Document:

THIS
NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Epic
Stores Corp.

 

CONVERTIBLE
PROMISSORY NOTE

 

	$450,000	April
    5, 2016

    Las Vegas, NV

FOR
VALUE RECEIVED, Epic Stores Corp., a Nevada corporation (the “Company”) promises to pay to ZSL Trust Dated
March 12, 2010 (“Investor”), or its registered assigns, in lawful money of the United States of America the
principal sum of Four-hundred- fifty Thousand Dollars ($450,000), or such lesser amount as shall equal the outstanding principal
amount hereof, together with interest from the date of this Note on the unpaid principal balance at a rate equal to 4% per annum,
computed on the basis of the actual number of days elapsed and a year of 365 days. All unpaid principal, together with any then
unpaid and accrued interest and other amounts payable hereunder, shall be due and payable on September 30, 2016 (the “Maturity
Date”),

 

The
following is a statement of the rights of Investor and the conditions to which this Note is subject, and to which Investor, by
the acceptance of this Note, agrees: 

1. Definitions.
As used in this Note, the following capitalized terms have the following meanings:

(a)    
the “Company” includes the corporation initially executing this Note and any Person which shall succeed to
or assume the obligations of the Company under this Note.

(b)    
“Event of Default” has the meaning given in Section 4 hereof.

(c)    
“GAAP” shall mean generally accepted accounting principles as in effect in the United States of America from
time to time.

(d)    
“Investor” shall mean ZSL Trust Dated March 12, 2010.

(e)    
intentionally left blank

(f)     
“Material Adverse Effect” shall mean a material adverse effect on (a) the business, assets, operations,
prospects or financial or other condition of the Company; (b) the ability of the Company to pay or perform the Obligations
in accordance with the terms of this Note and the other Transaction Documents and to avoid an Event of Default, or an event which,
with the giving of notice or the passage of time or both, would constitute an Event of Default, under any Transaction Document;
or (c) the rights and remedies of Investor under this Note, the other Transaction Documents or any related document, instrument
or agreement.

    	 	 	 

    	 	 	 

    

(g)    
intentionally left blank

(h)    
“Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising,
owed by the Company to Investor of every kind and description (whether or not evidenced by any note or instrument and whether
or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of this Note and the Note Purchase
Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs
chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent,
due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States
Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether
or not allowed or allowable as a claim in any such proceeding.

(i)      
“Person” shall mean and include an individual, a partnership, a corporation (including a business trust), a
joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental
authority.

(j)     
“Securities Act” shall mean the Securities Act of 1933, as amended.

(k)    
“Subsidiary” shall mean (a) any corporation of which more than 50% of the issued and outstanding
equity securities having ordinary voting power to elect a majority of the Board of Directors of such corporation is at the time
directly or indirectly owned or controlled by the Company, (b) any partnership, joint venture, or other association of which
more than 50% of the equity interest having the power to vote, direct or control the management of such partnership, joint
venture or other association is at the time directly or indirectly owned and controlled by the Company, (c) any other entity
included in the financial statements of the Company on a consolidated basis.

(l)      
“Transaction Documents” shall mean this Note, and the Assignment Agreement.

2.       Interest.
Accrued interest on this Note shall be payable upon maturity to the Investor.

 

3.
Prepayment. Upon five days prior written notice to Investor, the Company may prepay this Note in whole or in part; provided
that:

4.
Events of Default. The occurrence of any of the following shall constitute an “Event of Default” under
this Note and the other Transaction Documents:

(a)
Failure to Pay. The Company shall fail to pay (i) when due any principal or interest payment on the due date hereunder
and such payment shall not have been made within thirty days of the Company’s receipt of Investor’s written notice
to the Company of such failure to pay; or

(b)
Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i) discontinue its business, (ii) apply for or consent
to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property,
(iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) become insolvent
(as such term may be defined or interpreted under any applicable statute), (vi) commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property
by any official in an involuntary case or other proceeding commenced against it, or (vii) take any action for the purpose of effecting
any of the foregoing;

    	 	2	 

    	 	 	 

    

(c)
Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator or
custodian of the Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings
seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency
or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not
be dismissed or stayed within 60 days of commencement;

(d)
Foreclosure Proceedings. Proceedings are commenced to foreclose a security interest or lien on any property or assets of the Company
as a result of default in the payment or performance of any debt of the Company for borrowed money in excess of $1,500,000;

(e)
Judgment Against the Company. A final judgment for the payment of money in excess of $1,00,000 is entered against the Company
by a court of competent jurisdiction, and such judgment is not discharged in accordance with its terms within sixty (60) days
after the date such judgment is entered, and within such period an appeal therefrom has not been prosecuted and the execution
thereof caused to be stayed during such appeal; or

(f)
Garnishment. An attachment or garnishment is levied against the assets or properties of the Company involving an amount in excess
of $1,000,000, and such levy is not vacated or otherwise terminated within sixty (60) days after the date of its effectiveness;

5.
Rights of Investor upon Default. Upon the occurrence or existence of any Event of Default (other than an Event of
Default described in Sections 4(b) or 4(c)) and at any time thereafter during the continuance of such Event of Default,
Investor may, with the consent of a Majority in Interest of the holders of the Notes issued under the Note Purchase Agreement,
by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and
payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon the
occurrence or existence of any Event of Default described in Sections 4(b) and 4(c), immediately and without notice,
all outstanding Obligations payable by the Company hereunder shall automatically become immediately due and payable, without presentment,
demand, protest or any other notice of any kind, all of which are hereby expressly waived. In addition to the foregoing remedies,
upon the occurrence or existence of any Event of Default and subject to the consent of a Majority in Interest of the holders of
the Notes issued under the Note Purchase Agreement, Investor may exercise any other right power or remedy granted to it by the
Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

6.
Conversion.

(a)
Conversion Right. The Investor shall have the right at any time to convert all or any part of the outstanding and unpaid
principal amount of this Note and accrued interest thereon into fully paid and non- assessable shares of common stock (the “Common
Stock”) at the conversion price (the “Conversion Price”)

(b)
Conversion Price. The conversion price (the “Conversion Price”) shall equal the $0.90 per share.

 

7.
Intentionally left blank

8.
Successors and Assigns. Subject to the restrictions on transfer described in Section 10 below, the rights
and obligations of the Company and Investor shall be binding upon and benefit the successors, assigns, heirs, administrators and
transferees of the parties.

    	 	3	 

    	 	 	 

    

9.
Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written consent of
the Company and the holders.

10.
Transfer of this Note or Securities Issuable on Conversion Hereof. Investor may transfer this Note or the securities
into which such Note may be converted, to a parent, subsidiary or other affiliate of the Investor, provided that the transferee
has agreed in writing for the benefit of the Company to take and hold such Note, or the securities into which it may be converted,
subject to, and to be bound by, the terms and conditions set forth in this Agreement. Each Note thus transferred and each certificate
representing the securities thus transferred shall bear a legend as to the applicable restrictions on transferability in order
to ensure compliance with the Securities Act, unless in the opinion of counsel for the Company such legend is not required to
ensure compliance with the Securities Act. The Company may issue stop transfer instructions to its transfer agent in connection
with such restrictions. Subject to the foregoing, transfers of this Note shall be registered upon registration books maintained
for such purpose by or on behalf of the Company. Prior to presentation of this Note for registration of transfer, the Company
shall treat the registered holder hereof as the owner and holder of this Note for all purposes whatsoever, and the Company shall
not be affected by notice to the contrary.

11.
Notices. All notices, requests, demands, consents, instructions or other communications required or permitted hereunder
shall in writing and faxed, mailed or delivered to each party at the respective addresses of the parties as set forth in the Note
Purchase Agreement, or at such other address or facsimile number as the Company shall have furnished to Investor in writing. All
such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally,
(iii) one business day after being delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after
being deposited with an overnight courier service of recognized standing or (v) four days after being deposited in the U.S. mail,
first class with postage prepaid.

12.
Pari Passu Notes. Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal
amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other
Notes issued pursuant to the Note Purchase Agreement or pursuant to the terms of such Notes. In the event Investor receives payments
in excess of its pro rata share of the Company’s payments to the Investors of all of the Notes, then Investor shall hold
in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to
such other holders upon demand by such holders.

13.
Usury. In the event any interest is paid on this Note which is deemed to be in excess of the then legal maximum
rate, then that portion of the interest payment representing an amount in excess of the then legal maximum rate shall be deemed
a payment of principal and applied against the principal of this Note.

14.
Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment
or dishonor and all other notices or demands relative to this instrument.

15.
Governing Law. This Note and all actions arising out of or in connection with this Note shall be governed by and
construed in accordance with the laws of the State of Nevada, without regard to the conflicts of law provisions of the State of
Nevada, or of any other state.

The
Company has caused this Note to be issued as of the date first written above.

Epic
Stores Corp.

 

    	 	4	 

    	 	 	 

    

 

	Epic
    Stores Corp
	 

         

         

        By:
        /s/ Brian Davidson

	Brian
    Davidson
	CEO

    	 	5	 

    	 	 	 

    

EXHIBIT
A

NOTICE
OF CONVERSION

 

The
undersigned hereby elects to convert $_________________ principal amount of the Note (defined below) into that number of shares
of Common Stock to be issued pursuant to the conversion of the Note (“Common Stock”) as set forth below, of Epic Stores
Corp., a Nevada corporation (the “Company”) according to the conditions of the convertible note of the Company dated
as of ______, 201_ (the “Note”), as of the date written below. No fee will be charged to the Investor for any conversion,
except for transfer taxes, if any.

 

[
] The undersigned hereby requests that the Company issue a certificate or certificates for the number of shares of Common Stock
set forth below (which numbers are based on the Investor’s calculation attached hereto) in the name(s) specified immediately
below or, if additional space is necessary, on an attachment hereto:

 

[address]

 

 

Date
of Conversion: ______________

Applicable
Conversion Price: $_____________

Number
of Shares of Common Stock to be Issued

Pursuant
to Conversion of the Notes: ______________

Amount
of Principal Balance Due remaining

Under
the Note after this conversion: ______________

    	 	6Exhibit

Exhibit 10.1

[Gap Inc. letterhead]

April 11, 2016

Sonia Syngal

Dear Sonia:

This letter is to confirm our offer to you as Global President, Old Navy.  

Salary. Effective on your Start Date, your annual salary will be $875,000, payable every two weeks. 
You are scheduled to receive a compensation review in March 2017, based on your time in the position.

Start Date. Your first day in your new position will be April 13, 2016, reporting to Art Peck, Chief Executive Officer, Gap Inc.

Annual Bonus. Based on your position as Global President, you will be eligible for an annual bonus based on Gap Inc. and/or Division financial objectives (weighted at 75%) and individual performance (weighted at 25%).  Effective on your Start Date, your annual target bonus will be 100% of your base salary.  Depending on results, your actual bonus, if any, may be higher or lower and can reach a maximum of 200%.  Bonus payments will be prorated based on active time in position, divisional or country assignment and changes in base salary or incentive target that may occur during the fiscal year including any changes related to your acceptance of this position.  Bonuses for fiscal 2016 are scheduled for payment in March 2017 and you must be employed by Gap Inc. on the payment date.  Gap Inc. has the right to modify the program at any time. Management discretion can be used to modify the final award amount.  Bonus payments are subject to supplemental income tax withholding.

Stock Options. The Compensation and Management Development Committee of the Board of Directors (“the Committee”) approved a stock option grant to you with a grant date of April 13, 2016 (the “date of grant) to purchase 75,000 shares of Gap Inc. common stock, subject to the provisions of Gap Inc.’s stock plan.  The option price shall be determined by the fair market value of the stock on the date of grant. These options will become vested and exercisable as shown in the schedule below, provided you are employed by Gap Inc. on the vesting date.  These options must be exercised within ten years from the date of grant or within three months of your employment termination, whichever is earlier, or you will lose your right to do so.

Option to purchase 18,750 shares vesting one year from date of grant.
Option to purchase 18,750 shares vesting two years from date of grant.
Option to purchase 18,750 shares vesting three years from date of grant.
Option to purchase 18,750 shares vesting four years from date of grant.

Long-Term Growth Program. Based on your position as Global President, you will continue to be eligible to participate in the Long-Term Growth Program that rewards achievement of Gap Inc. and/or Division financial objectives over a three year period.  Under the current program, your target opportunity to earn performance shares is 180% of your base salary.    Depending on results, your actual performance shares, if any, may be higher or lower and can reach a maximum of 300% of target shares.  Awards are made in the form of performance shares that are paid in Gap Inc. stock upon vesting.

For the current fiscal 2016-2018 performance cycle, the Committee has approved an additional grant of performance shares covering a target amount of 22,365 shares of Gap Inc. common stock with a grant date of April 13, 2016.  Together with the performance shares granted to you on March 14, 2016, this represents a target grant at the Global President level. For both of these grants, measurement will be on Old Navy 

Sonia Syngal
April 11, 2016
Page 2

earnings for fiscal 2016.  The number of earned performance shares, if any, will be determined no later than March 2019.  Payout is subject to certification by the Committee and the provisions of Gap Inc.’s stock plan. Earned shares will vest 50% on the date the Committee certifies attainment and 50% one year from the certification date provided you are employed by Gap Inc. on the vesting dates.  Gap Inc. has the right to modify the program at any time. Committee discretion can be used to modify the final share amount.  Shares are subject to income tax withholding upon vesting.  
 
Termination/Severance.  In the event that your employment is involuntarily terminated by the Company for reasons other than For Cause (as defined below) prior to February 13, 2018, the Company will provide you the following after your "separation from service" within the meaning of Section 409A of the Internal Revenue Code (the "Separation from Service”), provided you sign a general release of claims in the form requested by the Company and it becomes effective within 45 calendar days after such Separation from Service (such 45th day, the “Release Deadline”):  

(1) Your then current salary, at regular pay cycle intervals, for eighteen months commencing in the first regular pay cycle following the Release Deadline (the “severance period”).  Payments will cease if you accept other employment or professional relationship with a competitor of the Company (defined as another company primarily engaged in the apparel design or apparel retail business or any retailer with apparel sales in excess of $500 million annually), or if you breach your remaining obligations to the Company (e.g., your duty to protect confidential information, agreement not to solicit Company employees).  Payments will be reduced by any compensation you receive (as received) during the severance period from other employment or professional relationship with a non-competitor. Each payment will be treated as a separate payment for purposes of Section 409A of the Internal Revenue Code.

(2) Through the end of the period in which you are receiving payments under paragraph (1) above, if you properly elect and maintain COBRA coverage, payment of a portion of your COBRA premium in a method as determined by the Company. This payment may be taxable income to you and subject to tax withholding.  Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premium shall cease immediately if the Company determines in its discretion that paying such monthly COBRA premium would result in the Company being in violation of, or incurring any fine, penalty, or excise tax under, applicable law (including, without limitation, any penalty imposed for violation of the nondiscrimination requirements under the Patient Protection and Affordable Care Act or guidance issued thereunder).

(3) Through the end of the period in which you are receiving payments under paragraph (1) above, reimbursement for your costs to maintain the same or comparable financial counseling program the Company provides to senior executives in effect at the time of your Separation from Service.  The amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligible for reimbursement in any other calendar year.  Reimbursement shall be made on or before the last day of the calendar year following the calendar year in which the reimbursement is incurred but not later than the end of the second calendar year following the calendar year of your Separation from Service.

(4) Prorated Annual Bonus for the fiscal year in which the termination occurs, on the condition that you have worked at least 3 months of the fiscal year in which you are terminated, based on actual financial results and 100% standard for the individual component.  Such bonus will paid in March of the year following termination at the time Annual Bonuses for the year of termination are paid, but in no event later than the 15th day of the third month following the later of the end of the Company’s taxable year or the end of the calendar year in which such termination occurs.

(5) Accelerated vesting (but not settlement) of restricted stock units (“RSUs”) and performance shares that remain subject only to time vesting conditions (excluding any performance shares that remain subject to performance-based vesting conditions) scheduled to vest prior to April 1 following the fiscal year of termination.  Shares of the Company stock in settlement of any vested RSUs and/or performance shares 

Sonia Syngal
April 11, 2016
Page 3

under this section will be delivered on the applicable regularly scheduled vesting dates subject to the terms and conditions of the applicable award agreement including, without limitation, the Internal Revenue Code Section 409A six-month delay language thereunder to the extent necessary to avoid taxation under Section 409A of the Internal Revenue Code.

The payments in (1), (3), (4) and (5) above are, and the payment described in (2) above may be, taxable income to you and are subject to tax withholding.  If the aggregate amount that would be payable to you under paragraphs (1), (2), (3) and (4) above through the date which is six months after your Separation from Service (excluding amounts exempt from Section 409A of the Internal Revenue Code under the short-term deferral rule thereunder or Treas. Reg. Section 1.409A-1(b)(9)(v))  exceeds the limit under Treas. Reg. Section 1.409A-1(b)(9)(iii)(A) and you are a “specified employee” under Treas. Reg. Section 1.409A-1(i) on the date of your Separation from Service, then the excess will be paid to you no earlier than the date which is six months after the date of such separation (or such earlier time permitted under Section 409A(a)(2)(B)(i) of the Internal Revenue Code). This delay will only be imposed to the extent required to avoid the tax for which you would otherwise be liable under Section 409A(a)(1)(B) of the Internal Revenue Code.  Any delayed payment instead will be made on the first business day following the expiration of the six month period, as applicable (or such earlier time permitted under Section 409A(a)(2)(B)(i) of the Internal Revenue Code). Payments that are not delayed will be paid in accordance with their terms determined without regard to such delay.  

The term “For Cause” shall mean a good faith determination by the Company that your employment be terminated for any of the following reasons:  (1) indictment, conviction or admission of any crimes involving theft, fraud or moral turpitude; (2) engaging in gross neglect of duties, including willfully failing or refusing to implement or follow direction of the Company; or (3) breaching Gap Inc.’s policies and procedures, including but not limited to the Code of Business Conduct.

At any time, if you voluntarily resign your employment from Gap Inc. or your employment is terminated For Cause, you will receive no compensation, payment or benefits after your last day of employment.  If your employment terminates for any reason, you will not be entitled to any payments, benefits or compensation other than as provided in this letter.

Recoupment Policy.  As a Global President, the Company’s recoupment policy will continue to apply to you. Under the current policy, subject to the discretion and approval of the Board, Gap Inc. will, to the extent permitted by governing law, in all appropriate cases as determined by the Board, require reimbursement and/or cancellation of any bonus or other incentive compensation, including stock-based compensation, awarded to an executive officer or other member of the Gap Inc.’s executive leadership team where all of the following factors are present: (a) the award was predicated upon the achievement of certain financial results that were subsequently the subject of a restatement, (b) in the Board’s view, the executive engaged in fraud or intentional misconduct that was a substantial contributing cause to the need for the restatement, and (c) a lower award would have been made to the executive based upon the restated financial results.  In each such instance, Gap Inc. will seek to recover the individual executive’s entire annual bonus or award for the relevant period, plus a reasonable rate of interest.

Benefits/Indemnification.  You are eligible to participate in Gap Inc. health and welfare benefit programs offered to similarly situated Global Presidents.  Gap Inc. reserves the right to change its health and welfare programs at any time.   Gap Inc. provides you certain indemnification and insurance as more fully described in Article V. of the Gap Inc. By-laws.

Abide by Gap Inc. Policies/Protection of Gap Inc. Information.  You agree to abide by all Gap Inc. policies including, but not limited to, policies contained in the Code of Business Conduct.  As a Global President, you are subject to Stock Ownership Requirements for Gap Inc. Executives at this level which can be found on Gapinc.com.  You also agree to abide by the Confidentiality and Non-Solicitation terms below during and after your employment with Gap Inc.

Sonia Syngal
April 11, 2016
Page 4

Insider Trading Policies.  Based on the level of your position, you will be subject to Gap Inc.'s Securities Law Compliance Manual, which among other things places restrictions on your ability to buy and sell Gap Inc. stock and requires you to pre-clear trades. This position will subject you to the requirements of Section 16 of the United States Securities and Exchange Act of 1934, as amended.  If you do not already have a copy of the compliance manual, or have questions about it, you should contact Gap Inc. Global Equity Administration, at (415) 427-2802.

Confidentiality.  You acknowledge that you will be in a relationship of confidence and trust with Gap Inc.  As a result, during your employment with Gap Inc., you will acquire “Confidential Information,” which is information (whether in electronic or any other format) that people outside Gap Inc. never see, such as unannounced product information or designs, business or strategic plans, financial information and organizational charts, and other materials.  

You agree that you will keep the Confidential Information in strictest confidence and trust.  You will not, without the prior written consent of Gap Inc.’s General Counsel, directly or indirectly use or disclose to any person or entity any Confidential Information, during or after your employment, except as is necessary in the ordinary course of performing your duties while employed by Gap Inc., or if required to be disclosed by order of a court of competent jurisdiction, administrative agency or governmental body, or by subpoena, summons or other legal process, provided that prior to such disclosure, Gap Inc. is given reasonable advance notice of such order and an opportunity to object to such disclosure.  

You agree that in the event your employment terminates for any reason, you will immediately deliver to Gap Inc. all company property, including all documents, materials or property of any description, or any reproduction of such materials, containing or pertaining to any Confidential Information.

Non-Solicitation of Employees.  In order to protect Confidential Information, you agree that so long as you are employed by Gap Inc., and for a period of one year thereafter, you will not directly or indirectly, on behalf of yourself, any other person or entity, solicit, call upon, recruit, or attempt to solicit any of Gap Inc.’s employees or in any way encourage any Gap Inc. employee to leave their employment with Gap Inc.  You further agree that you will not directly or indirectly, on behalf of yourself, any other person or entity, interfere or attempt to interfere with Gap Inc.’s relationship with any person who at any time was an employee, consultant, customer or vendor or otherwise has or had a business relationship with Gap Inc.    

Non-disparagement.  You agree now, and after your employment with the Gap Inc. terminates not to, directly or indirectly, disparage Gap Inc. in any way or to make negative, derogatory or untrue statements about Gap Inc., its business activities, or any of its directors, managers, officers, employees, affiliates, agents or representatives to any person or entity.

Employment Status. You understand that your employment is “at-will”. This means that you do not have a contract of employment for any particular duration or limiting the grounds for your termination in any way.  You are free to resign at any time.  Similarly, Gap Inc. is free to terminate your employment at any time for any reason.  The only way your at-will status can be changed is through a written agreement with Gap Inc., signed by an authorized officer of Gap Inc.  In the event that there is any dispute over the terms, enforcement or obligations in this letter, the prevailing party shall be entitled to recover from the other party reasonable attorney fees and costs incurred to enforce any agreements.

Please note that except for those agreements or plans referenced in this letter and attachments, this letter contains the entire understanding of the parties with respect to this offer of employment and supersedes any other agreements, representations or understandings (whether oral or written and whether express or implied) with respect to this offer. Please review and sign this letter.  You may keep one original for your personal records. 

    

Sonia Syngal
April 11, 2016
Page 5

Sonia, welcome to your new position and congratulations on this latest achievement in your career path at Gap Inc. 

Yours sincerely,

/s/ Art Peck            
Art Peck
Chief Executive Officer, Gap Inc.

Confirmed this 11th day of April, 2016

/s/ Sonia Syngal            
Sonia Syngal

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