Document:

AMENDMENT NUMBER ONE TO EMPLOYMENT AGREEMENT

       

      AGREEMENT
dated as of December 18, 2008 between MAIDENFORM, INC., a New York corporation
with a principal place of business at 485 F U.S. Highway 1 South, Iselin, NJ
08830 (the “Employer”), Patrick J. Burns (the “Employee”), and solely for
purposes of Sections 1, 2, 3 and 4 Maidenform Brands, Inc. (sometimes
hereinafter referred to as “Parent”).

      

      WHEREAS,
the parties entered into an Employment Agreement dated as of October 8, 2008
(the Employment Agreement”); and

      

      WHEREAS,
the parties wish to amend the agreement;

      

      NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the
parties agree as follows:

       

      

      1.           The
last sentence of Section 3(a) is hereby amended to read in its entirety, as
follows:

      

      Such Base
Salary shall be reviewed at least annually by the Compensation Committee (the
“Compensation Committee”)of the Board of Maidenform Brands, Inc. (the “Board”)
and the Compensation Committee may at any time increase (but not decrease) the
Employee’s Base Salary hereunder as the Compensation Committee may in its sole
and absolute discretion deem reasonable and appropriate.

      

      2.           The
last sentence of Section 3(b) of the Employment Agreement is hereby amended, to
read in its entirety, as follows:

      

      For
fiscal years thereafter during the Term of Employment, the Employee’s incentive
compensation shall be based on such performance goals permitted under the Bonus
Plan (or any successor plan thereto) and subject to the conditions set forth in
the Bonus Plan (or any successor plan thereto).

      

      3.           At
the beginning of the second paragraph of Section 3 (c) (i), the words, “in the
form of Non-Qualified Stock Options, Non-Tandem Stock Appreciation Rights or
Restricted Stock granted” shall be replaced with the words, “to
Employee.”

      

      4.           The
first sentence of Section 4 of the Employment Agreement is hereby amended, to
read in its entirety, as follows:

      

      During
the Term of Employment, the Employee shall be engaged as Executive Vice
President - Sales and Marketing of Maidenform, Inc., Parent and their subsidiary
companies (hereinafter individually and collectively called the “Employer’s
Group”).

      

      
        
          
          

        

        
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      5.           Section
10(b)(1) of the Employment Agreement is hereby amended, to read in its entirety,
as follows:

      

      (1)           Payment
of an amount equal to the sum of:

      

      (i)           his
Base Salary (as in effect on the Termination Date), plus

      

      (ii)           (x)
in the event such termination is a termination by the Employer without Cause or
by the Employee for Good Reason within two (2) years following the consummation
of a Change in Control (a “Post-CIC Termination”), an amount equal to one times
the greater of (I) his average annual bonus (taking into account all annual
bonuses paid under Section 3(b) hereof for the applicable year) over the three
fiscal years immediately preceding his termination of employment, determined by
annualizing the bonus actually paid with respect to any partial
year  (the “3-year Average Bonus Amount”) and (II) his target bonus
for the year in which the termination occurs; or (y) in the event such
termination is a termination by the Employer without Cause or by the Employee
for Good Reason that is not a Post-CIC Termination, an amount equal to one times
the lesser of (I) the 3-year Average Bonus Amount and (II) his target bonus for
the year in which the termination occurs.

      

      This
amount shall be subject to tax and other required withholdings and, subject to
any delays required pursuant to Sections 10(d) and 10(e), will be payable in
equal periodic installments over a period of twelve (12) months from the
Termination Date paid in accordance with the Employer’s normal payroll policies
as if the Employee continued to be an employee of the Employer (but off
payroll).  For purposes of clarity, if there have been fewer than
three fiscal years immediately preceding the Employee’s termination, the 3-year
Average Bonus Amount will be calculated using as a denominator the actual number
of fiscal years in which he has worked for the Employer.

      

      6.           The
last sentence of Section 10 (c) of the Agreement is hereby amended, to read in
its entirety, as follows:

      

      Employee’s
resignation hereunder for Good Reason shall not occur later than, (i) in the
event such resignation for Good Reason is a Post-CIC Termination, one (1) year
following the initial date on which the event Employee claims constitutes Good
Reason occurred, or (ii) in the event such resignation for Good Reason is not a
Post-CIC Termination, one hundred thirty (130) days following the initial date
on which the event Employee claims constitutes Good Reason
occurred.

      

      7.           Capitalized
terms used in this Amendment Number One and not otherwise defined have the
meaning set forth in the Employment Agreement. Except as expressly set forth
herein, the Employment Agreement shall remain unmodified and in full force and
effect.

      

      
        
          
          

        

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

       

       

    

    
      
        
          
            
              
                
                  	
                          Maidenform,
      Inc.

                        	 	 	 	 
	 	 	 	 	 	 
	BY	
                          /s/
      Maurice S. Reznik

                        	 	 	
                          /s/
      Patrick J. Burns

                        	 
	 	
                          Maurice
      Reznik

                        	 	 	
                          
                            Patrick
      J. Burns

                          

                        	 
	 	
                          
                            
                              Chief
      Executive Officer

                            

                          

                        	 	 	
                           

                        	 

                

              

            

          

        

      

    

     

     

    
      Maidenform
Brands, Inc.,

      solely as
to Sections 1, 2, 3 and 4 of this amendment

    

    
       

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	BY	
                                              /s/
      Maurice S. Reznik

                                            	 	 	
                                               

                                            	 
	 	
                                              Maurice
      Reznik

                                            	 	 	
                                              
                                                 

                                              

                                            	 
	 	
                                              
                                                
                                                  Chief
      Executive Officer

                                                

                                              

                                            	 	 	
                                               

                                            	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
         

        
          
            
            

          

          
            3Execution
Copy

     

    

    AMENDMENT NUMBER ONE TO EMPLOYMENT AGREEMENT

    

    AGREEMENT
dated as of December 12, 2008 between MAIDENFORM, INC., a New York corporation
with a principal place of business at 485 F U.S. Highway 1 South, Iselin, NJ
08830 (the “Employer”), Thomas J. Ward (the “Employee”).

    

    WHEREAS,
the parties entered into an Employment Agreement dated as of May 11, 2004 (the
Employment Agreement”); and

    

    Whereas
on July 28, 2008, Mr. Ward voluntarily relinquished the position of Chief
Executive Officer of the Employer and Parent; and

    

    WHEREAS,
the parties wish to amend the agreement to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the
regulations and guidance promulgated thereunder (collectively “Code Section
409A”);

    

    NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the
parties agree as follows:

    

    1.           Section
10(b)(2) of the Employment Agreement is amended to read in its entirety, as
follows:

    

    In
addition, if the Employee or his dependents are otherwise eligible for COBRA
continuation of group health plan coverage and the Employee (or his dependents)
timely elect such coverage, then for a period of eighteen (18) months following
the Termination Date, subject to any delay required pursuant to Section 10(g),
the Employer shall pay to the Employee on the first Employer payroll date in
each month following the Termination Date an amount equal to 100% of the monthly
premium for such COBRA coverage for the applicable month.  The
foregoing payments shall each be a bonus to the Employee subject to tax and
other required withholdings and each such payment shall include a gross-up
payment in an amount equal to all such applicable taxes at the Employee’s
maximum marginal rates.

    

    2.           The
following provisions are added to the Employment Agreement as a new Section 10
(f), to read in its entirety, as follows:

    

    A
termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or
benefits upon or following a termination of employment unless such termination
is also a “separation from service” within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the
regulations and guidance promulgated thereunder 

     

    
      
        
        

      

      
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    (collectively
“Code Section
409A”) and, for purposes of any such provision of this Agreement,
references to a “termination,” “termination of employment” or like terms shall
mean “separation from service.”

    

    If
Employee is deemed on the date of termination of his employment to be a
“specified employee”, within the meaning of that term under Code Section
409A(a)(2)(B) and using the identification methodology selected by the Employer
from time to time, or if none, the default methodology, then with regard to any
payment or the providing of any benefit pursuant to Section 10 (b) of the
Agreement, no such payment or reimbursement, including any related gross-up
payment, will be made prior to the earlier of (i) the expiration of the
six-month period measured from the date of Employee’s separation from service;
or (ii) the date of Employee’s death, and on the first
Employer  payroll date occurring on or following the first day of the
seventh (7th) month
following the date of the Employee’s separation from service, or, if earlier, on
the date of the Employee’s death, the amount of all payments or reimbursements
delayed pursuant to this sentence (whether they
would have otherwise been payable in a single sum or in installments in the
absence of such delay) shall be paid or reimbursed to Employee in a lump
sum, and any remaining payments and reimbursements pursuant to Section 10 (b) of
this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them therein and
any gross-up payment shall be paid to Employee by no later than the end of the
calendar year in which he pays the related tax.

    

    3.           A
new Section 22 is hereby added to the Employment Agreement, to read in its
entirety, as follows:

    

    Section
409A.

    

    (a)           Although
the Employer does not guarantee the tax treatment of any particular payment or
benefit, it is intended that the provisions of this Agreement provide for
payments or benefits that either comply with, or are exempt from, Code Section
409A, and all provisions of this Agreement shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Code
Section 409A.

    

    (b)           With
regard to any installment payments provided for herein, each installment thereof
shall be deemed a separate payment for purposes of Code Section
409A.

     

    
      
        
        

      

      
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    (c)           To
the extent any reimbursement of costs or expenses provided for in this Agreement
constitutes taxable income to the Employee for federal income tax purposes, all
such reimbursements shall be made no later than December 31 of the calendar year
next following the calendar year in which the expenses to be reimbursed are
incurred.

    

    4.           Capitalized
terms used in this Amendment Number One and not otherwise defined have the
meaning set forth in the Employment Agreement. Except as expressly set forth
herein, the Employment Agreement shall remain unmodified and in full force and
effect.

    

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

     

     

    
      
        
          
            
              
                
                  	
                          Maidenform,
      Inc.

                        	 	 	 	 
	 	 	 	 	 	 
	By:	
                          /s/
      Maurice S. Reznik

                        	 	 	
                          /s/
      Thomas J. Ward

                        	 
	 	
                          Maurice
      S. Reznik

                        	 	 	
                          
                            Thomas
      J. Ward

                          

                        	 
	 	
                          
                            
                              Chief
      Executive Officer

                            

                          

                        	 	 	
                           

                        	 

                

              

            

          

        

      

    

     

    
       

      
         

        
          
            
            

          

          
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