Document:

exv10w3

Exhibit 10.3

ANNEX I

COMMERCIAL LETTER OF CREDIT AGREEMENT

           Reference
is made to the General Financing Agreement dated as of August 24, 2007 (as the same may be amended,
supplemented or otherwise modified from time to time, the “Agreement”; capitalized terms used
herein have the meanings ascribed to them in the Agreement unless otherwise defined herein) by
and between The Talbots, Inc. (the “Borrower”) and Mizuho Corporate Bank, Ltd. (the “Bank”).
In regard to any commercial Letter of Credit issued by the Bank for the account of the Borrower
pursuant to the Agreement (herein called a “Credit”), the Borrower hereby agrees with the Bank as follows:

          (a)
The Borrower will pay to the Bank an amount in US Dollars sufficient to pay each of the drafts in
respect of any Credit, together with all other amounts owing to the Bank in connection therewith,
(a) on demand in the case of sight drafts, (b) on maturity in the case of dollar time drafts and
(c) at such time before maturity as the Bank may require in the case of time drafts in a foreign
currency.  In the case of drafts in foreign currency, such payments shall be in US Dollars at the
current rate of exchange for cable transfers, provided that, in any case, the Borrower may offer and
the Bank may, at its sole option, accept as means of payment first-class bankers' bills of exchange
in the amount and currency of the draft bearing the endorsement of the Borrower.  If the Bank is not
reimbursed by the Borrower for amounts paid under a Credit by the close of business on the day of payment
by the Bank, the Borrower will pay interest on the amount due (a) from the date of such payment through the
second Business Day thereafter, at the rate quoted by the Bank to dealers in the New York Federal Funds market
for overnight borrowings (the “federal funds rate”) and (b) on and after the third Business Day thereafter
until reimbursement, at a rate equal to 2% per annum plus the higher of (i) the rate publicly announced by
the Bank from time to time as its “base”, “reference” or “prime” rate and (ii) the federal funds rate.

          (b) The
Bank shall be and remain the owner of all goods and merchandise shipped relating to any of the
drafts or any Credit and all documents of title relating thereto and all documents attached to
the drafts and the goods and merchandise covered thereby and all goods and merchandise and documents
coming into the possession or control of the Bank or its correspondents or agents in connection
with any of the drafts or any Credit and of all proceeds thereof and title thereto shall vest and
remain in the Bank until payment of all Obligations of the Borrower.  The Borrower will procure all
licenses required for the import, export or shipping of the aforesaid goods and merchandise and will
comply with all foreign and domestic laws and regulations with respect thereto.  The Borrower shall
be chargeable with all risk, loss, liability, costs, expenses and charges with respect to the
merchandise, including, without limitation, those of shipment, entry, storage, care, handling,
manufacture and disposal, and the Borrower will indemnify and save the Bank harmless therefrom.
The Bank may at any time, whenever it may deem the same advisable or proper for its protection,
either before or after maturity of any of the Obligations, exercise any or all of its rights of
ownership, including the right of possession and

 

 

sale or other disposal, either with or
without notice, without liability to, and entirely at the expense of, the Borrower and without
relieving the Borrower from any Obligations, and the Borrower shall in no event have any property
rights in the said goods and merchandise or documents or proceeds, as purchaser, owner or otherwise,
during such period of ownership by the Bank, and shall have no rights against the Bank other than
that of a creditor for any excess proceeds in the hands of the Bank after all charges and expenses
and all obligations of the Borrower have been paid and all other Obligations of the Borrower have
been secured in a manner satisfactory to the Bank to reimburse the Bank for all amounts due and
owing to it and otherwise to indemnify and save it harmless.  Any sale by the Bank may be made at
any broker's board or public or private sale, with or without notice of advertisement, for cash or
credit and for present or future delivery.

          (c) The
users of any Credit and the drawers of any of the drafts shall be deemed to be the agents of the
Borrower and the Borrower shall assume all risk, loss, liabilities, charges, costs and expenses
with respect to their acts or omissions and also with respect to any error, delay, misdelivery
or loss in transmission of telegrams, cables, letters or other communications or documents or items
forwarded in connection with the drafts or any Credit, and the Borrower shall not be relieved from
any Obligations nor shall the terms hereof be affected by any thereof. Delivery to the Bank or its
correspondents or agents of any certificates or documents purporting to comply with the requirements
of any Credit or instructions of the Borrower shall be sufficient evidence of the validity, genuineness
and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and
users of any Credit, their agents and assignees, and the Bank and its correspondents and agents
may, without further investigation and regardless of any notice or information to the contrary
(unless otherwise ordered by a court of competent jurisdiction), rely and act thereon without
liability or responsibility with respect thereto or with respect to the correctness or condition
of any shipment or merchandise to which the same may relate.  No acceptance or payment of
overdrafts or irregular drafts or of drafts with irregular documents attached and no substitution
of property and no extension of any time limit specified in any Credit or instructions of the
Borrower shall, if assented to or approved by the Borrower, impair any rights of the Bank hereunder.
In case of variation between the documents called for by any Credit or instructions of the Borrower
and the documents accepted by the Bank or its correspondents or agents, the Borrower shall be
conclusively deemed to have waived any right to object to such variation with respect to any
action of the Bank or its correspondents or agents relating to such documents and to have ratified
and approved such action as having been taken at the direction of the Borrower unless the Borrower
immediately upon receipt of such documents or upon knowing of such variation promptly (but in any
event within 30 days) files an objection with the Bank in writing.  The Bank shall not be liable
for any delay in giving, or failure to give, notice of the arrival of any goods or any other
notice, or for any error, neglect or default of any of its correspondents or agents or any
shipper, carrier, bailee or insurer; nor shall the Bank be responsible for the non-fulfillment
of any requirement of any Credit that drafts bear appropriate reference to any Credit or that the
amount of any draft be noted on the reverse of any Credit or that the Credit be surrendered or
taken up or that documents be forwarded apart from any drafts, and the Bank or its correspondents
or agents may, if they see fit, waive any such requirements.

2

 

          
The Bank shall not be responsible for (a) verifying the existence of any act, condition or
statement made by any beneficiary (or any transferee) in relation to any drawing or presentment
under a Credit, (b) verifying the type, quantity or condition of any goods or merchandise shipped
to which any draft or Credit relates, (c) the validity or genuineness of certificates or other
documents delivered under a Credit even if such certificates or other documents should in fact
prove to be invalid, fraudulent or forged, (d) any breach of contract between any beneficiary
(or any transferee) and the Borrower, (e) any consequences beyond the Bank's control or (f) any
act or omission of the Bank or its correspondents or agents so long as the Bank acts in good faith
without gross negligence.

      
    (d) Any Credit or instructions of the Borrower may, in the discretion
of the Bank or its correspondents or agents, be interpreted by them in accordance with the Uniform
Customs and Practice for Documentary Credits of the International Chamber of Commerce, as adopted
or amended from time to time, or any other rules, regulations and customs prevailing at the place
where any Credit or instructions of the Borrower is available or the drafts are drawn or negotiated.
The Bank and its correspondents and agents may accept and act upon the name, signature, or act of
any Person purporting to be the administrator, executor, trustee in bankruptcy, debtor in
possession, assignee for the benefit of creditors, liquidator, receiver, legal representative, or
any other Person succeeding or purporting to succeed  de facto or de jure to the powers, rights or
privileges of any Person designated in any Credit or instructions of the Borrower in the place of
the name, signature, or act of such Person.  Except where the Borrower shall give the Bank
directions in writing to the contrary, the Bank and its correspondents and agents may honor drafts
relating to shipments in excess of the quantity called for in any Credit or instructions of the
Borrower (it being agreed and understood that the liability of the Borrower to reimburse the Bank
for payments made or obligations incurred on such drafts shall be limited to the amount of the
Credit or the amount specified in the instructions of the Borrower).  Unless otherwise specified
in any Credit or instructions of the Borrower, the Bank and its correspondents and agents may
accept as "bills of lading" any documents acknowledging receipt by
the carrier for transportation.

      
    (e)  Any action taken, and any inaction or omission, by the Bank or any
of its correspondents and agents in connection with any Credit or any instructions of the Borrower
or any drafts or any related documents or merchandise, shall, if in good faith, conclusively be
deemed to be authorized by the Borrower, whether expressly so or not, and any such action, inaction
or omission shall be binding on the Borrower and shall not result in any liability of the Bank or
any of its correspondents or agents relating thereto.  The Borrower will indemnify the Bank and its
correspondents and agents and each of their respective officers, directors, employees and advisors
and defend and hold them harmless from and against any and all liabilities, obligations, claims,
damages, losses, penalties, actions, suits, costs, expenses and disbursements (including counsel
fees and charges) of any kind or nature whatsoever which they may sustain or incur or be charged
with by reason or in consequence of the issuance of any Credit, the payment or acceptance of any
draft, the refusal or failure to pay or to accept any draft, or any action or inaction in connection
with any Credit, instructions of the Borrower, drafts or related documents or goods and merchandise,
or any action or inaction in reliance upon the provisions hereof.

3

 

Without limitation by reason of
the foregoing, the Borrower further agrees that in case of issue by the Bank, at the request of the Borrower,
of an agreement to indemnify a steamship or other carrier from loss sustained by reason of its
compliance with a request by the Bank that such carrier deliver goods and merchandise relating to
any drafts without surrender of a duly endorsed bill of lading or similar document, the Borrower
will indemnify and hold the Bank harmless from any and all claims which may be made against the
Bank by reason of the Bank’s having given such indemnity agreement.  The Borrower also agrees that
upon receipt of the bill of lading or similar document the Borrower will obtain a written
cancellation of such indemnity agreement from the carrier or its agents.  The Borrower also hereby
waives the requirements of the related Credit, if any exists, and authorizes the Bank to accept or
to pay or to accept and to pay any drafts and/or demands made on the Bank, with or without the
related documents pertaining to such merchandise.

      
    (f) The obligations of the Borrower hereunder shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof
under all circumstances, including, without limitation: (i) any lack of validity or enforceability
of the Agreement, any other Credit Document or any other agreement, instrument or other document
executed in connection with any of the foregoing; (ii) any amendment or waiver of, or any consent
to departure from, any of the foregoing; (iii) the existence of any claim, set-off , defense or
other right which the Borrower may have at any time against any beneficiary (or any Person for
whom any beneficiary may be acting), the Bank, or any other Person whether in connection with the
Agreement or any other Credit Document, the transactions contemplated herein or therein, or any
unrelated transactions; (iv) any statement or any other document presented under any Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein
being untrue or inaccurate in any respect; (v) payment by the Bank at any time under any Credit
against presentation of a draft or certificate which does not comply with the terms of any Credit
or by a Person not then authorized to draw under any Credit; (vi) the automatic extension of the
expiration date of any Credit or (vii) any other circumstance or happening whatsoever, whether or
not similar to any of the foregoing.

          IN
WITNESS WHEREOF, the Undersigned has caused this Letter of Credit
Agreement to be duly executed as of the date set forth below.

	 	 	 	 	
	Date:  July 31, 2008	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 
	 	 

 	 
	 	By:
/s/ Edward L. Larsen
 	 
	 	Name:  Edward L. Larsen	 
	 	Title:    Chief Financial Officer and Treasurerexv10w4

Exhibit 10.4

June 5, 2008

By Overnight Mail

Gregory I. Poole

[Home Address]

Dear Greg,

On behalf of The Talbots, Inc. (including its subsidiaries, “Talbots” or the “Company”) and subject
to review and approval by the Company’s Board of Directors, we are pleased to offer you the
position of Executive Vice President/Chief Supply Chain Officer in accordance with the following:

Base Salary, Signing Bonus, Benefits and Perquisites

	•	 	Your initial salary will be at the rate of $575,000 per annum. Your salary will be paid to
you on a bi-weekly basis. Your first review for a possible salary increase based on
demonstrated job performance will be scheduled for the first quarter of FY 2009 and annually
thereafter.
	 
	•	 	You will receive a $110,000 signing bonus, payable as of your employment start date. If
you voluntarily leave Talbots or resign other than for Good Reason (as defined below) or your
employment is terminated by Talbots for Cause (as defined below) in your first year of
employment, you will be required to reimburse the Company for the $110,000 signing bonus.
	 
	•	 	Commencing on your employment start date, you will be immediately eligible to participate
in all benefit plans currently in effect and generally available at the time to Talbots
executives, subject to plan terms and customary eligibility conditions. Plans are subject to
modification or termination by the Company in its discretion. Included in your benefit
package is an annual vacation benefit of four weeks. Beginning on your employment start date,
you will also be eligible for all perquisites at a level commensurate with the executive vice
president level at Talbots Brand, including an auto allowance, reimbursement of financial
planning expenses and a change in control agreement, a copy of which is attached as
Exhibit A (the “Change in Control Agreement”). Perquisites will not be grossed up for
taxes.
	 
	•	 	You will be entitled to reimbursement for business travel and other business expenses in
accordance with the Company’s normal business expense reimbursement policy.
	 
	•	 	Your start date will be on or about Monday, June 23, 2008.

 

 

Gregory I. Poole

June 5, 2008

Page 2

Annual Incentive Award Opportunity

	•	 	You will be eligible for participation in the Company’s incentive plan commencing in FY
2008. Your target award opportunity under the Company’s incentive plan (MIP/TIP) will be 75%
of your base salary. For FY 2008 only, your incentive opportunity will be pro-rated and will
be based on achievement against Company and individual performance goals. However, you will
receive a minimum FY 2008 incentive plan bonus equal to $215,625 for FY 2008. This FY 2008
minimum bonus payment (payable in the second quarter of FY 2009 at the same time as other FY
2008 bonuses would customarily be paid to other senior Company officers) is guaranteed and
will be paid to you whether or not the Company’s performance goals under the Company’s 2008
incentive plan are achieved, unless you voluntarily leave Talbots or resign other than for
Good Reason (as defined below) or your employment is terminated by Talbots for Cause (as
defined below) prior to the date that FY 2008 bonuses are paid to senior Company officers.

Equity Compensation

	•	 	You will be eligible to receive such equity incentive compensation as may be awarded from
time to time by the Company’s Compensation Committee of the Board of Directors (the
“Compensation Committee”) pursuant to The Talbots, Inc. 2003 Executive Stock Based Incentive
Plan as same may be amended or superseded from time to time. All incentive awards granted to
you will be subject to the terms of the Plan.

	•	 	Contingent upon approval by the Compensation Committee, as a special hiring inducement
award in consideration for your joining the Company, you will be awarded a one-time restricted
stock award for 35,000 shares of Common Stock of the Company, $0.01 par value per share
(“Common Stock”) pursuant to and subject to the terms and conditions of a Restricted Stock
Award Agreement to be executed by the Company and you. Contingent upon approval by the
Compensation Committee, this restricted stock award will be effective on the later of your
employment commencement date and the effective date of the Compensation Committee’s approval
and will vest over a three-year period in the following increments and dates: 25% at one (1)
year; 25% at two (2) years; and 50% on the date three (3) years following the effective date
of grant.

	•	 	Contingent upon approval by the Compensation Committee, you will also be eligible to
receive a one-time Non-Qualified Stock Option to purchase 15,000 shares of Common Stock upon
your joining the Company. Contingent upon approval by the Compensation Committee, the option
price will be equal to the closing stock price on the grant date which will be the later of
your employment commencement date and the effective date of the
Compensation Committee’s approval. The option will vest in one-third annual increments
beginning one year from the effective date of the award.

	•	 	You understand and agree that the number and timing of any future stock option and
restricted stock awards to you will be subject to Compensation Committee’s sole discretion.

 

 

Gregory I. Poole

June 5, 2008

Page 3

Relocation Package

	•	 	The position is based at the Company’s headquarters in Hingham, MA and it is expected that
you will relocate to the area within twelve months from your employment start date. The
Company will reimburse you for relocation expenses incurred by you during the period beginning
with your employment start date and ending twelve months from your employment start date in
accordance with the terms of the enclosed Relocation Agreement, including up to six months of
temporary living. In addition, you will receive a supplemental relocation allowance in the net
amount of $75,000. If you voluntarily leave the Company or resign for other than Good Reason
or if your employment is terminated by the Company for Cause (as defined below) during the
one-year period following your relocation, you will be required to reimburse the Company for
the total relocation expenses paid to you and the $75,000 special relocation allowance.

Severance

	•	 	It is understood and agreed that either you or Talbots may terminate the employment
relationship at any time and for any reason upon giving thirty days’ prior written notice.
Your eligibility for severance benefits will be pursuant to and subject to the terms and
conditions of the Severance Agreement being executed between you and the Company at the same
time and attached hereto as Exhibit B (the “Severance Agreement”). Subject to the
terms of such Agreement, in the event of a termination of your employment by the Company
without Cause or by you for Good Reason, you would be entitled to receive 1.5 times your
annual base salary and 18 months benefits continuation, subject to the Company’s receipt of a
release and waiver (and, in the event of a termination of your employment within twelve months
following a Change in Control, as that term is defined in the Change in Control Agreement,
subject to paragraph 6(e) of the Severance Agreement and your eligibility for severance and
severance benefits under the Change in Control Agreement).

Restrictive Covenants

	•	 	Confidentiality. You agree that you will not, at any time during or following your
employment, directly or indirectly, without the express prior written consent of the
Company, disclose or use any Confidential Information of the Company. “Confidential
Information” will include all information concerning the Company or any parent, subsidiary,
affiliate, employee, customer or supplier or other business associate of the Company or any
affiliate (including but not limited to any trade secrets or other confidential, proprietary or
private matters), which has been or is received by you from the Company, or from any parent,
subsidiary, affiliate or customer or supplier or other business associate of the Company or
developed by you during the term of your employment, and which is not known or generally
available to the public.

 

 

Gregory I. Poole

June 5, 2008

Page 4

	•	 	Non-Disparagement. You agree that, for a period of one year after termination or
cessation of your employment for any reason, you will not take action or make any statement,
written or oral, which is intended to materially disparage the Company or its business.
Notwithstanding anything to the contrary contained herein or in the Severance Agreement,
neither this provision nor the same provision in the Severance Agreement shall apply to
accurate statements by Executive in Executive’s prosecution or defense of any action or
proceeding by or against the Company in any court or other tribunal of competent jurisdiction,
including arbitration and mediation, nor shall it apply to accurate statements by Executive in
any testimony given pursuant to subpoena or other process issued by a court or other tribunal
of competent jurisdiction.

	•	 	Non-Solicitation. You agree that, for a period of one year after the termination
or cessation of your employment for any reason, you will not directly or indirectly solicit,
attempt to hire, or hire any employee of the Company (or any person who may have been employed
by the Company during the last year of your employment with the Company), or actively assist
in such hiring by any other person or business entity or encourage, induce or attempt to
induce any such employee to terminate his or her employment with the Company.

	•	 	Non-Competition. You agree that throughout your employment, and for a period of 18
months after termination or cessation of employment for any reason, you will not work directly
or indirectly in any capacity or perform any services (including as an officer, director,
employee, agent, advisor, in any consulting capacity or as an independent contractor) for any
person, partnership, division, corporation or other entity in any business in competition with
the principal businesses carried on by the Company in any jurisdiction in which the Company
actively conducts business, including for illustrative purposes only and not limited to, Ann
Taylor, Chico’s FAS, Coldwater Creek, Gap Inc., J. Crew, Liz Claiborne, or Ralph Lauren (or
any of their affiliated brands, subsidiaries or successors).
	 
	 	 	However, and notwithstanding the immediately foregoing paragraph, in the event that your
employment is terminated without Cause within twelve months following a Change in Control and
you are paid severance pursuant to and as calculated under the terms of the Change in Control
Agreement or any amendment or successor agreement thereto, you agree
to abide by this non-competition covenant for (i) a period of twelve (12) months following such
termination of employment, or (ii) if greater, the period of time not to exceed eighteen (18)
months that is the same as the period of time used to calculate the salary portion of your
severance payment (without regard to any portion of the severance payment that may be
attributable to bonus or incentive compensation) to which you may be entitled under any such
agreement following such termination, even if such severance payment is payable to you in a lump
sum.

	•	 	You acknowledge that, with the advice of legal counsel, you understand the foregoing
non-competition and other restrictive covenants, that they are binding and enforceable against
you and that these provisions are fair, reasonable, and necessary for the protection of the
Company’s business.

 

 

Gregory I. Poole

June 5, 2008

Page 5

	•	 	In addition to all other rights and remedies of the Company under this offer letter or
otherwise, upon any breach of any of the restrictive covenants outlined above, the Company
will have the right to terminate any severance payment and benefits provided pursuant to this
offer letter (including all related agreements) or any other or successor severance agreement
covering you and will have the right to recover any severance payment and benefits previously
paid under this agreement or such other related agreements or any other or successor severance
agreement covering you.

Definition

	•	 	“Cause” will have the meaning set forth in the Severance Agreement.
	 
	•	 	“Good Reason” will have the meaning set forth in the Severance Agreement.

 

 

Gregory I. Poole

June 5, 2008

Page 6

Arbitration; Mediation

	•	 	Any dispute, controversy or claim between the parties arising out of or relating to this
offer letter or all related agreements referenced herein, will be settled by arbitration
conducted in The Commonwealth of Massachusetts (before a single arbitrator who shall be a
former federal or state court judge), in accordance with the Commercial Rules of the American
Arbitration Association then in force, provided, however, you acknowledge that in the event of
a violation of the restrictive covenants set forth above, the Company would suffer irreparable
damages and will be entitled to obtain from a state or federal court in The Commonwealth of
Massachusetts or a federal or state court of any other state or jurisdiction, temporary,
preliminary or permanent injunctive relief (without the necessity of posting any bond or other
security), which rights will be in addition to any other rights or remedies to which it may be
entitled. You hereby irrevocably consent to the exclusive jurisdiction of any federal court
or state court located in The Commonwealth of Massachusetts, and you hereby agree that process
in any suit, action or proceeding may be served anywhere in the world in the same manner as
provided for notices to a party as provided in the Severance Agreement. Moreover, nothing in
this provision prevents you from filing, cooperating with, or participating in any proceeding
before the EEOC or a state Fair Employment Practices Agency relating to discrimination or bias
(except that you acknowledge that you may not recover any monetary benefits in connection with
any such proceeding). The decision of the arbitrator conducting any such arbitration
proceedings will be in writing, will set forth the basis therefore and such arbitrator’s
decision or award will be final and binding upon the Company and you. The Company and you
will abide by all awards rendered in such arbitration proceedings, and all such awards may be
enforced and executed upon in any court having jurisdiction over the party against whom or
which enforcement of such award is sought. Notwithstanding the foregoing, the Company and you
agree that, prior to submitting a dispute under this offer letter to arbitration, the parties
agree to submit, for a period of sixty (60) days, to voluntary mediation before a jointly
selected neutral third party mediator under the auspices of JAMS, Boston, Massachusetts,
Resolution Center (or any successor location), pursuant to the procedures of JAMS
International Mediation Rules conducted in The Commonwealth of Massachusetts (however, such
mediation or obligation to mediate will not suspend or otherwise delay any termination or
other action of the Company or affect the Company’s other rights).

Taxes

	•	 	All payments will be subject to rules under Internal Revenue Code Section 409A. If any
payment is withheld from you for Section 409A compliance purposes, such payment will be
distributed to you following the expiration of the applicable period, with a payment of
interest thereon credited at a rate of prime plus 1% (with such prime rate to be determined as
of the actual payment date); provided, however, that any payment of interest will be made only
if and to the extent such payment is consistent with Section 409A and any regulations and other
guidance issued thereunder.

 

 

Gregory I. Poole

June 5, 2008

Page 7

Miscellaneous

	•	 	This offer letter together with all related agreements referenced herein (collectively, the
“Documents”) constitute the entire understanding between you and the Company and cannot be
modified, altered or waived unless it is done in a writing signed by both you and the Company.
If there is any conflict between the terms of these Documents and any other document related
to your employment, the terms of these Documents will control. This offer letter is governed
by the laws of The Commonwealth of Massachusetts (other than its rules for conflicts of laws).
This agreement is personal in nature to the Company and your rights and obligations under
this agreement may not be assigned by you. This agreement shall be binding upon and inure to
the benefit of the parties hereto and their successors (including successors by merger,
consolidation, sale or similar transaction, permitted assigns, executors, administrators,
personal representatives and heirs).

	•	 	It is the intention of the parties that the provisions of this offer letter will be
enforced to the fullest extent permissible under the laws and public policies of each state
and jurisdiction in which such enforcement is sought, but that the unenforceability (or the
modification to conform with such laws or public policies) of any provisions hereof, will not
render unenforceable or impair the remainder of this offer letter. Accordingly, if any
provision of this offer letter shall be determined to be invalid or unenforceable, either in
whole or in part, this offer letter shall be deemed amended to delete or modify, as necessary,
the offending provisions and to alter the balance of this offer letter in order to render the
same valid and enforceable to the fullest extent permissible.

	•	 	By accepting this offer, you represent that you are not under any obligation or covenant to
any former employer or any person, firm or corporation, which would prevent, limit or impair
in any way the performance by you of your duties as an employee of Talbots. You have also
provided the Company a true copy of any non-competition and/or non-solicitation obligation or
agreement to which you may be subject.

	•	 	You unconditionally agree not to: (1) use in connection with your employment with Talbots
any confidential or proprietary information which you have acquired in connection with any
former employment or reveal or disclose to Talbots or any of Talbots employees, agents,
representatives or vendors, any confidential or proprietary information which you have
acquired in connection with any former employment; or (2) directly or indirectly solicit or
attempt to solicit for hire any employee any employee of any prior employer or directly or
indirectly interfere with any customer or vendor relationship of any prior employer, in each
case, in breach or violation of any existing covenant or obligation to which you may be
subject and for the time period specified in any such covenant or obligation. You acknowledge
that this policy and practice of Talbots is to be strictly followed and adhered to
by you. You also agree that you have not taken and do not have in your possession any
confidential information of a prior employer and have returned to your prior employer any
confidential information which was in your possession.

 

 

Gregory I. Poole

June 5, 2008

Page 8

	•	 	You represent that the information (written or oral) provided to the Company by you or your
representatives in connection with obtaining employment or in connection with your former
employments, work history, circumstances of leaving your former employments and educational
background is true and complete.

	•	 	This offer is effective only through Friday, June 13, 2008 and is contingent upon a
satisfactory background check. If you wish to accept our offer as outlined above, please sign
and return this letter to me. The enclosed copy is for your records.

Greg, we are thrilled you are joining the “Talbots Team” and look forward to the contributions you
will make to the overall continued success of the Company!

	 	 	 	 	 
	Very truly yours,

 	 	 
	/s/ John Fiske
 	 	 
	John Fiske, III 	 	 
	Senior Vice President
Human Resources 	 	 
	 

	 	 	 	 	 
	Accepted and agreed

this 5th day of June, 2008

 	 	 
	/s/ Gregory I. Poole
 	 	 
	Gregory I. Poole

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