Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO SECOND AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

 

Amendment (this “Amendment”), made as of December 22,
2006, by and among New York & Company, Inc. (the “Company”),
Lerner New York, Inc. (“Lerner”) and Richard Crystal (“Executive”).

 

R E C I T A L S

 

WHEREAS, Executive is party to that certain Second
Amended and Restated Employment Agreement by and among the Company, Lerner and
Executive dated August 25, 2004 (the “Agreement”).

 

WHEREAS, the Company, Lerner and Executive wish to
amend the Agreement to clarify treatment of certain payments under the
Agreement in order to make them compliant with Section 409A of the
Internal Revenue Code of 1986, as amended.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
to the following:

 

1.                                       Amendment.

 

(a)                                  A
new Section 9(f) shall be added to the Agreement as follows:

 

“Severance Pay of Key
Employee.  If on the date of
Executive’s termination of employment by the Company: (i) a distribution
of compensation to which Executive becomes entitled under this Agreement upon
termination of employment (including but not limited to severance or other
termination benefits) would be “nonqualified deferred compensation” within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the Treasury Regulations issued thereunder, including
Proposed Regulation Section 1.409A-1(b)(9)(iii) (or any successor
provision), which describes certain separation pay arrangements that do not provide for the deferral of
compensation, and (ii) Executive is a “key employee”, as defined in Code Section 416(i) without
regard to paragraph (5) thereof, then such distribution shall not be made
before the date which is six months after the date of termination of employment
(or, if earlier, Executive’s death).  All
distributions to which Executive otherwise would be entitled during such period
shall be made on the date which is six months after the date of termination of
employment (or, if earlier, death).  Any
distributions thereafter owed to Executive under this Agreement will be made in
accordance with the Company’s normal payroll policies and procedures.”

 

(b)                                 A
new Section 10 shall be added to the Agreement immediately
following Section 9 as follows:

 

 

 

“Application of Code Section 409A.  It is the Company’s intent that compensation
and benefits to which Executive is entitled under this Agreement not be treated as “nonqualified deferred
compensation” under Code Section 409A (or any regulations or other
guidance promulgated thereunder) and that any ambiguities in the construction
of this Agreement be interpreted in order to effectuate such intent.  In the event that the Company determines, in
its sole discretion, that any compensation or benefits to which Executive is
entitled under this Agreement could be treated as “nonqualified deferred
compensation” under Code Section 409A unless this Agreement is amended or
modified, the Company may, in its sole discretion, amend or modify this
Agreement without obtaining any additional consent from Executive, so long as
such amendment or modification does not materially affect the net present value
of the compensation or benefits to which Executive otherwise would be entitled
under this Agreement.”

 

(c)                                  All
section references thereafter shall be updated to reflect the above additions.

 

2.                                       Agreement
Otherwise Unchanged.  All other
provisions of the Agreement shall remain in full force and effect.

 

3.                                       Governing
Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York without giving effect to the
conflict of law principals thereof.

 

4.                                       Counterparts.
This Amendment may be executed in separate counterparts each of which shall be
an original and all of which taken together shall constitute one and the same
agreement.

 

5.                                       Waiver
of Jury Trial. Each of the parties hereto waives any right it may have to
trial by jury in respect of any litigation based on, arising out of, under or
in connection with this Agreement or any course of conduct, course of dealing,
verbal or written statement or action of any party hereto.

 

*   *  
*   *   *

 

2

 

IN
WITNESS WHEREOF, the undersigned has executed this Amendment as of the date and
year first written above.

 

 

	
   

  	
  NEW
  YORK & COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By: /s/ Ronald W.
  Ristau

  
	
   

  	
   

  
	
   

  	
  Name: Ronald W. Ristau

  
	
   

  	
  Chief Operating Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LERNER
  NEW YORK, INC.

  
	
   

  	
   

  
	
   

  	
  By: /s/ Ronald W.
  Ristau

  
	
   

  	
   

  
	
   

  	
  Name: Ronald W. Ristau

  
	
   

  	
  Chief Operating Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Richard P. Crystal

  
	
   

  	
   

  
	
   

  	
  RICHARD P. CRYSTALExhibit 10.2

 

 

AMENDMENT NO. 2 TO SECOND AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

 

Amendment (this “Amendment”), made as of May 4,
2007, by and among New York & Company, Inc. (the “Company”),
Lerner New York, Inc. (“Lerner”) and Richard Crystal (“Executive”).

 

R E C I T A L S

 

WHEREAS, Executive is party to that certain Second
Amended and Restated Employment Agreement by and among the Company, Lerner and
Executive dated August 25, 2004, as amended as of December 22, 2006
(the “Agreement”).

 

WHEREAS, the Company, Lerner and Executive wish to
amend the Agreement to acknowledge mutually agreed upon changes to Executive’s
titles.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
to the following:

 

1.                                       Amendment.

 

(a)                                  Section 2(a) shall be amended and restated in its
entirety as follows:

 

“Position.  Executive shall be employed as the Chairman
and Chief Executive Officer of Holdings and of the Company.  Executive shall perform the duties, undertake
the responsibilities and exercise the authority customarily performed,
undertaken and exercised by persons employed in a similar executive
capacity.  Executive shall report to
Holdings’ Board of Directors (the “Board”), (including, with respect to
compensation matters, any compensation committee of the Board). For so long as
Executive is the Chairman and Chief Executive Officer of Holdings or the
Company, Holdings shall nominate Executive for membership on the Board as
Chairman of the Board.”

 

(b)                                 The first clause of the definition of “Good
Reason” in Section 8(d) of the Agreement shall be amended and
restated in its entirety as follows:

 

“(i) the demotion of
Executive to a position not comparable to Chairman and Chief Executive Officer
of Holdings or the Company;”

 

2.                                       Agreement Otherwise Unchanged. 
All other provisions of the Agreement shall remain in full force and
effect.

 

3.                                       Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York
without giving effect to the conflict of law principals thereof.

 

 

 

4.                                       Counterparts. This Amendment may be executed in
separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement.

 

5.                                       Waiver of Jury Trial. Each of the parties hereto waives any
right it may have to trial by jury in respect of any litigation based on,
arising out of, under or in connection with this Agreement or any course of
conduct, course of dealing, verbal or written statement or action of any party
hereto.

 

 

*   *  
*   *   *

 

 

 

2

 

 

IN
WITNESS WHEREOF, the undersigned has executed this Amendment as of the date and
year first written above.

 

	
   

  	
  NEW YORK &
  COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald W. Ristau

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Ronald W. Ristau

  
	
   

  	
  President and Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LERNER
  NEW YORK, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald W. Ristau

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Ronald W. Ristau

  
	
   

  	
  President, Chief
  Financial Officer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Richard P. Crystal

  
	
   

  	
   

  	
   

  
	
   

  	
  RICHARD P. CRYSTALExhibit 10.3

 

AMENDMENT NO. 3 TO SECOND AMENDED AND
RESTATED EMPLOYMENT AGREEMENT

 

Amendment (this “Amendment”), made as of April 10,
2008, by and among New York & Company, Inc. (the “Company”),
Lerner New York, Inc. (“Lerner”) and Richard Crystal (“Executive”).

 

R E C I T A L S

 

WHEREAS, Executive is party to that certain Second
Amended and Restated Employment Agreement by and among the Company, Lerner and
Executive dated August 25, 2004, as amended as of December 22, 2006
and May 4, 2007 (the “Agreement”).

 

WHEREAS, the Company, Lerner and Executive wish to
amend the Agreement to acknowledge certain mutually agreed upon changes to
Executive’s bonus compensation.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree
to the following:

 

1.                                       Amendment.

 

(a)                                  Section 4(b) shall be amended and restated in it’s
entirety as follows:

 

“(b)         Bonuses, to the extent earned, shall be
payable semi-annually by Holdings, once in relation to the Company’s results
for Holdings’ first and second fiscal quarters (the “Spring Bonus”), and once
both in relation to the Company’s results for Holdings’ third and fourth fiscal
quarters (the “Fall Bonus”) and in relation to the Company’s results for
Holdings’ full fiscal year (the “Full Year Bonus”).  As used herein, the period for the Spring
Bonus, the period for the Fall Bonus and the period for the Full Year Bonus are
each referred to as a “Bonus Period”. 
Executive’s Bonus shall be based upon the attainment of certain
Operating Income targets for such Bonus Period (each, a “Target”).  Executive’s Bonus for each Bonus Period shall
equal (A) for the Spring Bonus, the product of 38.5% of Executive’s Base
Salary (“Spring Target Bonus”), multiplied by the Applicable Bonus Percentage
(as defined below), (B) for the Fall Bonus, the product of 49.5% of
Executive’s Base Salary (“Fall Target Bonus”), multiplied by the Applicable
Bonus Percentage (as defined below) and (C) for the Full-Year Bonus, the
product of 22.0% of Executive’s Base Salary (“Full-Year Target Bonus”),
multiplied by the Applicable Bonus Percentage (as defined below).”

 

(b)                                 Section 4(c) shall be amended
to add the words “, Section 4(e), Section 4(f) and Section 4(g)”
after the words “Section 4(d)” in the first sentence.

 

(c)                                  New Sections 4(e), 4(f) and
4(g) shall be inserted after Section 4(d) as
follows:

 

 

(e)            For the purposes of Section 4(b) above,
for the 2008 Spring Bonus only, the “Applicable Bonus Percentage” shall be
calculated as follows (provided, that in the event of any business acquisition
or disposition in such Bonus Period, the Target shall be adjusted as the Board
reasonably determines appropriate):

 

(i)                                     If Operating Income for the Bonus Period
in question is less than Operating Income for the same Bonus Period in the
prior year, then the Applicable Bonus Percentage shall equal 0%;

 

(ii)                                  If Operating Income for the Bonus Period
in question is equal to Operating Income for the same Bonus Period in the prior
year, then the Applicable Bonus Percentage shall equal 20.0%;

 

(iii)                               If Operating Income for the Bonus Period
in question is greater than Operating Income for the same Bonus Period in the
prior year but less than 139.0% of Operating Income for the same Bonus Period
in the prior year, then the Applicable Bonus Percentage shall equal 20.0% plus,
for each 1% increase in Operating Income over the same Bonus Period in the
prior year, the Applicable Bonus Percentage shall be increased by 0.7692%
(e.g., for an Operating Income increase in the Bonus Period in question of
103.0% the Applicable Bonus Percentage shall be equal to 22.3%);

 

(iv)                              If Operating Income for the Bonus Period
in question is equal to 139.0% of Operating Income for the same Bonus Period in
the prior year, then the Applicable Bonus Percentage shall equal 50.0%;

 

(v)                                 If Operating Income for the Bonus Period
in question is greater than the 139.0% of Operating Income for the same Bonus
Period in the prior year, but less than 179.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 50.0% plus, for each 1% increase in Operating Income over 139.0% of
Operating Income for the same Bonus Period in the prior year, the Applicable
Bonus Percentage shall be increased by 1.2500% (e.g., for an Operating Income
increase in the Bonus Period in question of 150.0%, the Applicable Bonus
Percentage shall be equal to 63.8%); and

 

(vi)                              If Operating Income for the Bonus Period
in question is equal to or greater than 179.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 100.0%;

 

(vii)                           If Operating Income for the Bonus Period
in question is greater than the 179.0% of Operating Income for the same Bonus
Period in the prior year, but less than 227.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 100.0% plus, for each 1% increase in Operating Income over 179.0% of
Operating Income for the same Bonus Period in the prior year, the Applicable
Bonus 

 

 

2

 

Percentage shall be
increased by 2.0833% (e.g., for an Operating Income increase in the Bonus
Period in question of 200.0%, the Applicable Bonus Percentage shall be equal to
143.7%); and

 

(viii)                        If Operating Income for the Bonus Period
in question is equal to or greater than 227.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 200.0%.

 

(f)            For the purposes of Section 4(b) above,
for the 2008 Fall Bonus only, the “Applicable Bonus Percentage” shall be
calculated as follows (provided, that in the event of any business acquisition
or disposition in such Bonus Period, the Target shall be adjusted as the Board
reasonably determines appropriate):

 

(i)                                     If Operating Income for the Bonus Period
in question is less than Operating Income for the same Bonus Period in the
prior year, then the Applicable Bonus Percentage shall equal 0%;

 

(ii)                                  If Operating Income for the Bonus Period
in question is equal to Operating Income for the same Bonus Period in the prior
year, then the Applicable Bonus Percentage shall equal 20.0%;

 

(iii)                               If Operating Income for the Bonus Period
in question is greater than Operating Income for the same Bonus Period in the
prior year but less than 132.0% of Operating Income for the same Bonus Period
in the prior year, then the Applicable Bonus Percentage shall equal 20.0% plus,
for each 1% increase in Operating Income over the same Bonus Period in the
prior year, the Applicable Bonus Percentage shall be increased by 0.9375%
(e.g., for an Operating Income increase in the Bonus Period in question of
103.0% the Applicable Bonus Percentage shall be equal to 22.8%);

 

(iv)                              If Operating Income for the Bonus Period
in question is equal to 132.0% of Operating Income for the same Bonus Period in
the prior year, then the Applicable Bonus Percentage shall equal 50.0%;

 

(v)                                 If Operating Income for the Bonus Period
in question is greater than the 132.0% of Operating Income for the same Bonus
Period in the prior year, but less than 158.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 50.0% plus, for each 1% increase in Operating Income over 132.0% of
Operating Income for the same Bonus Period in the prior year, the Applicable
Bonus Percentage shall be increased by 1.9231% (e.g., for an Operating Income
increase in the Bonus Period in question of 150.0%, the Applicable Bonus
Percentage shall be equal to 84.6%); and

 

(vi)                              If Operating Income for the Bonus Period
in question is equal to 158.0% of Operating Income for the same Bonus Period in
the prior year, then the Applicable Bonus Percentage shall equal 100.0%;

 

 

3

 

(vii)                           If Operating Income for the Bonus Period
in question is greater than the 158.0% of Operating Income for the same Bonus
Period in the prior year, but less than 180.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 100.0% plus, for each 1% increase in Operating Income over 158.0% of
Operating Income for the same Bonus Period in the prior year, the Applicable
Bonus Percentage shall be increased by 4.5455% (e.g., for an Operating Income
increase in the Bonus Period in question of 175.0%, the Applicable Bonus
Percentage shall be equal to 177.3%); and

 

(viii)                        If Operating Income for the Bonus Period
in question is equal to or greater than 180.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 200.0%.

 

(g)           For the purposes of Section 4(b) above,
for the 2008 Full-Year Bonus only, the “Applicable Bonus Percentage” shall be
calculated as follows (provided, that in the event of any business acquisition
or disposition in such Bonus Period, the Target shall be adjusted as the Board
reasonably determines appropriate):

 

(i)                                     If Operating Income for the Bonus Period
in question is less than Operating Income for the same Bonus Period in the
prior year, then the Applicable Bonus Percentage shall equal 0%;

 

(ii)                                  If Operating Income for the Bonus Period
in question is equal to Operating Income for the same Bonus Period in the prior
year, then the Applicable Bonus Percentage shall equal 20.0%;

 

(iii)                               If Operating Income for the Bonus Period
in question is greater than Operating Income for the same Bonus Period in the
prior year but less than 135.0% of Operating Income for the same Bonus Period
in the prior year, then the Applicable Bonus Percentage shall equal 20.0% plus,
for each 1% increase in Operating Income over the same Bonus Period in the
prior year, the Applicable Bonus Percentage shall be increased by 0.8571%
(e.g., for an Operating Income increase in the Bonus Period in question of
103.0% the Applicable Bonus Percentage shall be equal to 22.6%);

 

(iv)                              If Operating Income for the Bonus Period
in question is equal to 135.0% of Operating Income for the same Bonus Period in
the prior year, then the Applicable Bonus Percentage shall equal 50.0%;

 

(v)                                 If Operating Income for the Bonus Period
in question is greater than the 135.0% of Operating Income for the same Bonus
Period in the prior year, but less than 166.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 50.0% plus, for each 1% increase in Operating Income over 135.0% of
Operating Income for the same Bonus Period in the prior year, the Applicable
Bonus 

 

 

4

 

Percentage shall be
increased by 1.6129% (e.g., for an Operating Income increase in the Bonus
Period in question of 150.0%, the Applicable Bonus Percentage shall be equal to
74.2%); and

 

(vi)                              If Operating Income for the Bonus Period
in question is equal to 166.0% of Operating Income for the same Bonus Period in
the prior year, then the Applicable Bonus Percentage shall equal 100.0%;

 

(vii)                           If Operating Income for the Bonus Period
in question is greater than the 166.0% of Operating Income for the same Bonus
Period in the prior year, but less than 198.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 100.0% plus, for each 1% increase in Operating Income over 166.0% of
Operating Income for the same Bonus Period in the prior year, the Applicable
Bonus Percentage shall be increased by 3.1250% (e.g., for an Operating Income
increase in the Bonus Period in question of 175.0%, the Applicable Bonus
Percentage shall be equal to 128.1%); and

 

(viii)                        If Operating Income for the Bonus Period
in question is equal to or greater than 198.0% of Operating Income for the same
Bonus Period in the prior year, then the Applicable Bonus Percentage shall
equal 200.0%.

 

(d)                                 Old Section 4(e) shall
be renumbered Section 4(h).

 

(e)                                  Section 9(b)(i)(B) shall be amended such that the text
before the (x) shall be replaced with “Holdings shall pay Executive a
Bonus with respect to the Bonus Periods in which occurs the Termination Date,
such Bonus for each applicable Bonus Period”.

 

(f)                                    Section 9(b)(i)(D) shall be amended by replacing the
phrase “and shall pay Executive a bonus for each of the first four consecutive
Bonus Periods commencing after Executive’s Termination Date equal to the Spring
Target Bonus or Fall Target Bonus,” shall be replaced with the phrase “and
shall pay Executive a bonus for each Bonus Period commencing on or prior to the
second anniversary of Executive’s Termination Date equal to the Spring Target
Bonus, Fall Target Bonus or Full-Year Target Bonus,”.

 

(g)                                 Section 9(b)(ii)(B) shall be amended and restated in
its entirety to read “Holdings shall pay Executive a Pro Rata Bonus with
respect to the Bonus Periods in which occurs the Termination Date, such Pro
Rata Bonus to be payable when bonuses for such Bonus Periods are paid to the
Company’s employees generally;”

 

2.                                       Agreement Otherwise Unchanged. 
All other provisions of the Agreement shall remain in full force and
effect.

 

3.                                       Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of New York
without giving effect to the conflict of law principals thereof.

 

 

5

 

4.                                       Counterparts. This Amendment may be executed in
separate counterparts (including via facsimile or electronic mail) each of
which shall be deemed an original and all of which taken together shall
constitute one and the same agreement.

 

5.                                       Waiver of Jury Trial. Each of the parties hereto waives any
right it may have to trial by jury in respect of any litigation based on,
arising out of, under or in connection with this Agreement or any course of
conduct, course of dealing, verbal or written statement or action of any party
hereto.

 

*   *  
*   *   *

 

 

6

 

IN
WITNESS WHEREOF, the undersigned has executed this Amendment as of the date and
year first written above.

 

	
   

  	
  NEW
  YORK & COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By: /s/ Ronald W.
  Ristau

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Ronald W. Ristau

  
	
   

  	
  President and Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
  LERNER
  NEW YORK, INC.

  
	
   

  	
   

  
	
   

  	
  By: /s/ Ronald W.
  Ristau

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Ronald W. Ristau

  
	
   

  	
  President, Chief
  Financial Officer

  and Secretary

  
	
   

  	
   

  
	
   

  	
  /s/ Richard P. Crystal

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  RICHARD P. CRYSTAL

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