Document:

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                                                                   EXHIBIT 10.17

                               [AEROPOSTALE LOGO]

SUBJECT: SEVERANCE POLICY

ELIGIBILITY:  VICE PRESIDENT LEVEL AND ABOVE

EFFECTIVE:  8/1/00

POLICY: The severance plan is designed by Aeropostale (hereinafter called the
"Company"), to provide additional financial assistance to those eligible
associates who, in connection with a merger or sale of the Company (a) are
discharged due to elimination of their job duties or position, or (b)
voluntarily resign because they are required to relocate their primary work
location to a distance of more than 25 miles from their current work location.

PAYMENT: Six months base salary, based on the salary in effect on the date of
separation, to be paid in a lump sum, less any withholdings or deductions
required by law. Receipt of the Severance Payment is conditioned upon the
execution of a release and waiver of claims against the Company, including a
release and waiver of claims under the Age Discrimination in Employment Act. The
Severance Payment will be made on the first Company payroll date after the
release and waiver of claims has become effective and enforceable.

The Company reserves the right to change, modify, amend or terminate this policy
at any time, with or without notice.<PAGE>
                                                                   EXHIBIT 10.18

                               [AEROPOSTALE LOGO]

April 1, 2003

Michael Cunningham
21 Bridge Road
Nanuet, NY  10954

Dear Michael:

I write to confirm that in order to protect both you and Aeropostale, Inc.
("Aeropostale" or "the Company") in the event your employment with the Company
is terminated -- voluntarily or involuntarily -- you and the Company agree to
the following terms:

      -     You will not hire, solicit or otherwise induce any employees of
            Aeropostale to terminate their employment with Aeropostale for a
            period of one year following the termination of your employment with
            Aeropostale.

      -     You will provide Aeropostale with a least 30 days written notice
            before voluntarily terminating your employment with the Company;
            and, for a period of one year from the termination of your
            employment with Aeropostale, you shall notify the Company of any new
            employment that you accept within two weeks of accepting the new
            employment.

      -     You will also comply with your existing post employment obligations
            to the Company, including your duty to maintain the confidence of
            any confidential and proprietary information that you obtained from
            the Company and not to use this information for the benefit of any
            third parties.

      -     In the event your employment is terminated by the Company without
            cause, it will pay you severance equal to your base salary on your
            termination date over a period of twelve months in accordance with
            the payroll schedule in effect at the time the payments are made,
            less any withholdings or deductions required by law.

      -     In the event your employment is terminated by Aeropostale without
            cause, it will also pay you any accrued bonus otherwise payable to
            you under the terms of the bonus plan applicable to you on your
            termination date, prorated based upon your termination date, on or
            before April 1 of the year following your termination date.

      -     The payment of the severance and the prorated bonus is conditioned
            upon your execution of a release and waiver of any and all claims
            you may have against the Company in a form acceptable to the Company
            ("the Release"), including a release and waiver of claims under the
            Age Discrimination in Employment Act.

      -     You will not be entitled to the severance or the prorated bonus if
            you (i) voluntarily terminate your employment with the Company; (ii)
            are terminated by the Company for cause; (iii) breach any of the
            obligations set forth in this agreement; (iv) decline to sign the
            Release; or (v) become employed by, associate yourself with or
            otherwise perform services for any person or entity that competes
            with Aeropostale in the territorial United States.
<PAGE>
      -     "Cause" for purposes of this agreement means any violation of the
            Company's code of business conduct, or rules and regulations for
            employees, as promulgated and amended from time to time, or any
            failure or neglect in the performance of your duties to the Company.

      -     You will remain an employee-at-will, and both you and the Company
            may terminate your employment with the Company at any time for any
            reason subject to your compliance with the notice requirements set
            forth above.

      -     This agreement supercedes and is in lieu of any other severance
            policy or agreement that might otherwise apply to you, and will be
            governed by the laws of the State of New York.

Please confirm your agreement to these terms by signing a copy of this letter in
the space indicated below. By signing this agreement in the space indicated
below, your are also acknowledging that the restrictive covenants set forth
above are necessary to protect the Company's legitimate business interests, and
that the agreement to pay you severance for a period of one year is adequate
consideration for your agreeing to these restrictive covenants.

Sincerely,

Julian R. Geiger
Chairman & CEO

AGREED:

-------------------------
Michael Cunningham<PAGE>
                                                                   Exhibit 10.19

                         [AEROPOSTALE, INC. LETTERHEAD]

October 30, 2000

Thomas Johnson
127 Milbob Drive
Ivyland, PA 18974

Dear Tom:

This severance policy is designed by Aeropostale, Inc. (hereinafter called the
"Company") to provide financial assistance to you in the event of a company
sale, which includes the merger, sale or disposition of substantially all of the
assets of Aeropostale, Inc., (but specifically excludes an IPO) and which
results in your termination.

PAYMENT:  Twelve months base salary, based on the salary in effect on the date
          of separation, to be paid in a lump sum, less any withholdings or
          deductions required by law. Receipt of the Severance Payment is
          conditioned upon the execution of a release and waiver of claims
          against the Company, including a release and waiver of claims under
          the Age Discrimination in Employment Act. The Severance Payment will
          be provided if any of the following conditions occur and payable upon
          the company's first payroll date following separation:

1) The removal of the employee from his current position or substantive
   reductions in his duties or responsibilities.

2) The relocation of the employee to an office more than twenty-five (25) miles
   from each of the following:

          a) the Aeropostale headquarters office at which the employee generally
             works at the time immediately prior to a company sale, or

          b) the employee's home.

3) Any decrease in the employee's base salary in effect immediately prior to the
   company sale, or any decrease in his bonus potential in place immediately
   prior to the company sale.

4) Any substantive reduction to the employee's benefit program.

Sincerely,

Laura W. Moran
Sr. V.P., Human Resources
LWM:Ima<PAGE>

                                                                   Exhibit 10.20

                   AMENDMENT NO. 2 TO STOCKHOLDERS' AGREEMENT

     This Amendment No. 2 to Stockholders' Agreement (this "Amendment") is
entered into as of June 24, 2003 by and among Aeropostale, Inc., f/k/a
MSS-Delaware, Inc., a Delaware corporation (the "Company"), Bear Stearns MB
1998-1999 Pre-Fund, LLC, a Delaware limited liability company and
successor-in-interest to MSS Acquisition Corp. II, a Delaware corporation ("Bear
Stearns"), and Julian R. Geiger (the "Majority Management Holder").

     WHEREAS, the Company, Bear Stearns, Federated Specialty Stores, Inc., a
Delaware corporation, David R. Geltzer, John S. Mills and the Majority
Management Holder entered into a certain Stockholders' Agreement, dated as of
August 3, 1998 (the "Stockholders' Agreement"), pursuant to which the Company
granted certain registration rights to the parties with respect to shares of the
Company's common stock;

     WHEREAS, the Company has determined that it is in the best interests of all
of its stockholders to consummate a secondary offering of its common stock and
in order to do so, to amend certain registration rights contained in the
Stockholders' Agreement as provided herein;

     NOW, THEREFORE, in consideration of the mutual covenants contained herein
and for other good and valuable consideration, the Company, Bear Stearns and the
Majority Management Holder hereby agree as follows:

     1.  Amendments to Section 1.
         ------------------------

     The provisions of Section 1 of the Stockholders' Agreement are hereby
amended by adding the following definition (with such new definition being
placed alphabetically among the existing definitions contained in Section 1):

     "Subsequent Offering" means any offering of the Common Stock of the Company
following the IPO pursuant to a registration statement which has been declared
effective under the Securities Act.

     2.  Amendments to Section 4.1.1.
         ----------------------------

     The provisions of Section 4.1.1 of the Stockholders' Agreement are hereby
amended by inserting the following proviso and the end of the first sentence of
such Section, before the period:

     "provided, however, that in the case of the Company's IPO, and any
      -------- Subsequent Offering only Stockholders holding Founder Shares
shall have the rights set forth in this Section 4.1.1"

     3.  Waiver of Notification.
         -----------------------

     Each Stockholder (as defined in the Stockholders' Agreement) shall be
deemed to have waived any notice required by Section 4.1.1 of the Stockholders'
Agreement with respect to the IPO (as defined in the Stockholders' Agreement, as
amended hereby).

<PAGE>

     4.  Miscellaneous.
         --------------

     (a)  This Amendment may be executed in several counterparts and by each
party on a separate counterpart, each of which when so executed and delivered
shall be an original, and all of which together shall constitute one instrument.

     (b)  This Amendment expresses the entire understanding of the parties with
respect to the transactions contemplated hereby.  No prior negotiations or
discussions shall limit, modify, or otherwise affect the provisions hereof.

     (c)  Any determination that any provision of this Amendment or any
application hereof is invalid, illegal or unenforceable in any respect and in
any instance shall not effect the validity, legality, or enforceability of such
provision in any other instance, or the validity, legality or enforceability of
any other provisions of this Amendment.

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
as of the date first above written.

                                              AEROPOSTALE, INC.

                                              By: /s/ Julian R. Geiger
                                                  ------------------------
                                                  Name:  Julian R. Geiger
                                                  Title: Chairman and
                                                         Chief Executive Officer

                                              BEAR STEARNS MB 1998-1999
                                                      PRE-FUND, LLC

                                              By: /s/ Mark E. Lehman
                                                  ------------------------
                                                 Name:  Mark E. Lehman
                                                 Title: Senior Managing
                                                        Director

                                              /s/ Julian R. Geiger
                                              ---------------------------
                                              Julian R. Geiger

                                       2

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