Document:

Exhibit 10.2

AGREEMENT FOR ADOPTION AND ASSUMPTION OF
 THE MEN’S WEARHOUSE, INC. EMPLOYEE STOCK DISCOUNT PLAN

 

THIS AGREEMENT is entered into by and between The Men’s Wearhouse, Inc., a Texas corporation (“TMW”), and Tailored Brands, Inc., a Texas corporation (“TBI”).

 

W  I  T  N  E  S  S  E  T  H  :

 

WHEREAS, TMW previously adopted and continues to maintain The Men’s Wearhouse, Inc. Employee Stock Discount Plan (the “ESDP”);

 

WHEREAS, pursuant to that Agreement and Plan of Merger dated as of January 26, 2016 (the “Merger Agreement”), by and among TMW, TBI and HoldCo Merger Sub, Inc., a Texas corporation and wholly owned subsidiary of TBI (“Merger Sub”), TMW created a new holding company structure by merging into Merger Sub and thus becoming a direct, wholly owned subsidiary of TBI, as a result of which each share of the common stock, par value $0.01 per share of TMW (“TMW Common Stock”), outstanding immediately prior to the Effective Time (as that term is defined in the Merger Agreement) was converted on a one-for-one basis into a share of common stock, par value $0.01 per share of TBI (“TBI Common Stock”), and the TMW Common Stock ceased to be listed on the New York Stock Exchange and the TBI Common Stock began to be listed on the New York Stock Exchange;

 

WHEREAS, TMW and TBI have determined that the reorganization of TMW and TBI will constitute a “corporate transaction” under the provisions of Treasury Regulation §1.424-1(a)(3);

 

WHEREAS, Section 3.1 of the Merger Agreement provides that at the Effective Time, TBI shall assume sponsorship of, and all obligations of TMW under, the ESDP and the Board of Directors of TBI (or, as applicable, a committee thereof) shall assume the authority of the Board of Directors of TMW (or, as applicable, a committee thereof) under the ESDP;

 

 

WHEREAS, this Agreement sets forth the terms and provisions agreed upon by TBI and TMW for the adoption and assumption by TBI of the ESDP.

 

NOW, THEREFORE, effective as of the Effective Time (as that term is defined in the Merger Agreement), TBI and TMW agree as follows:

 

1.                                      TBI (a) adopts and assumes sponsorship of the ESDP and (b) assumes and agrees to perform or provide for all of the responsibilities, duties, liabilities and obligations under the ESDP including all options issued thereunder (the “ESDP Options”) and all payroll deduction forms filed by participants under the ESDP.

 

2.                                      Each outstanding ESDP Option shall be converted, without any further action on the part of TBI or TMW, to an option to acquire that number of shares of TBI Common Stock equal to the number of shares of TMW Common Stock that could have been acquired under the ESDP Option at an exercise price (referred to in the ESDP as the “Option Price”) equal to the exercise price (or “Option Price”) determined under the terms of such outstanding ESDP Option.

 

3.                                      The total number of shares of TBI Common Stock committed to the Plan will equal the total number of shares of TMW Common Stock committed to the Plan, and the total number of shares of TBI Common Stock available under the Plan will equal the total number of shares of TMW Common Stock available under the Plan.

 

4.                                      TMW and its Board of Directors cease to be responsible for the administration of the ESDP and the ESDP Options.

 

5.                                      The members of the Committee (as that term is defined in the ESDP) administering the ESDP shall continue to be the members of such committee until replaced or their service otherwise terminates as provided in the ESDP.  TBI and its Board of Directors shall

 

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be responsible for those additional aspects of the ESDP that were previously administered by TMW or TMW’s Board of Directors, respectively.

 

6.                                      All  references in the ESDP, outstanding ESDP Options and payroll deduction forms filed under the ESDP to TMW shall be to TBI and all references to TMW Common Stock shall be to TBI Common Stock.

 

7.                                      The term of the current Offering Period under the ESDP in effect at the Effective Time (as that term is defined in the Merger Agreement) and the Exercise Date with respect to that period shall remain unchanged.

 

8.                                      The name of the ESDP will be changed from “The Men’s Wearhouse, Inc. Employee Stock Discount Plan” to the “Tailored Brands, Inc. Employee Stock Discount Plan” and the definition of the term “Plan” in Section 2.17 of the ESDP shall be revised accordingly.

 

9.                                      TBI agrees to be bound by all of the terms, provisions, limitations and conditions of the ESDP.

 

10.                               The agreements made hereunder are made in accordance with and subject to the provisions contained in the Merger Agreement.

 

11.                               This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

12.                               This Agreement shall be governed by and construed in accordance with the laws of the State of Texas.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the Effective Time (as that term is defined in the Merger Agreement).

	
 
    	
 
    
	
 
    	
THE MEN’S WEARHOUSE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 /s/   LAUREL C. PIES
    
	
 
    	
Name: Laurel C. Pies
    
	
 
    	
Title: Senior Vice President —   Compensation & Benefits
    
	
 
    	
 
    

 

	
 
    	
TAILORED BRANDS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ A. ALEXANDER RHODES
    
	
 
    	
Name: A. Alexander Rhodes
    
	
 
    	
Title: Executive Vice President, General   Counsel
    
	
 
    	
  and Chief Compliance Officer
    

 

4Exhibit 10.3

 

ASSIGNMENT AND AMENDMENT OF EMPLOYMENT AGREEMENT

 

This Assignment and Amendment of Employment Agreement (this “Assignment and Amendment”) is entered into effective as of January 31, 2016, by and between Tailored Brands, Inc., a Texas corporation (“TBI”), Tailored Shared Services, LLC, a Delaware limited liability company (“SSU”), The Men’s Wearhouse, Inc., a Texas corporation (the “TMW”), and Douglas S. Ewert (“Executive”).

 

R  E  C  I  T  A  L  S:

 

WHEREAS, TMW and Executive entered into an Amended and Restated Employment Agreement dated April 22, 2015 (the “Existing Agreement”);

 

WHEREAS, on the date hereof, TMW reorganized into a holding company structure pursuant to which TMW became a wholly-owned subsidiary of TBI, and TMW transferred the operations and employees associated with the shared service functions of the company to SSU; and

 

WHEREAS, as a result of such reorganization, TMW desires to transfer to TBI all of TMW’s rights, title and interest in, to and under the Existing Agreement, and TBI desires to acquire such rights, title and interest in, to and under the Existing Agreement, all upon the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

1.                                      Assignment.  Subject to the terms and conditions contained herein, TMW hereby assigns and delivers to TBI and its successors and assigns, all of TMW’s rights, title and interest in, to and under the Existing Agreement, and TBI accepts such assignment.

 

2.                                      Assumption of Liabilities.  TBI agrees to assume all of TMW’s obligations under the Existing Agreement (collectively, the “Assumed Liabilities”).  TBI agrees, or shall cause SSU where applicable, to fully perform and assure payment of the Assumed Liabilities in accordance with their respective terms.  TBI hereby further agrees to be bound by and act in accordance with all terms and conditions set forth in the Existing Agreement.

 

3.                                      Amendments.

 

A.                                    Section 1 of the Existing Agreement is amended and restated in its entirety as follows: “Employment and Duties.  The Company hereby agrees to employ Executive as Chief Executive Officer of the Company, and Executive hereby accepts such employment and agrees to serve the Company in such capacity on the terms and subject to the conditions set forth in this Agreement.  Executive hereby acknowledges and agrees

 

 

that while he serves as the Chief Executive Officer of the Company, he will be formally employed by Tailored Shared Services, LLC, an indirect wholly owned subsidiary of the Company.”

 

B.                                    The Existing Agreement shall be amended throughout such that all references therein to the “Company” shall be deemed to be references to TBI, unless the context specifically requires otherwise.

 

4.                                      Consent to Assignment.  Executive hereby consents to the assignment of the Existing Agreement from TMW to TBI and agrees to serve as the Chief Executive Officer of TBI and to be employed by SSU.  Executive further acknowledges and agrees that none of the transactions contemplated hereby shall constitute a termination, either with or without cause, or give rise to a claim for termination for good reason under the Existing Agreement.

 

5.                                      Miscellaneous.

 

A.                                    This Assignment and Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, executors, administrators, successors and assigns.

 

B.                                    This Assignment and Amendment shall be governed and construed under and interpreted in accordance with the laws of the State of Texas without giving effect to the doctrine of conflict of laws.

 

C.                                    Any provision hereof that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

D.                                    This Amendment may be executed in any number of counterparts, each of which will be deemed an original and all of which, taken together, will constitute one and the same instrument.  Original signatures hereto may be delivered by facsimile which will be deemed originals.

 

[SIGNATURES INCLUDED ON FOLLOWING PAGE]

 

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IN WITNESS WHEREOF, the parties have caused this Assignment and Amendment to be executed effective as of the date first written above.

 

 

	
 
    	
THE MEN’S   WEARHOUSE, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/   CAROLE L. SOUVENIR
    
	
 
    	
Name:   Carole L. Souvenir
    
	
 
    	
Title:  Executive Vice President — Employee Relations
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TAILORED   BRANDS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 /s/ JON W. KIMMINS
    
	
 
    	
Name: Jon   W. Kimmins
    
	
 
    	
Title:  Executive Vice President, Chief Financial
    
	
 
    	
  Officer, Treasurer and   Principal Financial
    
	
 
    	
  Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TAILORED   SHARED SERVICES, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 /s/ A. ALEXANDER RHODES
    
	
 
    	
Name: A.   Alexander Rhodes
    
	
 
    	
Title:  Executive Vice President, General Counsel
    
	
 
    	
  and Chief Compliance   Officer
    
	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
  /s/ DOUGLAS S. EWERT
    
	
 
    	
DOUGLAS   S. EWERT
    

 

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