Document:

exv10w2

 

Exhibit 10.2

 

16 Yankee Candle Way —  P.O. Box 110  —  South Deerfield, MA 01373-0110

FOR IMMEDIATE RELEASE

	 	 	 	 	 
	 

	 	Contact:
	 	Susan Stockman

(413) 665-8306

YANKEE CANDLE NAMES RICHARD R. RUFFOLO

SENIOR VICE PRESIDENT, MARKETING AND INNOVATION

Brings Strong Leadership to Innovation, Product Development, and Brand Stewardship

South Deerfield, Mass — September 7, 2005 — The Yankee Candle Company, Inc. (“Yankee Candle” or
the “Company”) (NYSE:YCC), the leading designer, manufacturer, wholesaler and retailer of premium
scented candles, today announced that Richard R. Ruffolo has joined the Company as Senior Vice
President, Marketing and Innovation.

Mr. Ruffolo joins Yankee Candle from the Bath & Body Works Division of Limited Brands, Inc., where
he most recently served as Vice President and Category Leader. Prior to joining Bath & Body Works
in 1998 he served as Category Director, Glade Candles for S.C. Johnson & Son, Inc. Mr. Ruffolo
also previously held brand management positions with The Proctor & Gamble Company and
Ralston-Purina Company.

“We are very pleased to have Rick join our executive leadership team and we look forward to his
many contributions as we invest in growing our business with innovation and marketing,” said Harlan
Kent, President of Yankee Candle. “Yankee Candle’s success is based on innovative products and
strong brand equity. Rick brings proven experience in leading the development, commercialization
and marketing of new products and new brands. His background with leading consumer packaged goods
companies; as well as a leading specialty retailer, position him well for our multi-channel
business model. Rick has worked in the candle and home fragrance category for the last ten years,
and has developed keen insights into consumer behavior. His strong leadership skills will enable
him to build effective teams and processes to leverage the power of the Yankee Candle brand.”

 

 

“This is a great opportunity to be joining Yankee Candle at such an exciting time,” said Mr.
Ruffolo. “I have always admired the company’s focus on marketing high quality products and
building the Yankee Candle brand equity. I look forward to working with the entire management team
to profitably build the business with innovative new products and effective brand stewardship.”

About The Yankee Candle Company, Inc.

The Yankee Candle Company, Inc. is the leading designer, manufacturer, wholesaler and retailer of
premium scented candles in the giftware industry. Yankee has a 35 year history of offering
distinctive products and marketing them as affordable luxuries and consumable gifts. The Company
sells its products through a North American wholesale customer network of approximately 16,200
store locations, a growing base of Company owned and operated retail stores (359 located in 43
states as of July 2, 2005), direct mail catalogs, its Internet website (www.yankeecandle.com),
international distributors and to a European wholesale customer network of approximately 2,200
store locations (through its distribution center located in Bristol, England).

This press release may contain certain information constituting “forward-looking statements”
for purposes of the safe harbor provisions of The Private Securities Litigation reform Act of 1995.
Forward-looking statements include but are not limited to any statements concerning the Company’s
or management’s plans, objectives, goals, strategies, expectations, estimates, beliefs or
projections, or any other statements concerning future performance or events. Actual results could
differ materially from those indicated by these forward-looking statements as a result of various
risks and uncertainties, including but not limited to the following: the current economic
conditions in the United States as a whole and the continuing weakness in the retail environment;
the risk that we will be unable to maintain our historical growth rate; the effects of competition
from others in the highly competitive giftware industry; our ability to anticipate and react to
industry trends and changes in consumer demand; our dependence upon our senior executive officers;
the risk of loss of our manufacturing and distribution facilities; the impact on our stock price of
seasonal, quarterly and other fluctuations in our business; and other factors described or
contained in the Company’s most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K
on file with the Securities and Exchange Commission. Any forward-looking statements represent our
views only as of today and should not be relied upon as representing our views as of any subsequent
date. While we may elect to update certain forward-looking statements at some point in the future,
we specifically disclaim any obligation to do so even if experience or future events may cause the
views contained in any forward-looking statements to change.

# # #exv10w1

 

Exhibit 10.1

RELEASE and SETTLEMENT AGREEMENT (“this Agreement”)

This Agreement is made as of June 2, 2005 between:

	(1)	 	AIG Europe (Ireland) Limited (“AIGE(I)”) on the one hand; and
	 
	(2)	 	Skillsoft PLC (formerly known as SmartForce PLC) on its own behalf and its subsidiaries,
affiliates, predecessors and successors (collectively, “Skillsoft”); and
	 
	(3)	 	David Drummond, Patrick Murphy, Ronald C. Conway, John M.
Grillos, James S. Krzywicki,
Patrick J. McDonagh, Dr. Ferdinand von Prondzynski, Gregory M. Priest and John P. Hayes
(collectively, the “Individual Insureds”), on the other.

WHEREAS:

	1	 	AIGE(I) has issued its Corporate Guard for Directors and Officers Insurance Policy No. FCG
33566 for the Policy Period of April 12, 2002 to September 6, 2008 (the “Policy”) which
provides, inter alia, certain coverage pursuant to its terms; and
	 
	2	 	In November and December, 2002, various actions alleging violations of the securities laws of
the United States, including Ari R. Schloss et al. v. SmartForce Public Limited
Company, et al., Joseph J. Bish et al. v. SmartForce, PLC, et al., Stacey
Cohen et al. v. SmartForce PLC d/b/a/ SmartForce, et al., and Gianni Angeloni v.
SmartForce PLC d/b/a SmartForce, et al., were filed in the United States District Court
for the District of New Hampshire; and
	 
	3	 	Those actions were consolidated into an action styled In Re Smartforce Plc Securities
Litigation no. 02-CV-544-B pending in the United States District Court for the District of
New Hampshire alleging violations of the Securities Act of 1933 and the Securities and
Exchange Act of 1934 (the “Class Action”); and
	 
	4	 	The United States Securities and Exchange Commission commenced an investigation of the same
facts and allegations set forth in the Action styled In the Matter of Skillsoft Plc (B-01915)
(the “SEC Investigation”); and
	 
	5	 	The plaintiffs in the Action and the Skillsoft defendants agreed to conclude the Action (the
“Settlement”); and
	 
	6	 	An opt-out action styled Jody Glidden, et al. v. Skillsoft PLC (fka Smartforce PLC), et
al. no. C 04 4913 was filed in the United States District Court for the Northern District
of California (the “Glidden Action” and collectively with
the Class Action, the “Actions”);
	 
	7	 	Skillsoft and the Individual Insureds assert that they have incurred a “Loss” as defined in
the Policy (“Loss”) by reason of the defense of the Actions and the SEC Investigation and the
payments made and due under the Settlement; and
	 
	8	 	Skillsoft and the Individual Insureds have made claim for reimbursement of their Loss to
AIGE(I).

THEREFORE, the parties agree as follows:

Article 1

Page 1

 

In consideration of the releases and discharges in paragraph 2 below, AIGE(I) will pay the sum of
$15 million US dollars (“the Settlement Sum”) to Skillsoft for and on behalf of Skillsoft and the
Individual Insureds under the Policy within thirty (30) days of receipt of this fully executed
Agreement.

Article 2

In consideration of AIGE(I)’s promise to pay the Settlement Sum in Article 1 above, Skillsoft and
its past and present directors, officers, employees, agents, attorneys, including the Individual
Insureds, and their respective successors, assigns, heirs, executors and legal representatives
(“SkillSoft Releasors”) hereby:

	(a)	 	release and forever discharge AIGE(I) and its parents, subsidiaries, affiliates, directors,
officers, employees, agents, attorneys and their respective successors and assigns (“Insurer
Releasees”) in respect of, and acknowledge that payment of the Settlement Sum in accordance
with paragraph 1 above shall represent full and final settlement and full accord and
satisfaction in relation to, all manners of action, actions, causes of action, suits, claims
for sums of money, contracts, controversies, agreements, costs, damages, judgments and demands
whatsoever, whether known or unknown, reported or unreported, in law or equity which SkillSoft
Releasors now have, claim to have, or may in the future have against Insurer Releasees in law,
contract, tort or equity in connection with: (a) the Policy; (b) the Actions; (c) the SEC
Investigation and (d) any acts, failure to act, omissions, misrepresentations, statements,
misstatements, facts, events, transactions, occurrences or other subject matter set forth,
alleged, embraced, encompassed, or otherwise referred to in or underlying the Actions and the
SEC Investigation (the “Released Matters”); and
	 
	(b)	 	agree to indemnify and hold harmless Insurer Releasees in respect of any and all liability,
loss, damage, or expense, including without limitation, reasonable attorneys’ fees, arising
from all manners of action, actions, causes of action, suits, claims for sums of money,
contracts, controversies, agreements, costs, damages, judgments and demands whatsoever in law
or equity brought or made against any Insurer Releasee which heretofore and hereafter may be
made in connection with the Released Matters by any Skillsoft Releasee.

Article 3

In consideration of the release from the SkillSoft and the Individual Insureds, AIGE(I) and its
past and present directors, officers, employees, agents, attorneys, including the Individual
Insureds, and their respective successors, assigns, heirs, executors and legal representatives
(“Insurer Releasors”) hereby release and forever discharge the Individual Insureds and SkillSoft
and their respective parents, subsidiaries, affiliates, directors, officers, employees, agents,
attorneys successors and assigns (“SkillSoft Releasees”) in respect of all manners of action,
actions, causes of action, suits, claims for sums of money, contracts, controversies, agreements,
costs, damages, judgments and demands whatsoever, whether known or unknown, reported or unreported,
in law or equity which the Insurer Releasors now have, claim to have, or may in the future have
against SkillSoft Releasees in law, contract, tort or equity in connection with: (a) the Policy;
(b) the Actions; (c) the SEC Investigation and (d) any acts, failure to act, omissions,
misrepresentations, statements, misstatements, facts, events, transactions, occurrences or other
subject matter set forth, alleged, embraced, encompassed, or otherwise referred to in or underlying
the Actions and the SEC Investigation.

Article 4

Skillsoft and the Individual Insureds acknowledge that the limit of liability of the Policy is
exhausted by AIGE(I)’s payment hereunder.

Article 5

The parties and signatories to this Agreement represent and warrant that they each have read and
understand the entire contents of this Agreement and that they have full and complete authority to
execute this Agreement.

Article 6

Page 2

 

This Agreement may be executed in facsimile counterparts each of which shall be deemed an original
and all of which shall be deemed to be one of the same instrument.

Article 7

The terms and conditions of this Agreement constitute the entire agreement of the parties with
respect to this Agreement, and there are no other oral or written understandings or agreements
between the parties relating to the subject matter of this Agreement. This Agreement may only be
modified by a written instrument signed by the parties hereto.

Article 8

No party to this Agreement will disclose the provisions of this Agreement to any other person,
except: (a) to the extent that such disclosure may be required by the operation of law, or by
requirement of competent tribunal or regulatory authority,; (b) to the officers, directors,
accountants, auditors, lenders, bond trustees and reinsurers of a party to this Agreement; (c) to
the legal counsel of any party to this Agreement; (d) to the extent that other disclosures may be
mutually agreed upon and consented to among the parties to this Agreement; (e) by any party in an
action to enforce the terms of this Agreement. Except to the extent that disclosure is permitted
under this Agreement, the parties agree to notify each other promptly in the event any of them
receives any request, disclosure request, subpoena, or court order calling or potentially calling
for production or disclosure of this Agreement.

Neither the negotiation of the terms, conditions or other provisions of this Agreement, nor the
performance of this Agreement shall be used by any Releasee or Releasor for any purpose save in
respect of seeking reinsurance recoveries other than the enforcement of the provisions hereof;
provided, however, that nothing in this sentence shall affect the validity of the releases and
other agreements set forth in this Agreement.

Article 9

This Agreement is governed and construed in accordance with Irish law and in the event of any
dispute concerning the interpretation, effect or obligations of this Agreement Irish law will be
deemed to apply. The parties hereby submit to the exclusive jurisdiction of the Irish courts.

Page 3

 

IN WITNESS WHEREOF, each of AIGE(I) and Skillsoft acting through its duly authorized representative
and the Individual Insureds set their hand and seal as of the date first set forth above.

	 	 	 	 	 
	 

	 	AIGE(I) EUROPE (Ireland) Ltd.
	 	 
	 
	 	 	 	 
	 

	 	By:  /s/  Clive
M.
Jacobs                            7/04/05	 	
	 

	 	 	 	 
	 

	 	its:  Senior Claims Adjuster	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Skillsoft PLC	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:  /s/  Charles E. Moran	 	 
	 

	 	 	 	 
	 

	 	its:  President & CEO	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ David Drummond

	 	/s/ Patrick Murphy	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	David Drummond

	 	Patrick Murphy	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Ronald C. Conway

	 	/s/ Gregory M. Priest	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Ronald C. Conway

	 	Gregory M. Priest	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ John P. Hayes

	 	/s/ John M. Grillos	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	John P. Hayes

	 	John M. Grillos	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ James S. Krzywicki

	 	/s/ Patrick J. McDonagh	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	James S. Krzywicki

	 	Patrick J. McDonagh	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	/s/ Dr. Ferdinand von Prondzynski
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	Dr. Ferdinand von Prondzynski
	 	 	 	 

Page 4

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