Document:

Exhibit 10.1

 

AMENDMENT
TO

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDMENT (the “Amendment”),
dated effective as of September 22, 2005, is made and entered into to
amend the Amended and Restated Executive Employment Agreement, dated as of March 1,
2002 (the “Employment Agreement”), by and between Christopher & Banks
Corporation, a Delaware corporation (the “Company”), and Joseph E. Pennington
(the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company and
the Executive entered into the Employment Agreement which provides for a four-year
term ending on February 28, 2006; and

 

WHEREAS, the Company
desires to continue to employ the Executive beyond the initial four-year term
and the Executive wishes to accept such continued employment with the Company
upon the terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual agreements herein contained, the
Company and the Executive agree as follows:

 

1.             Amendment.  The Employment Agreement shall be amended as
provided in this Amendment.  Capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in
the Employment Agreement.

 

2.             Term.  Section 2.1 of the Employment Agreement
is hereby deleted in full and replaced as follows:

 

“2.1        Unless
terminated at an earlier date as otherwise provided herein, the term of the
Executive’s employment hereunder shall be for a period ending on August 31,
2006.”

 

3.             Duties.   Section 3.1
of the Employment Agreement is hereby amended by inserting the following at the
end of the paragraph:

 

“The
parties acknowledge that from March 1, 2006 to August 31, 2006,
Executive intends to fulfill his duties, in part, from Denver, Colorado;
provided however, Executive shall continue to spend at least fifty percent of
Executive’s time at the Corporation’s headquarters.”

 

4.             Compensation.  The first paragraph after the table at the
beginning of Section 4.1 of the Employment Agreement which discusses the
Executive’s annual base salary after February 28, 2006 shall be deleted in
full and replaced as follows:

 

 

EXECUTION COPY —
PENNINGTON

 

 

“The
Corporation agrees to pay Executive at an annual base salary of $520,000, pro
rated from March 1, 2006 to August 31, 2006, payable at those
intervals as the Corporation shall pay other executives.”

 

5.             Incentive
Compensation.  Section 4.3 of
the Employment Agreement is hereby deleted in full and replaced as follows:

 

“4.3        The
Executive shall be eligible to receive a bonus in accordance with the
Corporation’s bonus plans as in effect and approved by the Board of Directors
from time to time; provided, however, the Executive shall not be eligible to
receive a bonus under the Corporation’s bonus plans then in effect for the
Corporation’s performance for the period from March 1, 2006 to August 31,
2006.”

 

6.             Equity
Incentive Plans.  Section 4.4 of
the Employment Agreement is hereby deleted in its entirety.

 

7.             Termination.          Section 12.1
of the Employment Agreement is hereby deleted in full and replaced as follows:

 

“12.1      The
Corporation may terminate the employment of the Executive at any time without
cause by written notice of termination of employment to Executive. In the event
that the Corporation terminates the employment of the Executive by delivering
notice in accordance with the preceding sentence, the Executive shall receive
as severance his base salary and benefits pursuant to Section 4 (except
bonus) from the date of termination until August 31, 2006.”

 

8.             Miscellaneous.

 

8.1           Governing
Law.  This Amendment is made under and
shall be governed by and construed in accordance with the laws of the State of Minnesota,
without regard to Minnesota’s conflicts of law rules.

 

8.2           Prior
Agreements.  This Amendment and the
Employment Agreement contain the entire agreement of the parties relating to
the subject matter hereof and supersede all prior agreements and understandings
with respect to such subject matter, and the parties hereto have made no
agreements, representations or warranties relating to the subject matter of
this Amendment which are not set forth herein.

 

8.3           Amendments.  No amendment or modification of this Amendment
shall be deemed effective unless made in writing signed and delivered by the
parties hereto.

 

8.4           Assignment.  This Amendment shall not be assignable, in whole
or in part, by either party without the written consent of the other party.

 

2

 

8.5           No
Waiver.  No term or condition of this
Amendment shall be deemed to have been waived, nor shall there be any estoppel
to enforce any provisions of this Amendment, except by a statement in writing
signed by the party against whom enforcement of the waiver or estoppel is
sought.  Any written waiver shall not be
deemed a continuing waiver unless specifically stated, shall operate only as to
the specific term or condition waive and shall not constitute a waiver of such
term of condition for the future or as to any act other than that specifically
waived.

 

8.6           Counterparts.  This Amendment may be signed in counterparts,
each of which, when executed and delivered, shall constitute one and the same
instrument.

 

IN WITNESS WHEREOF, the
parties have hereunto set their hands, intending to be legally bound, as of the
date first above written.

 

	
   

  	
  CHRISTOPHER & BANKS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. Prange

  	
   

  
	
   

  	
   

  	
  William
  J. Prange

  
	
   

  	
   

  	
  Its:
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Joseph E.
  Pennington

  	
   

  
	
   

  	
  Joseph E. Pennington

  

 

3Exhibit 10.2

 

EMPLOYMENT
CONTINUATION AGREEMENT

 

THIS EMPLOYMENT CONTINUATION AGREEMENT (“Agreement”)
is made and entered into September 22, 2005, by and between CHRISTOPHER &
BANKS CORPORATION, a Delaware corporation (the “Company”) and JOSEPH E.
PENNINGTON (“Pennington”).

 

WITNESSETH:

 

WHEREAS, Pennington and the Company are
parties to that certain Executive Employment Agreement dated as of March 1,
2002, as amended by that certain agreement dated September 22, 2005
(collectively, the “Employment Agreement”); and

 

WHEREAS, Pennington has been an employee and
officer of the Company; and

 

WHEREAS, Pennington and the Company each wish
to agree to terms of a continued employment with the Company for a specified
period and the terms and conditions of the termination of his service as an
officer of the Company (including any and all rights and obligations of the
parties under the Employment Agreement except as outlined herein) and
Pennington desires to release the Company from any and all existing claims,
subject to the terms and conditions stated herein; and

 

WHEREAS, the Company desires to provide
certain continuation of employment benefits to Pennington; and

 

WHEREAS, the Company desires to have
Pennington continue to remain subject to certain nondisclosure restrictions and
nonsolicitation obligations in order to protect the Company’s legitimate
business interests and Pennington is willing to agree to same; and

 

WHEREAS, the parties desire to delineate
their respective rights, duties, and obligations, and desire complete accord.

 

NOW, THEREFORE, in consideration of the
premises, and the agreements of the parties set forth in this Agreement, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby
covenant and agree as follows:

 

1.             Recitals.  The recitals set forth above are true and
correct in every respect and are incorporated herein by reference.

 

2.             Resignations
by Pennington.  Effective as of the
close of business on August 31, 2006, Pennington resigns from his position
as President and Chief Operating Officer, and the Company hereby accepts this
resignation.  It is agreed that effective
as of the close of business on August 31, 2006, Pennington has no further
privileges, duties or obligations in such capacity.

 

 

EXECUTION COPY - PENNINGTON

 

 

3.             Continuation
of Employment and Termination of Employment Agreement.

 

(a)           Effective
as of the close of business on August 31, 2006, the parties agree that
consistent with Section 2 of this Agreement, Pennington’s position with
the Company as President and Chief Operating Officer, together with positions
as officer and director of the Company’s subsidiaries, is terminated.  Further, effective as of the close of business
on August 31, 2006 and except as otherwise expressly provided for in this
Agreement, the Employment Agreement is terminated and of no further force and
effect and Pennington relinquishes any and all continuing rights and benefits
he may have under the Employment Agreement. 
The close of business on August 31, 2006 shall be referred to as
the “Effective Time” under this Agreement.

 

(b)           As
provided in Section 7 of this Agreement, Pennington shall nevertheless
continue as an employee of the Company in the capacity described below until
the close of business on February 28, 2008 (the “Termination Date”).  On the Termination Date, Pennington’s
employment by the Company and its subsidiaries shall terminate and, except as
otherwise required by applicable law or as provided for in this Agreement,
Pennington relinquishes all remaining rights and benefits, if any, he may then
have as an employee of the Company.

 

4.             Consideration;
Continuation of Compensation and Benefits.

 

(a)           From
September 1, 2006 to the Termination Date (the “Employment Continuation
Period”), so long as Pennington has not breached any of his obligations under
this Agreement, Pennington shall receive an aggregate of $360,000, payable at
those intervals as the Company pays its employees.

 

(b)           During
the Employment Continuation Period, except as provided in Section 4(c) and
4(d) below, Pennington shall not be entitled to any other compensation or
fringe benefits, including but not limited to, (i) no participation in
bonus or incentive programs, (ii) no eligibility for stock or option
awards and (iii) no car allowance.

 

(c)           Except as provided in Section 4(d) of
this Agreement, any and all other health care benefits or payments shall cease
on the Termination Date.  After the
Termination Date, Pennington and Pennington’s spouse shall be entitled to
continue to be covered by the Company’s group health insurance plan subject to
the terms of such policy as presently maintained, or as maintained in the
future, as a member of the group, the cost of which shall be paid by Pennington
or Pennington’s spouse, which coverage shall be continued until eligibility for
Medicare exists for Pennington and Pennington’s spouse.

 

(d)           In
exchange for Pennington’s agreement to enter into the release set forth in Section 12
of this Agreement, the Company agrees to (i) employ Pennington during the
Employment Continuation Period and (ii) continue to pay all the remaining
premiums to Allianz Life Insurance Company of North America under the Future
Select Policy (policy number 50044328) in connection with Pennington’s
long-term health care coverage.

 

2

 

(e)           All
base salary payments made to Pennington pursuant to this Agreement shall be
subject to any and all applicable income tax withholding, FICA taxes and any
other required deductions and withholdings.

 

5.             Stock
Options.  Because Pennington will be
continuing as an employee of the Company during the Employment Continuation
Period, the last tranche of 45,000 options, in accordance with and subject to
the terms of the Stock Option Agreement dated January 6, 2004 (the “2004
Stock Option”), is expected to (i) vest in full on January 6, 2007
and (ii) be exercisable in accordance with the terms and conditions of the
2004 Stock Option at any time commencing on January 6, 2007 and ending May 31,
2008 (i.e., three months after the termination of Pennington’s employment with
the Company on the Termination Date). 
Further, Pennington’s other outstanding stock options as reflected on Exhibit A
attached hereto shall be exercisable in accordance with their respective terms
and ending on May 31, 2008.  If
Pennington’s employment terminates prior to the Termination Date, (a) any
options that are unvested shall cease to vest and (b) all options must be exercised
within ninety days of such earlier termination date.

 

6.             Return
of Company Assets and Property.  As
promptly as possible following the Termination Date, Pennington will return to
the Company (1) all Company credit cards in Pennington’s possession, (2) all
keys and security badges providing access to any of the Company’s facilities
and all Company owned equipment in Pennington’s possession, and (3) all
documents, papers and other Company information.

 

7.             Employment
During Employment Continuation Period.

 

(a)           During
the Employment Continuation Period, and for no additional compensation other
than provided in this Agreement, Pennington shall continue as an employee of
the Company and, as such, shall make himself available to provide such advice
and assistance as the Company may reasonably request during such period in
order to effectuate a smooth transition of management associated with
Pennington’s departure from the Company on the Termination Date; provided that
such services are expected to consist of a minimum of forty (40) hours a month;
and provided further, the parties acknowledge that such services will generally
consist of those activities set forth on Exhibit B attached hereto.

 

(b)           The
Company anticipates that the services to be rendered by Pennington during the
Employment Continuation Period will be performed from Denver, Colorado with communications
provided principally by way of telephone; provided however, Pennington agrees
to provide such services at the Minneapolis offices of the Company or other
locations if requested to do so by senior executives of the Company and if his
reasonable costs of travel are paid by the Company in accordance with the
Company’s expense reimbursement policies.

 

8.             Directorship.  Pennington was elected to serve a three-year
term as a director of the Company until the 2008 Annual Meeting of the
Stockholders and until his successor has been duly elected.  Pennington agrees to submit his resignation
as a director of the Company at such time as a majority of the directors elect
to request such resignation.

 

3

 

9.             Governance.  During the Employment Continuation Period,
Pennington shall continue to be bound in all respects by all applicable
provisions of the Company’s Insider Trading Policy, Code of Business Conduct
and Ethics and Conflict of Interest Policy. 
Such continuing obligation shall be in addition to Pennington’s
obligation arising under this Agreement and applicable law.

 

10.           Property
Rights and Use or Disclosure of Confidential Information; Noncompete and
Nonsolicitation.  Pennington shall
continue to be bound in all respects by the provisions of the Employment
Agreement relating to Confidentiality as contained in Article 8 thereof
and the provisions of the Employment Agreement relating to Noncompetition and Nonsolicitation
as contained in Article 7 thereof; and notwithstanding the termination of
the Employment Agreement in all other respects, such Articles 7 and 8
shall continue in force and effect as separately enforceable agreements as if
such provisions were contained herein. 
Such continuing obligations shall be in addition to Pennington’s
obligations arising under applicable law including without limitation the
obligations relating to trade secrets arising under Minnesota law.  For purposes of the continuing effectiveness
of the foregoing provisions of the Employment Agreement, Pennington’s
employment under Section 7 of this Agreement shall be considered continued
employment of Pennington by the Company through the end of the Employment
Continuation Period.

 

11.           Non-Disparagement;
Public Disclosure.

 

(a)           Pennington
covenants and agrees that he will not make any disparaging remarks, whether
orally or in writing, about the Company, its subsidiaries and/or related
entities, its products, services, officers, Board of Directors, managers,
supervisors, and employees, to any persons whatsoever.  The obligation under this Section includes,
but is not limited to, refraining from making any disparaging, degrading or
demeaning remarks or casting any aspersions on the Company which are reasonably
likely to have a harmful effect on its reputation.

 

(b)           The
parties shall mutually prepare and issue the press release(s) or other similar
formal public disclosure(s) regarding the matters contained in this Agreement.

 

12.           General
Release.

 

(a)           Effective
as of the Termination Date, Pennington, on behalf of himself and his agents,
family members, heirs, successors and assigns, hereby irrevocably and
unconditionally releases and discharges the Company, and any and all of its
subsidiaries, affiliates and other related companies, as well as any and all of
their directors, officers, agents, employees, partners, investors,
shareholders, administrators, attorneys, predecessors, successors and assigns
(the “Released Parties”) from any and all claims, demands, liabilities,
damages, obligations, actions or causes of action of any kind, known or
unknown, past or present, arising out of, relating to, or in connection with
Pennington’s employment, termination of employment, or the holding of any
office with the Company or any other related entity, arising from any
omissions, acts or facts that have occurred up to and including the Effective
Time. The claims released by Pennington
include, but are not limited to:

 

4

 

(i)            any
and all claims relating to or arising from Pennington’s employment relationship
with the Company and the termination of that relationship;

 

(ii)           any
and all claims relating to, or arising from, Pennington’s right to purchase, or
actual purchase of shares of stock of the Company, or to otherwise participate
in the equity of the Company, including, without limitation, any claims for
fraud, misrepresentation, breach of fiduciary duty, breach of duty under
applicable state corporate law, and securities fraud under any state or federal
law;

 

(iii)          any
and all claims for wrongful discharge of employment; termination in violation
of public policy; discrimination; breach of contract, both express and implied;
breach of a covenant of good faith and fair dealing, both express and implied;
promissory estoppel; negligent or intentional infliction of emotional distress;
negligent or intentional misrepresentation; negligent or intentional interference
with contract or prospective economic advantage; unfair business practices;
defamation; libel; slander; negligence; personal injury; assault; battery;
invasion of privacy; false imprisonment; and conversion;

 

(iv)          any
and all claims for violation of any federal, state or municipal statute,
including, but not limited to, Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the
Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the
Executive Retirement Income Security Act of 1974, The Worker Adjustment and
Retraining Notification Act, the Older Workers Benefit Protection Act, any
applicable Human Rights Act, and any other federal, state or local statute or
regulation regarding employment or discrimination in employment or termination
of employment;

 

(v)           any
and all claims for violation of the federal, or any state, constitution;

 

(vi)          any
and all claims for attorneys’ fees and costs.

 

Pennington
agrees that the release set forth in this section shall be and remain in
effect in all respects as a complete general release as to the matters
released. This release does not extend to (A) any claims Pennington may
have under any employee benefit plan or plans, (B) any claims Pennington
may have in his capacity as a shareholder of the Company arising after the
Effective Time, or (C) any claims Pennington may have under the Employment
Agreement.

 

Pennington
agrees to forever refrain from instituting, initiating, prosecuting, maintaining
or voluntarily participating in any lawsuit, claim or other proceeding in any
jurisdiction or forum relating in any way to his employment, termination from
employment, or the holding of any office with the Company or the termination of
that relationship, up to the Effective Time.

 

5

 

(b)           In
consideration for the continued payment by the Company for Pennington’s
long-term health care coverage on the Termination Date, Pennington agrees to
re-execute a release substantially in the form of Section 12(a).

 

13.           Enforcement;
Attorneys’ Fees.  If, within 10 days
after demand to comply with the obligations of one of the parties to this
Agreement served in writing on the other, compliance or reasonable assurance of
compliance is not forthcoming, and the other party engages the services of an
attorney to enforce rights under this Agreement, the prevailing party in any
action shall be entitled to recover all reasonable costs and expenses
(including reasonable attorneys’ fees before and at trial and in appellate
proceedings).

 

14.           Notices.  Any notice, request, demand, consent,
approval, instruction or other communication required or permitted under this
Agreement (collectively a “notice”) shall be in writing and shall be
sufficiently given if delivered in person, sent by telex or telecopier, sent by
a reputable overnight courier service or sent by registered or certified mail,
postage prepaid, as follows:

 

If to Pennington:                                                      Joseph
E. Pennington

7967 East 24th Avenue

Denver, CO 80238-2452

 

If to the Company                                                Christopher &
Banks Corporation

2400 Xenium Lane North

Plymouth, MN 55441

Attn:  William J. Prange

 

Any notice
which is delivered personally in the manner provided herein shall be deemed to
have been duly given to the party to whom it is directed upon actual receipt by
such party (or by such party’s agent for notices hereunder).  Any notice which is addressed and mailed in
the manner herein provided shall be presumed to have been duly given to the
party to whom it is addressed at the close of business, local time of the
recipient, on the fifth day after the date it is so placed in the mail.  Any notice which is telexed or telecopied in
the manner provided herein shall be presumed to have been duly given to the
party to whom it is directed upon confirmation of such telex or telecopy.  Any notice which is sent by a reputable
overnight courier service in the manner provided herein shall be presumed to
have been duly given to the party to which it is addressed at the close of
business on the next day after the day it is deposited with such courier
service.

 

Any person
wishing to change the person or address to whom notices are to be given may do
so by complying with the foregoing notice provisions.

 

15.           Other
Future Cooperation.  It is agreed and
understood that, notwithstanding the other provisions of this Agreement,
Pennington will continue after the Employment Continuation Period to make
himself available and cooperate in any reasonable manner at reasonable times in
providing assistance to the Company in concluding any matters which are
presently pending.  In securing such
cooperation, the Company will be reasonable in considering other commitments

 

6

 

and time
constraints that Pennington may have at the time such assistance is requested.  It is understood that such cooperation and
assistance shall be without additional compensation to Pennington.  Should Pennington ever receive notice of a
subpoena in the future or other attempt to talk with him or attempt to obtain
his testimony relating to or regarding the Company in any way, Pennington
agrees to notify the Company’s Chief Financial Officer and to provide a copy of
any subpoena or request, within two (2) calendar days of receipt of such
notice.

 

16.           Successors
and Assigns; Applicable Law.  This
Agreement shall be binding upon and inure to the benefit of Pennington and his
heirs, administrators, representatives, executors, successors and assigns, and
shall be binding upon and inure to the benefit of each of them, and to their
respective heirs, administrators, representatives, executors, successors and
assigns.  This Agreement shall be
construed and interpreted in accordance with the laws of the state of
Minnesota.

 

17.           Complete
Agreement.  This Agreement shall
constitute the full and complete agreement between the parties concerning its
subject matter and fully supersedes any and all other prior agreements or
understandings between the parties regarding the subject matter hereto.  This Agreement shall not be modified or
amended except by a written instrument signed by both Pennington and an
authorized representative of the Company.

 

18.           Severability.  The unenforceability or invalidity of any
particular provision of this Agreement shall not affect its other provisions
and to the extent necessary to give such other provisions effect, they shall be
deemed severable.

 

19.           Waiver
of Breach; Specific Performance.  The
waiver of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any other breach. 
Each of the parties to this Agreement will be entitled to enforce its
rights under this Agreement specifically to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights
existing in its favor.  The parties
hereto agree and acknowledge that money damages may not be an adequate remedy
for any breach of any of the provisions of this Agreement and that any party
may in its sole discretion apply to any court of law or equity of competent
jurisdiction for specific performance and/or injunctive relief in order to
enforce or prevent any violations of any of the provisions of this Agreement.

 

20.           Acknowledgment/Voluntary
Signing of Agreement.  Pennington
warrants, represents, and agrees that he has been encouraged to seek advice
from anyone of his choosing regarding this Agreement, including his attorney,
accountant or tax advisor prior to his signing it; that this Agreement
represents written notice to do so; and that he has been given the opportunity
and sufficient time to seek such advice; and that he fully understands the
meaning and contents of this Agreement. 
PENNINGTON UNDERSTANDS THAT HE HAD THE RIGHT TO TAKE UP TO TWENTY-ONE
(21) DAYS TO CONSIDER WHETHER OR NOT HE DESIRES TO ENTER INTO THIS
AGREEMENT.  Pennington acknowledges that
he has completely read this Agreement and that prior to signing he has had
sufficient opportunity to examine it and ask questions and consult with his
attorneys and other persons of his own choosing prior to entering into this
Agreement.  Pennington further
acknowledges that this Agreement is being signed voluntarily and without
coercion or duress and with full understanding of its terms and effects.  Pennington has not been promised any benefit
except for the mutual consideration set out herein

 

7

 

and there are no
other understandings or oral/written agreements relating to the separation of
his employment relationship except those set out above.  Pennington specifically states that he is
executing this Agreement knowingly and voluntarily.

 

21.           Ability
to Revoke Agreement.  PENNINGTON
UNDERSTANDS THAT HE MAY REVOKE THIS AGREEMENT BY NOTIFYING THE COMPANY IN
WRITING OF SUCH REVOCATION WITHIN SEVEN (7) DAYS OF HIS EXECUTION OF THIS
AGREEMENT AND THAT THIS AGREEMENT IS NOT EFFECTIVE UNTIL THE EXPIRATION OF SUCH
SEVEN (7) DAYS.  HE UNDERSTANDS THAT
UPON THE EXPIRATION OF SUCH SEVEN (7) DAY PERIOD THIS AGREEMENT WILL BE
BINDING UPON HIM AND HIS HEIRS, ADMINISTRATORS, REPRESENTATIVES, EXECUTORS,
SUCCESSORS AND ASSIGNS AND WILL BE IRREVOCABLE.

 

* * * * * * *

 

8

 

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

 

	
  WITNESS:

  	
  CHRISTOPHER &
  BANKS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Kevin L.
  Crudden

  	
   

  	
  By:

  	
   /s/
  William J. Prange

  	
   

  
	
  Kevin L.
  Crudden

  	
   

  	
   

  	
    William
  J. Prange

  	
   

  
	
   

  	
   

  	
    Chief
  Executive Officer

  	
   

  
	
   

  	
   

  
	
  WITNESS:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Kevin L.
  Crudden

  	
   

  	
  /s/ Joseph
  E. Pennington

  	
   

  
	
  Kevin L.
  Crudden

  	
  Joseph E.
  Pennington

  
						

 

9

 

EXHIBIT A

 

Stock Options (1)

 

 

	
  Grant Date

  	
   

  	
  Exercise Price

  	
   

  	
  Number of Option Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  July 27,
  2000

  	
   

  	
  $

  	
  7.7778

  	
   

  	
  87,393

  	
   

  
	
  January 7,
  2002

  	
   

  	
  $

  	
  21.4667

  	
   

  	
  180,000

  	
   

  
	
  January 6,
  2004

  	
   

  	
  $

  	
  18.33

  	
   

  	
  135,000

  	
   

  

 

(1)                                  At
the date of this Agreement, some of these options remain subject to vesting in
accordance with their respective option agreements.

 

10

 

EXHIBIT B

 

Duties and Responsibilities

 

1.  Attend all real estate
meetings telephonically

 

2.  Review all selling reports
every Monday with VP of Planning & Distribution and advise on strategy

 

3.  Review all Open to Buy
reports and advise Chief Executive Officer on strategy

 

4.  Visit real estate sites

 

5.  Handle special projects for
the Chief Executive Officer

 

6.  Assist with investor
relations matters

 

11

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