve as an offer for this position and your acceptance of that offer. The following will outline the specifics:  
 
Position:            CEO
 
Reports to:           Chico’s FAS, Inc.’s Board of Directors (the “Board”)
 
Start Date:         June 24, 2020

Base Salary:      $1,000,000.00 annually
Position:
In your capacity as CEO, your authority and duties will be commensurate with those customarily exercised by the chief executive officer of a company.  Your specific duties will be determined by the Board. 
You will be expected to devote your full working time to the successful conduct of the business of Chico’s.  Subject to the approval of the Chico’s FAS, Inc. Board, you may serve on one or more outside boards of directors or trustees for private companies or organizations.
Incentive Cash Bonus:  
Target of 120% of base salary earned during the remainder of the FY20 performance period (June 24, 2020 through January 2021), which is contingent upon the achievement of corporate financial objectives. For February to June 24, 2020, your annual bonus will be prorated based on your target bonus and performance in the President, Apparel Group role. 

The terms of the bonus, including eligibility, payouts and objectives are subject to the Management Bonus Plan and may be modified by the Board of Directors from time to time. All payouts are based on fiscal year business results and can vary from zero (0) to a maximum of 200% of your target bonus potential. Bonus is typically paid in March, after the conclusion of the fiscal year.  

Equity Grants:  
Following your commencement of this role, you will receive an equity award.  The award is in addition to the 250,000 equity grant you received in March 2020. The award is as follows:

Grant Date:  July 1, 2020

Grant Amount: 328,125 shares; at a $4 stock price, this is equivalent to $1,312,500.

Fifty percent of the grant will be awarded as restricted shares.  The shares will vest over a three-year period with one-third of the restricted stock grant vesting on each anniversary of the grant date.
The balance of the grant (50 percent, based on target amount) will be in the form of Performance Share Units (“PSUs”).  The PSUs will vest on March 1, 2023, contingent upon the achievement of corporate financial objectives.  You will have the opportunity to earn between 0% and 150% of the target PSUs awarded, with the actual number of PSUs earned based on the company’s financial performance.

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200

 

All PSUs and RSAs are governed by and subject to the terms and conditions of Chico’s FAS, Inc.’s 2020 Omnibus Stock and Incentive Plan.  You will be eligible for additional equity awards beginning in March 2021 at the discretion of the Human Resources, Compensation and Benefits Committee of the Board.
All other aspects of your compensation and benefits remain the same as outlined in your July 15, 2019 offer letter, except as to any sign-on bonus. The terms of this offer letter are also subject to the terms of the letter agreement dated March 31, 2020 agreeing to reduce your base salary by 50% beginning April 5, 2020 until further notice.
Chico’s is an at-will employer.  That means that either you or the company are free to end the employment relationship at any time, with or without notice or cause.  By accepting our offer of employment, you acknowledge the at-will nature of our relationship. Additionally, you represent that you are not a party to any agreement that would bar or limit the scope of your employment with us.
Please indicate your acceptance of the above by signing below and returning to my attention.

Sincerely, 
  
/s/ Bonnie Brooks
Bonnie Brooks
Chief Executive Officer and President
Chico’s FAS, Inc. 
 

Accepted By:      /s/ Molly Langenstein
               Molly Langenstein 

Date:          April 29, 2020

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200Exhibit

 

Exhibit 10.2
April 27, 2020             

Ms. Bonnie Brooks

Dear Bonnie:  
 
It is with great pleasure that we offer you the opportunity to continue with Chico’s FAS, Inc. as the Executive Chair of our Board of Directors.  Please let this letter serve as an offer for this position and your acceptance of that offer. The following will outline the specifics:  
 
Position:            Executive Chair of the Board of Directors of Chico’s FAS, Inc.
 
Reports to:           Board of Directors of Chico’s FAS, Inc.
 
Start Date:         June 24, 2020, subject to work authorization

Base Salary:      $500,000.00 annually
Incentive Cash Bonus:  
Target of 100% of base salary earned during the remainder of the FY20 performance period (June 24, 2020 through January 2021), which is contingent upon the achievement of corporate financial objectives. For February to June 24, 2020, your annual bonus be prorated based on your target bonus and performance in your Chief Executive Officer and President role. 

The terms of the bonus, including eligibility, payouts and objectives are subject to the Management Bonus Plan and may be modified by the Board of Directors from time to time. All payouts are based on fiscal year business results and can vary from zero (0) to a maximum of 200% of your target bonus potential. Bonus is typically paid in March, after the conclusion of the fiscal year.  
All other aspects of your compensation and benefits remain the same as outlined in your July 18, 2019 offer letter, except as to equity grants which are not part of your compensation for this role and PTO policies which are not applicable. In this role, you will not receive separate compensation for your service as a director of the Company. The terms of this offer letter are also subject to the terms of the letter agreement dated March 31, 2020 agreeing to reduce your base salary by 50% beginning April 5, 2020 until further notice.
Please indicate your acceptance of the above by signing below and returning to my attention.

Sincerely, 
  

/s/ David Walker
David Walker
Chairman of the Board of Directors
Chico’s FAS, Inc. 
 
Accepted By:      /s/ Bonnie Brooks
               Bonnie Brooks 

Date:          April 29, 2020

Chico's FAS Inc.  ·  11215 Metro Parkway  ·  Fort Myers, Florida 33966  ·  (239) 277-6200Document

         

SECOND AMENDMENT TO 
EMPLOYMENT AGREEMENT

        This Second Amendment to EMPLOYMENT AGREEMENT (this “Second Amendment”), is made and entered into as of July 31, 2019 (the “Effective Date”) by and between Insmed Incorporated, a Virginia corporation (the “Company”), and S. Nicole Schaeffer (the “Executive”) (each of the Executive and the Company, a “Party”, and collectively, the “Parties”).

        WHEREAS, the Executive has been performing services as an employee to the Company pursuant to that certain Employment Agreement, as amended, between the Company and the Executive dated July 29, 2013 (the “Employment Agreement”); 

        WHEREAS, the Executive and the Company mutually desire to amend the Employment Agreement to revise the severance terms and amounts payable to Executive in the event the Company terminates her employment other than for “Cause,” death or “Disability” (as those terms are defined in her Employment Agreement), or in the event the Executive terminates her employment for Good Reason following a Change in Control, as that term is defined in Section 1(g) of the Employment Agreement; and

        WHEREAS, this Second Amendment, dated as of Effective Date, between the parties contain the entire agreement between the Executive and the Company and supersedes any and all prior agreements, arrangements and understandings regarding the subject matter contained herein.  

        NOW, THEREFORE, in consideration of the premises and agreements set forth herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Company and the Executive hereby agree that, as of the Effective Date of this Second Amendment, the Employment Agreement shall be amended as follows:

1.Section 6(e) is hereby amended and restated in its entirety as follows (changes indicated in bold):

        (e)  Termination Without Cause or Resignation With Good Reason.  The Company may terminate the Term of Employment without Cause, and the Executive may terminate the Term of Employment for Good Reason, at any time upon written notice.  If the Term of Employment is terminated by the Company without Cause (other than due to the Executive’s death or Disability) or by the Executive for Good Reason, in either case prior to the date of a Change in Control or more than two years after a Change in Control, the Executive shall be entitled to the following:

          (i)  The Accrued Obligations, payable as and when those amounts would have been paid had the Term of Employment not ended;
        
 

         

          (ii)  Any unpaid Bonus in respect to any completed fiscal year that has ended on or prior to the Termination Date, payable within 2 1⁄2 months following the last day of the month in which the Termination Date occurs;

          (iii)  The Pro-Rata Bonus, based on actual corporate performance outcomes (75% of overall bonus) and 100% of personal performance at target (25% of overall bonus), payable within 2 1⁄2 months following the end of the fiscal year in which the Termination Date occurs;

          (iv) Double the Severance Amount, payable in equal installments consistent with the Company’s normal payroll schedule over the 12 month period beginning with the first regularly scheduled payroll date that occurs more than 30 days following the Termination Date;

          (v)  Provided that the Executive timely elects continued coverage under COBRA, the Company will reimburse the Executive for the monthly COBRA cost of continued health and dental coverage of the Executive and his qualified beneficiaries paid by the Executive under the health and dental plans of the Company, less the amount that the Executive would be required to contribute for health and dental coverage if the Executive were an active employee of the Company, for 12 months (or, if less, for the duration that such COBRA coverage is available to Executive); and

          (vi)  Accelerated vesting, as of the Termination Date, of any stock options or other time-vested Equity Awards that would have otherwise vested within twelve months following the Termination Date. 

2.Section (6)(g) is hereby amended and restated in its entirety as follows (changes indicated in bold):

(g) Change in Control of the Company. If the Executive's employment is terminated by the Company (or any entity to which the obligations and benefits under this Agreement have been assigned, pursuant to Section 10) without Cause or by the Executive for Good Reason during the 24 month period immediately following the Change in Control, then the Executive shall be entitled to the same payments, rights and benefits described in Section 6(e), subject to the following enhancements:
(i) Triple the Severance Amount plus one-and-a-half times the Target Bonus plus the Pro-Rata Bonus, as defined below, will be paid in a lump-sum on the first regularly scheduled payroll date that occurs more than 30 days following the Termination Date (rather than in installments over 12 months);
(ii) All Equity Awards will vest in full;
 

         

(iii) For the purposes of Section (6)(g), and only Section (6)(g), "Pro-Rata Bonus" as defined in Section (1)(s) means the Target Bonus, as defined in Section (4)(b), for the fiscal year in which the Termination Date occurs, multiplied by the following fraction: (i) the number of days that the Executive was employed by the Company during that fiscal year, divided by (ii) 365. 
(iv) Provided that the Executive timely elects continued coverage under COBRA, the Company will reimburse the Executive for the monthly COBRA cost of continued health and dental coverage of the Executive and his qualified beneficiaries paid by the Executive under the health and dental plans of the Company, less the amount that the Executive would be required to contribute for health and dental coverage if the Executive were an active employee of the Company, for a total of 18 months, rather than 12 months as described in Section 6(e)(v) (or, if less, for the duration that such COBRA coverage is available to Executive). 

3.Except as modified by this Amendment, all other terms and conditions of the Employment Agreement remain in full force and effect.

  IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed this Amendment, effective as of the date set forth above.  

INSMED INCORPORATED
By:  /s/ William H. Lewis                    
Name:  William H. Lewis
Title:  Chairman and CEO

             /s/ S. Nicole Schaeffer                          
            S. Nicole Schaeffer

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