Document:

<PAGE>

                                                                   EXHIBIT 10.25

[ALGORX PHARMACEUTICALS, INC. LOGO]

      September 3, 2002

      Mr. Jeffrey A. Rona
      311 Hillside Avenue
      Livingston, NJ 07039

      Dear Jeffrey:

      AlgoRx Pharmaceuticals, Inc. is pleased to offer you a position of Vice
      President, Finance, In this position you will be reporting to Ronald M.
      Burch, M.D., Ph.D., President and Chief Executive Officer at our corporate
      office in Cranbury, NJ. You will be responsible for overseeing the
      financial functions of the Company. You will be an important member of the
      management team of our small, largely virtual Company. As AlgoRx grows,
      you will play an important role in its evolution.

      The salary offered for this exempt position is $6730.77/pay period
      (bi-weekly pay cycle) and a performance bonus of 25% (cash and/or a grant
      of stock options at Board of Directors' discretion) payable, January 2003.
      We also wish to extend a signing bonus of $35,000, which represents 20% of
      the annual salary for this position and will be rendered to you within the
      first pay period after commencing employment. This offer is not to be
      considered a contract guaranteeing employment for any specific duration
      and is contingent on the signing of a confidentiality agreement, sample
      enclosed. As an at-will employee, both you and the Company have the right
      to terminate your employment at any time.

      On your first day of employment, we will provide additional information
      about the objectives and policies, benefit programs, general employment
      conditions and completion of employment and benefit forms. To fulfill
      federal identification requirements, you should bring documentation to
      support your identity and eligibility to work in the United States. The
      types of acceptable documentation are listed on the Form 1-9 of the
      Immigration and Naturalization Service enclosed in this letter. Please
      feel free to contact me if yon have any questions about which documents
      are acceptable to verify your identity and eligibility to work in the
      United States.

      Because you will play an important role in the operations and development
      of AlgoRx, we would like to offer you the award of 125,000 shares of
      AlgoRx common stock, subject to the approval of the Company's Board of
      Directors. These shares would be made available to you at $0.15 per share,
      25% on the first anniversary of your employment, then 1/36th of the
      remaining 93,750 shares each month for three years (total vesting time,
      four years); provided, that all options granted hereunder shall vest
      immediately if there is a (i) "change of control" of the Company and (ii)
      your employment is thereafter terminated without "cause" or
      "constructively terminated" within the twelve month period following the
      change of control. For purposes of this agreement, "change of control"
      shall mean (i) a sale of substantially all of the assets of the Company;
      (ii) a merger or consolidation in which the Company is not the surviving
      corporation (other than merger or consolidation in which the Company
      shareholders immediately before the merger or consolidation have,
      immediately after the merger or consolidation, own greater than a majority
      of the stock voting power of the successor corporation); or (iii) any
      transaction or series of related transactions in which in excess of fifty
      percent (50%) of the Company's voting power is transferred, other than
      sale by the Company of stock in transactions the primary purpose of which
      is to raise capital for the Company's operations and activities.

101 Interchange Plaza, Suite 102 - Cranbury, New Jersey 08512 - Phone:
609-409-2300 - Fax: 609-409-2323 - Web: www.algorx.com
<PAGE>

      In addition, "cause" shall mean misconduct, including: (i) conviction of
      any felony or crime involving moral turpitude or dishonesty; (ii)
      participation in a fraud or act of dishonesty against the Company; (iii)
      willful and material breach of your employment agreement; intentional and
      material damage to the Company's property or (v) material breach of the
      Proprietary Information and Inventions Agreement or any employee policy of
      the Company. "Constructive termination" shall mean any of the following
      actions taken without Cause by the Company or a successor corporation or
      entity without your consent; (i) substantial reduction of your rate of
      compensation other than in connection with reductions to the rate of
      compensation of all officers; (ii) material reduction in your duties,
      provided, however, that a change in job position (including a change in
      title) shall not be deemed a "material reduction" unless your new duties
      are substantially reduced from the prior duties; or (iii) relocation of
      your principal place of employment to a place greater than 50 miles from
      your then current principal place of employment.

      You will have ten years in which to exercise the options from the date
      such options vest. I would like to emphasize at present, the stock of
      AlgoRx is not liquid.

      We hope that you will accept this offer and would be pleased to hear of
      your decision. We are certain that if you accept this position, you will
      become a valuable member of the AlgoRx team and are equally certain that
      you will find AlgoRx to be a stimulating and rewarding environment in
      which to work. If you have any questions, please do not hesitate to
      contact Ron at 609/409-2301 or me at 609/409-2303.

      Sincerely,

      /s/ Deborah W. Hopper
      Deborah W. Hopper
      Director, Administration

      Enclosures

      Please indicate your acceptance by your signature and return this offer
      letter to me at your earliest convenience. Thank you.

                                                                9/5/02
                                                                ------
      /s/ Jeffrey A. Rona                                        DATE
      -------------------
      SignatureEXHIBIT 10.1

 

EXHIBIT 10.1

POLO RALPH LAUREN CORPORATION

EMPLOYMENT AGREEMENT

     
THIS EMPLOYMENT AGREEMENT (the
“Agreement”), is made effective as of the 3rd day
of January, 2005 (the “Effective Date”), by and
between POLO RALPH LAUREN CORPORATION, a Delaware corporation
(the “Corporation”), and Tracey Travis (the
“Executive”).

     
In consideration of the mutual covenants and
premises contained herein, the parties hereby agree as follows:

ARTICLE I

EMPLOYMENT

     
1.1     Employment
Term. The Corporation hereby agrees to employ the Executive,
and the Executive hereby agrees to serve the Corporation, on the
terms and conditions set forth herein. The employment of the
Executive by the Corporation shall be effective as of the date
hereof and continue until the close of business of the third
anniversary of the date of this Agreement (the
“Term”), unless earlier terminated in accordance with
Article II hereof.

     
1.2     Position and
Duties. During the Term the Executive shall faithfully, and
in conformity with the directions of the Board of Directors of
the Corporation (the “Board”) or the management of the
Corporation (“Management”), perform the duties of her
employment, and shall devote to the performance of such duties
her full time and attention. During the Term the Executive shall
serve in such position as the Board or Management may from time
to time direct. During the Term, the Executive may engage in
outside activities provided those activities do not conflict
with the duties and responsibilities enumerated hereunder, and
provided further that the Executive gives written notice to the
Board of any outside business activity that may require
significant expenditure of the Executive’s time in which
the Executive plans to become involved, whether or not such
activity is pursued for profit. The Executive shall be excused
from performing any services hereunder during periods of
temporary incapacity and during vacations in accordance with the
Corporation’s disability and vacation policies.

     
1.3     Place of
Performance. The Executive shall be employed at the
principal offices of the Corporation located in New York, New
York, except for required travel on the Corporation’s
business.

     
1.4     Compensation
and Related Matters.

     
(a) Base Compensation. In
consideration of her services during the Term, the Corporation
shall pay the Executive cash compensation at an annual rate not
less than $625,000 (“Base Compensation”).
Executive’s Base Compensation shall be subject to such
increases as may be approved by the Board or Management. The
Base Compensation shall be payable as current salary, in
installments not less frequently than monthly, and at the same
rate for any fraction of a month unexpired at the end of the
Term.

     
(b) Bonus. During the Term, the
Executive shall have the opportunity to earn an annual bonus in
accordance with any annual bonus program the Corporation
maintains that would be applicable to the Executive.

		
	 	     
    (i) Within thirty (30) days of the
    Effective Date, Corporation shall pay Executive a sign-on bonus
    of $250,000 (“Sign-On Bonus”), payable in accordance
    with the Corporation’s normal payroll practices. If
    Executive terminates her employment without Good Reason (as
    defined in Section 2.1(e)), or if the Corporation
    terminates Executive’s employment for Cause (as defined in
    Section 2.1(d)), within twelve (12) months of the
    Effective Date, then Executive shall repay to the Corporation
    the Sign-On Bonus within thirty (30) days of the date of
    termination of Executive’s employment. If Executive
    terminates her employment without Good Reason (as defined in
    Section 2.1(e)), or if the Corporation terminates
    Executive’s employment for Cause (as defined in
    Section 2.1(d)), more than one year but less than two
    

1

 

		
	 	
    years after the Effective Date, then Executive
    shall repay to the Corporation the Sign-On Bonus at the rate of
    1/12 of the amount per month, with the first payment commencing
    within thirty (30) days of the date of termination of
    Executive’s employment.
    
	 
	 	     
    (ii) For Fiscal 2005 only, Executive shall
    receive a guaranteed bonus in the amount of $200,000, payable in
    accordance with the Corporation’s normal payroll practices
    and payable at the time such bonuses are normally paid by the
    Corporation.
    

     
(c) Stock. During the Term, the
Executive shall be eligible to participate in the Polo Ralph
Lauren Long-Term Stock Incentive Plan (the “Incentive
Plan”) Stock grants are granted annually in June of each
year and are subject to ratification by the Compensation
Committee of the Board of Directors. For Fiscal 2005, on or
about the last day of the fiscal quarter in which
Executive’s hire date occurs, Executive shall receive the
following: (i) a grant of options to
purchase 50,000 shares; (ii) a grant of options
to purchase 15,000 shares; and (iii) a grant of
9,200 Restricted Performance Share Units (“RPSU”).

     
All grants of stock options and RPSUs are
governed by the terms of the Incentive Plan and subject to
approval by the Compensation Committee of the Board of Directors

     
(d) Car Allowance. During the Term,
the Corporation shall pay Executive a car allowance of
$1,500 per month.

     
(e) Expenses. During the Term, the
Executive shall be entitled to receive prompt reimbursement for
all reasonable expenses incurred by the Executive in performing
services hereunder, including all reasonable expenses of travel
and living while away from home, provided that such
expenses are incurred and accounted for in accordance with the
policies and procedures established by the Corporation.

     
(f) Vacations. During the Term, the
Executive shall be entitled to the number of vacation days in
each calendar year, and to compensation in respect of earned but
unused vacation days, determined in accordance with the
Corporation’s vacation program. The Executive shall also be
entitled to all paid holidays given by the Corporation to its
employees.

     
(g) Other Benefits. The Executive
shall be entitled to participate in all of the
Corporation’s employee benefit plans and programs in effect
during the Term as would by their terms be applicable to the
Executive, including, without limitation, any deferred
compensation plan, incentive plan, stock option plan, life
insurance plan, medical insurance plan, dental care plan,
accidental death and disability plan, and vacation, sick leave
or personal leave program. After the Executive becomes employed,
the Corporation shall not make any changes in such plans or
programs that would adversely affect the Executive’s
benefits thereunder, unless such change occurs pursuant to a
program applicable to other similarly situated employees of the
Corporation and does not result in a proportionately greater
reduction in the rights or benefits of the Executive as compared
with other similarly situated employees of the Corporation.
Except as otherwise specifically provided herein, nothing paid
to the Executive under any plan or program presently in effect
or made available in the future shall be in lieu of the Base
Compensation or any bonus payable under Sections 1.4(a) and
1.4(b) hereof.

ARTICLE II

TERMINATION OF EMPLOYMENT

     
2.1     Termination
of Employment. The Executive’s employment may terminate
prior to the expiration of the Term under the following
circumstances:

		
	 	     
    (a) Without Cause. The
    Executive’s employment shall terminate upon the
    Corporation’s notifying the Executive that her services
    will no longer be required.
    
	 
	 	     
    (b) Death. The Executive’s
    employment shall terminate upon the Executive’s death.
    
	 
	 	     
    (c) Disability. If, as a result of
    the Executive’s incapacity due to physical or mental
    illness, the Executive shall have been absent and unable to
    perform the duties hereunder on a full-time basis for an
    

2

 

		
	 	
    entire period of six consecutive months, the
    Executive’s employment may be terminated by the Corporation
    following such six-month period.
    
	 
	 	     
    (d) Cause. The Corporation may
    terminate the Executive’s employment for Cause. For
    purposes hereof, “Cause” shall mean:
    

		
	 	     
    (i) deliberate or intentional failure by the
    Executive to substantially perform the material duties of the
    Executive hereunder (other than due to disability as defined in
    2.1(c));
    
	 
	 	     
    (ii) an intentional act of fraud,
    embezzlement, theft or any other material violation of law;
    
	 
	 	     
    (iii) intentional wrongful damage to
    material assets of the Corporation;
    
	 
	 	     
    (iv) intentional wrongful disclosure of
    material confidential information of the Corporation;
    
	 
	 	     
    (v) intentional wrongful engagement in any
    competitive activity which would constitute a breach of this
    Agreement and/or of the Executive’s duty of loyalty; or
    
	 
	 	     
    (vi) intentional breach of any material
    employment policy of the Corporation.
    

		
	 	     
    No act, or failure to act, on the part of the
    Executive shall be deemed “intentional” if it was due
    primarily to an error in judgment or negligence, but shall be
    deemed “intentional” only if done, or omitted to be
    done, by the Executive not in good faith and without reasonable
    belief that her action or omission was in, or not opposed to,
    the best interest of the Corporation. Failure to meet
    performance standards or objectives of the Corporation shall not
    constitute Cause for purposes hereof.
    
	 
	 	     
    (e) Voluntary Termination. The
    Executive may voluntarily terminate the Executive’s
    employment with the Corporation at any time, with or without
    Good Reason. For purposes of this Agreement, “Good
    Reason” shall mean (A) a material diminution in or
    adverse alteration to Executive’s title, position or
    duties, including no longer reporting to Ralph Lauren, Chief
    Executive Officer, or Roger Farah, Chief Operating Officer,
    (B) the relocation of the Executive’s principal office
    outside the area which comprises a fifty (50) mile radius
    from New York City, or (C) a failure of the Corporation to
    comply with any material provision of this Agreement provided
    that the events described in clauses (A), (B), and
    (C) above shall not constitute Good Reason unless and until
    such diminution, change, reduction or failure (as applicable)
    has not been cured within thirty (30) days after written
    notice of such noncompliance has been given by the Executive to
    the Corporation.
    

     
2.2     Date of
Termination. The date of termination shall be:

		
	 	     
    (a) if the Executive’s employment is
    terminated by the Executive’s death, the date of the
    Executive’s death;
    
	 
	 	     
    (b) if the Executive’s employment is
    terminated by reason of Executive’s Disability or by the
    Corporation pursuant to Sections 2.1(a) or 2.1(d), the date
    specified by the Corporation; and
    
	 
	 	     
    (c) if the Executive’s employment is
    terminated by the Executive, the date on which the Executive
    notifies the Corporation of her termination.
    

     
2.3     Effect of
Termination of Employment.

     
(a) If the Executive’s employment is
terminated by the Corporation, pursuant to Section 2.1(a),
or if the Executive resigns for Good Reason pursuant to
Section 2.1(e), the Executive shall only be entitled to the
following:

		
	 	     
    (i) Severance. Subject to
    Section 4.1(a) hereof, the Corporation shall:
    (a) continue to pay the Executive, in accordance with the
    Corporation’s normal payroll practice, her Base
    Compensation, as in effect immediately prior to such termination
    of employment, for the longer of the balance of the Term or the
    one-year period commencing on the date of such termination
    (whichever period is applicable shall be referred to herein as
    the “Severance Period”); and (b) pay to the
    Executive, on the last business day of the Severance Period, an
    amount equal to the bonus paid to the Executive for the calendar
    year prior to the year in which her employment is terminated.
    Notwithstanding the foregoing, in order to receive any
    

3

 

		
	 	
    severance benefits under this
    Section 2.3(a)(i), the Executive must sign and not timely
    revoke a release and waiver of claims against the Corporation,
    its successors, affiliates, and assigns in a form acceptable to
    the Corporation.
    
	 
	 	     
    (ii) Stock. The Executive’s
    rights with respect to any stock options and RPSUs granted to
    the Executive by the Corporation shall be governed by the
    provisions of the Corporation’s Incentive Plan and
    respective award agreements, if any, except as provided in
    Section 4.1(a).
    
	 
	 	     
    (iii) Welfare Plan Coverages. The
    Executive shall continue to participate during the Severance
    Period in any group medical, dental or life insurance plan she
    participated in prior to the date of her termination, under
    substantially similar terms and conditions as an active
    employee; provided that participation in such group
    medical, dental and life insurance plan shall correspondingly
    cease at such time as the Executive (a) becomes eligible
    for a future employer’s medical, dental and/or life
    insurance coverage (or would become eligible if the Executive
    did not waive coverage) or (b) violates any of the
    provisions of Article III as determined by the Corporation.
    Notwithstanding the foregoing, the Executive may not continue to
    participate in such plans on a pre-tax or tax-favored basis.
    
	 
	 	     
    (iv) Retirement Plans. Without
    limiting the generality of the foregoing, it is specifically
    provided that the Executive shall not accrue additional benefits
    under any pension plan of the Corporation (whether or not
    qualified under Section 401(a) of the Internal Revenue Code
    of 1986, as amended) during the Severance Period.
    

     
(b) If the Executive’s employment is
terminated by reason of the Executive’s death or
Disability, pursuant to Sections 2.1(b) and 2.1(c), the
Executive (or the Executive’s designee or estate) shall
only be entitled to whatever welfare plans benefits are
available to the Executive pursuant to the welfare plans the
Executive participated in prior to such termination, and
whatever stock options may have been granted to the Executive by
the Corporation the terms of which shall be governed by the
provisions of the respective award agreements under which such
stock options were granted.

     
(c) If the Executive’s employment is
terminated by the Corporation for Cause or by the Executive
without Good Reason (as defined in Section 2.1(e)), the
Executive shall receive only that portion of the
Executive’s then current Base Compensation payable through
the Executive’s termination date. The Executive’s
rights with respect to any stock options granted to the
Executive by the Corporation shall be governed by the provisions
of the respective award agreements under which such stock
options were granted. The Corporation shall have no further
obligations to the Executive as a result of the termination of
the Executive’s employment.

ARTICLE III

COVENANTS OF THE EXECUTIVE

     
3.1     Non-Compete.

     
(a) The Corporation and the Executive
acknowledge that: (i) the Corporation has a special
interest in and derives significant benefit from the unique
skills and experience of the Executive; (ii) the Executive
will use and have access to proprietary and valuable
Confidential Information (as defined in Section 3.2 hereof)
during the course of the Executive’s employment; and
(iii) the agreements and covenants contained herein are
essential to protect the business and goodwill of the
Corporation or any of its subsidiaries, affiliates or licensees.
Accordingly, except as hereinafter noted, the Executive
covenants and agrees that during the Term, and for the remainder
of such Term following the termination of Executive’s
employment, the Executive shall not provide any labor, work,
services or assistance (whether as an officer, director,
employee, partner, agent, owner, independent contractor,
stockholder or otherwise) to a “Competing Business.”
For purposes hereof, “Competing Business” shall mean
any business engaged in the designing, marketing or distribution
of premium lifestyle products, including but not limited to
apparel, home, accessories and fragrance products, which
competes in any material respects with the Corporation or any of
its subsidiaries, affiliates or licensees, and shall include,
without limitation, those brands and companies that the
Corporation and the Executive have

4

 

jointly designated in writing on the date hereof,
which is incorporated herein by reference and which is attached
as Schedule A, as being in competition with the Corporation
as of the date hereof. Thus, Executive specifically acknowledges
that Executive understands that, except as provided in
Section 3.1(b) she may not become employed by any Competing
Business in any capacity during the Term.

     
(b) The non-compete provisions of this
Section shall no longer be applicable to Executive if she has
been notified pursuant to Section 2.1(a) hereof that her
services will no longer be required during the Term or if the
Executive has terminated her employment for Good Reason pursuant
to Section 2.1(e).

     
(c) It is acknowledged by the Executive that
the Corporation has determined to relieve the Executive from any
obligation of non-competition for periods after the Term, and/or
if the Corporation terminates the Executive’s employment
under Section 2.1(a) or if the Executive has terminated her
employment for Good Reason pursuant to Section 2.1(e). In
consideration of that, and in consideration of all of the
compensation provisions in this Agreement (including the
potential for the award of stock options that may be made to the
Executive), Executive agrees to the provisions of
Section 3.1 and also agrees that the non-competition
obligations imposed herein, are fair and reasonable under all
the circumstances.

     
3.2     Confidential
Information.

     
(a) The Corporation owns and has developed
and compiled, and will own, develop and compile, certain
proprietary techniques and confidential information as described
below which have great value to its business (referred to in
this Agreement, collectively, as “Confidential
Information”). Confidential Information includes not only
information disclosed by the Corporation and/or its affiliates
and licensees to Executive, but also information developed or
learned by Executive during the course of, or as a result of,
employment hereunder, which information Executive acknowledges
is and shall be the sole and exclusive property of the
Corporation. Confidential Information includes all proprietary
information that has or could have commercial value or other
utility in the business in which the Corporation is engaged or
contemplates engaging, and all proprietary information the
unauthorized disclosure of which could be detrimental to the
interests of the Corporation. Whether or not such information is
specifically labeled as Confidential Information by the
Corporation is not determinative. By way of example and without
limitation, Confidential Information includes any and all
information developed, obtained or owned by the Corporation
and/or its affiliates and licensees concerning trade secrets,
techniques, know-how (including designs, plans, procedures,
processes and research records), software, computer programs,
innovations, discoveries, improvements, research, development,
test results, reports, specifications, data, formats, marketing
data and plans, business plans, strategies, forecasts,
unpublished financial information, orders, agreements and other
forms of documents, price and cost information, merchandising
opportunities, expansion plans, designs, store plans, budgets,
projections, customer, supplier and subcontractor identities,
characteristics and agreements, and salary, staffing and
employment information. Notwithstanding the foregoing,
Confidential Information shall not in any event include
(A) Executive’s personal knowledge and know-how
relating to merchandising and business techniques which
Executive has developed over her career in the apparel business
and of which Executive was aware prior to her employment, or
(B) information which (i) was generally known or
generally available to the public prior to its disclosure to
Executive; (ii) becomes generally known or generally
available to the public subsequent to disclosure to Executive
through no wrongful act of any person or (iii) which
Executive is required to disclose by applicable law or
regulation (provided that Executive provides the Corporation
with prior notice of the contemplated disclosure and reasonably
cooperates with the Corporation at the Corporation’s
expense in seeking a protective order or other appropriate
protection of such information).

     
(b) Executive acknowledges and agrees that
in the performance of her duties hereunder the Corporation will
from time to time disclose to Executive and entrust Executive
with Confidential Information. Executive also acknowledges and
agrees that the unauthorized disclosure of Confidential
Information, among other things, may be prejudicial to the
Corporation’s interests, and an improper disclosure of
trade secrets. Executive agrees that she shall not, directly or
indirectly, use, make available, sell, disclose or otherwise
communicate to any corporation, partnership, individual or other
third party, other than in the course of her assigned duties and
for the benefit of the Corporation, any Confidential
Information, either during her term of employment or thereafter.

5

 

     
(c) The Executive agrees that upon leaving
the Corporation’s employ, the Executive shall not take with
the Executive any software, computer programs, disks, tapes,
research, development, strategies, designs, reports, study,
memoranda, books, papers, plans, information, letters, e-mails,
or other documents or data reflecting any Confidential
Information of the Corporation, its subsidiaries, affiliates or
licensees.

     
(d) During Executive’s term of
employment, Executive will disclose to the Corporation all
designs, inventions and business strategies or plans developed
for the Corporation, including without limitation any process,
operation, product or improvement. Executive agrees that all of
the foregoing are and will be the sole and exclusive property of
the Corporation and that Executive will at the
Corporation’s request and cost do whatever is necessary to
secure the rights thereto, by patent, copyright or otherwise, to
the Corporation

     
3.3     Non-Solicitation
of Employees. The Executive covenants and agrees that during
the Term, and for the remainder of such Term following the
termination of Executive’s employment for any reason
whatsoever hereunder, the Executive shall not directly or
indirectly solicit or influence any other employee of the
Corporation, or any of its subsidiaries, affiliates or
licensees, to terminate such employee’s employment with the
Corporation, or any of its subsidiaries, affiliates or
licensees, as the case may be, or to become employed by a
Competing Business.

     
3.4     Nondisparagement.
The Executive agrees that during the Term and thereafter whether
or not she is receiving any amounts pursuant to
Sections 2.3 and 4.1, the Executive shall not make any
statements or comments that reasonably could be considered to
shed an adverse light on the business or reputation of the
Corporation or any of its subsidiaries, affiliates or licensees,
the Board or any officer of the Corporation or any of its
subsidiaries, affiliates or licensees; provided, however, the
foregoing limitation shall not apply to (i) compliance with
legal process or subpoena, or (ii) statements in response
to inquiry from a court or regulatory body. The Corporation
agrees that during the Term and thereafter, the Corporation
shall not make any statements or comments that reasonably could
be considered to shed an adverse light on the reputation of the
Executive; provided, however, the foregoing limitation shall not
apply to (i) compliance with legal process or subpoena, or
(ii) statements in response to inquiry from a court or
regulatory body.

     
3.5     Remedies.

     
(a) The Executive acknowledges and agrees
that in the event the Corporation reasonably determines that the
Executive has breached any provision of this Article III,
that such conduct will constitute a failure of the consideration
for which stock options had been awarded, and notwithstanding
the terms of any stock option award agreement, plan document, or
other provision of this Agreement to the contrary, the
Corporation may notify the Executive that she may not exercise
any unexercised stock options and the Executive shall
immediately forfeit the right to exercise any stock option of
the Corporation that remains unexercised at the time of such
notice and Executive waives any right to assert that any such
conduct by the Corporation violates any federal or state
statute, case law or policy.

     
(b) If the Corporation reasonably determines
that the Executive has breached any provision contained in this
Article III, the Corporation shall have no further
obligation to make any payment or provide any benefit whatsoever
to the Executive pursuant to this Agreement, and may also
recover from the Executive all such damages as it may be
entitled to at law or in equity. In addition, the Executive
acknowledges that any such breach is likely to result in
immediate and irreparable harm to the Corporation for which
money damages are likely to be inadequate. Accordingly, the
Executive consents to injunctive and other appropriate equitable
relief upon the institution of proceedings therefor by the
Corporation in order to protect the Corporation’s rights
hereunder. Such relief may include, without limitation, an
injunction to prevent: (i) the breach or continuation of
Executive’s breach; (ii) the Executive from disclosing
any trade secrets or Confidential Information (as defined in
Section 3.2); (iii) any Competing Business from
receiving from the Executive or using any such trade secrets or
Confidential Information; and/or (iv) any such Competing
Business from retaining or seeking to retain any employees of
the Corporation.

     
3.6     Except for
Section 3.1 (Non-Compete) and Section 3.3
(Non-Solicitation of Employees), the provisions of this
Article III shall survive the termination of this Agreement
and Executive’s Term of employment. Sections 3.1 and
3.3 shall survive as specified herein.

6

 

ARTICLE IV

CHANGE IN CONTROL

     
4.1     Change in
Control.

     
(a) Effect of a Change in Control.
Notwithstanding anything contained herein to the contrary, if
the Executive’s employment is terminated within
12 months following a Change in Control (as defined in
Section 4.1(b) hereof) during the Term by the Corporation
for any reason other than Cause, then:

		
	 	     
    (i) Severance. The Corporation shall
    pay to the Executive, in lieu of any amounts otherwise due her
    under Section 2.3(a) hereof, within 15 days of the
    Executive’s termination of employment, a lump sum amount
    equal to two times the sum of: (A) the Executive’s
    Base Compensation, as in effect immediately prior to such
    termination of employment; and (B) the bonus actually paid
    to the Executive during the year prior to the Executive’s
    termination.
    
	 
	 	     
    (ii) Stock Options. The Executive
    shall immediately become vested in any unvested stock options
    granted to the Executive by the Corporation prior to the Change
    in Control and Executive will have six (6) months from
    the date of termination under this circumstance to exercise all
    vested options.
    

     
(b) Definition. For purposes hereof,
a “Change in Control” shall mean the occurrence of any
of the following: (i) the sale, lease, transfer, conveyance
or other disposition, in one or a series of related
transactions, of all or substantially all of the assets of the
Corporation to any “person” or “group” (as
such terms are used in Sections 13(d)(3) and 14(d)(2) of
the Securities Exchange Act of 1934 (“Act”)) other
than Permitted Holders; (ii) any person or group, other
than Permitted Holders, is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the
Act, except that a person shall be deemed to have
“beneficial ownership” of all shares that any such
person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time),
directly or indirectly, of more than 50 percent of the
total voting power of the voting stock of the Corporation,
including by way of merger, consolidation or otherwise;
(iii) during any period of two consecutive years, Present
and/or New Directors cease for any reason to constitute a
majority of the Board; or (iv) the Permitted Holders’
beneficial ownership of the total voting power of the voting
stock of the Corporation falls below 30 percent and either
Ralph Lauren is not nominated for a position on the Board of
Directors, or he stands for election to the Board of Directors
and is not elected. For purposes of this Section 4.1(b),
the following terms have the meanings indicated: “Permitted
Holders” shall mean, as of the date of determination:
(A) any and all of Ralph Lauren, his spouse, his siblings
and their spouses, and descendants of them (whether natural or
adopted) (collectively, the “Lauren Group”); and
(B) any trust established and maintained primarily for the
benefit of any member of the Lauren Group and any entity
controlled by any member of the Lauren Group. “Present
Directors” shall mean individuals who at the beginning of
any such two consecutive year period were members of the Board.
“New Directors” shall mean any directors whose
election by the Board or whose nomination for election by the
shareholders of the Corporation was approved by a vote of a
majority of the directors of the Corporation who, at the time of
such vote, were either Present Directors or New Directors.

     
(c) Excise Tax Gross-Up. If the
Executive becomes entitled to one or more payments (with a
“payment” including the vesting of restricted stock, a
stock option, or other non-cash benefit or property), whether
pursuant to the terms of this Agreement or any other plan or
agreement with the Corporation or any affiliated company
(collectively, “Change of Control Payments”), which
are or become subject to the tax (“Excise Tax”)
imposed by Section 4999 of the Internal Revenue Code of
1986, as amended (the “Code”), the Corporation shall
pay to the Executive at the time specified below such amount
(the “Gross-up Payment”) as may be necessary to place
the Executive in the same after-tax position as if no portion of
the Change of Control Payments and any amounts paid to the
Executive pursuant to this paragraph 4(c) had been subject
to the Excise Tax. The Gross-up Payment shall include, without
limitation, reimbursement for any penalties and interest that
may accrue in respect of such Excise Tax. For purposes of
determining the amount of the Gross-up Payment, the Executive
shall be deemed: (A) to pay federal income taxes at the
highest marginal rate of federal income taxation for the year in
which the Gross-up Payment is to be made; and (B) to pay
any applicable state and local income taxes at the highest
marginal rate of taxation for the calendar year in

7

 

which the Gross-up Payment is to be made, net of
the maximum reduction in federal income taxes which could be
obtained from deduction of such state and local taxes if paid in
such year. If the Excise Tax is subsequently determined to be
less than the amount taken into account hereunder at the time
the Gross-up Payment is made, the Executive shall repay to the
Corporation at the time that the amount of such reduction in
Excise Tax is finally determined (but, if previously paid to the
taxing authorities, not prior to the time the amount of such
reduction is refunded to the Executive or otherwise realized as
a benefit by the Executive) the portion of the Gross-up Payment
that would not have been paid if such Excise Tax had been used
in initially calculating the Gross-up Payment, plus interest on
the amount of such repayment at the rate provided in
Section 1274(b)(2)(B) of the Code. In the event that the
Excise Tax is determined to exceed the amount taken into account
hereunder at the time the Gross-up Payment is made, the
Corporation shall make an additional Gross-up Payment in respect
of such excess (plus any interest and penalties payable with
respect to such excess) at the time that the amount of such
excess is finally determined.

     
The Gross-up Payment provided for above shall be
paid on the 30th day (or such earlier date as the Excise Tax
becomes due and payable to the taxing authorities) after it has
been determined that the Change of Control Payments (or any
portion thereof) are subject to the Excise Tax; provided,
however, that if the amount of such Gross-up Payment or
portion thereof cannot be finally determined on or before such
day, the Corporation shall pay to the Executive on such day an
estimate, as determined by counsel or auditors selected by the
Corporation and reasonably acceptable to the Executive, of the
minimum amount of such payments. The Corporation shall pay to
the Executive the remainder of such payments (together with
interest at the rate provided in Section 1274(b)(2)(B) of
the Code) as soon as the amount thereof can be determined. In
the event that the amount of the estimated payments exceeds the
amount subsequently determined to have been due, such excess
shall constitute a loan by the Corporation to the Executive,
payable on the fifth day after demand by the Corporation
(together with interest at the rate provided in
Section 1274(b)(2)(B) of the Code). The Corporation shall
have the right to control all proceedings with the Internal
Revenue Service that may arise in connection with the
determination and assessment of any Excise Tax and, at its sole
option, the Corporation may pursue or forego any and all
administrative appeals, proceedings, hearings, and conferences
with any taxing authority in respect of such Excise Tax
(including any interest or penalties thereon); provided,
however, that the Corporation’s control over any such
proceedings shall be limited to issues with respect to which a
Gross-up Payment would be payable hereunder, and the Executive
shall be entitled to settle or contest any other issue raised by
the Internal Revenue Service or any other taxing authority. The
Executive shall cooperate with the Corporation in any
proceedings relating to the determination and assessment of any
Excise Tax and shall not take any position or action that would
materially increase the amount of any Gross-up Payment
hereunder).

ARTICLE V

MISCELLANEOUS

     
5.1     Notice.
For the purposes of this Agreement, notices, demands and all
other communications provided for in the Agreement shall be in
writing and shall be deemed to have been duly given when
delivered by hand or by facsimile or mailed by United States
registered mail, return receipt requested, postage prepaid,
addressed as follows:

		
	 	
    If to the Executive: 

     Tracey Travis 

     7935 Lambton Park Road 

     New Albany, OH 43054 

     

    

8

 

		
	 	
    If to the Corporation: 

     Polo Ralph Lauren Corporation 

     650 Madison Avenue 

     New York, New York 10022 

     Attn: Mitchell A. Kosh 

     Senior Vice President — Human Resources 

     Fax: (212) 318-7277
    
	 
	 	
    or to such other address as any party may have
    furnished to the other in writing in accordance herewith, except
    that notices of change of address shall be effective only upon
    receipt.
    

     
5.2     Modification
or Waiver; Entire Agreement. No provision of this Agreement
may be modified or waived except in a document signed by the
Executive and the Corporation. This Agreement, along with any
documents incorporated herein by reference, constitute the
entire agreement between the parties regarding their employment
relationship and supersede all prior agreements, promises,
covenants, representations or warranties. To the extent that
this Agreement is in any way inconsistent with any prior or
contemporaneous stock option agreements between the parties,
this Agreement shall control. No agreements or representations,
oral or otherwise, with respect to the subject matter hereof
have been made by either party that are not set forth expressly
in this Agreement.

     
5.3     Governing
Law. The validity, interpretation, construction,
performance, and enforcement of this Agreement shall be governed
by the laws of the State of New York without reference to New
York’s choice of law rules. In the event of any dispute,
the Executive agrees to submit to the jurisdiction of any court
sitting in New York State.

     
5.4     No Mitigation
or Offset. In the event the Executive’s employment with
the Corporation terminates for any reason, the Executive shall
not be obligated to seek other employment following such
termination and there shall be no offset of the payments or
benefits set forth herein.

     
5.5     Withholding.
All payments required to be made by the Corporation hereunder to
the Executive or the Executive’s estate or beneficiaries
shall be subject to the withholding of such amounts as the
Corporation may reasonably determine it should withhold pursuant
to any applicable law.

     
5.6     Attorney’s
Fees. Each party shall bear its own attorney’s fees and
costs incurred in any action or dispute arising out of this
Agreement and/or the employment relationship.

     
5.7     No
Conflict. Executive represents and warrants that she is not
party to any agreement, contract, understanding, covenant,
judgment or decree or under any obligation, contractual or
otherwise, in any way restricting or adversely affecting her
ability to act for the Corporation in all of the respects
contemplated hereby.

     
5.8     Enforceability.
Each of the covenants and agreements set forth in this Agreement
are separate and independent covenants, each of which has been
separately bargained for and the parties hereto intend that the
provisions of each such covenant shall be enforced to the
fullest extent permissible. Should the whole or any part or
provision of any such separate covenant be held or declared
invalid, such invalidity shall not in any way affect the
validity of any other such covenant or of any part or provision
of the same covenant not also held or declared invalid. If any
covenant shall be found to be invalid but would be valid if some
part thereof were deleted or the period or area of application
reduced, then such covenant shall apply with such minimum
modification as may be necessary to make it valid and effective.
The failure of either party at any time to require performance
by the other party of any provision hereunder will in no way
affect the right of that party thereafter to enforce the same,
nor will it affect any other party’s right to enforce the
same, or to enforce any of the other provisions in this
Agreement; nor will the waiver by either party of the breach of
any provision hereof be taken or held to be a waiver of any
prior or subsequent breach of such provision or as a waiver of
the provision itself.

     
5.9     Miscellaneous.
No right or interest to, or in, any payments shall be assignable
by the Executive; provided, however, that this provision
shall not preclude the Executive from designating in writing one
or more

9

 

beneficiaries to receive any amount that may be
payable after the Executive’s death and shall not preclude
the legal representative of the Executive’s estate from
assigning any right hereunder to the person or persons entitled
thereto. If the Executive should die while any amounts would
still be payable to the Executive hereunder, all such amounts
shall be paid in accordance with the terms of this Agreement to
the Executive’s written designee or, if there be no such
designee, to the Executive’s estate. This Agreement shall
be binding upon and shall inure to the benefit of, and shall be
enforceable by, the Executive, the Executive’s heirs and
legal representatives and the Corporation and its successors.
The section headings shall not be taken into account for
purposes of the construction of any provision of this Agreement.

     
IN WITNESS WHEREOF, the parties have executed
this Agreement effective as of the date and year first above
written.

		
	 	
    POLO RALPH LAUREN CORPORATION
    

	 	 	 
	
    /s/ MITCHELL KOSH
    	 	
    /s/ TRACEY TRAVIS
    
	
	 	

	
    By:   Mitchell Kosh

    Title: Senior Vice President —

    Human Resources
    	 	
    Tracey Travis
    

10

 

SCHEDULE A

Abercrombie & Fitch 

 Ann Taylor 

 Brooks Brothers 

 Burberry 

 Calvin Klein 

 Chanel 

 Crate & Barrel 

 Dillard’s Inc. 

 Federated Department Stores, Inc. 

 Gap Inc. 

 Giorgio Armani 

 Gucci Group 

 Hermes 

 Hugo Boss 

 J. Crew 

 J.C. Penney Company Inc. 

 Jones Apparel Group 

 Limited Brands 

 Liz Claiborne Inc. 

 LVMH 

 May Department Stores Co. 

 Michael Kors, Inc. 

 Nautica 

 Neiman Marcus Group, Inc. 

 Nordstrom 

 Prada Group 

 Richemont Group 

 Saks Inc. 

 Salvatore Ferragamo Italia S.P.A. 

 TJX Companies, Inc. 

 Tommy Hilfiger 

 William Sonoma Group

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]