Document:

Exhibit 10.25

 

AMENDMENT 2002-1

TO THE

MOTHERS
WORK, INC.

AMENDED AND
RESTATED STOCK OPTION PLAN

 

The Board of
Directors of Mothers Work, Inc. (the “Company”) has caused the Mothers Work,
Inc. Amended and Restated Stock Option Plan (the “Plan”) to be amended as
follows, subject to the following condition, effective as of the 13th day
of  November, 2002:

 

1.             Amendment. Section 5 of the
Plan is deleted in its entirety and replaced with the following:

 

“Section
5.  Stock Subject to the Plan.

 

Subject to
this Section 5 and to the provisions of Section 8 of the Plan, the maximum
aggregate number of Shares which may be optioned and sold under the Plan is One
Million Nine Hundred Seventy Five Thousand (1,975,000), which amount consists
of the 725,000 Shares available for grant under the Plan prior to its 1997
amendment and restatement,   an
additional 500,000 Shares authorized for grant under the amended and restated
Plan effective December 9, 1997, an additional 250,000 Shares authorized for
grant under the amendment effective as of January 1, 2001, and an additional
500,000 Shares authorized for grant under the amendment effective as of
November 13, 2002.  Options may be
either incentive stock options or non-qualified stock options, as determined by
the Board.  If an Option expires or
becomes unexercisable for any reason without having been exercised in full, the
Shares subject to such Option shall, unless the Plan shall have been
terminated, return to the Plan and become available for future grant under the
Plan.   Notwithstanding the foregoing, no individual shall receive, over
the term of the Plan, Options for more than an aggregate of  Six Hundred Thousand (600,000) Shares.”

 

2.             Condition.  The amendment to the Plan set forth in
paragraph 1 above will only be effective upon the requisite approval of the
Company’s stockholders at the Company’s Annual Meeting of Stockholders to be
held on February 7, 2003.

 

The Plan, as
amended by the foregoing change in paragraph 1 above, and subject to the
stockholder approval described in paragraph 2 above, is hereby ratified and
confirmed in all respects.Exhibit
10.26

 

AMENDMENT AGREEMENT

 

This Amendment Agreement
(“Amendment”) is made as of the 14th day of March, 2003, by and
between Dan W. Matthias (“Employee”) and Mothers Work, Inc. (“Company”).

 

WHEREAS, as of the 14th
day of July, 1994, the parties entered into that certain Employment Agreement
(“Agreement”); and

 

WHEREAS, as provided for
in this Amendment, the parties desire to amend the Agreement.

 

THEREFORE, in
consideration of the mutual premises herein and other valuable consideration,
the parties amend the Agreement as follows:

 

1.               Section 3 of
the Agreement is amended and restated as follows:

 

“Other Business
Activities.  During
the Term, Employee will not, without the prior written consent of the Company,
directly or indirectly engage in any other business activities or pursuits
whatsoever, except: (i) activities in connection with any charitable or
civic activities, (ii) personal investments, (iii) service as an executor,
trustee or in other similar fiduciary capacity, (iv) personal time on the development
or application of personal business opportunities, and on personal time,
service as a director or other titled employee position, for public and private
entities; provided, however, that any of the foregoing exceptions do
not: (i) interfere with Employee’s performance of responsibilities and
obligations pursuant to this Agreement, (ii) create a conflict of interest with
Employee’s responsibilities to the Company, or (iii) diminish the performance
of the duties of his or her Position and that Employee otherwise complies with
the terms of this Agreement.”

 

2.               Section 5.1
of the Agreement is amended as follows:

 

In the first sentence,
delete “One Hundred Sixty-Five Thousand Dollars” and replace with “Four Hundred
Sixty-Three Thousand, Five Hundred Dollars”.

 

3.               Section 5.2
of the Agreement is amended and restated as follows:

 

“Cash Bonus.  On such date as bonuses are paid to other
senior executives of the Company, the Company shall pay Employee a bonus for
each year throughout the Term, and if the Term is not renewed, on the next date
as bonuses are paid to other senior executives (the “Cash Bonus”) equal to an
amount of between 0% and 100% of Employee’s Base Salary, with a target of
50%.  The actual bonus amount paid, if
any, is based upon the Company’s achievement of EBITDA goals as approved by the
Company’s Board of Directors.”

 

4.               Section 5.3
of the Agreement is amended as follows:

 

In the first sentence,
delete “... equal to the product of (i) the lesser of (A) the EPS Increase
Fraction and (B) one (1) and (ii) 45,000 ...” and replace with “... equal to an
amount of between zero and 60,000, with a target of 45,000 (the actual option
amount granted, if any, is based upon the Company’s achievement of EBITDA goals
as approved by the Company’s Board of Directors, the slope of which target will
be consistent with the then approved EBITDA bonus plan).”

 

 

5.               Section 9.7(a)
of the Agreement is amended and restated as follows:

 

“If Employee is unable,
after any reasonable accommodation required by law, to perform Employee’s
duties and responsibilities hereunder by reason of illness injury or incapacity
for more than six (6) consecutive months, during which time Employer shall
continue to compensate Employee hereunder (with such compensation to be reduced
by the amount of any disability payment or similar payment received by Employee
for this time period under any plan sponsored by Employer or through workers’
compensation), Employee’s employment hereunder may be terminated by Company.”

 

6.               Section 9.7(b)
of the Agreement is amended as follows:

 

The second sentence is
deleted and restated as follows, “Employee shall also be entitled to receive
over the period of thirty (30) months commencing from such termination, the
Severance Pay (with such amounts to be reduced by the amount of any disability
or life insurance payment or similar payment received by Employee for this time
period under any plan sponsored by Employer or through workers’ compensation),
except that the Severance Pay will be based on thirty (30) months rather than
thirty-six (36) months.”

 

7.               Section 11.3
of the Agreement is amended as follows:

 

In the second line, add
“9.7” to the list of agreement sections that are cited.

 

8.               Schedule A
of the Agreement is amended and restated as follows:

 

“Employee Benefits

 

1.                                       Automobile:  Yes.

2.                                       Vacation:  5 Weeks.

3.                                       Life
Insurance: One million dollars ($1,000,000).

4.                                       Health
and Life Insurance:  Such other
benefits as are received by similarly situated executives in comparable
companies, all as approved by the Company’s Board of Directors, to include
umbrella medical insurance in excess of applicable lifetime maximums under the
Company’s health insurance program for Employee, and an annual physical, gym or
wellness program up to $5,000.

5.                                       Home
Office Support:  To include
computer, fax, other equipment, plus telephone lines to support equipment, plus
two voice phone lines. (This does not include any rent, or other cash
compensation.)

6.                                       Sample
Sewer:  For personal fitting of
clothes.

7.                                       Personal
Tax Services:  The right, at
Employee’s expense, to have his or her personal tax accounting, including
income tax returns, to be performed by the Company’s then current accounting
firm.

8.                                       Harvard
Club Membership (Dan only).

9.                                       Business
Publications and Subscriptions: 
Such as The Wall Street Journal and Womens Wear Daily.

10.                                 Other:  Such other benefits as: (i) are provided to
other executives of the Company (excluding, however, those specific benefits
covered herein), and, in addition to the foregoing, (ii) those determined by
the Company’s Board of Directors.”

 

2

 

9.               Except as modified
herein, the Agreement is unmodified, in full force and effect and incorporated
by reference.

 

	
  The above is agreed to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mothers Work, Inc.

  	
  Attest:

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ed Krell

  	
   

  	
  By:

  	
  /s/ Craig Swartz

  	
   

  
	
  Ed
  Krell, Chief Financial Officer-

  Senior Vice President

  	
   

  	
  Craig Swartz, Assistant
  Secretary, Vice President—Law

  
	
   

  	
   

  	
   

  
	
  Employee

  	
  Witness:

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dan W. Matthias

  	
   

  	
  By:

  	
  /s/ Rebecca C. Matthias

  	
   

  
	
  Dan
  W. Matthias

  	
   

  	
  Rebecca C. Matthias

  
									

 

3Exhibit
10.27

 

AMENDMENT AGREEMENT

 

This Amendment Agreement
(“Amendment”) is made as of the 14th day of March, 2003, by and
between Rebecca C. Matthias (“Employee”) and Mothers Work, Inc. (“Company”).

 

WHEREAS, as of the 14th
day of July, 1994, the parties entered into that certain Employment Agreement
(“Agreement”); and

 

WHEREAS, as provided for
in this Amendment, the parties desire to amend the Agreement.

 

THEREFORE, in
consideration of the mutual premises herein and other valuable consideration,
the parties amend the Agreement as follows:

 

1.               Section
3 of the Agreement is amended and restated as follows:

 

“Other Business
Activities.  During
the Term, Employee will not, without the prior written consent of the Company,
directly or indirectly engage in any other business activities or pursuits
whatsoever, except: (i) activities in connection with any charitable or
civic activities, (ii) personal investments, (iii) service as an executor,
trustee or in other similar fiduciary capacity, (iv) personal time on the
development or application of personal business opportunities, and on personal
time, service as a director or other titled employee position, for public and
private entities; provided, however, that any of the foregoing
exceptions do not: (i) interfere with Employee’s performance of
responsibilities and obligations pursuant to this Agreement, (ii) create a
conflict of interest with Employee’s responsibilities to the Company, or (iii)
diminish the performance of the duties of his or her Position and that Employee
otherwise complies with the terms of this Agreement.”

 

2.               Section
5.1 of the Agreement is amended as follows:

 

In the first sentence,
delete “One Hundred Sixty-Five Thousand Dollars” and replace with “Four Hundred
Sixty-Three Thousand, Five Hundred Dollars”.

 

3.               Section
5.2 of the Agreement is amended and restated as follows:

 

“Cash Bonus.  On such date as bonuses are paid to other
senior executives of the Company, the Company shall pay Employee a bonus for
each year throughout the Term, and if the Term is not renewed, on the next date
as bonuses are paid to other senior executives (the “Cash Bonus”) equal to an
amount of between 0% and 100% of Employee’s Base Salary, with a target of
50%.  The actual bonus amount paid, if
any, is based upon the Company’s achievement of EBITDA goals as approved by the
Company’s Board of Directors.”

 

4.               Section
5.3 of the Agreement is amended as follows:

 

In the first sentence,
delete “... equal to the product of (i) the lesser of (A) the EPS Increase
Fraction and (B) one (1) and (ii) 45,000 ...” and replace with “... equal to an
amount of between zero and 60,000, with a target of 45,000 (the actual option
amount granted, if any, is based upon the Company’s achievement of EBITDA goals
as approved by the Company’s Board of Directors, the slope of which target will
be consistent with the then approved EBITDA bonus plan).”

 

 

5.               Section
9.7(a) of the Agreement is amended and restated as follows:

 

“If Employee is unable,
after any reasonable accommodation required by law, to perform Employee’s
duties and responsibilities hereunder by reason of illness injury or incapacity
for more than six (6) consecutive months, during which time Employer shall
continue to compensate Employee hereunder (with such compensation to be reduced
by the amount of any disability payment or similar payment received by Employee
for this time period under any plan sponsored by Employer or through workers’
compensation), Employee’s employment hereunder may be terminated by Company.

 

6.               Section
9.7(b) of the Agreement is amended as follows:

 

The second sentence is
deleted and restated as follows, “Employee shall also be entitled to receive
over the period of thirty (30) months commencing from such termination, the
Severance Pay (with such amounts to be reduced by the amount of any disability
or life insurance payment or similar payment received by Employee for this time
period under any plan sponsored by Employer or through workers’ compensation),
except that the Severance Pay will be based on thirty (30) months rather than
thirty-six (36) months.”

 

7.               Section
11.3 of the Agreement is amended as follows:

 

In the second line, add
“9.7” to the list of agreement sections that are cited.

 

8.               Schedule
A of the Agreement is amended and restated as follows:

 

“Employee Benefits

 

1.                                       Automobile:  Yes.

2.                                       Vacation:  5 Weeks.

3.                                       Life
Insurance: One million dollars ($1,000,000).

4.                                       Health
and Life Insurance:  Such other
benefits as are received by similarly situated executives in comparable
companies, all as approved by the Company’s Board of Directors, to include
umbrella medical insurance in excess of applicable lifetime maximums under the
Company’s health insurance program for Employee, and an annual physical, gym or
wellness program up to $5,000.

5.                                       Home
Office Support:  To include
computer, fax, other equipment, plus telephone lines to support equipment, plus
two voice phone lines. (This does not include any rent, or other cash
compensation.)

6.                                       Sample
Sewer:  For personal fitting of
clothes.

7.                                       Personal
Tax Services:  The right, at
Employee’s expense, to have his or her personal tax accounting, including
income tax returns, to be performed by the Company’s then current accounting
firm.

8.                                       Harvard
Club Membership (Dan only).

9.                                       Business
Publications and Subscriptions:  Such
as The Wall Street Journal and Womens Wear Daily.

10.                                 Other:  Such other benefits as: (i) are provided to
other executives of the Company (excluding, however, those specific benefits
covered herein), and, in addition to the foregoing, (ii) those determined by
the Company’s Board of Directors.”

 

2

 

9.               Except
as modified herein, the Agreement is unmodified, in full force and effect and
incorporated by reference.

 

	
  The above is agreed to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Mothers Work, Inc.

  	
  Attest:

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ed Krell

  	
   

  	
  By:

  	
  /s/ Craig Swartz

  	
   

  
	
  Ed
  Krell, Chief Financial Officer-

  Senior Vice President

  	
   

  	
  Craig Swartz, Assistant
  Secretary, Vice President—Law

  
	
   

  	
   

  	
   

  
	
  Employee

  	
  Witness:

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Rebecca C. Matthias

  	
   

  	
  By:

  	
  /s/ Dan W. Matthias

  	
   

  
	
  Rebecca
  C. Matthias

  	
   

  	
  Dan W. Matthias

  

 

3

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