Document:

Exhibit 10.2

Exhibit 10.2

June 24, 2009

Gregory J. Henchel

Tween Brands, Inc.

8323 Walton Parkway

New Albany, Ohio 43054

Dear Greg:

As you know, Tween Brands, Inc. (the “Company”) is contemplating entering into an Agreement and
Plan of Merger (the “Merger Agreement”) with Dress Barn, Inc., a Connecticut corporation
(“Parent”), and Thailand Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of
Parent (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the
Company becoming a subsidiary of Parent following such merger (the “Merger”).

The Company recognizes that if it enters into the Merger Agreement, you will be asked to perform
additional responsibilities during the executory period as the Company works to consummate the
Merger. In recognition of these additional responsibilities, and as a special incentive for you to
remain continuously employed with the Company through the closing of the Merger, the Company will
pay you a special retention bonus (the “Retention Bonus”) equal to One Hundred Fifty Thousand
dollars ($150,000.00) if you remain continuously employed by the Company through the closing date
of the Merger. The Company will also pay you your full Retention Bonus if the Merger closes but,
prior to the closing date of the Merger, the Company terminates your employment without “Cause” (as
defined in your Executive Agreement with the Company dated as of September 26, 2008 (the “Executive
Agreement”)). However, if your employment with the Company terminates prior to the closing date of
the Merger for any reason other than a termination by the Company without Cause, you will not be
eligible to receive your Retention Bonus, and in no event will you be considered to have earned
this bonus. If your Retention Bonus becomes earned and payable, the Company will pay the full
amount of the Retention Bonus to you in cash within fifteen (15) days after the closing date of the
Merger.

This Retention Bonus opportunity is being provided to you in addition to your incentive
compensation opportunities under the Company’s incentive compensation plans (e.g., your semi-annual
incentive opportunity under the Company’s Incentive Compensation Performance Plan).

 

 

 

In addition, subject to the closing of the Merger, Section 3(b)(4) of your Executive Agreement is
hereby amended to provide that, in the event you become entitled to severance payments as a result
of a termination by the Company without Cause or a Change in Control Termination (as defined in the
Executive Agreement), the deduction for any salary or compensation you earn from other employment
or self-employment shall not apply as to your employment or self-employment during the period you
receive severance payments
unless and until the aggregate severance payments to you total 100% of your Base Salary (as defined
in the Executive Agreement). The intent of this amendment is to eliminate the mitigation provision
currently contained in Section 3(b)(4) of your Executive Agreement with respect to the first 100%
of your Base Salary that becomes payable as severance. Such mitigation provision will only apply
as to any salary or compensation you earn from other employment or self-employment after the point
in time when you have received total severance payments pursuant to Section 3(b) of the Executive
Agreement equal to 100% of your base salary and, in the case of any such salary or compensation,
such amounts shall reduce any severance otherwise payable or to be paid to you on a
dollar-for-dollar basis. In no event, however, shall you be required to repay any severance
theretofore paid or required to have been paid to you. For purposes of clarity, if your employment
is terminated by the Company prior to the closing date of the Merger, the foregoing amendment to
Section 3(b)(4) of your Executive Agreement will still apply.

If for any reason the Company does not enter into the Merger Agreement, or if the Merger fails to
close for any reason, you will not be eligible to receive your Retention Bonus and the amendment to
Section 3(b)(4) of your Executive Agreement shall not take effect.

The Company may withhold (or cause there to be withheld) from your Retention Bonus such non-U.S.,
U.S., state, local or other employment, income, or other taxes as may be required to be withheld
pursuant to any applicable law or regulation.

This letter agreement will be governed by, and shall be construed and enforced in accordance with,
the internal laws of the State of Ohio, without regard to conflicts of law principles. The Company
may assign this letter agreement to any successor (whether by amalgamation, merger, consolidation,
purchase or otherwise) to all or substantially all of the equity, assets or business of the
Company, and this letter agreement will be binding upon and inure to the benefit of such successors
and assigns. This letter agreement constitutes the entire agreement between you and the Company
with respect to the terms of your Retention Bonus and the amendment to your Executive Agreement,
and supersedes all prior agreements, if any, understandings, and arrangements, oral or written,
between you and the Company with respect to the subject matter of this letter agreement. Except as
amended by this letter agreement, the terms of your Executive Agreement shall continue to apply
following the closing of the Merger.

The Company appreciates all of your efforts to date. Please sign where indicated below to
acknowledge and agree to the terms of this letter agreement. Any signature delivered by facsimile
or PDF shall be deemed for all purposes as being a good and valid signature.

[Remainder of page intentionally left blank]

 

 

 

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Michael W. Rayden
 	 
	 	Michael W. Rayden 	 
	 	Chairman and Chief Executive Officer 	 
	 

Accepted and Agreed:

	 	 	 
	/s/ Gregory J. Henchel
	 	 
	 

Gregory J. Henchel

	 	 

 

 

 

 

 

 

 

 

Signature Page to G. Henchel Retention LetterExhibit 10.3

Exhibit 10.3

The Dress Barn, Inc.

30 Dunnigan Drive

Suffern, NY 10901

June 24, 2009

Michael Rayden

c/o Tween Brands, Inc.

8323 Walton Parkway

New Albany, Ohio 43054

Dear Michael:

On the date hereof, The Dress Barn, Inc. (“Parent”), Thailand Acquisition Corp. (“Acquisition
Sub”) and Tween Brands, Inc. (the “Company”) are entering into an Agreement and Plan of Merger
dated June 24, 2009 (the “Merger Agreement”), pursuant to which Acquisition Sub will be merged with
and into the Company, with the Company surviving the Merger as a wholly owned subsidiary of Parent.
Capitalized terms used and not defined herein shall have the meanings ascribed thereto in the
Merger Agreement.

Reference is also made to the Employment Agreement effective as of December 3, 2008, between
the Company and you (the “Employment Agreement”) and the Executive Agreement effective as of
December 3, 2008, between the Company and you (the “Executive Agreement” and, together with the
Employment Agreement, the “Rayden Agreements”).

Effective upon the Effective Time, Parent, the Company and you hereby agree as follows:

1. Prior to the Closing, but having effect at the Effective Time, the Board of Directors of
Parent shall adopt a resolution and shall take all other action necessary to appoint you to the
Board of Directors of Parent, to serve as a director of Parent for a term expiring in 2010 or your
earlier death, resignation or removal. For at least one additional term ending no earlier than
2012, so long as you shall continue to be employed by the Company, the Board of Directors of Parent
shall nominate you for re-election to the Board of Directors of Parent by the stockholders at the
expiration of each term of your service on the Board of Directors of Parent.

2. By your execution of this letter agreement, effective upon the Effective Time, you hereby
irrevocably tender your resignation as a director of Parent, such resignation to take effect
immediately upon termination of your employment with the Company for any reason without any further
writing, act or action by you. You acknowledge and agree that such resignation is irrevocable and
coupled with an interest, and that Parent would not enter into this letter agreement without your
agreement as set forth in this paragraph 2. You further acknowledge and agree that,
notwithstanding anything to the contrary contained in the Rayden Agreements, including, without
limitation, Section 18 of the Employment Agreement and Section 8 of the
Executive Agreement, in the event that you shall refuse to resign as a director of Parent
immediately upon termination of your employment with the Company for any reason or shall otherwise
seek to maintain your position as a director of Parent thereafter, neither the Company nor Parent
shall have any obligation to make any payments otherwise due to you under the Rayden Agreements
until your effective resignation as a director of Parent.

 

 

 

Michael Rayden

June 24, 2009

Page 2

3. You further agree that, effective upon the Effective Time, the first paragraph of Section
12(b) of the Employment Agreement is hereby deleted in its entirety, and the following shall be
inserted in lieu thereof:

“(b) Non-Competition. During the Non-Competition Period defined below, the Executive shall
not, directly or indirectly, without the prior written consent of the Board, own, manage, operate,
join, control, be employed by, consult with or participate in the ownership, management, operation
or control of, or be connected with (as a stockholder, partner or otherwise), any business,
individual, partner, firm, corporation, or other entity that competes or plans to compete, directly
or indirectly, with the Company, its products, or any division, subsidiary or affiliate of the
Company (other than dressbarn, maurices or any other business acquired by Parent after the
Effective Time and not engaged in the same business as the Company); provided, however, that the
“beneficial ownership” by the Executive after termination of employment with the Company, either
individually or as a member of a “group,” as such terms are used in Rule 13d of the General Rules
and Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of not
more than two percent (2%) of the voting stock of any publicly held corporation, shall not be a
violation of Section 12 of this Agreement.”

4. You further agree that the second paragraph of Section 12(b) of the Employment Agreement is
hereby amended, effective upon the Effective Time, to delete the last sentence thereof.

5. You further agree that, effective upon the Effective Time, the first paragraph of Section
12(c) of the Employment Agreement is hereby deleted in its entirety, and the following shall be
inserted in lieu thereof:

“(c) Non-Solicitation. During the No-Raid Period defined below, the Executive shall not,
either directly or indirectly, alone or in conjunction with another party, recruit or hire, or
attempt to recruit or hire, interfere with or harm, or attempt to interfere with or harm, the
relationship of the Company, and/or its subsidiaries with, any person who at any time was an
employee, customer or supplier of the Company and/or its subsidiaries or otherwise had a business
relationship with the Company and/or its subsidiaries.

 

 

 

Michael Rayden

June 24, 2009

Page 3

6. Parent hereby agrees to cause the Surviving Corporation, as successor to the Company, to
assume and perform the obligations of the Company under the Employment Agreement and the Executive
Agreement and the Surviving Corporation shall be entitled to enforce all of the Company’s rights
under the Employment Agreement and Executive Agreement, in each case, in the same manner and to the
same extent that the Company would be required to perform and entitled to enforce as if no such
succession had taken place. In addition,
Parent hereby agrees to cause the Surviving Corporation, as successor to the Company, for a
two-year period ending on the second anniversary of the Effective Time, not to (a) seek to amend
the Employment Agreement or the Executive Agreement or (b) reduce, without your consent, any
employee benefit, fringe benefit or perquisite that you currently receive from the Company and that
is disclosed (to the extent required by Securities and Exchange Commission regulations) in the
Company’s most recent proxy statement.

7. You agree to take such further action and execute such further documents as Parent may
reasonably request to effectuate the foregoing agreements.

If the Merger Agreement shall be terminated without the Merger having been consummated, this
letter agreement shall automatically terminate and be of no further force or effect.

 

 

 

Michael Rayden

June 24, 2009

Page 4

Please acknowledge your agreement with this letter by signing below.

	 	 	 	 	 
	 	
Sincerely,

THE DRESS BARN, INC.

 	 
	 	By:  	
/s/ David R. Jaffe
 	 
	 	 	Name:  	David R. Jaffe 	 
	 	 	Title:  	President and Chief Executive Officer 	 

ACKNOWLEDGED AND AGREED:

TWEEN BRANDS, INC.

	 	 	 	 	 
	By:

	 	/s/ Michael Rayden	 	 
	 

	 	 

Name: Michael Rayden
	 	 
	 

	 	Title: Chairman and Chief Executive Officer	 	 
	 
	 	 	 	 
	/s/ Michael Rayden	 	 
	 	 	 
	Michael Rayden

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