Document:

Summary of Board of Directors' Compensation for fiscal 2012

 EXHIBIT 10.14 
 SUMMARY OF BOARD COMPENSATION 
 Non-employee directors of the “Company
receive compensation for their services to the Board of Directors and related committees as follows: 
  

					
	Amount	 	  	 Description

	 	$100,000	  	  	Annual retainer to Chairman, disbursed in five equal payments for each regularly scheduled Board meeting.
		
	 	30,000	  	  	Annual Board retainer other than to Chairman, disbursed in five equal payments for each regularly scheduled Board meeting.
		
	 	10,000	  	  	Additional annual retainer to audit committee chairman, disbursed in same manner as Board member annual retainer.
		
	 	5,000	  	  	Additional annual retainer to committee chairman other than audit committee chairman, disbursed in same manner as Board member annual retainer.
		
	 	3,000	  	  	Fee for each Board meeting attended in person.
		
	 	1,250	  	  	Fee for each Board meeting attended telephonically and for each committee meeting attended in person or telephonically.

 All directors are reimbursed for expenses incurred in attending meetings of the Board
of Directors.1 Gary H. Schoenfeld, who is the President
and Chief Executive Officer and a director of the Company, and Josh Olshansky, T. Neale Attenborough and Panayotis Constantinou, who are directors, are not paid any fees or additional remuneration for his services as a member of the Board of
Directors. 
 Each non-employee director continuing in service after the annual meeting of shareholder receives an automatic
annual award of $85,000 to be delivered solely in the form of Restricted Stock Units (“RSUs”), or in a combination of RSUs and cash under the circumstances described below. Each RSU is granted under the Company’s 2005 Performance
Incentive Plan and represents the right to receive one share of Company common stock following the date the director ceases to be a member of the Board of Directors. The number of RSUs subject to a continuing non-employee director’s annual
award will be determined by dividing the sum of $85,000 by the closing price of a share the Company’s common stock on the date of grant of the award, which is expected to be on or about the date of the annual meeting of shareholders. In no
event, however, will any non-employee director’s RSU award cover more than 25,000 units in any single fiscal year. To the extent that the number of units subject to a director’s annual RSU award would otherwise exceed
25,000 units under the above formula, the Company will supplement the RSU award with a cash payment to the director in the amount necessary to achieve the $85,000 value target. Consistent with the timing for payment of the RSUs, payment of any
supplemental cash award will be deferred until after the date the director ceases to be a member of the Board of Directors. The RSUs and, if applicable, the right to receive any supplemental cash award, vest on the first anniversary of the grant
date (or if earlier, the date of the regularly scheduled annual meeting of shareholders that occurs in the year in which such vesting date would otherwise fall). The RSUs and, if applicable, the right to receive any supplemental cash award, vest on
an accelerated basis in connection with a change in control of the Company, unless otherwise provided by the Board of Directors in circumstances where the Board has made a provision for the assumption or other continuation of the awards. In
addition, if a non-employee director’s service terminates by reason of the director’s death, disability or voluntary retirement, any unvested RSUs (and any supplemental cash awards) will then vest on a pro rata basis, proportionate to the
part of the year during which the non-employee director served, with the remainder of the RSUs (and any supplemental cash awards) to be forfeited unless otherwise determined by the Board of Directors. 

 
  

1 To the extent any expense reimbursements provided for in this Summary of Board Compensation are taxable to a director
and provide for a deferral of compensation within the meaning of Section 409A of the Internal Revenue Code, the director shall complete all steps required for reimbursement so as to facilitate payment, and any such reimbursements shall be paid
to the director on or before December 31 of the calendar year following the calendar year in which the expense was incurred. Such reimbursements shall not be subject to liquidation or exchange for other benefits, and the expenses eligible for
reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other calendar year.Summary of Named Executive Officers Annual compensations for fiscal 2012

 EXHIBIT 10.15 

 
 SUMMARY OF NAMED EXECUTIVE OFFICERS’ COMPENSATION FOR FISCAL
2012 
 Base Salaries.    Following are the current annual base salaries for the executive
officers employed the Company as of April 4, 2012, who will be included in the Company’s Proxy Statement to be filed with the Securities and Exchange Commission for the Company’s 2012 Annual Meeting of Shareholders (the “Named
Executive Officers”): 
  

							
	     Named Executive Officer    
	  	 Title
	  	Annual Base
Salary	 
	 Gary H. Schoenfeld
	  	President, Chief Executive Officer and Director	  	$	1,050,000	  
	 Michael W. Kaplan
	  	Senior Vice President and Chief Financial Officer	  	$	425,000	  
	 Paula M. Lentini
	  	Senior Vice President, Retail	  	$	425,000	  
	 Charles Mescher
	  	Senior Vice President, Men’s Merchandising	  	$	415,000	  
	 Christine Lee
	  	Senior Vice President, Women’s Merchandising	  	$	415,000	  

 Annual Bonuses.    The Company provides each of the Named Executive Officers
with an annual incentive bonus opportunity pursuant to a broad-based bonus plan which covers the other executives of the Company and the non-retail managers of the Company. Actual bonus amounts are determined by a combination of (i) the
Company’s achievement of pre-set financial targets, and (ii) the individual’s achievement of personal and/or department goals. All bonuses are approved by the Compensation Committee of the Company’s Board of Directors.
Mr. Schoenfeld’s target incentive bonus is 100% of his base salary with a maximum incentive bonus of 200% of his base salary. All other Named Executive Officers have a target incentive bonus of 50% of his or her base salary with a maximum
incentive bonus of 100% of his or her base salary. 
 Additional
Compensation.    The Named Executive Officers are also entitled to participate in various Company plans, including equity plans, and may be subject to other written agreements, in each case as set forth in
exhibits to the Company’s filings with the Securities and Exchange Commission. In addition, the Named Executive Officers may be eligible to receive perquisites and other personal benefits as disclosed in the Company’s proxy statements
filed with the Securities and Exchange Commission in connection with the Company’s annual meetings of shareholders.First Amendement of the Credti Agreement

 Exhibit 10.29.1 
 Execution Version 
 FIRST AMENDMENT 

TO THE 

CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO THE CREDIT AGREEMENT (this “Agreement”) is made as of April 2, 2012, by and between PS Holdings of Delaware, LLC – Series A, a Delaware limited liability
company, PS Holdings of Delaware, LLC – Series B, a Delaware limited liability company (together, the “Lenders”), PS Holdings Agency Corp., a Delaware corporation, as Administrative Agent (the “Agent”) and
Pacific Sunwear of California, Inc., a California corporation (the “Company”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement, dated as of
December 7, 2011 among the Company, the guarantors party thereto, the Lenders party thereto and the Agent (the “Credit Agreement”). 
 WHEREAS, Investor and/or its Affiliates have extended to the Company a term loan pursuant to the Credit Agreement; 
 WHEREAS, Section 10.01 of the Credit Agreement provides that the Lenders may restructure the Loans so long as the terms contemplated under the Credit Agreement are preserved and are no less
favorable to the Company and other Obligors than those in effect on the Closing Date; and 
 WHEREAS, in
furtherance of the provisions of Section 10.01 of the Credit Agreement, the Company and other Obligors agree to cooperate with the Credit Parties to effect such restructuring. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

Section 1.    Amendment. 

(a)    Exhibit H of the Credit Agreement is hereby deleted in its entirety and replaced with
the form of Exhibit H attached hereto as Exhibit A. 

 (b)    Section 2.08(a) of the Credit
Agreement is hereby amended and restated in its entirety, effective as of the Closing Date, to read as follows: 

Subject to the provisions of Section 2.08(b) below, the Loans shall bear interest at a rate per annum equal
to the respective Applicable Margin. In addition, the Loans shall bear supplemental interest, which supplemental interest shall be payable on the Closing Date in an amount equal to 0.291667% of the aggregate initial principal amount of the Loans
outstanding on the Closing Date (and without giving effect to any repayment of the Loans) (the “Supplemental Interest”). Also, the Company shall pay on each anniversary of the Closing Date to GGC Administration LLC, an
affiliate of the Administrative Agent, an annual monitoring fee in an amount equal to $250,000. For the avoidance of doubt, the right to receive supplemental interest shall terminate upon payment in full of the Supplemental Interest on the Closing
Date, and the obligation to pay the annual monitoring fee due under this Section 2.08(a) shall replace and not be in addition to any obligation to pay supplemental interest after the Closing Date. 

(c)    Section 2.08(c)(iii) of the Credit Agreement is hereby amended and restated in its
entirety, effective as of the Closing Date, to read as follows: 
 All PIK Interest will be payable annually in
arrears on the last day of each Fiscal Year by increasing the principal amount of the Loans and will be compounded annually. All PIK Interest so added shall be treated as principal amount of the Loans for all purposes of this Agreement. Following
any such increase in the principal amount of the Loans, interest will accrue on such increased amount. Interest shall accrue from and including the date of the Borrowing (or the payment of any PIK Interest) to but excluding the date of any
prepayment or repayment thereof. On the Closing Date and on each anniversary thereof, the Supplemental Interest and any annual monitoring fee due pursuant to Section 2.08(a) shall be paid to Agent or GGC Administration LLC, as
applicable, in cash. 
 Section 2.    Miscellaneous. 

2A.    Reference to and Effect on the Credit Agreement.    Except as
expressly modified by Section 1 of this Agreement, the Credit Agreement shall continue and remain in full force and effect in accordance with its terms. All references to the Credit Agreement shall hereafter mean the Credit Agreement as
amended by this Agreement. 
 2B.    Amendment and Waiver.    The
provisions of this Agreement may be amended or waived only with the prior written consent of the Company and Investor. 
 2C.    Counterparts.    This Agreement may be executed simultaneously in two or more counterparts (including via facsimile or electronic transmission), any
one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 
 2D.    Descriptive Headings; Interpretation.    The descriptive headings of this Agreement are inserted for convenience only and do not constitute a
substantive part of this Agreement. The use of the word “including” in this Agreement shall be by way of example rather than by limitation. 

  
 2 

 2E.    Governing Law.    All
issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or
conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. 

*         *         *
        *         * 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first written above. 
  

									
	AGENT	 		 	COMPANY
			
	PS Holdings Agency Corp., as Agent	 		 	Pacific Sunwear of California, Inc.
					
	By:	 	 /s/ Joshua Olshansky
	 		 	By:	 	 /s/ Craig Gosselin

	Name:	 	 Joshua Olshansky
	 		 	Name:	 	Craig Gosselin
	Its:	 	 Manager
	 		 	Its:	 	Senior Vice President & General Counsel
			
		 		 	LENDERS
			
		 		 	PS Holdings of Delaware, LLC – Series A
					
		 		 		 	By:	 	 /s/ Joshua Olshansky

		 		 		 	Name:	 	 Joshua Olshansky

		 		 		 	Its:	 	 Manager

			
		 		 	PS Holdings of Delaware, LLC – Series B
					
		 		 		 	By:	 	 /s/ Joshua Olshansky

		 		 		 	Name:	 	 Joshua Olshansky

		 		 		 	Its:	 	 Manager

 [Signature Page to First Amendment to the Credit Agreement] 

 EXHIBIT A 
 Exhibit H 
 Payments under the Credit Agreement shall be allocated between
PS Holdings of Delaware, LLC—Series A and PS Holdings of Delaware, LLC—Series B in accordance with the grid below: 
  

			MMDelaware,MM		MMDelaware,MM		MMDelaware,MM
	Category    	 	Payments	 	PS
Holdings
of
Delaware,
LLC –
Series
A	 	PS
Holdings
of
Delaware,
LLC –

Series B
	1	 	Principal Payments (up to the first $30,000,000 of original principal
amount) and Prepayment Premium on the Callable Portion of the Term Loan	 	 	 	X
	2	 	Principal Payments (of any remaining principal amount after giving effect
to the payments in Category 1) and Prepayment Premium on the Non-Callable Portion of the Term Loan	 	X	 	 
	3	 	Payments of Cash Interest on all principal amount (except for principal
amount resulting from PIK Interest)	 	 	 	X
	4	 	Payments of Cash Interest on all principal amount resulting from PIK
Interest	 	X	 	 
	5	 	Payments of PIK Interest (including PIK Interest that has accrued on the
principal amount of the Loans)	 	X	 	 
	6	 	Supplemental Interest	 	X

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