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        EXHIBIT 10.24
FIFTH LEASE MODIFICATION AGREEMENT

THIS FIFTH LEASE MODIFICATION AGREEMENT (this "Fifth Lease Modification Agreement ") is dated as of the 29th day of January 2021 (the "Effective Date"), by and between Hancock S-REIT SECA LLC, a  Delaware limited liability company (“Landlord”), as landlord, having an address c/o John Hancock Life Insurance Company (U.S.A.), 10 Exchange Place, Jersey City, New Jersey 07302, and The Children’s Place Services Company, LLC, a New York limited liability company ("Tenant"), as tenant, having an address at 500 Plaza Drive, Secaucus, New Jersey 07094.

W I T N E S S E T H:

WHEREAS, Landlord’s predecessor-in-interest, 500 PLAZA DRIVE CORP. (“Landlord’s Predecessor”), as landlord, and Tenant, as tenant, entered into that certain Lease dated March 12, 2009 (the “Original Lease”), amended and supplemented by (i) Letter Agreement among Landlord, Tenant and The Children’s Place Retail Stores, Inc. (“Guarantor”), as guarantor, dated February 19, 2009 (the “Letter Agreement”), (iii) letter from Landlord to Tenant dated May 5, 2009 (“Letter No. 1”), (iv) First Lease Modification Agreement dated August 27, 2009 (the “First Modification Agreement”), (v) letter from Guarantor to Landlord dated August 27, 2009 (“Letter No. 2”), (vi) Tri-Party Agreement among Landlord ,Tenant and AXA Equitable Life Insurance Co. dated October 8, 2009 (re: generator) (the “Tri-Party Agreement”), (vii) Second Lease Modification Agreement dated Sept. 16, 2010 (the “Second Modification Agreement”), (viii) Third Lease Modification Agreement dated November 14, 2011 (the “Third Modification Agreement”), and (ix) Fourth Lease Modification Agreement dated February 20, 2013 (the “Fourth Modification Agreement”, collectively with the Original Lease, the Guaranty, Letter Agreement, Letter No. 1, the First Modification Agreement, Letter No. 2, the Tri-Party Agreement, the Second Modification Agreement, and the Third Modification Agreement, the “Lease”), pursuant to which Landlord’s Predecessor leased to Tenant and Tenant let from Landlord’s Predecessor (a) 28,210 square feet of Floor Space representing a portion of the second (2nd) floor (the “Third Additional Premises”), (b) approximately 73,554 square feet of Floor Space on the third (3rd) floor (the “Third Floor Demised Premises”), (c) approximately 46,425 square feet of Floor Space on the fourth (4th) floor (the “Fourth Floor Demised Premises”, collectively with the Third Floor Demised Premises, the “Original Premises”), (d) approximately 17,544 square feet of Floor Space representing a portion of the fifth (5th) floor (the “Additional Premises”), and (e) approximately 32,216 square feet of Floor Space representing an additional portion of the fifth (5th) floor (the “Second Additional Premises”, collectively with the Third Additional Premises, the Original Premises, and the Additional Premises, the “Demised Premises”)of the building known as 500 Plaza Drive, Secaucus, New Jersey (the “Building”), as more particularly described therein;

WHEREAS, Landlord has succeeded to all of the right, title and interest of Landlord’s Predecessor in and to the Lease, the Demised Premises and the Building; and

    WHEREAS, Landlord and Tenant desire to further amend and supplement the Lease to (i) provide for an abatement of Fixed Rent, Tenant’s Fraction of Real Estate Taxes and Tenant’s Fraction of Operating Expenses, (ii) provide for a reduction of Fixed Rent, (iii) modify the terms of Tenant’s Termination Right, (iv) modify the terms of Tenant’s first option to extend the Term of the Lease, and (v) amend the Lease in certain other respects, all as more particularly described herein.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration and of the mutual agreements hereinafter set forth, the receipt and sufficiency of which is hereby acknowledged, it is hereby mutually agreed as follows:

1.Incorporation of Recitals. The foregoing recitals are hereby incorporated in this Fifth Lease Modification Agreement and made a part hereof by this reference.

2.Defined Terms. All capitalized terms set forth herein but not otherwise defined shall have the meanings assigned thereto in the Lease. The term "Lease" as used herein and in the Lease shall mean the Lease as amended by this Fifth Lease Modification Agreement.

3.Abatement of Fixed Rent, Tenant’s Fraction of Real Estate Taxes and Tenant’s Fraction of Operating Expenses. Subject to the terms and conditions set forth hereinafter, Tenant’s obligation to pay to Landlord Fixed Rent, Tenant’s Fraction of Real Estate Taxes, and Tenant’s Fraction of Operating Expenses for the period beginning on April 1, 2021 through and including June 30, 2021 (the “Abatement Period”) is hereby abated in its entirety (the amount of Fixed Rent, Tenant’s Fraction of Real Estate Taxes and Tenant’s Fraction of Operating Expenses abated during the Abatement Period, the “Abated Rent”). If, however (i) Tenant has defaulted as a result of its failure to timely deliver the Letter of Credit Amendment (defined hereinafter) to Landlord by the Letter of Credit Amendment Delivery Date (defined hereinafter) pursuant to the terms of Paragraph 6 hereof and/or pay the Arrears (defined hereinafter) to Landlord by the Arrears Delivery Date (defined hereinafter) pursuant to the terms of Paragraph 7 hereof,  (ii) at any time during the period beginning on April 1, 2021 through May 31, 2024, Tenant fails to perform any of its obligations under the Lease (other than  the default described in item 3(i)) and such failure continues for a period in excess of ten (10)  days following the giving of written notice to Tenant, and/or (iii) assigns or otherwise transfers the Lease, or sublet the Demised Premises or any part thereof, the abatement of Abated Rent during the Abatement Period pursuant to the terms of this Paragraph 3 shall be null and void and of no effect retroactive, as of the Effective Date, all Abated Rent shall be paid upon demand, and in the case of an event described in item (i) above, together with the Late Charge calculated from the dates such payments were original due, and Landlord shall have available to it all remedies set forth in the Lease, under the Guaranty (defined hereinafter) and at law and in equity, all of which are hereby expressly reserved.

4.Reduction of Fixed Rent.

(i)Subject to the terms and conditions hereinafter set forth, for the period beginning on January 1, 2021 through and including May 31, 2024 (the “Initial Fixed Rent Reduction Period”), Fixed Rent due for the Demised Premises leased by Tenant during such period (i.e., the Third Additional Premises, the Original Premises, the Additional Premises, and the Second Additional Premises) is hereby reduced and Tenant shall pay to Landlord an amount at the annual rate of Twenty-Eight and 00/100 Dollars ($28.00) multiplied by the Floor Space of the Demised Premises (i.e. 197,949 square feet). Article 1.01 Q. of the Original Lease shall be deemed so amended.

(ii)In addition to the reduction of Fixed Rent described in Section 4 (i) above, subject to the terms and conditions hereinafter set forth, if Tenant does not exercise Tenant’s Termination Right referenced in Article 1.01 P o f the Original Lease, modified by Paragraph 8 below, for the period beginning on June 1, 2024 through and including May 31, 2029 (the “Additional Fixed Rent Reduction Period”), Fixed Rent due for the Original Premises is hereby reduced and Tenant shall pay to Landlord an amount at the annual rate of Thirty-Four and 29/100 Dollars ($34.29) multiplied by the Floor Space of the Demised Premises (i.e. 119,949 square feet). Article 1.01 Q. of the Original Lease shall be deemed so amended.

(iii)If, however, with respect to the reduction of Fixed Rent due during:

(a)the Initial Fixed Rent Reduction Period, if (x) Tenant has defaulted as a result of its failure to timely deliver Letter of Credit Amendment  to Landlord by the Letter of Credit Amendment Delivery Date pursuant to the terms of Paragraph 6 hereof and/or pay the Arrears  to Landlord by the Arrears  Delivery Date pursuant to the terms of Paragraph 7, and/or (y) at any time during the period beginning on January 1, 2021 through and including May 31, 2024, Tenant fails to perform any of its obligations under the Lease (other than  the default described in item 4(iii)(a)(x))  and such failure continues for a period in excess of ten (10) days following the giving of written notice to Tenant, then (1) the reduction of Fixed Rent pursuant to the terms of Section 4 (i) above shall be null and void and of no effect retroactive, as of the Effective Date, and (2) all Fixed Rent abated pursuant to the terms of Section 4(i) above during the period beginning on January 1, 2021 through the date of default, together the Late Charge calculated from the dates such payments were original due shall be due shall be paid upon demand, and Landlord shall have available to it all remedies set forth in the Lease, under the Guaranty and at law and in equity, all of which are hereby expressly reserved;

(b)the Additional Fixed Rent Reduction Period, if (x) deliver the Letter of Credit to Landlord by the Letter of Credit Amendment Delivery Date pursuant to the terms of Paragraph 6 hereof and/or pay the Arrears to Landlord by the Arrears Delivery Date pursuant to the terms of Paragraph 7, and/or (y) at any time during the period beginning on June 1, 2024 through and including May 31, 2029, Tenant fails to perform any of its obligations under the Lease (other than  the default described in item 4(iii)(a)(x))  and such failure continues for a period in excess of ten (10) days following the giving of written notice to Tenant, then (1) the reduction of Fixed Rent pursuant to the terms of Section 4 (ii) above shall be null and void and of no effect retroactive, as of the Effective Date, and (2) all Fixed Rent abated pursuant to the terms of Section 4(ii) above during the period beginning on June 1, 2024 through the date of default, together the Late Charge calculated from the dates such payments were original due shall be due shall be paid upon demand and Landlord shall have available to it all remedies set forth in the Lease, under the Guaranty and at law and in equity, all of which are hereby expressly reserved; and 

(c)the Initial Fixed Rent Reduction Period and the Additional Fixed Rent Reduction Period, if Tenant assigns or otherwise transfers the Lease, or sublets the Demised Premises or any part thereof, the reduction of Fixed Rent pursuant to the terms of Section 4 (i) and Section 4(ii) above shall be null and void and of no effect retroactive, as of the Effective Date, all Fixed Rent abated prior to the date of default or transfer, as applicable, shall be paid upon demand, and Landlord shall have available to it all remedies set forth in the Lease, under the Guaranty and at law and in equity, all of which are hereby expressly reserved.

5.Unmodified Rent Obligations. Except as set forth in Paragraphs 3, Section 4 (i) and Section 4(ii) above Rent  due under the Lease is unmodified and due and payable in accordance with the terms of the Lease, including, without limitation, Tenant’s Fraction of Operating Expenses and Real Estate Taxes.

6.Amendment to the Letter of Credit. As security for the full and faithful payment and performance by Tenant of its obligations under the Lease, Tenant deposited with Landlord Four Hundred Ninety Thousand Nine Hundred Forty Three and 00/100 Dollars ($490,943.00) in the form of an irrevocable Letter of Credit No.: IS000169591U issued by Wells Fargo Bank N.A. (the “Wells Letter of Credit ”) and dated January 27, 2021. No later than the date which is thirty (30) days following the Effective Date (the “Letter of Credit Amendment Delivery Date”), Tenant shall deliver to Landlord an amendment to the Wells Letter of Credit (the “Letter of Credit Amendment”) whereby paragraph number “3” of the Wells Letter of Credit is deleted in its entirety or, if not deleted, revised to read “3.  A dated statement issued on the letterhead of the Beneficiary and purportedly signed by an authorized representative stating that Beneficiary is entitled to draw under the Letter of Credit pursuant to the terms of that certain Lease dated March 12, 2009, as amended,  between Beneficiary, as landlord, and Applicant, as tenant.” Tenant expressly acknowledges and agrees that if Landlord does not receive the  Letter of 

Credit Amendment  by 5:00 pm EST on the Letter of Credit Delivery Date, the same shall constitute a default by Tenant under the Lease without the need for Landlord to provide notice or cure period.
7.Arrears. After taking into account the reduction of Fixed Rent due for the month of January 2021 pursuant to the terms of Section 4(i) above, as of January 7, 2021 Rent is due under the Lease equals Three Million Four Hundred Sixty Thousand Four Hundred Nineteen and 00/100 Dollars ($3,460,419.00) (the “Original Arrears”) more particularly described on Schedule 1 hereto. Landlord hereby agrees to reduce a portion of the Late Charges included in the Original Arrears by One Hundred Fifty Thousand Eight Hundred Sixty Two and 00/100 Dollars ($150,862.00), whereby the Original Arrears is reduced to equal Three Million Three Hundred Nine Thousand Five Hundred Fifty Seven and 00/100 Dollars ($3,309,557) (the “Original Arrears as reduced, the “Arrears”) No later than the date which is fourteen (14) days following the Effective Date (such date, the “Arrears Delivery Date”), Tenant shall pay the Arrears to Landlord ACH transfer of immediately available funds. Tenant expressly acknowledges and agrees that if Landlord does not receive the Arrears by 5:00 pm EST on the Arrears Delivery  Date, the same shall constitute a default by Tenant under the Lease without the need for Landlord to provide notice or cure period.

8.Tenant's Termination Right. Tenant’s Termination Right described in Section 1.01 P. of the Original Lease is hereby modified by increasing the Termination Fee to equal Four Million Forty Thousand Four Hundred Thirty Two and 00/100 Dollars ($4,040,432.00).

9.Option to Extend Term. Tenant’s options to extend the Term of the Lease with respect to Additional Premises, the Second Additional Premises and the Third Additional Premises pursuant to the terms of terms of Paragraph 8 of the First Modification Agreement, Paragraph 9 of the Second Modification Agreement, and Paragraph 9 of the Third Modification Agreement, respectively, is hereby modified to increase the Fixed Rent to be paid by Tenant during the first  five  (5)  year  option  period  to equal an annual rental rate of Thirty Four  and 29/100 Dollars ($34.29) multiplied by the square footage of the Floor Space of the Additional  Premises, the  Second Additional Premises and the Third Additional Premises (77,980  square  feet).  For purposes of clarification only, Tenant hereby acknowledges and agrees that should Tenant elect to exercise an extension option, Tenant must exercise such option for the Additional Premises, the Second Additional Premises and the Third Additional Premises in its entirety and may not exercise an extension option for less that all of the foregoing.

10.Amendments to the Lease. The Lease is hereby modified by adding the following text as Section
11.09 of the Original Lease: “11.09 Notwithstanding anything in this Lease to the contrary, Tenant shall not enter into, nor shall it permit any person or entity having an interest in the possession, use, occupancy or utilization of any part of the Demised Premises to enter into any sublease, license, concession, assignment or other agreement for use, occupancy or utilization of the Demised Premises (i) which provides for rental or other compensation based on the income or profits derived by any person or on any other formula such that any portion of such sublease rental, or other consideration for a license, concession, assignment or other occupancy agreement, would fail to qualify as “rents from real property” within the meaning of Section 856(d) and 512(b)(3) of the Internal Revenue Code, or (ii) under which fifteen percent (15%) or more of the total rent or other compensation received by Tenant is attributable to personal property and any such purported lease, sublease, license, concession or other agreement shall be absolutely void and ineffectual as a conveyance of any right or interest in the possession, use, occupancy or utilization of such part of the Demised Premises.”
11.Insurance. Notwithstanding anything to the contrary set forth in the Lease, all policies and certificates of insurance to be delivered to Landlord by Tenant pursuant to the Lease (other than workers compensation insurance) shall name Landlord as certificate holder in accordance with the terms of the Schedule 32 attached hereto and be endorsed to include the parties listed on Schedule 3 attached hereto of Insurance attached hereto and any other and/or replacement parties designed by Landlord  as an additional insureds by written notice to Tenant.

12.     Confidentiality. Landlord and Tenant shall keep the existence and the terms of this Fifth Lease Modification Agreement, confidential, and shall not disclose any of same to any person or entity, unless the disclosure to such person or entity has been approved in writing by the other party, which approval may be granted or denied in that party’s reasonable discretion, provided, however, either party may disclose the existence and terms of this Fifth Lease Modification Agreement to any other persons or entities to the extent that such party is compelled by legal process to do so or if the same is generally known to the public. In addition, Landlord and Tenant may also disclose of the existence and/or terms of this Fifth Lease Modification Agreement to a Recipient (defined hereinafter), provided that such Recipient: (i) has a reasonable basis to be informed of the existence and terms of this Fifth Lease Modification Agreement; (ii) is informed by disclosing party of the confidential nature herein; and (iii) agrees in writing to treat the existence and terms of this Fifth Lease Modification Agreement confidentially and in accordance with the terms and conditions of this Paragraph 12. As used herein, “Recipient” means an affiliate, director, officer, employee, principal, shareholder, brokers, appraisers, agents, partners, affiliates, attorneys, accountants, and other professionals, investors, potential and existing financing sources, potential purchasers and successors in interest of the disclosing party, provided that in no event shall “Recipient” include other tenants or occupants of the Building. Landlord and Tenant shall be entitled all rights and remedies available at law and in equity, including without limitation, injunctive relief (without the necessity of posting any bond or other security or proving special damages) in the event of a breach of this Paragraph 12.

13.     Notices. Notwithstanding anything to the contrary in the Lease, all notices, requests, consents, demands and other communications required or permitted to be given, rendered or made by Tenant to Landlord pursuant to the Lease or pursuant to any applicable Legal Requirement, shall be in writing and shall be deemed to have been properly given, rendered or made if sent by a method described in Section 34.01 of the Original Lease, if to Landlord, at the following addresses:

Hancock S-REIT SECA LLC 197 Clarendon Street, C-3 Boston, MA 02116
Attn: Quazi Sadruzzaman

With simultaneous copies to:
John Hancock Insurance Company (U.S.A.) 197 Clarendon Street
Boston, MA 02116
Attention: Jeffrey A Spruill | Managing Director
Mid - Atlantic/ Northeast Regions, US Real Estate Asset Management 

and
John Hancock Life Insurance Company (U.S.A.) 197 Clarendon Street, C-3
Boston, Massachusetts 02116
Attn: Senior Managing Director and Chief Counsel, North American Investment Law

And

Marcus Partners, Inc.
301 Merritt 7
Norwalk, CT 06851
Attn: John Busby
Telephone: 201-762-7200 x924
Email: jbusby @marcuspartners.com

14.     S-REIT Compliance. Landlord shall have the right at any time and from time to time to unilaterally amend the provisions of the Lease with respect to monies to be paid to Landlord, if Landlord is advised by its counsel or its accounting firm that all or any portion of the monies paid by Tenant to Landlord under the Lease (i) are, or may be deemed to be, unrelated business income within the meaning of the United States Internal Revenue Code and/or (ii) no longer qualify, or there is risk that any such monies may not qualify, as “rent from real property” under the Internal Revenue Code, and Tenant agrees that it will execute all documents or instruments necessary to effect such amendment or amendments, provided that (a) no such amendment shall result in Tenant having to pay, in the aggregate, more money on account of its occupancy of this Demised Premises under the terms of the Lease, (b) no such amendment shall result in any interference with Tenant’s use and enjoyment of this Demised Premises, (c) no such amendment shall result in any amendment, alteration or impact on Tenant’s non-monetary rights or  obligations under the Lease (including, but not limited to, Tenant’s use of this Demised Premises for the use permitted under the Lease), and (d) no such amendment shall result in Tenant receiving less services than it was then entitled to receive under the Lease, or services of a lesser quality. Any services which Landlord is required to furnish pursuant to the provisions of the Lease may, at Landlord’s option, be furnished from time to time, in whole or in part, by employees of Landlord or its property manager or its employees or by one or more third persons hired by Landlord or its property manager. Tenant agrees that upon Landlord’s written request it will enter into direct agreements with  Landlord’s property manager or other parties designated by Landlord for the furnishing of any such services required to be furnished by Landlord hereunder, in form and content approved by Landlord and Tenant, provided however that no such contract shall result in (x) Tenant having to pay, in the aggregate, more money on account of its occupancy of this Demised Premises under the terms of the Lease, (y) any interference with Tenant’s use and enjoyment of this Demised Premises; (z) any amendment, alteration or impact on Tenant’s non-monetary rights or obligations under  the Lease (including, but not limited to, Tenant’s use of this Demised Premises for the use permitted under the Lease), and (aa) Tenant, receiving less services than it was then entitled to receive under the Lease, or services of a lesser quality. 

15.Ratification. Except as specifically amended and modified by this Fifth Lease Modification Agreement, all other terms of the Lease shall remain in full force and effect and, as hereby amended, are ratified and affirmed.

16.Intentionally Omitted.

17.Authorization. Tenant and Landlord each represents and warrants to the other that its execution and delivery of this Fifth Lease Modification Agreement has been duly authorized by all necessary corporate action and that the person executing this Fifth Lease Modification Agreement on its behalf has been duly authorized to do so, and that no other action or approval is required with respect to this transaction.

18.Broker. Tenant and Landlord each covenant, warrant and represent to the other that there were no brokers that were instrumental in consummating this Fifth Lease Modification Agreement other than Landlord’s agent, Jones Lang LaSalle Brokerage, Inc. (the "Broker") and that no conversations or negotiations were had with any broker except the Broker concerning the subject matter set forth herein. Each representing party hereby agrees 

to indemnify and hold the other party harmless from and against any and all claims including but not limited to claims for brokerage commissions or finder's fees by other brokers, liabilities, suits, costs and expenses including but not limited to reasonable attorneys' fees and disbursements arising out of any inaccuracy of the above representation by such party. Landlord agrees to pay the Broker a commission arising out of this Fifth Lease Modification Agreement pursuant to separate agreement between Landlord and Broker. The terms of this Paragraph 18 shall survive the expiration or sooner termination of the Lease.
19.Counterparts. This Fifth Lease Modification Agreement may be executed in multiple counterparts. All executed counterparts shall constitute one agreement, and each counterpart shall be deemed an original. The parties hereby acknowledge and agree that electronic signatures, facsimile signatures or signatures transmitted by electronic mail in so-called "pdf" format shall be legal and binding and shall have the same full force and effect as if an original of this Fifth Lease Modification Agreement had been delivered. Landlord and Tenant (i) intend to be bound by the signatures (whether original, faxed or electronic or signed using Docu-sign) on any document sent by facsimile or electronic mail, (ii) are aware that the other party will rely on such signatures, and (iii) hereby waive any defenses to the enforcement of the terms of this Fifth Lease Modification Agreement based on the foregoing forms of signature.

20.Miscellaneous. This Fifth Lease Modification Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and assigns. In the event of a conflict between the terms of the Lease and this Fifth Lease Modification Agreement, the terms of this Fifth Lease Modification Agreement shall govern. This Fifth Lease Modification Agreement may not be changed or terminated orally but only by an agreement in writing signed by Landlord and Tenant. This Fifth Lease Modification Agreement shall not be binding upon either Landlord or Tenant or both, as the case may be, unless and until this Fifth Lease Modification Agreement is fully executed, acknowledged and delivered by Landlord to Tenant. If either Landlord or Tenant commences an action or other proceeding pertaining to this Fifth Lease Modification Agreement, the prevailing party shall recover from the non-prevailing party its reasonable costs, including, without limitation, reasonable attorneys’ fees incurred by the prevailing party in connection with such action or proceeding. Landlord and Tenant acknowledge and agree that this Fifth Lease Modification Agreement was negotiated by Landlord and Tenant, that this Fifth Lease Modification Agreement shall be interpreted as if it were drafted jointly by Landlord and Tenant, and that neither this Fifth Lease Modification Agreement, nor any provision within it shall be construed against any party or its attorney because it was drafted in full or in part by either Landlord or Tenant, or their respective attorneys. This Fifth Lease Modification Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey. If any term, covenant or condition of this Fifth Lease Modification Agreement is held to be invalid, illegal or unenforceable in any respect, this Fifth Lease Modification Agreement shall be construed without such provision.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE(S)]
IN WITNESS WHEREOF, the parties hereto have executed this Fifth Lease Modification Agreement as of the day and year first hereinabove written.

    

Guarantor acknowledges and accepts the execution of this Fifth Lease Modification Agreement by Landlord and Tenant. Guarantor hereby reaffirms its obligations under the Guaranty and agrees and acknowledges that the obligations of the Guarantor under that certain Guaranty dated March 12,2009, as amended and/or supplemented (the "Guaranty"), extends to and includes the obligations of Tenant under the Fifth Lease Modification Agreement. Guarantor hereby acknowledges and agrees that electronic signature, facsimile signature or signature transmitted by electronic mail in so-called "pdf" format shall be legal and binding and shall have the same full force and effect as if an original of Guarantor’s signature had been delivered. Further Guarantor (i) intends to be bound by the signature (whether original, faxed or electronic or signed using Docu-sign)  on any document sent by facsimile or electronic mail, (ii) are aware that Landlord will rely on such signature, and (iii) hereby waive any defenses to the enforcement of the terms of set forth above based on the foregoing forms of signature.

						
	WITNESS:
/s/ Jared Shure

Name: Jared Shure    
	The Children’s Place Retail Stores, Inc.

By: /s/ Robert Helm     Name: Robert Helm     Title: SVP Finance and Inventory Mgmt    
Dated:__1/29/21__________________

SCHEDULE 1 ARREARS 

SCHEDULE 2 
CERTIFICATE HOLDER/ADDITIONAL INSUREDS

Certificate Holder:

Hancock S-REIT SECA LLC c/o Marcus Partners
301 Merritt 7
Norwalk, CT 06851

Additional Insureds:

1.Manulife US REIT, and its affiliates and/or subsidiaries
2.Hancock S-REIT SECA Corp.
•Hancock Capital Investment Management, LLC
•S-REIT Manager US Corp.
•John Hancock Life Insurance Company (U.S.A.)
•Marcus Partners CT Management, LLCDocument

EXHIBIT 10.25

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT

THE CHILDREN’S PLACE, INC.
This Performance-Based Restricted Stock Unit Award Agreement (the “Agreement”), effective as of ___________, 2021 (the “Award Date”), is entered into by and between The Children’s Place, Inc., a Delaware corporation (the “Company”), and ______________ (the “Awardee”).
WHEREAS, the Company desires to provide the Awardee an incentive to participate in the success and growth of the Company through the opportunity to earn a proprietary interest in the Company; 
WHEREAS, to give effect to the foregoing intentions, the Company desires to grant the Awardee the right to receive shares of the Company’s common stock, par value $0.10 per share (the “Common Stock”), pursuant to Section 9 of the 2011 Equity Incentive Plan of the Company (the “Plan”), subject to the terms and conditions set forth herein; and
WHEREAS, capitalized terms not otherwise defined herein or in Exhibit A hereto shall have the meanings ascribed thereto in the Plan.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties hereto agree as follows:
1.Award.  Subject to the terms and conditions set forth in this Agreement, and as otherwise provided in the Plan, the Company shall issue and deliver to the Awardee the number of shares of Common Stock, if any, earned in accordance with Exhibit A (the “Performance Shares”) in April 2024, but in no event later than April 15, 2024 (the “Vesting Date”), provided that a determination has been made by the Board or the Committee that the performance targets and conditions set forth in Exhibit A have been achieved, and at what levels those performance targets and conditions have been achieved (by reference to Exhibit A) (a “Determination”), and provided further that the Awardee is in the employ of the Company or its subsidiaries on the Vesting Date.  Notwithstanding the foregoing, in the event that on the Vesting Date, the number of shares of Common Stock that remain available for issuance under the Plan that are not otherwise allocated to cover (x) the Target Number of Performance Shares under this Award and for all other outstanding Performance-Based Restricted Stock Unit awards having the same Restricted Period as this Award (the “Similar PBRSU Awards”) or (y) shares underlying any other then outstanding award under the Plan (the “Remaining Available Shares”), is insufficient to deliver the number of earned Performance Shares (in the aggregate for this Award and for all other Similar PBRSU Awards), then a Prorata Portion (as defined below) of the Excess Earned Shares (as defined below) shall be settled in cash at the Fair Market Value thereof on the Vesting Date at the same time that the Target Number of Performance Shares are delivered hereunder to the Awardee, all as otherwise subject to the terms hereof and of the Plan.  

For purposes hereof: (i) the “Excess Earned Shares” are the number of earned Performance Shares under this Award, if any, that exceed the Target Number of Performance Shares for this Award; (ii) the “Aggregate Excess Earned Shares” are the number of earned Performance Shares under this Award and under all outstanding Similar PBRSU Awards; and (iii) the “Prorata Portion” is one (1) minus a fraction, the numerator of which is the number of Remaining Available Shares, and the denominator of which is the Aggregate Excess Earned Shares, with such result represented as a percentage.
2.Incorporation by Reference, Etc.  The provisions of the Plan are hereby incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan.  Any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon the Awardee and his or her legal representative in respect of any questions arising under the Plan or this Agreement.  By signing this Agreement, Awardee acknowledges that he or she has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan (and this Agreement).
3.Termination of Employment Due to Death, Disability or Retirement.  In the event that Awardee’s employment with the Company and/or its subsidiaries terminates due to Awardee’s death, Disability or Retirement (i) prior to a Determination, then the performance targets in Exhibit A shall be deemed to have been achieved at target, and the conditions set forth in Exhibit A shall be deemed to have been satisfied, and, therefore, the Target Number of Performance Shares (as set forth in Exhibit A) shall immediately vest and be delivered to the Awardee (or Awardee’s estate, as applicable) within 10 days following the date of such termination of employment, provided that if such termination of employment occurs on or prior to the date on which 50% of the Performance Period (as set forth in Exhibit A) has elapsed, only 50% of the Target Number of Performance Shares shall immediately vest and be so delivered or (ii) after a Determination, then any Performance Shares that are determined to have been earned by Awardee in accordance with Exhibit A shall, to the extent not previously delivered to Awardee, vest and be delivered to Awardee (or Awardee’s estate, as applicable) within 10 days following the date of such termination of employment.
4.Termination of Service.  Except as otherwise provided in Sections 3 above or 5 below, upon termination of the Awardee’s employment with the Company and its subsidiaries, this Award shall terminate and all of Awardee’s rights to receive Performance Shares and dividend equivalents otherwise credited pursuant to Section 6 below shall be forfeited immediately.
5.Termination and Change in Control.
(a)Prior to Determination of Performance.  Notwithstanding any provision herein to the contrary, if a Change in Control occurs prior to a Determination, then immediately prior to such Change in Control, the Target Number of Performance Shares (as set forth in Exhibit A) shall automatically convert into service-based Performance Shares, and such service-
2

based Performance Shares shall vest and be immediately delivered to the Awardee on the Vesting Date (without regard to achievement of any of the Performance Requirements set forth on Exhibit A), provided that the Awardee is in the employ of the Company or its subsidiaries on the Vesting Date.   Notwithstanding any provision herein to the contrary, in the event that an Involuntary Termination Event occurs either (i) within six (6) months prior to or (ii) within one (1) year following the occurrence of a Change in Control, the outstanding unvested service-based Performance Shares shall immediately become fully vested and be immediately delivered to the Awardee (in the case of an Involuntary Termination occurring prior to the occurrence of a  Change in Control, such delivery shall be made immediately prior to the occurrence of the Change in Control, and in the case of an Involuntary Termination occurring after a Change in Control, such delivery shall be made immediately following the occurrence of the Involuntary Termination).

(b)After Determination of Performance.  In the event that after a Determination, an Involuntary Termination Event and a Change in Control occur, then the number of Performance Shares determined to have been earned shall immediately vest and shall be immediately delivered to the Awardee.

(c)Involuntary Termination Event.  The term “Involuntary Termination Event” shall mean (i) the involuntary termination of the Awardee’s employment with the Company or any of its subsidiaries (other than for Cause, death or Disability) or (ii) the Awardee’s resignation of employment with the Company or any of its subsidiaries for Good Reason.

(d)Good Reason.  The term “Good Reason” shall mean the occurrence of any of the following without the Awardee’s prior written consent:  (i) a material reduction in the Awardee’s then current base salary or target bonus percentage, (ii) a material diminution of the Awardee’s duties or responsibilities, (iii) the assignment to the Awardee of duties or responsibilities which are materially inconsistent with the Awardee’s previous duties or responsibilities, or (iv) relocation of the Awardee’s principal work location to a location more than thirty (30) miles from the Awardee’s previous principal work location; provided, however, that no such occurrence shall constitute Good Reason unless the Awardee provides the Company with written notice of the matter within thirty (30) days after the Awardee first has knowledge of the matter and, in the case of clauses (i), (ii) or (iii) hereof, the Company fails to cure such matter within ten (10) days after its receipt of such notice.
6.Dividend Equivalents.  The Company shall credit the Awardee in respect of each Performance Share (and each Dividend Equivalent Share (or fraction thereof)) subject to this Award with dividend equivalents in the form of a number of shares of Common Stock (including any fractional shares) (the “Dividend Equivalent Shares”) equal to (i) the amount of each dividend (including extraordinary dividends if so determined by the Committee) declared to other stockholders of the Company in respect of one share of Common Stock divided by (ii) the Fair Market Value of a share of Common Stock on the payment date for the applicable dividend. On the date that Performance Shares are delivered to the Awardee hereunder (whether pursuant to Sections 1, 3 or 5), the Dividend Equivalent Shares in respect of the aggregate number of delivered Performance Shares shall also be delivered to the Awardee, with the aggregate number 
3

of such Dividend Equivalent Shares being rounded down to the nearest whole share (but, in any event, no fewer than one share).  No dividend equivalents shall be accrued for the benefit of the Awardee with respect to record dates occurring prior to the Award Date, or with respect to record dates occurring on or after the date, if any, on which the Awardee’s rights to receive Performance Shares are forfeited.
7.Transfer Restrictions.  Prior to delivery of any Common Stock with respect to the Performance Shares or the Dividend Equivalent Shares, the Awardee shall not be deemed to have any ownership or stockholder rights (including without limitation dividend and voting rights) with respect to such shares, nor may the Awardee sell, assign, pledge or otherwise transfer (voluntarily or involuntarily) this Award, or any of the Performance Shares or any of the Dividend Equivalent Shares prior to delivery thereof.
8.Changes in Capitalization.  In the event of (a) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Common Stock, or (b) unusual or nonrecurring events affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation service, accounting principles or law, such that in any case an adjustment to this Award is determined by the Committee in its sole discretion to be necessary or appropriate, then this Award shall be adjusted in such manner as the Committee may deem equitable in accordance with Section 12 of the Plan.
9.Government Regulations.  Notwithstanding anything contained herein to the contrary, the Company’s obligation to issue or deliver the Performance Shares (or Dividend Equivalent Shares) or any certificates evidencing such shares shall be subject to the terms of all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.
10.Withholding Taxes.  Awardee shall be required to pay to the Company or its subsidiary, and the Company or its subsidiary shall have the right (but not the obligation) and is hereby authorized to withhold from amounts payable and/or property deliverable to the Awardee, the amount of any required withholding taxes in respect of the Performance Shares and the Dividend Equivalent Shares, or any other payment or transfer under the Award, and to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such withholding taxes.
11.Awardee Representations.  The Awardee has reviewed with his or her own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement.  The Awardee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents, if any, made to the Awardee.  The Awardee understands that the Awardee (and, subject to Section 10 above, not the Company) 
4

shall be responsible for the Awardee’s own tax liability arising as a result of the transactions contemplated by this Agreement.
12.Clawback/Forfeiture.  The Committee may in its sole discretion cancel this Award if the Awardee, without the consent of the Company, while employed by or providing services to the Company or any Affiliate or after termination of such employment or service, violates a non-competition, non-solicitation, non-disparagement, non-disclosure covenant or agreement or otherwise has engaged in or engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate, including fraud or conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion.  If the Awardee otherwise has engaged in or engages in any activity referred to in the preceding sentence, as determined by the Committee in its sole discretion, the Awardee will forfeit any compensation, gain or other value realized thereafter on the vesting or settlement of this Award, the sale or other transfer of this Award, or the sale of shares of Common Stock acquired in respect of this Award, and must promptly repay such amounts to the Company.  If the Awardee receives any amount in excess of what the Awardee should have received under the terms of this Award for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative error), all as determined by the Committee in its sole discretion, then the Awardee shall be required to promptly repay any such excess amount to the Company.  To the extent required by applicable law (including without limitation Section 302 of the Sarbanes-Oxley Act of 2002 and Section 954 of the Dodd Frank Wall Street Reform and Consumer Protection Act) and/or the rules and regulations of NASDAQ or other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by the Company, this Award shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Award and this Agreement).  In the event that this Section 12 and/or such written policy is deemed to be unenforceable, then the award of Performance Shares shall be deemed to be unenforceable due to the lack of adequate consideration.
13.Employment.  Neither this Agreement nor any action taken hereunder shall be construed as giving the Awardee any right of continuing employment by the Company or its subsidiaries.
14.Notices.  Notices or communications to be made hereunder shall be in writing and shall be delivered in person, by registered mail, by confirmed facsimile or by a reputable overnight courier service to the Company at its principal office or to the Awardee at his or her address contained in the records of the Company.
15.Governing Law.  This Agreement shall be construed under the laws of the State of Delaware, without regard to conflict of laws principles.
16.Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings relating to the subject matter of this Agreement.  Notwithstanding the foregoing, this Agreement and the Award made hereby shall be subject to 
5

the terms of the Plan.  In the event of a conflict between this Agreement and the Plan, the terms and conditions of the Plan shall control.
17.Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the Company and the Awardee and their respective permitted successors, assigns, heirs, beneficiaries and representatives.  This Agreement is personal to the Awardee and may not be assigned by the Awardee without the prior written consent of the Company.  Any attempted assignment in violation of this Section shall be null and void.
18.Amendment.  This Agreement may be amended or modified only as provided in Section 14 of the Plan or by a written instrument executed by both the Company and the Awardee.
19.Survivorship.  This Agreement shall continue in effect until there are no further rights or obligations of the parties outstanding hereunder and shall not be terminated by either party without the express written consent of both parties.

*                         *                         *
 
IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused their duly authorized officer to execute this Agreement as of the date first written above.
THE CHILDREN’S PLACE, INC.
By:        
Name:  Leah Swan
Title:    Chief Operating Officer

AWARDEE
By:        
Name:  

Date:    
6

Exhibit A

    (a)    Awardee’s Name:  ______________________________
(b)    Award Date:  _______, 2021
(c)    Performance Period:   the three (3) fiscal years of the Company commencing on January 31, 2021 and ending on February 3, 2024 (“Fiscal Years 2021-2023”)    
(d)    Target Number of Performance Shares available to be earned:  ______
(e)    Maximum Number of Performance Shares available to be earned: 300% of the Target Number of Performance Shares set forth above

                [Continued on next page.]

(f)    Performance Requirements:  Subject to the terms and conditions set forth in the Performance-Based Restricted Stock Unit Award Agreement, the Awardee shall earn the number of Performance Shares determined in clauses (1), (2), (3), (4) and (5) below.
(1)    Adjusted EPS – The Awardee shall earn fifty percent (50%) of the percentage of the Target Number of Performance Shares by reference to the cumulative Adjusted EPS achieved for Fiscal Years 2021-2023 as set forth in the following table.  If the sum of Adjusted EPS achieved for Fiscal Years 2021-2023 falls between the thresholds set forth in the following table, the percentage of the Target Number of Performance Shares to be earned shall be determined by linear interpolation:

						
	Sum of Adjusted EPS 
for Fiscal Years 2021-2023	Percentage of the Target Number of Performance Shares to be Earned
	$[____] or Greater	200%
	$[____]	190%
	$[____]	180%
	$[____]	170%
	$[____]	160%
	$[____]	150%
	$[____]	140%
	$[____]	130%
	$[____]	120%
	$[____]	110%
	$[____]	100% (Target)
	$[____]	90%
	$[____]	80%
	$[____]	70%
	$[____]	60%
	$[____]	50%
	$[____]	40%
	$[____]	30%
	$[____]	20%
	$[____]	10%
	$[____] or less	0

 (2)    Adjusted Operating Margin Expansion – The Awardee shall earn twenty-five percent (25%) of the percentage of the Target Number of Performance Shares by reference to the Adjusted Operating Margin Expansion achieved (measured in basis points) from the beginning of Fiscal Year 2021 to the end of Fiscal Year 2023 as set forth in the following table.  If the Adjusted Operating Margin Expansion achieved as aforesaid falls between the thresholds set forth in the following table, the percentage of the Target 
A-2

Number of Performance Shares to be earned shall be determined by linear interpolation:

						
	Adjusted Operating Margin Expansion from the beginning of Fiscal Year 2021 to the end of Fiscal Year 2023
(in basis points)	Percentage of the Target Number of Performance Shares to be Earned
	[___] or greater	200%
	[___]	190%
	[___]	180%
	[___]	170%
	[___]	160%
	[___]	150%
	[___]	140%
	[___]	130%
	[___]	120%
	[___]	110%
	[___]	100% (Target)
	[___]	90%
	[___]	80%
	[___]	70%
	[___]	60%
	[___]	50%
	[___]	40%
	[___]	30%
	[___]	20%
	[___]	10%
	[___] or less	0

(3)    Adjusted ROIC – The Awardee shall earn twenty-five percent (25%) of the percentage of the Target Number of Performance Shares by reference to the Adjusted ROIC achieved for Fiscal Year 2023 as set forth in the following table.  If the Adjusted ROIC achieved for Fiscal Year 2023 falls between the thresholds set forth in the following table, the percentage of the Target Number of Performance Shares to be earned shall be determined by linear interpolation:

A-3

						
	Adjusted ROIC for Fiscal 
Year 2023	Percentage of the Target Number of Performance Shares
to be Earned
	[___]% or greater	200%
	[___]%	190%
	[___]%	180%
	[___]%	170%
	[___]%	160%
	[___]%	150%
	[___]%	140%
	[___]%	130%
	[___]%	120%
	[___]%	110%
	[___]%	100% (Target)
	[___]%	90%
	[___]%	80%
	[___]%	70%
	[___]%	60%
	[___]%	50%
	[___]%	40%
	[___]%	30%
	[___]%	20%
	[___]%	10%
	[___]% or less	0

(4)    The number of Performance Shares otherwise earned as determined pursuant to the tables set forth in subsections (f)(1), (f)(2) and (f)(3) above shall be adjusted (up, down or not at all) by reference to the following:

						
	Company Fiscal 2023 Adjusted ROIC Ranking Compared to Peer Group*

	A Participant will Receive the Following Percentage of PRSUs Otherwise Earned Based on the Adjusted EPS, Adjusted Operating Margin Expansion and Adjusted ROIC  Achieved
	1st – 2nd 
	125%

	3rd – 14th 
	100% (Target)

	15th – 16th 
	75%

A-4

   *    Adjusted ROIC for companies in the Company’s Peer Group will be calculated in the same way as calculated for the Company.  The Company’s Peer Group is as listed in the Company’s Proxy Statement.

(5)    The number of Performance Shares otherwise determined pursuant to the tables set forth in (f)(1), (f)(2) and (f)(3) above shall be adjusted (up, down or not at all) by reference to the following:

						
	Percentage of Responsibly Sourced Cotton1 for Fiscal 2023
	A Participant will Receive the Following Percentage of PRSUs Otherwise Earned
	__% or less	75%
	__%	100%
	__% or more	125%

1    Responsibly Sourced Cotton is cotton designated as “Better Cotton”
by The Better Cotton Initiative.

(6)    It is understood and agreed that the adjustments called for in clauses (4) and (5) above are intended to adjust the number of shares determined in clauses (1), (2) and (3) independently, such that the sum of the incremental adjustments (up, down or zero) to the number of earned shares determined under clauses (1), (2) and (3) as computed under clauses (4) and (5) independently is what is intended.

(g)    Definitions:
“Adjusted EPS” shall mean the Company’s earnings per diluted share for the applicable fiscal year, adjusted to exclude one-time or unusual items as the Board or the Committee may determine, including without limitation, (i) any effect of a change in accounting principles and of Accounting Standards Update (ASU) 2016-09 issued by the Financial Accounting Standards Board (FASB) (rules for income tax impact on share-based compensation); (ii) those items that the Company excludes when it reports its “non-GAAP” adjusted EPS; and (iii) any effect of a change in accounting principles and of Accounting Standards Update (ASU) 2016-09 issued by the Financial Accounting Standards Board (FASB) (rules for income tax impact on share-based compensation). 

A-5

“Adjusted Operating Margin Expansion” shall mean the Company’s cumulative increase in Adjusted Operating Margin (measured in basis points) between the Company’s Adjusted Operating Margin for the fiscal year ended January 30, 2021 (that is [--]%) and the Company’s Adjusted Operating Margin for the fiscal year ending February 3, 2024 (“Fiscal 2023”).

“Adjusted Operating Margin” shall mean the Company’s operating margin for the applicable fiscal year, expressed as a percentage and determined by dividing the Company’s Adjusted Operating Income for such fiscal year by the Company’s net sales for such fiscal year.  

“Adjusted Operating Income” shall mean the Company’s operating income for a fiscal year, adjusted to exclude one-time or unusual items as the Board or the Committee may determine, including without limitation, (i) any effect of a change in accounting principles; (ii) those items that the Company excludes when it reports its “non-GAAP” adjusted operating income; and (iii) any effect of a change in accounting principles. “Adjusted  Provision for Income Taxes” shall mean the Company’s provision for income taxes for Fiscal 2023 adjusted to exclude the income tax effect of the one-time or unusual items that the Company excludes when it reports its “non-GAAP” adjusted operating income and shall also exclude any effect of a change in accounting principles and of Accounting Standards Update (ASU) 2016-09 issued by the Financial Accounting Standards Board (FASB) (rules for income tax impact on share-based compensation).

“Adjusted ROIC” shall mean (i) the Company’s Adjusted Operating Income for Fiscal 2023 multiplied by (ii) (1 – Adjusted Tax Rate for Fiscal 2023), and then dividing the resultant by (iii) the Company’s Average Invested Capital for Fiscal 2023.  

“Adjusted Tax Rate for Fiscal 2023” shall mean (i) the Company’s Adjusted Provision for Income Taxes for Fiscal 2023 divided by (ii) the Company’s Adjusted Operating Income for Fiscal 2023 minus the Company’s interest expense or plus the Company’s interest income, as applicable, for Fiscal 2023, all expressed as a decimal carried to three (3) decimal places.

“Average Invested Capital” shall mean (i) the Company’s stockholders’ equity at the beginning of Fiscal 2023 plus (ii) the Company’s long-term debt at the beginning of Fiscal 2023 plus (iii) the Company’s stockholders’ equity at the end of Fiscal 2023 plus (iv) the Company’s long-term debt at the end of Fiscal 2023, and then dividing the sum by (v) two (2).  

A-6

The Awardee has participated in the development of the Company’s operating plan for Fiscal Years 2021-2023.  The targets set forth in the tables set forth above in clauses (f)(1), (f)(2), (f)(3),
 (f)(4) and (f)(5) are based on such plan.

___ (Awardee Initials)
___ (Company Representative)
A-7

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