Document:

PLCE-EX10.40-2.2.2013

EXHIBIT 10.40

November 14, 2012                

Mr. Michael Scarpa
141 Notch Road
Oak Ridge, NJ 07438

Dear Mike:

On behalf of The Children's Place, it is my pleasure to confirm our offer of employment for the position of Executive Vice President, Chief Financial Officer reporting to me. Details of our offer are as follows:

		
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	COMMENCEMENT OF EMPLOYMENT:            November 19, 2012

		
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	ANNUAL BASE SALARY:                    $ 650,000

		
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	BONUS: You will be eligible to participate in our annual management incentive bonus plan (the “Bonus Plan”).  Your bonus is based on Company and individual performance.  Your target bonus will be -60% of your annual salary.  Your actual bonus may be from 0% to 200% of your target bonus based upon actual performance, and any bonuses earned will be paid at the same time as bonus payments are made to other Executive Vice Presidents of the Company. 

		
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	EQUITY AWARD.  Based upon your position with the Company, you will receive a new hire equity award. All equity awards are subject to the Company's 2011 Equity Incentive Plan (“2011 Equity Plan”) and must be awarded in accordance with the Company's Policy Regarding the Award of Equity-Based Incentives to Executives Officers and Other Employees (the “Equity Award Policy”).

		
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	Number of RSUs.  An award of a number of Time-Based Restricted Stock Units (“TRSUs”) having a fair market value of $1,000,000 on the date of grant.  

		
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	Type of Award.  The TRSUs will be awarded in the form of Time-Based RSUs (each, as defined in the 2011 Equity Plan). Assuming a November 19, 2012 commencement date, the grant date for this award will be December 3, 2012 (the “Grant Date”), provided that you execute and deliver to the Company the Time-Based Restricted Stock Unit Award Agreement (The Award Agreement will be provided to you following your execution and return of this offer letter.)  

		
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	Vesting.  The Time-Based Restricted Stock Units will vest ratably over three years on the anniversary dates of their grant, subject to continued employment on each vesting date. 

		
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	2013 EQUITY AWARD: In 2013, you will be eligible to receive an equity award under the 2011 Equity Plan at the same time as other associates in the Company, subject to the approval of the Compensation Committee of the Board of Directors. Your 2013 grant will be a combination of Performance-Based Restricted Stock Units (PRSU's) and Time-Based Restricted Stock Units (TRSU's) on the same percentage split as other Executive Vice Presidents of the Company as determined by the Compensation Committee of the Board of Directors at the time of grant.

		
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	401(k) PLAN:   Following 90 days of service, you will be eligible to participate in The Children's Place 401(k) Savings Plan. After one year of service, you will be eligible for Company matching 

contributions equal to 50% of your own contributions up to 5% of covered compensation. Company matching contributions are subject to graduated vesting over five years.

		
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	OTHER BENEFITS:   You will be eligible as of the first of the month following your commencement date for other benefits (long term disability, health and life insurance) available to other associates at your level.

		
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	PAID TIME OFF:   You will be eligible for 22 days of Paid Time Off (PTO) in every fiscal year (February through January).  You may not carry over PTO days from year to year. The number of days you are eligible to receive during the current fiscal year will be prorated based on your commencement date. Your PTO days do not include eight Company paid holidays and one floating holiday. The Company's PTO policy and Company paid holidays are subject to change annually. 

		
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	CHANGE IN CONTROL: Subject to your execution and delivery to the Company of an amended and restated Change in Control Severance Agreement (the “Change in Control Severance Agreement”), you will be protected if you should be terminated other than for Cause (as defined in the Change in Control Severance Agreement) or resign for Good Reason (as defined in the Change in Control Severance Agreement) in anticipation of, or subsequent to a Change in Control (as defined in the Change in Control Severance Agreement). Under the Change in Control Severance Agreement, the severance period is 24 months. During the severance period, you will be paid your salary and bonus (as defined in the Change in Control Severance Agreement), as well as continue to be covered under the Company's health plan. In addition, pursuant to the 2011 Equity Plan, (i) 100% of your Time-Based RSUs will vest and be delivered immediately prior to a Change in Control and (ii) 50% of your Performance Based RSUs will vest and be delivered immediately prior to a Change in Control if the Change in Control occurs within the first six months of the applicable performance period (100% will vest and be so delivered if the Change in Control occurs within the second six months of the applicable performance period).   Unless the Change in Control Severance Agreement is otherwise terminated earlier pursuant to its terms, it will remain in force for two years from the execution thereof and it will renew for additional one year periods unless the Company provides you with notice of nonrenewal at least 90 days prior to the second anniversary date thereof or, if renewed, at least 90 days prior to each subsequent renewal.

		
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	SEVERANCE: You will be eligible to receive a severance payment in the amount available to other associates at your level under the Company's severance guidelines. In the event that you are terminated from the Company without Cause (as defined in the Change in Control Severance Agreement), the amount you will entitled to will be eighteen month's severance at your then current salary, provided, in all cases, that such severance shall automatically and immediately be reduced by the amount of salary or other like annual remuneration you receive from employment or engagement as an independent contractor, during the severance period, with any other person or entity.  Further, the Company agrees to waive the applicable premium cost that you would otherwise be required to pay for continued group health benefit coverage under COBRA for the corresponding period of severance as provided above unless otherwise prohibited under applicable law. All such payments are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations there under such that no payment made, or benefit provided, to you hereunder shall be subject to an “additional tax” within the meaning of the Code.   Receipt of the payments and other benefits set forth herein are 

conditioned upon the execution and delivery of an agreement containing a release of claims, an agreement of confidentiality, and an agreement of non-solicitation and non-competition for a period of eighteen months following termination in such form as the Company shall reasonably determine, which release of claims shall, to the extent permitted by law, waive all claims and actions against the Company and its officers, directors, affiliates and such other related parties and entities as the Company chooses to include in the release.

		
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	WITHHOLDING:  The Company is authorized to withhold from any payment to be made hereunder to you such amounts for income tax, social security, unemployment compensation, excise taxes and other taxes and penalties as in the Company's judgment is required to comply with applicable laws and regulations.

		
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	409A COMPLIANCE: Notwithstanding anything in this offer  letter to the contrary, if you are a “specified employee” (determined in accordance with Section 409A of the Code and Treasury Regulation Section 1.409A-3(i)(2)) as of the termination of your employment with the Company, and, if any payment, benefit or entitlement provided for in this offer letter or otherwise both (i) constitutes a “deferral of compensation” within the meaning of Section 409A of the Code and (ii) cannot be paid or provided in a manner otherwise provided herein or otherwise without subjecting you to additional tax, interest, and/or penalties under Section 409A of the Code, then any such payment, benefit or entitlement that is payable during the first six months following the date of your termination of employment shall be paid or provided to you (or your estate, if applicable) in a lump sum cash payment (together with interest on such amount during the period of such restriction at a rate, per annum, equal to the applicable federal short-term rate (compounded monthly) in effect under Section 1274(d) of the Code on the date of termination) on the earlier of (x) your death or (y) the first business day of the seventh calendar month immediately following the month in which your termination of employment occurs.

		
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	CONFIDENTIALITY, ETC.: At the time of the execution and delivery of this offer letter, you will also execute and deliver the Company's Confidentiality, Work Product and Non-solicitation Agreement delivered herewith.

		
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	INDEMNIFICATION/D&O: As an officer of the Company, you will be indemnified on the same terms and conditions, and will be covered by the Company's directors' and officers' insurance coverage to the same extent as other Executive Vice Presidents of the Company.

Unless specifically stated in this offer letter, all terms and conditions of your employment are as provided by the policies and practices of The Children's Place Retail Stores, Inc. and its affiliates as in effect from time to time.

This offer of employment is not to be construed as an employment contract, expressed or implied, and it is specifically understood that your employment is at-will (this means that either you or the Company may terminate your employment at any time with or without cause) and further that there is no intent on the part of the Company or yourself, for continued employment of any specified period of time.

Please indicate your acceptance of and agreement with the foregoing by executing this offer letter and returning a copy to me.

Mike, please give this offer your utmost consideration.  We look forward to your joining our team.  We are confident that you will make a strong contribution to our continued growth and success.  Should you have any questions concerning the specifics of our offer to you, or the benefit programs, please do not hesitate to call.

Sincerely,

                        
Jane T. Elfers    
President & Chief Executive Officer

Agreed and Accepted:

                        
	
		
	Michael Scarpa
	DatePLCE-EX10.41-2.2.2013

EXHIBIT 10.41
AGREEMENT AND GENERAL RELEASE
This Agreement and General Release (the “Agreement”) is made as of the 25th day of February, 2013 between Steven E. Baginski (“Employee”) and The Children’s Place Services Company, LLC and its parents and direct and indirect subsidiaries and affiliated corporations (collectively, “Employer” or the “Company”).  The Employee, Employer and/or the Company may be collectively referred to herein as the “Parties”.
1.Separation from Employment.  Employee acknowledges, confirms and agrees that Employee’s last day of employment with the Company was November 26th, 2012 (the “Separation Date”).  
2.    Separation Payments.  As good and valuable consideration for Employee’s execution, delivery and non-revocation of this Agreement, Employer shall, subject to the effectiveness of, and the terms and conditions of, this Agreement, pay to Employee: (i) the amount of Four Hundred Fifty Thousand Dollars ($450,000), less legally required payroll deductions, which amount shall be paid in twenty-six (26) equal bi-weekly installments commencing at the end of the first full pay period following the Effective Date (as defined in Paragraph 6(c) below); and (ii) the amount of Sixty Four Thousand Eight Hundred Twenty Five Dollars ($64,825), less legally required payroll deductions, which amount shall be paid in a lump sum within ten (10) business days of the Effective Date.
3.    Benefits.  As good and valuable consideration for Employee’s execution, delivery, and non-revocation of this Agreement, Employer also shall, subject to the effectiveness of this Agreement and General Release, waive Employee’s premium costs for continued health and/or dental coverage under the Company’s group health plan(s) pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) for a period ending on the earlier to occur of November 30, 2013 and the date Employee becomes eligible for the same or better employer-related health insurance coverage, provided, that Employee timely elects such COBRA coverage in accordance with the requirements of such plan(s).  
4.    Acknowledgments Regarding Payments and Benefits.  Employee acknowledges and agrees that any monetary, equity-based or other amounts or benefits which, prior to the execution of this Agreement, Employee may have been awarded, earned or accrued or to which Employee may have been or be in the future entitled to be paid or provided, have been paid or provided, or have been fully addressed in this Agreement, or such payments or benefits have been released, waived or settled by Employee pursuant to this Agreement.  Employee agrees that Employee is not entitled to and will not seek any further consideration, including, but not limited to, any wages, vacation pay, sick pay, disability pay, bonus, compensation (including equity-based compensation), payment or benefit from the Released Parties (as defined in Paragraph 8) other than that to which 

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Employee is entitled pursuant to Paragraphs 2 and 3 of this Agreement.  Employee further agrees that Employee shall not accrue any additional awards or rights pursuant to any equity or other incentive plan of the Company and shall forfeit any and all equity or other incentive awards and rights to any such awards to the extent not vested and/or not delivered on the Separation Date. 
5.    Return of Company Property.  Employee represents and warrants that Employee has returned to the Company all laptops, cellular telephones, blackberries, iPhones, iPads, keys, locks, credit cards, documents, records, materials, and other information or property of any type whatsoever that is the property of the Company or its affiliates.  Employee further agrees that Employee shall not retain or use for any purpose, and shall immediately return to the Company, any copies, images, or reproductions of correspondence, memoranda, reports, financial information, personnel information, notebooks, drawings, photographs, or other documents relating in any way to the business or affairs of the Company, its affiliates or their respective suppliers or vendors.
6.    Consultation with Counsel and Voluntariness of Agreement.
(a)    Employee acknowledges that Employer has advised Employee in writing to consult with an attorney at Employee’s own expense prior to executing this Agreement. Employee further acknowledges that, to the extent desired, Employee has consulted with Employee’s own attorney in reviewing this Agreement, that Employee has carefully read and fully understands all the provisions of this Agreement, and that Employee is voluntarily entering into this Agreement.
(b)    Employee further acknowledges and agrees that Employee has had a period of at least twenty-one (21) days in which to consider the terms of this Agreement and changes to this Agreement, whether material or immaterial, do not restart the running of the 21-day period.
(c)    Unless revoked as provided below, this Agreement shall be effective and enforceable on the eighth (8th) day after execution and delivery of this Agreement to the Company by Employee (the “Effective Date”).  The parties to this Agreement understand and agree that Employee may revoke this Agreement after having executed and delivered it to the Company by so advising the Company (Attention:  General Counsel) in writing no later than 11:59 p.m. on the seventh (7th) day after Employee’s execution and delivery of this Agreement to the Company.  If Employee revokes this Agreement, it shall not be effective or enforceable, and Employee shall not be entitled to the payments or benefits set forth in Paragraphs 2 and 3 of this Agreement.
7.    Confirmation of Employment.  Employee shall refer all inquiries concerning Employee’s employment to Employer’s payroll department and Employer’s payroll department shall, if called upon, confirm Employee’s dates of employment, compensation and position with Employer, and shall make no other statements concerning Employee.  Notwithstanding the foregoing, Employee, in Employee’s sole discretion, shall be permitted to request and obtain references and referrals from other current and/or prior employees of Employer.

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8.    Employee Release of Employer and Released Parties.
(a)    In exchange for the consideration set forth above, Employee, on behalf of Employee and Employee’s agents, assignees, attorneys, heirs, executors and administrators, voluntarily and knowingly releases Employer, as well as Employer’s successors, predecessors, assigns, parents, subsidiaries, divisions, affiliates, officers, directors, shareholders, employees, agents and representatives, in both their individual and representative capacities (collectively, the “Released Parties”), from any and all claims, causes of action, suits, grievances, debts, sums of money, agreements, promises, damages, back and front pay, costs, expenses, and attorneys’ fees by reason of any matter, cause, act or omission arising out of or in connection with Employee’s employment with Employer or separation therefrom, including but not limited to any claims based upon common law, or any federal, state or local employment statutes or civil rights laws (hereafter the “Claims”). Claims, as included in this release, without limiting its scope, are claims arising under Title VII of the Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act (“ADEA”); the Older Workers Benefit Protection Act; the Americans with Disabilities Act; the Lily Ledbetter Act; Employee Retirement Income Security Act of 1974; the New Jersey Conscientious Employee Protection Act; the New Jersey Law Against Discrimination; the New Jersey Family Leave Act; the New Jersey Wage Payment Act; the Sarbanes-Oxley Act of 2002; the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; and any other laws prohibiting discrimination, retaliation, wrongful termination, failure to pay wages, breach of contract, defamation, invasion of privacy, whistleblowing or infliction of emotional distress, or any other matter. The foregoing releases all Claims including those of which Employee is not aware and those not mentioned in this Agreement up to the date of the execution and delivery of this Agreement to the Company.  Employee expressly acknowledges and agrees that, by entering into this Agreement, Employee is releasing and waiving any and all Claims, including, without limitation, Claims that Employee may have arising under ADEA, which have arisen on or before the date of Employee’s execution and delivery of this Agreement to the Company. 
(b)    This release does not waive rights or claims that may arise after this release is executed, including any right or claim to enforce the terms of this Agreement, does not waive any rights to vested benefits under any deferred compensation program or plan, and does not waive any rights or claims which cannot be waived as a matter of law. This Agreement does not affect Employee’s right to file a charge with the EEOC or similar state agency or to participate in any investigation conducted by the EEOC or similar state agency, but Employee hereby waives and releases any and all rights to recover under, or by virtue of, any such investigation, hearing or proceeding. Notwithstanding any provisions in this Agreement to the contrary, the term “Claims” shall not include, and Employee does not release the Released Parties from, any claims to indemnification that the Employee may have against the Release Parties arising out of or related to indemnification from third party claims that the Employee may have a right to now or in the future as granted to the Employee pursuant to the Certificate of Incorporation and/or Bylaws of the 

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Employer (collectively, “Indemnification Claims”).  Employee shall be permitted to pursue any Indemnification Claims.
(c)    Notwithstanding anything set forth in this Agreement to the contrary, nothing in this Agreement shall affect or be used to interfere with Employee’s protected right to test in any court, under the Older Workers’ Benefit Protection Act, or like statute or regulation, the validity of the waiver of rights under ADEA set forth in this Agreement. Notwithstanding anything set forth in this Agreement to the contrary, Employer agrees not to contest any claims you may choose to file for unemployment benefits before any governmental entity.  
9.    Representations; Covenant Not to Sue.  Employee hereby represents and warrants to the Released Parties that: (a) Employee has not filed, caused, or permitted to be filed any pending proceeding (nor has Employee lodged a complaint with any governmental or quasi-governmental authority) against the Released Parties, nor has Employee agreed to do any of the foregoing; (b) Employee has not assigned, transferred, sold, encumbered, pledged, hypothecated, mortgaged, distributed, or otherwise disposed of or conveyed to any third party any right or Claim against the Released Parties that has been released in this Agreement; (c) Employee has not directly or indirectly assisted any third party in filing, causing, or assisting to be filed, any Claim against the Released Parties; and (d) to Employee’s actual knowledge as of the Separation Date, Employee is not aware of any misconduct by or other matter involving any employee or director of the Company that Employee should report in accordance with the Company’s Code of Business Conduct or any irregularity in the Company’s books or records or any other matter relating to the Company’s financial or accounting policies, procedures or practices, actual or proposed, that should properly be reported by Employee under the Code of Business Conduct or otherwise, including pursuant to the procedures established by the Company for making such reports, except any that has already been reported by Employee in writing to the appropriate personnel of the Company.  Except as set forth in Paragraphs 8(b) and (c) above, Employee covenants and agrees that Employee shall not encourage or solicit or voluntarily assist or participate in any way in the filing, reporting or prosecution by himself or any third party of a proceeding or claim against any of the Released Parties unless compelled to do so by law. 
10.    Violation of Terms.   Employee agrees that if Employee is required to return any payments made under this Agreement, this Agreement shall continue to be binding on Employee and the Released Parties shall be entitled to enforce the provisions of this Agreement as if the payments had not been repaid to Company.  Should Employer or Employee violate any provision of this Agreement, then Employee or Employer, as applicable, shall have all remedies and civil actions available to remedy applicable damages.  The Parties agree that, should either Party seek to enforce the terms of this Agreement through litigation, then the prevailing Party, in addition to all other legal and equitable remedies, shall be reimbursed by the other Party for all reasonable attorneys’ fees in relation to such litigation.  The term “prevailing Party” in the prior sentence shall 

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mean such Party that prevails (whether affirmatively or by means of a successful defense) with respect to claims having the greatest value or importance as reasonably determined by the court or arbitrator.
11.    No Admission.  Nothing contained in this Agreement nor the fact that the Parties have signed this Agreement shall be construed as an admission by either Party.
12.    Waiver of Reinstatement.  By entering into this Agreement, Employee acknowledges that Employee waives any claim to reinstatement and/or future employment with Employer. Employee further acknowledges that Employee is not and shall not be entitled to any payments, benefits or other obligations from the Released Parties whatsoever (except as expressly set forth in this Agreement).
13.    Delay in Payments as Required by Section 409A of the Code. Notwithstanding any provisions herein to the contrary, if all or any portion of the payments or benefits due under Paragraphs 2 or 3 hereof are reasonably determined by Employee to be “nonqualified deferred compensation” subject to Section 409A of the Code (as communicated to the Company in writing together with the execution and delivery hereof by Employee) and the Company determines that Employee is a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the Code and the other guidance promulgated thereunder), then such payments shall commence on the first regular payroll date on or immediately following the first day of the seventh month following Employee’s “separation from service”, as defined in Treasury Regulation Section 1.409A-1(h), including the default presumptions and the first of such payments shall include a lump sum payment of all amounts otherwise payable prior to the first payment date but for the application of this Paragraph with interest on such amount during the period of such delay at a rate, per annum, equal to the applicable short-term rate (compounded monthly) in effect under Section 1274(d) of the Code on the date of Employee’s “separation from service”.  The Company hereby advises Employee that it has determined that Employee is a “specified employee” (as so defined). 
14.     Section 409A of the Code.  Employee hereby acknowledges and agrees with the Company that the interpretation of Section 409A of the Code and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available. Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to Employee that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code are intended to comply with Section 409A of the Code, and to the extent that any provision of this Agreement is unclear or ambiguous as to its compliance with Section 409A, the provision shall be read in such manner so that all payments comply with or are exempt from Section 409A.  Both Parties believe in good faith that all payments and benefits provided for under this Agreement are either exempt from said Section 409A or comply with the requirements of such Section and will not cause an acceleration of taxation 

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or imposition of interest or penalties under Section 409A or any other provision of the Code, and the Parties agree that all tax reporting and withholding will be consistent with this belief. If, however, any such benefit or payment is deemed by either Party to not comply with Section 409A of the Code, Employee and the Company agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any payment or benefit payable hereunder), if possible, so that either (i) Section 409A of the Code will not apply or (ii) compliance with Section 409A of the Code will be achieved. In any event, notwithstanding anything to the contrary, neither the Company nor any of its employees or representatives shall have any liability to Employee with respect to Section 409A of the Code.  For purposes of 409A, each payment made under this Agreement shall be treated as a separate payment.
15.    Miscellaneous.  This Agreement contains the entire agreement and understanding between the parties. This Agreement supersedes any and all previous agreements and plans, whether written or oral, between Employee and Employer; notwithstanding the foregoing, Employee acknowledges and agrees that the Confidentiality, Work Product and Nonsolicitation Agreement between Employee and The Children’s Place Services Company, LLC and executed by the Employee on April 20, 2012 shall remain in full force and effect.  There are no other representations, agreements or understandings, oral or written, between the Parties relating to the subject matter of this Agreement. No amendment to or modification of this Agreement shall be valid unless made in writing and executed by the Parties hereto subsequent to the date of this Agreement. This Agreement may be executed in counterparts, including by fax or pdf, and all counterparts so executed shall constitute one agreement, binding upon the Parties. This Agreement shall be binding upon and inure to the benefit of the Parties, as well as their administrators, representatives, agents, executors, successors and assigns.
16.    Choice of Law and Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable to contracts made and performed in such State and without regard to the conflicts or choice of law provisions thereof that would give rise to the application of the substantive law of any other jurisdiction. Either Party may commence a legal suit, action or proceeding to resolve any dispute arising under this Agreement, provided that such legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted in a New Jersey federal or state court ( “Selected Venue”). Employee and Employer agree to waive any objection which either may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in the Selected Venue and Employee and Employer irrevocably submit to the exclusive jurisdiction of any court in the Selected Venue in any suit, action or proceeding.
17.    Severability.  If any term, provision or part of this Agreement shall be determined to be in conflict with any applicable federal, state or other governmental law or regulation, or otherwise shall be invalid or unlawful, such term, provision or part shall continue in effect to the extent permitted by such law or regulation. Such invalidity, unenforceability or unlawfulness shall 

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not affect or impair any other terms, provisions and parts of this Agreement not in conflict, invalid or unlawful, and such terms, provisions and parts shall continue in full force and effect and remain binding upon the parties hereto.
EMPLOYEE STATES THAT EMPLOYEE HAS CAREFULLY READ THIS AGREEMENT PRIOR TO SIGNING IT, THAT THE AGREEMENT HAS BEEN FULLY EXPLAINED TO EMPLOYEE PRIOR TO SIGNING IT, THAT EMPLOYEE HAS HAD THE OPPORTUNITY TO HAVE IT REVIEWED BY AN ATTORNEY AT EMPLOYEE’S OWN EXPENSE AND EMPLOYEE UNDERSTANDS THE AGREEMENT’S FINAL AND BINDING EFFECT PRIOR TO SIGNING IT, AND THAT EMPLOYEE IS SIGNING THE RELEASE KNOWINGLY AND VOLUNTARILY WITH THE FULL INTENTION OF COMPROMISING, SETTLING, AND RELEASING THE RELEASED PARTIES AS STATED IN THIS AGREEMENT.
Agreed to and accepted by, on this ____ day of February, 2013.

Witness:                    EMPLOYEE:

______________________________    _______________________________
Steven E. Baginski

Agreed to and accepted by, on this ____ day of February, 2013.

THE CHILDREN’S PLACE SERVICES COMPANY, LLC 

By: ___________________________
Name:  Lawrence McClure
Title: Senior Vice President, Human Resources

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