Document:

Exhibit 10.4 - Form of Restricted Stock Agreement

Exhibit 10.4

RESTRICTED STOCK AGREEMENT
 
	
				
	Executive
Restricted Shares
	Employee ID
	Grant Date
	Number of

	 
	 
	 
	 

                                             
RECITALS:
The Compensation Committee of the Board of Directors (the “Committee”) has determined to award to the Executive shares of the common stock of the Company (“Common Stock”), subject to the restrictions contained herein, pursuant to the Company’s 2010 Long-Term Compensation Plan (the “Plan”).  All terms used herein and not otherwise defined shall have the same meaning as set forth in the Plan.
NOW, THEREFORE, for good and valuable consideration, including the mutual promises set forth in this agreement and the benefits that the Company expects to derive in connection with the services to be hereafter rendered to it or its subsidiaries by the Executive, the Company and the Executive hereby agree as follows:
ARTICLE I
Restricted Shares
1.1    Award of Restricted Shares.  The Company hereby awards to the Executive the number of shares of Common Stock listed above under the heading “Number of Restricted Shares” (the “Restricted Shares”), subject to the restrictions contained herein and the provisions of the Plan.
1.Vesting of the Restricted Shares. Subject to the terms of this Agreement, the Restricted Shares shall vest in accordance with the following schedule:
	
		
	 
	Shares
Vesting

	1st Anniversary Date
	50%

	2nd Anniversary Date
	50%

(a)    Termination of Employment.   Notwithstanding any provision in any executive compensation agreement between the Executive and the Company to the contrary, if Executive’s employment is terminated by the Company or by Executive, except as otherwise provided in Section 1.2(b) or 1.2(c) of this Agreement, the vesting of the Restricted Shares shall, on the date of such termination, cease and any unvested Restricted Shares shall be forfeited by Executive and revert to the Company.
(b)    Termination Due to Executive’s Death or Disability.  If Executive’s employment is terminated due to Executive’s death or due to Disability (as defined in any executive compensation agreement between the executive and the Company in effect as of the Grant Date, if any), the Restricted Shares shall, upon such termination, vest immediately.
(c)    Change of Control.  In the event of a Change of Control, any outstanding Restricted Shares shall be subject to the provisions set forth in Paragraph 19 of the Plan, provided, however, any references to “cause” and “good reason” used in Paragraph 19 of the Plan shall be interpreted by applying the definitions of “cause” and “good reason” contained in any executive compensation agreement between the Executive and the Company in effect as of the Grant Date, if any.

Any Restricted Shares which do not vest shall be forfeited by Executive and revert to the Company.  The period during which the Restricted Shares are unvested is referred to herein as the Restricted Period.
1.3    Shareholder Status.  Prior to the vesting of the Restricted Shares, Executive shall have the right to vote the Restricted Shares and except as expressly provided otherwise herein, all other rights as a holder of outstanding shares of Common Stock.  In lieu of any regular cash dividends, on the declared payment date of each regular cash dividend otherwise payable on the Restricted Shares (“Payment Date”), the Company shall issue Executive a number of additional shares of Restricted Stock with a Payment Date market value equal to: (i) the per-share dollar amount of the declared dividend multiplied by (ii) the number of Executive’s unvested Restricted Shares as of the declared record date for the dividend.  For purposes of calculating the “Payment Date market value” in the preceding sentence, the Company shall use the closing price of a share of the Company’s Common Stock on the New York Stock Exchange on the Payment Date.  Such additional Restricted Shares shall be issued in fractional shares, and shall vest on the same terms and conditions as the underlying Restricted Shares to which dividends would have been attributable.  Any such additional Restricted Shares shall be subject to the terms of this Agreement.  Further, notwithstanding the foregoing, the Executive shall not have the right to vote with respect to the Restricted Shares with respect to record dates occurring after any of the Restricted Shares revert to the Company pursuant to Section 1.2 hereof.  Until the Restricted Shares vest pursuant to Sections 1.2 hereof, the Company shall retain custody of the stock certificates representing the Restricted Shares.  As soon as practicable after the lapse of the restrictions, the Company shall issue or release or cause to be issued or released certificate(s) representing the shares, less any shares used to satisfy the obligation to withhold income and/or employment taxes in connection with the vesting of any Restricted Shares.
1.4    Prohibition Against Transfer.  During the Restricted Period, the Restricted Shares may not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) by the Executive, or be subject to execution, attachment or similar process.  Any transfer in violation of this Section 1.4 shall be void and of no further effect.
ARTICLE II
Miscellaneous
2.1    Provisions of the Plan Control.  This Agreement shall be governed by the provisions of the Plan, the terms and conditions of which are incorporated herein by reference.  The Plan empowers the Committee to make interpretations, rules and regulations thereunder, and, in general, provides that determinations of such Committee with respect to the Plan shall be binding upon the Executive.  A copy of the Plan will be delivered to the Executive upon reasonable request.
2.2    Taxes.  The Company may require payment of or withhold any income or employment tax which it believes is payable as a result of the grant or vesting of the Restricted Shares or any payments thereon or in connection therewith, and the Company may defer making delivery with respect to the shares until arrangements satisfactory to the Company have been made with regard to any such withholding obligation.  In accordance with the Plan, the Company may withhold shares of Common Stock to satisfy such withholding obligations.
2.3    No Employment Rights.  The award of the Restricted Shares pursuant to this Agreement shall not give the Executive any right to remain employed by the Company or any affiliate thereof.
2.4    Notices.  Any notice to be given to the Company under the terms of this Agreement shall be given in writing to the Company in care of its General Counsel at Kohl’s Department Stores, Inc., N56 W17000 Ridgewood Drive, Menomonee Falls, Wisconsin, 53051.  Any notice to be given to the Executive may be addressed to him/her at the address as it appears on the payroll records of the Company or any subsidiary thereof.  Any such notice shall be deemed to have been duly given if and when actually received by the party to whom it is addressed, as evidenced by a written receipt to that effect.
2.5    Governing Law.  This Agreement and all questions arising hereunder or in connection herewith shall be determined in accordance with the laws of the State of Wisconsin without giving effect to its conflicts of law provisions.

IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the date first written above.            

KOHL’S CORPORATION

By: ________________________________
       Kevin Mansell
       Chairman, President, CEO

      _________________________________
ExecutiveGES-2014.05.03-10Q-Exhibit 10.1

Exhibit 10.1

March 14, 2013

Ms. Sharleen Ernster Lazear

Dear Sharleen:
 
I am very pleased to extend to you an offer of employment at GUESS?, Inc. as Chief Design Officer, in the Design Department.  In this position you will be reporting directly to Paul Marciano, Chief Executive Officer.  Your start date will be determined upon mutual agreement at a later date.  This is a very exciting area of the company that offers many opportunities, and we feel you would be an excellent addition to the team.
 
The terms of your offer are as follows:
 
		
	1.
	Base salary of $675,000 per year with exempt status, paid in accordance with the Company’s normal payroll practices.

		
	2.
	You will be eligible for a signing bonus of $137,500; if you voluntarily resign from GUESS?, Inc. prior to the completion of 24 months of service, you will be responsible to reimburse GUESS?, Inc. this signing bonus.

		
	3.
	You will be eligible to participate in GUESS?, Inc.’s Executive Bonus Program, which currently bases awards on individual performance and objectives, department, and Company objectives.  As a participant in this plan, your bonus opportunity may include both cash and long term equity incentives as a percentage of your base salary, with an annual target of 50% for cash bonus and 65% for the long term incentive equity component.  With respect to the Company’s fiscal year ending February 1, 2014, the Company will pay you a guaranteed cash bonus at the target rate of 50% of your starting base salary, $168,750 will be paid on April 14, 2014, and $168,750 will be paid on August 14, 2014, provided that you remain continuously employed with the Company through each such payment date.

		
	4.
	In addition to the compensation set forth above and subject to approval by the GUESS?, Inc. Compensation Committee at its next regularly scheduled meeting, you will be granted the following equity compensation pursuant to the GUESS?, Inc.  Equity Incentive Plan:

		
	(a)
	Non-qualified options to purchase 30,000 shares of the Common Stock of GUESS?, Inc. with an exercise price equal to the closing price of the Common Stock on the grant date.  Such stock options will vest during your employment over a four-year period as follows: one-fourth of your options will vest on each anniversary of the date of grant until fully vested.

		
	(b)
	Restricted stock in the amount of 20,000 shares of Common Stock subject to your signing of a restricted stock agreement with standard terms and conditions for restricted stock awards as determined by the Compensation Committee.  Among other conditions, you will be required to pay the par value of one cent ($.01) per share of your restricted stock on the date of grant.  Your restricted stock will vest over a four-year period as follows: one-fourth of your shares will vest on each anniversary of the date of grant until fully vested.

		
	5.
	Medical, dental, life, vacation and disability benefits commensurate in accordance with your position at GUESS?, Inc. You will accrue vacation benefits at the rate of four weeks per year.  You will be eligible to participate in the GUESS?, Inc. 401k Savings Plan following the completion of your first 90 days of service.  In addition, you will be eligible to participate in the GUESS?, Inc. Deferred Compensation Plan.  You will be provided with a summary and details of these benefits when you begin employment with the Company.  In order to help cover the costs of health insurance for your partner, Guess will provide you a health insurance allowance of $20,000 per year, payable bi-weekly in accordance with the Company's normal payroll practices.

		
	6.
	Relocation expenses incurred during the move from New York City to Los Angeles, including temporary housing, will be provided by GUESS?, Inc. Please note that these expenses are considered income for IRS purposes, and you will be taxed on this amount, including applicable payroll taxes. Your relocation will be coordinated through GUESS?, Inc. and Professional Relocation & Consulting Services. If you voluntarily resign from GUESS?, Inc. within two years of your hire date, you will be responsible to reimburse GUESS?, Inc. for all relocation expenses. After your first year of service, these expenses will be pro-rated per year (see attached schedule A).  The expenses will include:

a) Movement of your household goods from New York City to Los Angeles.

b) Temporary corporate housing for up to (120) one hundred and twenty days.

c) Temporary storage of your household goods for up to (120) one hundred and twenty days.

d) Home sale assistance of up to six percent (6%) of substantiated home selling fees and costs.

e) Four round-trip business class airfare tickets for house hunting purposes from New York City to Los Angeles.

f) Four, one one-way business class airfare ticket for your final relocation to Los Angeles.

		
	7.
	If GUESS?, Inc., should terminate your employment at any time during your first two (2) years of employment for any reason, other than for cause, you shall be entitled (subject to the execution of the Company’s standard Settlement and Release Agreement) to payments in the amount of twelve (12) months base salary (at the rate of the date of termination), paid in accordance with the Company’s normal payroll practices.  If you begin full-time employment, part-time employment or consulting engagements prior to the end of such four month period following your termination,

which includes compensation in an amount equal or greater than your compensation at GUESS?, Inc., any payments due to you under this paragraph shall be discontinued.  If you accept and begin employment prior to the end of the twelve (12) month period at a salary lower than your base salary at GUESS?, Inc., GUESS?, Inc., will pay you the difference in compensation for this period. 

In order to help you to avoid incurring any tax penalties under Section 409A of the Internal Revenue Code in connection with the severance provisions set forth herein, the following provisions shall apply:

a) If your employment is terminated in circumstances that would trigger the above severance benefit, Guess?, Inc. will provide you the form of Settlement and Release Agreement not later than seven (7) days after the date your employment is terminated;

b) You will have 21 days within which to consider, execute and return the Settlement and Release Agreement to Guess?, Inc. (unless a longer period of time for you to consider the Settlement and Release Agreement is required under applicable law);

c) If you do not timely provide Guess?, Inc. with the executed Settlement and Release Agreement, or if you revoke your Settlement and Release Agreement under any revocation right afforded by applicable law, Guess?, Inc. will have no obligation to pay you the severance benefit; and

d) If you timely provide Guess?, Inc. with your executed Settlement and Release Agreement, and you do not revoke your Settlement and Release Agreement, your severance benefit will be paid as follows: (i) the first installment of your severance benefit will be paid to you on (or within 10 days following) the 60th day following the termination of your employment with Guess?, Inc., and will include any severance that would have been paid to you during that 60-day period had your salary continued during that period, and (ii) the remaining portion of your severance benefit will be paid in equal installments on regularly scheduled paydays in accordance with the Company’s normal payroll practices during the remainder of your severance period.  Severance payments will be subject to applicable tax withholding.

		
	8.
	Given the important nature of your position, the Company requests that, to the extent practicable, you please provide 90 days advance notice in the event you elect to terminate your employment with the Company.  Nothing in the foregoing is intended to in any way alter the at will nature of your employment.

In this position, it may be necessary for you to travel internationally.  We require that you possess a valid passport, that must be on file with the GUESS?, Inc. Travel Department.  It is your responsibility to ensure that your passport is valid at all times.

In accordance with government regulation, all new employees must present documentation confirming your eligibility to work.  On your first day of employment, please bring in original documents to establish both identification and employment eligibility from the attached list of acceptable documents (Form I-9). If you are unable to present these documents, we are not permitted to employ you.

Please indicate your acceptance of this offer by signing at the end of this letter and faxing it to me at (213) 744-7832. 

We look forward to your joining us at GUESS?, Inc., and a prosperous future together. Please feel free to contact me if you have any questions.
 
Sincerely,
 
/s/ CHET KUCHINAD
 
Chet Kuchinad, Chief People Officer 
GUESS?, Inc.

AGREED & ACCEPTED

	
		
	/s/ SHARLEEN LAZEAR
	3/15/13

	Sharleen Lazear
	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]