Document:

exv10w7

Exhibit 10.7

PROMISSORY NOTE

			
	 
	 	January 22, 2010
	 	 	 
	$300,000
	 	Hopkinton, Massachusetts

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $300,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

Interest on this Note shall be computed on the basis of a year of 365 days for the actual number of
days elapsed. All payments by the Maker under this Note shall be in immediately available funds.

Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

In no event shall any interest charged, collected or reserved under this Note exceed the maximum
rate then permitted by applicable law and if any such payment is paid by the Maker, then such
excess sum shall be credited by the holder as a payment of principal.

All payments by the Maker under this Note shall be made without set-off or counterclaim and be free
and clear and without any deduction or withholding for any taxes or fees of any nature whatever,
unless the obligation to make such deduction or withholding is imposed by law. The Maker shall pay
and save the holder harmless from all liabilities with respect to or resulting from any delay or
omission to make any such deduction or withholding required by law.

Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’ fees,
incurred by the holder in enforcing the obligations of the Maker under this Note.

No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right
on any future occasion. The Maker and every endorser or guarantor of this Note regardless of the
time, order or place of signing waives presentment, demand, protest and notices of every kind and
assents to any extension or postponement of the time of payment or any other indulgence, to any
substitution,

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exchange or release of collateral, and to the addition or release of any other party or person
primarily or secondarily liable.

This Note may be prepaid in whole or in part at any time or from time to time upon five days’ prior
written notice with the consent of the holder, with the giving of such consent to be in the sole
discretion of the holder. Any such prepayment shall be without penalty or premium.

None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

Alseres Pharmaceuticals, Inc.

By:

Title:

-2-Exhibit 10.1

Exhibit 10.1

AGREEMENT

This Agreement (“Agreement”) is made by and between Charles F. Kessler (“EMPLOYEE”) and ABERCROMBIE
& FITCH MANAGEMENT CO., a Delaware corporation with its principal place of business in New Albany,
Ohio, which, together with its subsidiaries and affiliates, are collectively referred to herein as
the “Company.”

WHEREAS, Employee has been employed by the Company since on or about September 6, 1994, and as
an officer since on or about May 12, 2003;

WHEREAS, the parties acknowledge it is in their individual and mutual best interests for
Employee to separate from employment as an officer of the Company; and

WHEREAS, the parties wish to define the terms and conditions of Employee’s separation from
employment with the Company;

NOW, THEREFORE, in exchange for and in consideration of the following mutual covenants and
promises, the undersigned parties, intending to be legally bound, hereby agree as follows:

	 	1.	 	Transition Period and Separation Date. The Company and
Employee agree that Employee shall separate from service with the Company on July 31,
2010 (“Separation Date”). The period between January 22, 2010 and the Separation Date
shall be known as the Transition Period. During the Transition Period, Employee will
continue to be employed by the Company and shall make himself available, upon the
reasonable request of the Company, to respond to or assist with any issues that arise
relating to the transition of his duties within the Company. On the Separation Date,
Employee’s employment with the Company and all further compensation, remuneration,
bonuses, and eligibility of Employee under Company benefit plans shall terminate, and
Employee shall not be entitled to receive any further payments or benefits of any kind
from the Company except as otherwise provided in this Agreement or by applicable law.

	 	 	 	Employee shall not engage in any other employment activities during the Transition
Period. If Employee commences employment during the Transition Period, Employee’s
Separation Date shall be the date on which the new employment commenced and commencement
of such new employment, provided it does not breach Paragraph 5(d) of this Agreement,
shall not be deemed to be a breach of this Agreement.

 

 

 

	 	2.	 	Resignation from Board of Directors and Other Positions. As of January
22, 2010, Employee hereby resigns (i) from any position he may hold on the Company’s
Board of Directors and (ii) as a director, trustee, officer, managing
member and/or member, and from any and all other positions of any kind or type
whatsoever, with the Company and all of its subsidiaries and affiliates. Employee
agrees to sign any and all separate letters of resignation and all other documents as
requested by the Company to effectuate his resignation from all other positions he holds
within any subsidiary or affiliate of the Company. After the signing of this Agreement,
should the Company determine that any additional documents are necessary for the
resignation of the Employee from his positions or to effectuate any transfer of
authority, Employee agrees to execute said documents and return the original signed
documents promptly to Jim Bierbower at 6301 Fitch Path, New Albany, Ohio 43054, as well
as by fax to (614) 283-8050.

	 	3.	 	Effective Date: For the purposes of this Agreement, the Effective Date
of this Agreement shall be the date the Agreement is signed by Employee.

	 	4.	 	Consideration: The Company will provide to Employee the following (all
hereinafter referred to collectively as the “Consideration”):

	 	a.	 	Transition Period: During the Transition Period,
Employee shall continue to receive his base salary, less applicable taxes.
Employee shall continue to be eligible for his current level of benefits during
the Transition Period, including, without limitation, continued participation
in the Qualified Savings and Retirement Plan and vesting of his equity and/or
long-term incentive awards.

	 	b.	 	Severance. Employee shall receive the equivalent of
twelve (12) months base salary in the amount of Eight Hundred Sixteen Thousand
and 00/100 dollars ($816,000.00), less applicable taxes and withholdings. This
amount will be payable in twenty-six (26) bi-weekly installments on each
regularly scheduled pay period of the Company beginning on the first regularly
scheduled pay period after the Separation Date.

	 	c.	 	Incentive Compensation Bonus. The Company shall pay
Employee an amount equal to the Incentive Compensation bonus for the period
August 1, 2009 through January 31, 2010, determined on the same basis as other
similarly situated executives of the Company based on the Company’s performance
for the applicable six month period, less applicable taxes. Said Incentive
Compensation Bonus shall be paid at such time as Incentive Compensation bonuses
are paid to executives. Employee shall not be eligible for the Incentive
Compensation bonus covering the period February 1, 2010 through July 31, 2010.

	 	d.	 	Equity Compensation. Except as otherwise provided in
paragraph 5, Employee’s outstanding stock options, restricted stock units and
stock-settled stock appreciation rights shall continue to be
governed by the terms and conditions of the stock plans pursuant to which
they were granted and any agreements evidencing Employee’s grants of stock
option, restricted stock units and stock-settled stock appreciation rights.
Any unvested stock options, restricted stock units and stock-settled stock
appreciation rights that do not vest during the Transition Period shall be
forfeited by Employee. The Parties acknowledge and agree that Employee has
three (3) months from the Separation Date by which to exercise his vested
options and stock-settled stock appreciation rights.

 

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	 	e.	 	Medical Insurance. The Company shall pay Employee the
equivalent of twelve (12) months of health care and dental care continuation
for individual coverage in the amount of Two Thousand Six Hundred and 04/100
dollars ($2,600.04), less applicable taxes, payable to Employee in one lump sum
upon the next regularly scheduled pay period after the Separation Date.
Employee will be responsible for electing COBRA or other health care and/or
dental care coverage and for paying 100% of the cost for such coverage.

	 	f.	 	Vacation. Employee shall be required to use all of his
2010 vacation entitlement during the Transition Period and shall not be
entitled to payment for any vacation upon his Separation Date.

	 	g.	 	Employment Related Expenses. Subject to the Company’s
Travel and Expense Policy, any unreimbursed employment related expenses
incurred by Employee prior to the commencement of the Transition Period shall
be submitted by Employee for payment on or before February 27, 2010. Prior to
incurring any Employment Related Expenses during the Transition Period,
Employee must obtain the authorization of Jim Bierbower, Senior Vice President,
Human Resources. Employee will not be reimbursed for expenses incurred during
the Transition Period that were not authorized in advance by Mr. Bierbower.

	 	h.	 	Qualified Savings and Retirement Plan. Employee shall
be entitled to determine the desired treatment of the balance contained in his
tax-qualified Savings and Retirement Plan according to the terms and conditions
set forth in the plan. The Company confirms that Employee’s balance (including
any Company contributions) in the tax-qualified Savings and Retirement Plan is
fully vested;

	 	i.	 	Non-Qualified Savings Plan. Employee shall be entitled
to payment of the balance in his Non-Qualified Savings Plan according to the
instructions previously provided for such payment. Notwithstanding the
foregoing, no payment of any post 2004 contributions shall be made prior to the
six month anniversary of the Separation Date.
The Company confirms that Employee will be credited with the Company’s
matching contribution and retirement credits for 2009 and that Employee’s
balance (including any Company contributions) in the Non-Qualified Savings
Plan is, or will be, fully vested;

 

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	 	j.	 	Life Insurance. Employee shall have the right to
convert his existing life insurance coverage to an individual policy according
to the terms set forth by the insurer. Employee shall pay the full cost of any
such policy. Employee must apply for such conversion within 31 days of his
Separation Date;

	 	k.	 	Outplacement. The Company will provide Employee with
outplacement services under the Executive Package through Lee Hecht Harrison up
to a maximum total of $5,500.00. The cost of the services up to the maximum
total will be paid directly by the Company. Any services and costs incurred
above the maximum total shall be billed directly to and paid by Employee.
Employee may begin using the outplacement services on the Effective Date.

	 	l.	 	Indemnification/D&O Insurance. Employee shall continue
to be entitled to indemnification (and advancement of expenses) as an officer
of the Company through the Separation Date, and to continued coverage under any
applicable directors’ and officers’ liability insurance policies through the
Separation Date and until such time as suits can no longer be brought against
Employee as a matter of law.

	 	m.	 	No Mitigation/No Offset. None of the benefits or
payments in Paragraphs 4(b) — 4(l) will be terminated or diminished, or
subject to forfeiture or offset by the Company if Employee should accept or
commence other employment, whether during or after the Transition Period,
except as expressly provided in Section 5(e) of this Agreement.

	 	5.	 	Employee Covenants

	 	a.	 	Notification of Subsequent Employment. In the event
Employee obtains new employment after the Effective Date of this Agreement,
Employee shall notify the Company in writing within five (5) business days of
acceptance of the new employment. Said notification must include the name of
Employee’s new Employer and the date on which Employee’s employment with the
new employer will commence, Notification shall be sent to Jim Bierbower at 6301
Fitch Path, New Albany, Ohio 43054. Employee’s Separation Date shall be the
earlier of the date on which he commences new employment or July 31,
2010.

 

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	 	b.	 	Non-Disclosure and Non-Use. Employee shall not, without
the written authorization of the Chairman and Chief Executive Officer (“CEO”)
of the Company, use (except for the benefit of the Company) any Confidential
and Trade Secret Information relating to the Company. Employee shall hold in
strictest confidence and shall not, without the written authorization of the
Chairman and CEO of the Company, disclose to anyone, other than directors,
officers, employees and counsel of the Company in furtherance of the business
of the Company, any Confidential and Trade Secret Information relating to the
Company. For purposes of this Agreement, Confidential and Trade Secret
information includes: the general or specific nature of any concept in
development, the business plan or development schedule of any concept, vendor,
merchant or customer lists or other processes, know-how, designs, formulas,
methods, software, improvements, technology, new products, marketing and
selling plans, business plans, development schedules, budgets and unpublished
financial statements, licenses, prices and costs, suppliers, and information
regarding the skills, compensation or duties of employees, independent
contractors or consultants of the Company and any other information about the
Company that is proprietary or confidential. Notwithstanding the foregoing,
nothing herein shall prevent Employee from disclosing Confidential and Trade
Secret Information to the extent required by law or by any court or regulatory
authority having actual or apparent authority to require such disclosure or in
connection with any litigation or arbitration involving this Agreement.
	 
	 	 	 	The restrictions set forth in this Section shall not apply to information that
is or becomes generally available to the public or known within the Company’s
trade or industry (other than as a result of its wrongful disclosure by
Employee), or information received on a non-confidential basis from sources
other than the Company who are not in violation of a confidentiality agreement
with the Company. This confidentiality covenant has no temporal, geographical or
territorial restriction.
	 
	 	 	 	Employee further represents and agrees that up to and after the Separation Date
he is obligated to comply with the rules and regulations of the Securities and
Exchange Commission (“SEC”) regarding trading shares and/or exercising options
related to the Company’s stock. Employee acknowledges that the Company has not
provided opinions or legal advice to him regarding his obligations in this
respect and that it is Employee’s responsibility to seek independent legal
advice with respect to any stock or option transaction. To assist Employee
with his obligation to comply with the rules and regulations of the SEC, on or
prior to the Effective Date, the
Company shall provide Employee with an up-to-date copy of the Company’s 2010
fiscal calendar stock trading window and shall provide Employee with any
material updates to such window information through the 90th day following the
Separation Date.

 

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	 	c.	 	Non-Disparagement and Cooperation. Neither Employee nor
any officer, director or other authorized spokesperson of the Company shall
intentionally state or otherwise publish anything about the other party which
would adversely affect the reputation, image or business relationships and
goodwill of the other party in its/his market and community at large. Employee
shall fully cooperate with the Company in defense of legal claims asserted
against the Company and other matters requiring the testimony or input and
knowledge of Employee. If at any time Employee should be required to cooperate
with the Company pursuant to this Section, the Company agrees to promptly
reimburse Employee for reasonable costs and expenses incurred as a result
thereof. Employee agrees that he will not speak or communicate with any party
or representative of any party, who is known to Employee to be either adverse
to the Company in litigation or administrative proceedings or to have
threatened to commence litigation or administrative proceedings against the
Company, with respect to the pending or threatened legal action, unless
Employee receives the written consent of the Company to do so, or is otherwise
compelled by law to do so, and then only after advance notice to the Company.
Nothing herein shall prevent Employee from pursuing any claim in connection
with enforcing or defending his rights or obligations under this Agreement.

	 	d.	 	Non-Competition. During the Transition Period and for
the twelve (12) month period following the Separation Date (the
“Non-Competition Period”), Employee shall not, directly or indirectly, without
the prior written consent of the CEO, own, manage, operate, join, control, be
employed by, consult with or participate in the ownership, management,
operation or control of, or be connected with (as a stockholder, partner, or
otherwise), any entity listed on Appendix A attached to this
Agreement, and any of
their current or future divisions, subsidiaries and affiliates (both majority
and minority owned), even if said division, subsidiary or affiliate becomes
unrelated to the entity on Appendix A at some future date (“Competing Entity”);
provided, however, that the “beneficial ownership” by Employee, either
individually or by a “group” of which Employees are members as such terms are
used in Rule 13d of the General Rules and Regulations under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), of less than two percent
(2%) of the voting stock of any publicly held corporation shall not be a
violation of this Section 5. Notwithstanding the foregoing, if Employee owns,
manages, operates,
joins, controls, is employed by, consults with or participates in the ownership,
management or control of, or is connected with (each an “Activity”), any entity
which as of the date of such Activity Employee does not have knowledge that such
entity will become a future division, subsidiary or affiliate of a Competing
Entity, then such Activity shall not be deemed to be a breach by Employee of
this paragraph. The provisions contained in this paragraph 4(d) shall supersede
any previous non-competition agreements between the Parties.

 

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	 	e.	 	Non-Solicitation. During the Transition Period and for
the twenty-four (24) month period following the Separation Date
(“Non-Solicitation Period”), Employee shall not directly or cause any other
person or entity to, interfere with or harm, or attempt to interfere with or
harm, the relationship of the Company with any person who as of the Separation
Date was a customer or supplier of the Company or as of the Separation Date
otherwise had a business relationship with the Company of which Employee had
knowledge. During the Non-Solicitation Period, Employee shall not hire, solicit
for hire, aid in or facilitate the hire, or cause to be hired, either as an
employee, contractor or consultant, any person who is employed at the time of
such alleged activity by Employee, or was employed at any time during the six
(6) month period prior thereto, as an employee, contractor or consultant of the
Company. For the avoidance of doubt, nothing herein shall prevent any entity
for whom Employee is providing services to, or has an ownership interest in,
from engaging in any activity which Employee is prohibited from engaging in
under this Paragraph 5(e) as long as Employee has not, directly or indirectly,
assisted such entity in connection with such activity. The provisions
contained in this paragraph 4(e) shall supersede any previous non-solicitation
agreements between the Parties.

	 	f.	 	Remedies. Employee agrees that any breach of the terms
of Paragraphs 5(b) through 5(e) of this Agreement would result in irreparable
injury and damage to the Company for which the Company would have no adequate
remedy at law. Employee agrees that in the event of said breach or any threat
of breach, the Company shall be entitled to an immediate injunction and
restraining order to prevent such breach and threatened breach and/or continued
breach by Employee and/or any and all persons and/or entities acting for and/or
with Employee, and without having to prove damages and to all costs and
expenses incurred by the Company in seeking to enforce its rights under this
Agreement. These remedies are in addition to any other remedies to which the
Company may be entitled at law or in equity. Employee agrees that the covenants
of Employee contained herein are reasonable and the Company would not have
entered into this Agreement but for the inclusion of such covenants. Without
limitation
on the foregoing, the Company may cancel or recover from Employee, and Employee
shall repay promptly and forfeit, the payments and consideration provided
Employee in Paragraph 4 in the event that he materially violates the covenants
contained in Paragraphs 5 (b) through (e); provided that no forfeiture or repayment shall
apply unless the Company has provided Employee with written notice of the events
giving rise to such alleged breach and, where applicable, no less than twenty
(20) days following receipt of such notice to cure such alleged breach (and if
Employee cures such alleged breach, no forfeiture or repayment shall apply). The
existence of any claim or cause of action by Employee against the Company,
whether predicated on this Agreement or otherwise, shall not constitute a
defense to the enforcement by the Company of the covenants and agreements of
this Agreement; provided, however that this Paragraph shall not, in and of
itself, preclude Employee from defending himself against the enforceability of
the covenants and agreements of this Agreement.

 

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	 	6.	 	Release of All Claims. Employee does hereby for himself and for each of
his past, present and future heirs, administrators, executors, representatives, agents,
attorneys, assigns and all others claiming by or through him or them, forever release
and discharge the Company, and its past, present and future shareholders,
representatives, agents, servants, parents, subsidiaries, affiliates, divisions,
officers, directors, employees, insurers, successors, predecessors, administrators,
attorneys, assigns and all others claiming by or through them (hereinafter “the
Released Parties”) from any and all charges, claims, demands, judgments, actions,
causes of action, damages, debts, agreements, remedies, promises, suits, losses,
obligations, expenses, costs, attorneys’ fees, liabilities and claims for relief of
every kind and nature, whether matured or unmatured, known or unknown, direct or
indirect, foreseen or unforeseen, vested or contingent, in law, equity or otherwise,
under any federal or state statute or common law, which Employee has ever had, now has,
or may have in the future, against any of the Released Parties for or on account of any
matter, cause or thing whatsoever that was or could have been asserted or that occurred
prior to the date of Employee signing this Agreement. This release shall include
without limitation all claims arising under Title VII of the Civil Rights Act of 1964,
as amended, the Age Discrimination in Employment Act, the Americans with Disabilities
Act, the Family and Medical Leave Act of 1993, the Ohio Civil Rights Act, any claim for
unpaid wages, and any other federal and state civil rights laws or laws relating to
employment. The parties exclude from Employee’s release all obligations expressly
created or preserved by this Agreement, all rights Employee would have absent this
Agreement in restricted shares or stock options he currently owns, including all rights
to exercise such options subsequent to the Separation Date, and all funds and rights
Employee has in any pension, 401(K), non-qualified plan or similar plan and any right
Employee has to be indemnified (or advanced expenses) under the
Company’s or any affiliate’s corporate documents, or if greater, under applicable law
and to be covered under any applicable directors’ and officers’ liability insurance
policies (collectively referred to as “unreleased rights”). Any unreleased rights of
Employee shall be subject to the procedures, requirements, limitations, conditions
and/or prerequisites set forth in any plan governing said rights.

 

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	 	 	 	The Company does hereby, on behalf of itself and its agents, parents, subsidiaries,
affiliates, divisions, officers, directors, employees, predecessors, successors and
assigns, forever release, requite, and discharge Employee and his heirs, administrators,
executors, agents and assigns (“Employee Released Parties”), from any and all charges,
claims, demands, judgments, actions, causes of action, damages, expenses, costs,
attorneys’ fees and liabilities of any kind whatsoever, whether known or unknown, vested
or contingent, in law, equity or otherwise, which the Company ever had, now has, or may
hereafter have against Employee for or on account of any matter, cause or thing
whatsoever which has occurred prior to the Effective Date.

	 	7.	 	Complete and Absolute Defense. This Agreement constitutes, among other
things, a full and complete release of any and all claims released by either party, and
it is the intention of the parties hereto that this Agreement is and shall be a
complete and absolute defense to anything released hereunder. The parties expressly and
knowingly waive their respective rights to assert any claims against the other which
are released hereunder, and covenant not to sue the other party or Released Parties or
Employee Released Parties based upon any claims released hereunder. The parties further
represent and warrant that no charges, claims or suits of any kind have been filed by
either against the other as of the date of this Agreement.

	 	8.	 	Non-Admission. It is understood that this Agreement is, among other
things, an accommodation of the desires of each party, and the above-mentioned payments
and covenants are not, and should not be construed as, an admission or acknowledgment
by either party of any liability whatsoever to the other party or any other person or
entity.

	 	9.	 	Return of Property. Employee agrees that he shall immediately return to
the Company all Company documents and property in his possession or control including,
but not limited to, personal computer(s) and all software, security keys and badges,
price lists, supplier and customer lists, employee lists, including compensation,
salary and benefit information, files, reports, all correspondence both internal and
external (memo’s, letters, quotes, etc.), business plans, budgets, designs, and any and
all other property of the Company; and the Company shall promptly return to Employee
his personal property and files.

 

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	 	10.	 	Tax Matters. Employee agrees that he shall be exclusively liable for
payment of any and all taxes due by him in connection with the Severance and agrees
to indemnify the Company for any liability incurred because of Employee’s failure to pay
such taxes, assessments, reimbursements, or penalties, which may be assessed by any
taxing authority in connection with any payments made pursuant to this Agreement
(provided that in no event shall this indemnification apply to the Company’s (or any
affiliate’s) withholding obligations). Notwithstanding anything in this Agreement to
the contrary, the parties hereby agree that it is the intention that any payments or
benefits provided under this Agreement comply in all respects with Section 409A of the
Internal Revenue Code of 1986, as amended and any regulations or guidance issued
thereunder (“Section 409A”), and this Agreement shall be interpreted accordingly. Each
payment during the Transition Period and the severance period shall be deemed to be a
separate payment for purposes of Section 409A. Any payments hereunder which qualify for the “short-term deferral” exception or
any other exception, including the “separation pay exception,” under Section 409A
shall be paid under the applicable exception (“409A Exceptions”). In the event that
Employee is a “specified employee” of the Company (as defined in Section 409A) at
the time of Employee’s separation from service (as determined in accordance with
Section 409A) and if any portion of the payments or benefits to be received by Employee under
this agreement upon separation from service would be considered deferred compensation under
Section 409A and cannot be paid or provided to Employee under the Section 409A Exceptions
without his incurring taxes, interest or penalties under Section 409A, amounts that would
otherwise be payable and benefits that otherwise would be provided to Employee pursuant to this
Agreement, in each case during the six-month period immediately following Employee’s
separation from service will instead be paid or made available to Employee on the first day of the
seventh month following the date of Employee’s separation from service. In addition, any reimbursement or
in-kind benefits provided under this Agreement shall be made or provided in accordance
with the requirements of Section 409A, including, where applicable, the requirement that
(i) any reimbursement be for expenses incurred during Employee’s lifetime (or during a
shorter period of time specified in this Agreement), (ii) the amount of expenses
eligible for reimbursement, or in kind benefits provided, during a calendar year may not
affect the expenses eligible for reimbursement, or in kind benefits to be provided, in
any other calendar year, (iii) the reimbursement of an eligible expense will be made no
later than the last day of the calendar year following the year in which the expense is
incurred; and (iv) no right to reimbursement or in kind benefits is subject to
liquidation or exchange for another benefit.

	 	11.	 	Knowing and Voluntary Execution. Each of the parties hereto further
states and represents that he or it has carefully read the foregoing Agreement and knows
the contents thereof, and that he or it has executed the same as his or its own free act
and deed. Employee further acknowledges that he has been and is hereby advised to
consult with an attorney concerning this Agreement and that he had adequate opportunity
to seek the advice of legal counsel in connection with this Agreement. Employee also
acknowledges that he has had the opportunity to ask questions about each and every
provision of this Agreement and that he fully understands the effect of the provisions
contained herein upon his legal rights.

	 	12.	 	Executed Counterparts. This Agreement may be executed in one or more
counterparts, and any executed copy of this Agreement shall be valid and have the same
force and effect as the originally-executed Agreement.

	 	13.	 	Governing Law. The validity, construction and interpretation of this
Agreement and the rights and duties of the parties hereto shall be governed by the laws
of Ohio. Any actions or proceedings instituted under this Agreement with respect to any
matters arising under or related to this Agreement shall be brought and tried only in
the Court of Common Pleas, Franklin County, Ohio.

 

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	 	14.	 	Modification. No provision of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing and
signed by Employee and the Company.

	 	15.	 	Assignability. Employee’s obligations and agreements under this Agreement
shall be binding on the Employee’s heirs, executors, legal representatives and assigns
and shall inure to the benefit of any successors and assigns of the Company. The Company
may, at any time, assign this Agreement or any of its rights or obligations arising
hereunder to any party so long as said party expressly agrees to undertake and assume
the obligations of the Company under this Agreement. In the event Employee shall die
while any payment, benefit or entitlement under paragraphs 4(b) or 4(c) is due to him
hereunder, such payment, benefit or entitlement shall be paid to his estate. All other
payments, benefits or entitlements shall be paid in accordance with the beneficiary
elections Employee has made.

	 	16.	 	Entire Agreement. This Agreement constitutes the entire agreement between
the parties hereto in respect of the subject matter hereof and this Agreement supersedes
all prior and contemporaneous agreements between the parties hereto in connection with
the subject matter hereof.

[signature page to follow]

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IN WITNESS WHEREOF, the undersigned has hereto set his hand this 28th day of January, 2010.

	 	 	 
	WITNESSED:
	 	 
	 
	 	 
	/s/
Colleen Westbrook

	 	/s/ Charles F. Kessler
	 

	 	 
	Colleen Westbrook

	 	Charles F. Kessler

 

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IN WITNESS WHEREOF, the undersigned has hereto set its hand this 28th day of January, 2010.

	 	 	 
	WITNESSED:

	 	ABERCROMBIE & FITCH MANAGEMENT CO.
	 
	 	 
	/s/
Ronald A. Robins, Jr.

	 	/s/ David S. Cupps
	 

	 	 
	Ronald A. Robins, Jr.

	 	David S. Cupps
	 
	 	 
	 

	 	Sr. Vice President, General Counsel and Secretary
	 

	 
	 

	 	 

 

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Appendix A

(all current and future* subsidiaries, divisions and affiliates of the entities below)

	 	 	 
	American Eagle Outfitters, Inc.

	 	Gap, Inc.
	J. Crew Group, Inc.

	 	Pacific Sunwear of California, Inc.
	Urban Outfitters, Inc.

	 	Aeropostale, Inc.
	Polo Ralph Lauren Corporation

	 	Jack Wills, Ltd.
	Superdry

	 	Levi Strauss & Co.
	Limited Brands
	 	 
	(including Victoria’s Secret)
	 	 

	 	 	 
	*	 	“future” to be interpreted in accordance with Paragraph 5(d) of this Agreement.

 

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