Document:

Second International Guarantee Consent Deed

 Exhibit 10.3 
 

 
 Second International Guarantee Consent Deed 
 Each person listed in Schedule 1 
 Guarantors 
 ResMed Limited 
 Borrower 
 HSBC Bank Australia Limited 
 Security Trustee 
 Execution Version 
 Clayton Utz 
 Lawyers

 Levels 19-35 No. 1 O’Connell Street Sydney NSW 2000 Australia 
 PO Box H3 Australia Square Sydney NSW 1215 
 T +61 2 9353 4000 F +61 2 8220 6700 
 www.claytonutz.com 

 Second International Guarantee Consent Deed dated 30 September 2009 
  

			
	 Parties
	  	Each person listed in Schedule 1 (each a Guarantor and together the Guarantors)
		
		  	ResMed Limited ABN 30 003 765 142 (Borrower)
		
		  	HSBC Bank Australia Limited ABN 48 006 434 162 (in its capacity
as Security Trustee)

 Background 
  

	A.	By guarantee and indemnity (Guarantee) dated 8 June 2006, as amended on 30 September 2008 pursuant to the Guarantor Consent Deed in relation to the
Guarantee, between the Guarantors and the Security Trustee, the Guarantors guaranteed to the Finance Parties the satisfaction and payment in full of the Obligations. 

  

	B.	The Borrower has requested the Financiers to provide an extension of (including a change in the pricing applicable to) the Tranche D Facility (the Extension).

  

	C.	The Financier has agreed to provide the Extension to the Borrower. The Guarantors wish to consent to the Extension and to acknowledge that the Guarantee will continue
to secure the Obligations including, without limitation, under or in connection with the Extension. 

 Operative provisions

  
  

	1.	Definitions and interpretation 

  

	1.1	Definitions 

 In this deed:

 Amended Agreement means the Original Facility Agreement, as amended and restated by the Second Amendment and
Restatement Deed. 
 Amendment and Restatement Agreement means the document entitled “Amendment and Restatement
Agreement” dated 30 September 2008 between the Borrower, the Financier, the Facility Agent and the Security Trustee. 
 Facility Agent means HSBC Bank Australia Limited ABN 48 006 434 162. 
 Financier means The Hong Kong and
Shanghai Banking Corporation Limited, Sydney Branch ABN 65 117 925 970. 
 Guarantor Consent Deed has the same meaning
given to that term in the Amendment and Restatement Agreement. 
 Original Facility Agreement means the syndicated
facility agreement dated 8 June 2006, as amended and restated on 30 September 2008 pursuant to the Amendment and Restatement Agreement, and entered into by the Borrower, the Security Trustee and others. 
 Pledge has the same meaning given to that term in the Amended Agreement. 
 Second Amendment and Restatement Deed has the same meaning given to that term in the Amended Agreement. 
 Tranche D Facility has the same meaning given to that term in the Amended Agreement. 
  

 1 

	1.2	Guarantee 

 Unless otherwise
defined, expressions used in this deed have the meanings given to them in the Guarantee (including by way of incorporation from the Original Facility Agreement). 
  

	1.3	Incorporation 

 The provisions of
clauses 1.3 and 15(b) of the Guarantee are incorporated into this deed as if set out in this deed. 
  

	1.4	Capacity 

 Clause 12 of the
Guarantee applies, modified as necessary, as if set out in full in this deed. 
  

	1.5	Finance Document 

 This deed is a
Finance Document for the purposes of the Amended Agreement. 
  
  

	2.	Consent and Acknowledgement 

 Each
Guarantor unconditionally: 
  

	 	(a)	consents to the Extension and to the Borrower entering into the Second Amendment and Restatement Deed; 

  

	 	(b)	ratifies and confirms its execution of the Guarantee; and 

  

	 	(c)	acknowledges and agrees that its obligations under the Guarantee: 

  

	 	(i)	are not discharged, abrogated, diminished, prejudiced or otherwise affected in any way by the Second Amendment and Restatement Deed or the Extension;

  

	 	(ii)	will continue to guarantee the Obligations including, without limitation, under or in connection with the Extension; and 

  

	 	(iii)	remain in full force and effect and continue to be binding notwithstanding the entry by the Borrower into the Second Amendment and Restatement Deed and the Extension.

  
  

	3.	Consent of Pledgor 

 ResMed SAS, as
the pledgor under the Pledge, unconditionally: 
  

	 	(a)	ratifies and confirms its execution of the Pledge; and 

  

	 	(b)	acknowledges and agrees that its obligations under the Pledge: 

  

	 	(i)	are not discharged, abrogated, diminished, prejudiced or otherwise affected in any way by the Second Amendment and Restatement Deed or the Extension; and

  

	 	(ii)	remain in full force and effect and continue to be binding notwithstanding the entry by the Borrower into the Second Amendment and Restatement Deed and the Extension.

  

 2 

  

	4.	Law and Jurisdiction 

  

	4.1	Governing law 

 This deed is
governed by and must be construed according to the law applying in New South Wales. 
  

	4.2	Jurisdiction 

 Each party
irrevocably: 
  

	 	(a)	submits to the non-exclusive jurisdiction of the courts of New South Wales, and the courts competent to determine appeals from those courts, with respect to any
proceedings which may be brought at any time relating to this deed; 

  

	 	(b)	waives any objection it may now or in the future have to the venue of any proceedings, and any claim it may now or in the future have that any proceedings have been
brought in an inconvenient forum, if that venue falls within clause 4.2(a); and 

  

	 	(c)	(in the case of each Guarantor other than the Borrower) appoints ResMed Limited at its registered office from time to time to receive on its behalf process issued out
of the courts of New South Wales in connection with this deed. ResMed Limited accepts this appointment. 

  
  

	5.	Counterparts 

 This deed may be
executed in any number of counterparts and by the parties on separate counterparts. Each counterpart constitutes the agreement of each party who has executed and delivered that counterpart. 
  

 3 

 EXECUTED as a deed. 
 Borrower 
  

					
	Executed by
ResMed Limited ABN 30 003 765 142 in accordance with section 127 of the Corporations Act by or in the presence of:	 		 	
			
	 /s/ Robert Douglas
	 		 	 /s/ Gregory Lang

	Signature of Secretary/other Director	 		 	Signature of Director or sole Director and sole Secretary
			
	 ROBERT DOUGLAS
	 		 	 GREGORY LANG

	Name of Secretary/other Director in full	 		 	Name of Director or sole Director and sole Secretary in full

  

 4 

 Guarantors 
  

					
	Executed by
ResMed Limited ABN 30 003 765 142 in accordance with section 127 of the Corporations Act by or in the presence of:	 		 	
			
	 /s/ Robert Douglas
	 		 	 /s/ Gregory Lang

	Signature of Secretary/other Director	 		 	Signature of Director or sole Director and sole Secretary
			
	 ROBERT DOUGLAS
	 		 	 GREGORY LANG

	Name of Secretary/other Director in full	 		 	Name of Director or sole Director and sole Secretary in full

  

 5 

	
	Executed by ResMed SAS:
	
	 /s/ Anne Reiser

	 Signature
 By [Anne Reiser]
duly empowered for the purposes hereof

  

 6 

					
	 Executed by
ResMed GmbH & Co. KG
 represented by ResMed GmbH Verwaltung as its general partner:
	 		 	
			
	 /s/ Frank Rebbert
	 		 	  

	Signature of authorised person	 		 	Signature of authorised person
			
	 FRANK REBBERT
	 		 	  

	Name	 		 	Name

  

 7 

					
	Executed by ResMed (UK) Limited acting by:	 		 	
			
	 /s/ Ross William Sommerville
	 		 	 /s/ Mark Alan Hastings

	Signature of Director	 		 	Signature of Secretary/other Director
			
	 ROSS WILLIAM SOMMERVILLE
	 		 	 MARK ALAN HASTINGS

	Name of Director in full	 		 	Name of Secretary/other Director in full

  

 8 

					
	Executed by Take
Air Medical Handels-GmbH:	 		 	
			
	 /s/ Petra Richters
	 		 	  

	Signature of authorised person	 		 	Signature of authorised person
			
	 Petra Richters
	 		 	  

	Name	 		 	Name

  

 9 

 Security Trustee 
  

					
	Signed sealed and delivered for and on behalf of HSBC Bank Australia Limited ABN 48 006 434 162 by its Attorney under a Power of Attorney
dated                    ,	 		 	 /s/ Garry James Richmond

	and the Attorney declares that the Attorney has not received any notice of the revocation of such Power of Attorney, in the presence of:	 		 	 Signature of Attorney

			
	 /s/ ME Connell
	 		 	 Garry James Richmond

	Signature of Witness	 		 	Name of Attorney in full
			
	 Maree Elizabeth Connell
	 		 	
	Name of Witness in full	 		 	

  

 10 

 Schedule 1 - Guarantors 
  

			
	Name:	  	ResMed SAS
	Address for notices:	  	Parc Technologique de Lyon,
		  	292 Allee Jacques Monod,
		  	69791 Saint-Priest Cedex
		  	France
	Fax:	  	+ 33 (0) 4 26 10 03 00
	For the attention of:	  	Financial Controller
		
	Name:	  	ResMed GmbH & Co. KG
	Address for notices:	  	Fraunhoferstraße 16
		  	82152 Martinsried
		  	Federal Republic of Germany
	Fax:	  	+49 89 9901 10 55
	For the attention of:	  	Financial Controller
		
	Name:	  	ResMed (UK) Limited
	Company number:	  	02863553
	Address for notices:	  	96 Milton Park
		  	Abingdon
		  	 Oxfordshire
 OX14
4RY

		  	United Kingdom
	Fax:	  	+44 (0)1235 831 336
	For the attention of:	  	Financial Controller
		
	Name:	  	Take Air Medical Handels-GmbH
	Address for notices:	  	Haferwende 40
		  	28357 Bremen
		  	Federal Republic of Germany
	Fax:	  	+ 49 42 1489 93 10
	For the attention of:	  	Financial Controller
		
	Name:	  	ResMed Limited
	Address:	  	 1 Elizabeth Macarthur Drive
 Bella Vista
 NSW 2153

		  	Australia
	Fax:	  	+61 (0)2 8884 2015
	For the attention of:	  	Chief Financial Officer

  

 11Employment Agreement

 EXHIBIT 10.1 
 POLO RALPH LAUREN CORPORATION 
 EMPLOYMENT AGREEMENT

 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of the 28th day of September, 2009 (the
“Effective Date”), by and between Polo Ralph Lauren Corporation, a Delaware corporation (the “Corporation”), and Tracey Travis (the “Executive”). 
 WHEREAS, the Executive has been employed with the Corporation pursuant to an Employment Agreement dated March 26, 2007 (the “2007
Employment Agreement”); and 
 WHEREAS, the Corporation and Executive wish to amend and restate such 2007 Employment
Agreement effective as of the date hereof; 
 NOW THEREFORE, in consideration of the mutual covenants and premises contained
herein, the parties hereby agree as follows: 
 ARTICLE I 
 EMPLOYMENT 
 1.1 Employment
Term.    The Corporation hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Corporation, on the terms and conditions set forth herein. The employment of the Executive by the Corporation shall
be effective as of the date hereof and continue until the close of business on the third anniversary of the Effective Date of this Agreement (the “Term”), unless terminated earlier in accordance with Article II hereof. 
 1.2 Position and Duties.    During the Term the Executive shall faithfully, and in conformity with the directions
of the Board of Directors of the Corporation and any Committee thereof (the “Board”) or the management of the Corporation (“Management”), perform the duties of her employment, and shall devote to the performance of such duties
her full time and attention. During the Term the Executive shall serve in such position as the Board or Management may from time to time direct. During the Term, the Executive may engage in outside activities provided those activities do not
conflict with the duties and responsibilities enumerated hereunder, and provided further that the Executive receives written approval in advance from Management for any outside business activity that may require significant expenditure of the
Executive’s time in which the Executive plans to become involved, whether or not such activity is pursued for profit. The Executive shall be excused from performing any services hereunder during periods of temporary incapacity and during
vacations in accordance with the Corporation’s disability and vacation policies. 
 1.3 Place of
Performance.    The Executive shall be employed at the principal offices of the Corporation located in New York, New York, except for required travel on the Corporation’s business. 
  

 1 

 1.4 Compensation and Related Matters. 
 (a) Base Compensation.    In consideration of her services during the Term, the Corporation shall pay the
Executive cash compensation at an annual rate of not less than seven hundred twenty-five thousand dollars ($725,000) (“Base Compensation”), less applicable withholdings. Executive’s Base Compensation shall be subject to such increases
as may be approved by the Board or Management. The Base Compensation shall be payable as current salary, in installments not less frequently than monthly, and at the same rate for any fraction of a month unexpired at the end of the Term. 

(b) Bonus.    During the Term, the Executive shall have the opportunity to earn an annual bonus in accordance
with any annual bonus program the Corporation maintains that would be applicable to the Executive. 
 (c) Stock
Awards.    During the Term, the Executive shall be eligible to participate in the Polo Ralph Lauren Corporation 1997 Long-Term Stock Incentive Plan (the “Incentive Plan”). All grants to the Executive of stock
options and restricted performance share units (“RPSUs”), if any, are governed by the terms of the Incentive Plan and are subject, in all cases, to approval by the Compensation Committee of the Board of Directors in its sole discretion.

 (d) Car Allowance.    During the Term, the Corporation shall pay Executive a car allowance in the
amount of one thousand five hundred dollars ($1,500) per month, less applicable withholdings. 
 (e)
Expenses.    During the Term, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in performing services hereunder, including all reasonable expenses of
travel and living while away from home, provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Corporation. 
 (f) Vacations.    During the Term, the Executive shall be entitled to the number of vacation days in each fiscal
year, and to compensation in respect of earned but unused vacation days, determined in accordance with the Corporation’s vacation program. The Executive shall also be entitled to all paid holidays given by the Corporation to its employees.

 (g) Other Benefits.    The Executive shall be entitled to participate in all of the
Corporation’s employee benefit plans and programs in effect during the Term as would by their terms be applicable to the Executive, including, without limitation, any life insurance plan, medical insurance plan, dental care plan, accidental
death and disability plan, financial counseling program and sick/personal leave program. The Corporation shall not make any changes in such plans or programs that would adversely affect the Executive’s benefits thereunder, unless such change
occurs pursuant to a plan or program applicable to other similarly situated employees of the Corporation and does not result in a proportionately greater reduction in the rights or benefits of the Executive as compared with other similarly situated
employees of the Corporation. Except as otherwise specifically provided herein, nothing paid to the Executive under any plan or program presently in effect or made available in the future shall be in lieu of the Base Compensation or any bonus
payable under Sections 1.4(a) and 1.4(b) hereof. 
  

 2 

 ARTICLE II 
 TERMINATION OF EMPLOYMENT 
 2.1 Termination of
Employment.    The Executive’s employment may terminate prior to the expiration of the Term under the following circumstances: 
 (a) Without Cause.    The Executive’s employment shall terminate upon the Corporation notifying the Executive that her services will no longer be required. 
 (b) Death.    The Executive’s employment shall terminate upon the Executive’s death. 
 (c) Disability.    If, as a result of the Executive’s incapacity due to physical or mental illness, the
Executive shall have been absent and unable to perform the duties hereunder on a full-time basis for an entire period of six consecutive months, the Executive’s employment may be terminated by the Corporation following such six-month period.

 (d) Cause.    The Corporation may terminate the Executive’s employment for Cause. For
purposes hereof, “Cause” shall mean: 
 (i)        deliberate or intentional
failure by the Executive to substantially perform the material duties of the Executive hereunder (other than due to disability as defined in 2.1(c)); or 
 (ii)        deliberate or intentional act of fraud, embezzlement, theft, breach of fiduciary duty, dishonesty, or any other misconduct or any violation of law
(other than a traffic violation) committed by the Executive; or 
 (iii)        intentional wrongful damage to material assets of the Corporation; or 
 (iv)        the Executive’s intentional wrongful disclosure of confidential information of the Corporation or any of its affiliates; or 
 (v)        the Executive’s intentional wrongful engagement in any competitive activity which
would constitute a breach of this Agreement and/or of the Executive’s duty of loyalty; or 
 (vi)        the Executive’s intentional breach of any material employment policy of the Corporation; or 
 (vii)        performance by the Executive of her employment duties in a manner deemed by the Corporation, in its sole discretion, to be grossly negligent; or

  

 3 

 (viii)        the commission of any act by the
Executive, whether or not performed in the workplace, which subjects or, if publicly known, would be likely to subject the Corporation to public ridicule or embarrassment, or would likely be detrimental or damaging to the Corporation’s
reputation, goodwill, or relationships with its customers, suppliers, vendors, or employees. 
 No act, or failure to act, on the part of the
Executive shall be deemed “intentional” if it was due primarily to an error in judgment or negligence, but shall be deemed “intentional” only if done, or omitted to be done, by the Executive not in good faith and without
reasonable belief that her action or omission was in, or not opposed to, the best interest of the Corporation. Failure to meet performance standards or objectives of the Corporation shall not constitute Cause for purposes hereof. 
 (e) Voluntary Termination.    The Executive may voluntarily terminate the Executive’s employment with the
Corporation at any time, with or without Good Reason. For purposes of this Agreement, “Good Reason” shall mean a termination of employment by the Executive within sixty (60) days following the occurrence of (A) a material
diminution in or adverse alteration to Executive’s title, base salary, position or duties, including no longer reporting to the Chairman & Chief Executive Officer, or to the President & Chief Operating Officer, (B) the
relocation of the Executive’s principal office outside the area which comprises a fifty (50) mile radius from New York City, or (C) a failure of the Corporation to comply with any material provision of this Agreement provided that the
events described in clauses (A), (B), and (C) above shall not constitute Good Reason (1) until the Executive provides written notice to the Corporation of the existence of such diminution, change, reduction, relocation or failure within
thirty (30) days of its occurrence and (2) unless such diminution, change, reduction or failure (as applicable) has not been cured within thirty (30) days after written notice of such noncompliance has been given by the Executive to
the Corporation. 
 2.2 Date of Termination.    The date of termination shall be: 
 (a) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s death; 
 (b) if the Executive’s employment is terminated by reason of Executive’s disability pursuant to Section 2.1(c) or by the
Corporation pursuant to Sections 2.1(a) or 2.1(d), the date specified by the Corporation; and 
 (c) if the
Executive’s employment is terminated by the Executive, the date on which the Executive notifies the Corporation of her termination. 
 2.3 Effect of Termination of Employment. 
 (a) If the Executive’s
employment is terminated by the Corporation pursuant to Section 2.1(a), or if the Executive resigns for Good Reason pursuant to Section 2.1(e), the Executive shall only be entitled to the following: 
 (i)        Severance.    Subject to
Section 2.3(a)(v) and Section 4.1(a) hereof, the Corporation shall: (a) beginning with the first payroll period following the 30th day

  

 4 

 
following the date of termination of Executive’s employment, continue to pay the Executive, in accordance with the Corporation’s normal payroll practice, her Base Compensation, as in
effect immediately prior to such termination of employment, for the longer of the balance of the Term or the one-year period commencing on the date of such termination (whichever period is applicable shall be referred to herein as the
“Severance Period”), provided that the initial payment shall include Base Compensation amounts for all payroll periods from the date of termination through the date of such initial payment; and (b) pay to the Executive, on the last
business day of the Severance Period, an amount equal to the bonus paid to the Executive for the most recently completed fiscal year prior to the fiscal year in which her employment is terminated. If the Corporation has not paid any such bonus to
the Executive in such prior fiscal year, then the Corporation shall not be obligated to make any bonus payment to the Executive. Under no circumstances shall the Executive be entitled to any bonus payment for the fiscal year in which her employment
is terminated. Notwithstanding the foregoing, in order to receive any severance benefits under this Section 2.3(a)(i), the Executive must sign and not timely revoke a release and waiver of claims against the Corporation, its successors,
affiliates, and assigns, in a form acceptable to the Corporation on or prior to the 30th day following the date of termination of Executive’s employment. 
 (ii)        Stock Awards.    The Executive’s rights with respect to any stock options and RPSUs provided to the Executive by the Corporation shall be governed by the
provisions of the Corporation’s Incentive Plan and the respective award agreements, if any, under which such awards were granted, except as provided in Section 4.1(a). 
 (iii)        Welfare Plan Coverages.    The Executive shall continue to
participate during the Severance Period in any group medical or dental insurance plan she participated in prior to the date of her termination, under substantially similar terms and conditions as an active employee; provided that
participation in such group medical or dental insurance plan shall only continue for as long as permitted under COBRA and further, shall correspondingly cease at such time as the Executive (a) becomes eligible for a future employer’s
medical and/or dental insurance coverage (or would become eligible if the Executive did not waive coverage) or (b) violates any of the provisions of Article III as determined by the Corporation in its sole discretion. Notwithstanding the
foregoing, the Executive may not continue to participate in such plans on a pre-tax or tax-favored basis. 
 (iv)        Retirement Plans.    Without limiting the generality of the foregoing, it is specifically provided that the Executive shall not accrue additional benefits under
any pension plan of the Corporation (whether or not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended) during the Severance Period. 
 (v)        Section 409A.    Notwithstanding any provision in this Agreement to the contrary, no amounts shall be payable pursuant to
Section 2.3(a) or Section 4.1(a) unless the Executive’s termination of employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations. If the
Executive is determined to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code, as amended, and the rules and regulations issued thereunder (the “Code”), then no payment that is
payable under Sections 2.3(a)(i) or 4.1(a) hereof (the “Severance Payment”) on account of Executive’s “separation from service” shall be made before

  

 5 

 
the date that is at least six months after the Executive’s “separation from service” (or if earlier, the date of the Executive’s death) if and to the extent that the Severance
Payment constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A of the Code and such deferral is required to comply with the requirements of Section 409A of the Code. For the avoidance of doubt,
no portion of the Severance Payment shall be delayed for six months after the Executive’s “separation from service” if such portion (x) constitutes a “short term deferral” within the meaning of
Section 1.409A-1(a)(4) of the Department of Treasury Regulations, or (y) (A) it is being paid due to the Corporation’s termination of the Executive’s employment without Cause or the Executive’s termination of employment
for Good Reason; (B) it does not exceed two times the lesser of (1) the Executive’s annualized compensation from the Corporation for the calendar year prior to the calendar year in which the termination of the Executive’s
employment occurs, or (2) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive’s employment terminates; and (C) the payment is
required under this Agreement to be paid no later than the last day of the second calendar year following the calendar year in which the Executive incurs a “separation from service.” For purposes of Section 409A of the Code, the
Executive’s right to receive installment payments pursuant to Section 2.3(a) shall be treated as a right to receive a series of separate and distinct payments. To the extent that any reimbursement of any expense under Section 1.4(e)
or in-kind benefits provided under this Agreement are deemed to constitute taxable compensation to the Executive, such amounts will be reimbursed or provided no later than December 31 of the year following the year in which the expense was
incurred. The amount of any such expenses reimbursed or in-kind benefits provided in one year shall not affect the expenses or in-kind benefits eligible for reimbursement or payment in any subsequent year, and the Executive’s right to such
reimbursement or payment of any such expenses will not be subject to liquidation or exchange for any other benefit. The determination of whether the Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i)
of the Code as of the time of the Executive’s separation from service shall made by the Corporation in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury
Regulation Section 1.409A-1(i) and any successor provision thereto). 
 (b) If the Executive’s employment is
terminated by reason of the Executive’s death or disability, pursuant to Sections 2.1(b) or 2.1(c), the Executive (or the Executive’s designee or estate) shall only be entitled to whatever welfare plans benefits are available to the
Executive pursuant to the welfare plans the Executive participated in prior to such termination, and whatever stock awards may have been provided to the Executive by the Corporation the terms of which shall be governed by the provisions of the
Corporation’s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided. 
 (c) If the Executive’s employment is terminated by the Corporation for Cause or by the Executive without Good Reason (as defined in Section 2.1(e)), the Executive shall receive only that portion of the Executive’s then
current Base Compensation payable through the Executive’s termination date. The Executive’s rights with respect to any stock awards provided to the Executive by the Corporation shall be governed by the provisions of the Corporation’s
Incentive Plan and the respective award agreements, if any, under which such stock awards were provided. 
  

 6 

 ARTICLE III 
 COVENANTS OF THE EXECUTIVE 
 3.1 Non-Compete. 
 (a) The Corporation and the Executive acknowledge that: (i) the Corporation has a special interest in and derives significant benefit
from the unique skills and experience of the Executive; (ii) the Executive will use and have access to proprietary and valuable Confidential Information (as defined in Section 3.2 hereof) during the course of the Executive’s
employment; and (iii) the agreements and covenants contained herein are essential to protect the business and goodwill of the Corporation or any of its subsidiaries, affiliates or licensees. Accordingly, except as hereinafter noted, the
Executive covenants and agrees that during the Term, and for the remainder of such Term following the termination of Executive’s employment, the Executive shall not provide any labor, work, services or assistance (whether as an officer,
director, employee, partner, agent, owner, independent contractor, consultant, stockholder or otherwise) to a “Competing Business.” For purposes hereof, “Competing Business” shall mean any business engaged in the designing,
marketing or distribution of premium lifestyle products, including but not limited to apparel, home, accessories and fragrance products, which competes in any material respects with the Corporation or any of its subsidiaries, affiliates or
licensees, and shall include, without limitation, those brands and companies that the Corporation and the Executive have jointly designated in writing on the date hereof, which is incorporated herein by reference and which is attached as Schedule A,
as being in competition with the Corporation or any of its subsidiaries, affiliates or licensees as of the date hereof. Thus, Executive specifically acknowledges that Executive understands that, except as provided in Section 3.1(b) she may not
become employed by any Competing Business in any capacity during the Term. 
 (b) The non-compete provisions of this Section
shall no longer be applicable to Executive if she has been notified pursuant to Section 2.1(a) hereof that her services will no longer be required during the Term or if the Executive has terminated her employment for Good Reason pursuant to
Section 2.1(e) or if the Corporation elects in its sole discretion not to extend the Term for any reason other than for Cause. 
 (c) It is acknowledged by the Executive that the Corporation has determined to relieve the Executive from any obligation of non-competition for periods after the Term, and/or if the Corporation terminates the Executive’s employment
under Section 2.1(a) or if the Executive has terminated her employment for Good Reason pursuant to Section 2.1(e) or if the Corporation elects in its sole discretion not to extend the Term for any reason other than for Cause. In
consideration of that, and in consideration of all of the compensation provisions in this Agreement (including the potential for the award of stock options and/or RPSUs that may be made to the Executive), Executive agrees to the provisions of
Section 3.1 and also agrees that the non-competition obligations imposed herein are fair and reasonable under all the circumstances. 
 3.2 Confidential Information. 
 (a) The Corporation owns and has developed
and compiled, and will own, develop and compile, certain proprietary techniques and confidential information as described

  

 7 

 
below which have great value to its business (referred to in this Agreement, collectively, as “Confidential Information”). Confidential Information includes not only information
disclosed by the Corporation and/or its affiliates, subsidiaries and licensees to Executive, but also information developed or learned by Executive during the course of, or as a result of, employment hereunder, which information Executive
acknowledges is and shall be the sole and exclusive property of the Corporation. Confidential Information includes all proprietary information that has or could have commercial value or other utility in the business in which the Corporation is
engaged or contemplates engaging, and all proprietary information the unauthorized disclosure of which could be detrimental to the interests of the Corporation. Whether or not such information is specifically labeled as Confidential Information by
the Corporation is not determinative. By way of example and without limitation, Confidential Information includes any and all information developed, obtained or owned by the Corporation and/or its subsidiaries, affiliates or licensees concerning
trade secrets, techniques, know-how (including designs, plans, procedures, processes and research records), software, computer programs, innovations, discoveries, improvements, research, development, test results, reports, specifications, data,
formats, marketing data and plans, business plans, strategies, forecasts, unpublished financial information, orders, agreements and other forms of documents, price and cost information, merchandising opportunities, expansion plans, designs, store
plans, budgets, projections, customer, supplier and subcontractor identities, characteristics and agreements, and salary, staffing and employment information. Notwithstanding the foregoing, Confidential Information shall not in any event include
(A) Executive’s personal knowledge and know-how relating to merchandising and business techniques which Executive has developed over her career in the apparel business and of which Executive was aware prior to her employment, or
(B) information which (i) was generally known or generally available to the public prior to its disclosure to Executive; (ii) becomes generally known or generally available to the public subsequent to disclosure to Executive through
no wrongful act of any person or (iii) which Executive is required to disclose by applicable law or regulation (provided that Executive provides the Corporation with prior notice of the contemplated disclosure and reasonably cooperates with the
Corporation at the Corporation’s expense in seeking a protective order or other appropriate protection of such information). 
 (b) Executive acknowledges and agrees that in the performance of her duties hereunder the Corporation will from time to time disclose to Executive and entrust Executive with Confidential Information. Executive also acknowledges and agrees
that the unauthorized disclosure of Confidential Information, among other things, may be prejudicial to the Corporation’s interests, and an improper disclosure of trade secrets. Executive agrees that she shall not, directly or indirectly, use,
make available, sell, disclose or otherwise communicate to any corporation, partnership, individual or other third party, other than in the course of her assigned duties and for the benefit of the Corporation, any Confidential Information, either
during her Term of employment or thereafter. 
 (c) The Executive agrees that upon leaving the Corporation’s employ, the
Executive shall not take with the Executive any software, computer programs, disks, tapes, research, development, strategies, designs, reports, study, memoranda, books, papers, plans, information, letters, e-mails, or other documents or data
reflecting any Confidential Information of the Corporation, its subsidiaries, affiliates or licensees. 
  

 8 

 (d) During the Term, Executive shall disclose to the Corporation all designs, inventions
and business strategies or plans developed for the Corporation, including without limitation any process, operation, product or improvement. Executive agrees that all of the foregoing are and shall be the sole and exclusive property of the
Corporation and that Executive shall at the Corporation’s request and cost do whatever is necessary to secure the rights thereto, by patent, copyright or otherwise, to the Corporation 
 3.3 Non-Solicitation of Employees.    The Executive covenants and agrees that during the Term, and for the
remainder of such Term following the termination of Executive’s employment for any reason whatsoever hereunder, the Executive shall not directly or indirectly solicit or influence any other employee of the Corporation, or any of its
subsidiaries, affiliates or licensees, to terminate such employee’s employment with the Corporation, or any of its subsidiaries, affiliates or licensees, as the case may be, or to become employed by a Competing Business. As used herein,
“solicit” shall include, without limitation, requesting, encouraging, enticing, assisting, or causing, directly or indirectly. 
 3.4 Nondisparagement.    The Executive agrees that during the Term and thereafter whether or not she is receiving any amounts pursuant to Sections 2.3 and 4.1, the Executive
shall not make any statements or comments that reasonably could be considered to shed an adverse light on the business or reputation of the Corporation or any of its subsidiaries, affiliates or licensees, the Board or any officer of the Corporation
or any of its subsidiaries, affiliates or licensees; provided, however, the foregoing limitation shall not apply to (i) compliance with legal process or subpoena, or (ii) statements in response to inquiry from a court or regulatory body.
The Corporation agrees that during the Term and thereafter, the Corporation shall not make any statements or comments that reasonably could be considered to shed an adverse light on the reputation of the Executive; provided, however, the foregoing
limitation shall not apply to (i) compliance with legal process or subpoena, or (ii) statements in response to an inquiry from a court or regulatory body. 
 3.5 Remedies. 
 (a) The Executive acknowledges and agrees that in the
event the Corporation reasonably determines that the Executive has breached any provision of this Article III, that such conduct will constitute a failure of the consideration for which stock awards had been previously granted to the Executive or
could be awarded in the future to Executive, and notwithstanding the terms of any stock award agreement, plan document, or other provision of this Agreement to the contrary, the Corporation may in its sole discretion notify the Executive that all
unexercised stock options, RPSUs and restricted stock units that Executive has are forfeited. Further, the Executive shall immediately forfeit the right to receive any further grants of or vest any further in any unvested stock options, unvested
restricted stock units or unvested RPSUs of the Corporation at the time of such notice and Executive waives any right to assert that any such conduct by the Corporation violates any federal or state statute, case law or policy. 
 (b) If the Corporation reasonably determines that the Executive has breached any provision contained in this Article III, the Corporation
shall have no further obligation to make any payment or provide any benefit whatsoever to the Executive pursuant to this Agreement, and may also recover from the Executive all such damages as it may be entitled

  

 9 

 
to at law or in equity. In addition, the Executive acknowledges that any such breach is likely to result in immediate and irreparable harm to the Corporation for which money damages are likely to
be inadequate. Accordingly, the Executive consents to injunctive and other appropriate equitable relief upon the institution of proceedings therefor by the Corporation in order to protect the Corporation’s rights hereunder. Such relief may
include, without limitation, an injunction to prevent: (i) the breach or continuation of Executive’s breach; (ii) the Executive from disclosing any trade secrets or Confidential Information (as defined in Section 3.2);
(iii) any Competing Business from receiving from the Executive or using any such trade secrets or Confidential Information; and/or (iv) any such Competing Business from retaining or seeking to retain any employees of the Corporation.

 3.6 The provisions of this Article III shall survive the termination of this Agreement and Executive’s Term of
employment. 
 ARTICLE IV 
 CHANGE IN CONTROL 
 4.1 Change in Control. 
 (a) Effect of a Change in Control.    Notwithstanding anything contained herein to the contrary, if the
Executive’s employment is terminated within twelve (12) months following a Change in Control (as defined in Section 4.1(b) hereof) during the Term by the Corporation for any reason other than Cause, then: 
 (i)        Severance.    The Corporation shall pay to the Executive, in
lieu of any amounts otherwise due to her under Section 2.3(a) hereof, within fifteen (15) days of the Executive’s termination of employment, or within the timeframe required by Section 2.3(a)(v) hereof if applicable, a lump sum
amount equal to two (2) times the sum of: (A) the Executive’s Base Compensation, as in effect immediately prior to such termination of employment; and (B) the bonus paid to the Executive for the most recently completed fiscal
year prior to the fiscal year in which her employment is terminated. Notwithstanding the foregoing, solely to the extent necessary to comply with Section 409A of the Code, a portion of such lump sum payment will not be payable at such time if
the duration of the Severance Period that would have otherwise applied under Section 2.3(a)(i) (had a Change in Control not occurred during the twelve-month period prior to such termination of employment) would have extended beyond the end of
the second calendar year following the calendar year in which such termination of employment occurs (any such period beyond the end of such second calendar year is the “Extended Severance Payment Period”). In addition, such other amounts
that otherwise would have been payable to the Executive under Section 2.3(a)(i) had a Change in Control not occurred during the twelve (12) month period prior to such termination of employment, and that would have constituted nonqualified
deferred compensation subject to Section 409A of the Code, will also not be included as part of such lump sum payment. In such event, an amount equal to the aggregate installment payments that would have been payable during the Extended
Severance Payment Period, and the amounts described in the preceding sentence, shall be deducted from the amount otherwise payable in a lump sum in accordance with the first sentence hereof. Such deducted amount shall, instead, be payable at the
same time that, and in the same manner as, such payments would have been paid if the Executive’s employment had been terminated pursuant to Section 2.3(a) hereof rather than within a twelve-month period following a Change in Control.

  

 10 

 (ii)        Stock
Awards.    Subject to Section 2.3(a)(v), the Executive shall immediately become vested in any unvested stock options granted to the Executive by the Corporation prior to the Change in Control and Executive will have six
(6) months from the date of termination under this circumstance to exercise all vested options (but in no event later than the expiration date of such options). In addition, subject to Section 2.3(a)(v), any awards of RPSUs and restricted
shares which are unvested shall be deemed vested immediately prior to such Change in Control. 
 (b)
Definition.    For purposes hereof, a “Change in Control” shall mean the occurrence of any of the following: 
 (i) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Corporation to any “person” or
“group” (as such terms are used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934 (“Act”)) other than Permitted Holders; 
 (ii) any person or group is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Act, except that a person shall be deemed to have “beneficial ownership” of
all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50 percent of the total voting power of the voting stock of the
Corporation, including by way of merger, consolidation or otherwise; provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Corporation or any
Affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Corporation or any Affiliate, (III) any acquisition by one or more of the Permitted Holders, or (IV) any acquisition which complies with clauses (A),
(B) and (C) of subsection (v) below; 
 (iii) during any period of twelve (12) consecutive months, Present
and/or New Directors cease for any reason to constitute a majority of the Board; 
 (iv) the Permitted Holders’ beneficial
ownership of the total voting power of the voting stock of the Corporation falls below 30 percent and either Ralph Lauren is not nominated for a position on the Board of Directors, or he stands for election to the Board of Directors and is not
elected; 
 (v) the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or
similar form of corporate transaction involving the Corporation that requires the approval of the Corporation’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”),
unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Company”), or (y) if applicable, the ultimate
parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors

  

 11 

 
(or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the shares of voting stock of the Corporation that were outstanding immediately
prior to such Business Combination (or, if applicable, is represented by shares into which the shares of voting stock of the Corporation were converted pursuant to such Business Combination), and such voting power among the holders thereof is in
substantially the same proportion as the voting power was among the holders of the shares of voting stock of the Corporation that were outstanding immediately prior to the Business Combination, (B) no person (other than any employee benefit
plan sponsored or maintained by the Surviving Company or the Parent Company, or one or more Permitted Holders), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities
eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the
analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board’s approval of the execution of the
initial agreement providing for such Business Combination; or 
 (vi) the stockholders of the Corporation approve a plan of
complete liquidation or dissolution of the Corporation. 
 For purposes of this Section 4.1(b), the following terms have
the meanings indicated: “Permitted Holders” shall mean, as of the date of determination: (A) any and all of Ralph Lauren, his spouse, his siblings and their spouses, and descendants of them (whether natural or adopted) (collectively,
the “Lauren Group”); and (B) any trust established and maintained primarily for the benefit of any member of the Lauren Group and any entity controlled by any member of the Lauren Group. “Present Directors” shall mean
individuals who at the beginning of any one year period were members of the Board. “New Directors” shall mean any directors whose election by the Board or whose nomination for election by the shareholders of the Corporation was approved by
a vote of a majority of the directors of the Corporation who, at the time of such vote, were either Present Directors or New Directors but excluding any such individual whose initial assumption of office occurs solely as a result of an actual or
threatened proxy contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board. 
 ARTICLE V 
 MISCELLANEOUS 
 5.1 Notice.    For the purposes of this Agreement, notices, demands
and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or by facsimile or mailed by United States registered mail, return receipt requested, postage prepaid,
addressed as follows: 
 If to the Executive:            Tracey
Travis 
                                         
   [Address Redacted] 
  

 12 

			
	If to the Corporation:	  	Polo Ralph Lauren Corporation
		  	650 Madison Avenue
		  	New York, New York 10022
		  	Attn: Mitchell A. Kosh
		  	Senior Vice President - Human Resources
		  	Fax: (212) 318-7277

 or to such other address as any party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt. 
 5.2 Modification or Waiver;
Entire Agreement; End of Term.    No provision of this Agreement may be modified or waived except in a document signed by the Executive and the Corporation. This Agreement, along with any documents incorporated herein by
reference, constitutes the entire agreement between the parties regarding their employment relationship and supersedes all prior agreements, promises, covenants, representations or warranties, including, without limitation, the Executive’s 2007
Employment Agreement with the Corporation. To the extent that this Agreement is in any way inconsistent with any prior or contemporaneous stock award agreements between the parties, this Agreement shall control. No agreements or representations,
oral or otherwise, with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. Any extensions or renewals of this Agreement must be in writing and must be agreed to by both the
Corporation and the Executive. Absent such extensions or renewals, this Agreement and all of its terms and conditions, except for those provisions in Article III as specified therein, shall expire upon the end of the Term. If Executive continues to
be employed by the Corporation beyond the Term, such employment shall be “at will.” 
 5.3 Governing
Law.    The validity, interpretation, construction, performance, and enforcement of this Agreement shall be governed by the laws of the State of New York without reference to New York’s choice of law rules. In the event
of any dispute, the Executive agrees to submit to the jurisdiction of any court sitting in Manhattan in New York State. 
 5.4
No Mitigation or Offset.    In the event the Executive’s employment with the Corporation terminates for any reason, the Executive shall not be obligated to seek other employment following such termination and there
shall be no offset of the payments or benefits set forth herein. 
 5.5 Withholding.    All payments
required to be made by the Corporation hereunder to the Executive or the Executive’s estate or beneficiaries shall be subject to the withholding of such amounts as the Corporation may reasonably determine it should withhold pursuant to any
applicable law. 
 5.6 Attorney’s Fees.    Each party shall bear its own attorney’s fees
and costs incurred in any action or dispute arising out of this Agreement and/or the employment relationship. 
 5.7 No
Conflict.    Executive represents and warrants that she is not party to any agreement, contract, understanding, covenant, judgment or decree or under any obligation,

  

 13 

 
contractual or otherwise, with any other party that in any way restricts or adversely affects her ability to act for the Corporation in all of the respects contemplated hereby, including but not
limited to any obligations to comply with any non-compete or non-solicitation provisions. 
 5.8
Enforceability.    Each of the covenants and agreements set forth in this Agreement are separate and independent covenants, each of which has been separately bargained for and the parties hereto intend that the provisions
of each such covenant shall be enforced to the fullest extent permissible. Should the whole or any part or provision of any such separate covenant be held or declared invalid, such invalidity shall not in any way affect the validity of any other
such covenant or of any part or provision of the same covenant not also held or declared invalid. If any covenant shall be found to be invalid but would be valid if some part thereof were deleted or the period or area of application reduced, then
such covenant shall apply with such minimum modification as may be necessary to make it valid and effective. The failure of either party at any time to require performance by the other party of any provision hereunder will in no way affect the right
of that party thereafter to enforce the same, nor will it affect any other party’s right to enforce the same, or to enforce any of the other provisions in this Agreement; nor will the waiver by either party of the breach of any provision hereof
be taken or held to be a waiver of any prior or subsequent breach of such provision or as a waiver of the provision itself. 
 5.9 Miscellaneous.    No right or interest to, or in, any payments shall be assignable by the Executive; provided, however, that this provision shall not preclude the Executive from designating in
writing one or more beneficiaries to receive any amount that may be payable after the Executive’s death and shall not preclude the legal representative of the Executive’s estate from assigning any right hereunder to the person or persons
entitled thereto. If the Executive should die while any amounts would still be payable to the Executive hereunder, all such amounts shall be paid in accordance with the terms of this Agreement to the Executive’s written designee or, if there be
no such designee, to the Executive’s estate. This Agreement shall be binding upon and shall inure to the benefit of, and shall be enforceable by, the Executive, the Executive’s heirs and legal representatives and the Corporation and its
successors. The section headings shall not be taken into account for purposes of the construction of any provision of this Agreement. 
 5.10 Meaning of Signing This Agreement.    By signing this Agreement, Executive expressly acknowledges and agrees that (a) she has carefully read it and fully understands what it means; (b) she has been
advised in writing to discuss this Agreement with an independent attorney of her own choosing before signing it and has had a reasonable opportunity to confer with her attorney and has discussed and reviewed this Agreement with her attorney prior to
executing it and delivering it to the Corporation; (c) she has had answered to her satisfaction any questions she has with regard to the meaning and significance of any of the provisions of this Agreement; and (d) she has agreed to this
Agreement knowingly and voluntarily of her own free will and was not subjected to any undue influence or duress, and assents to all the terms and conditions contained herein with the intent to be bound hereby. 
 5.11 Compliance with Section 409A.    The parties acknowledge and agree that, to the extent applicable, this
Agreement shall be interpreted in accordance with, and the parties agree to use their best efforts to achieve timely compliance with, Section 409A of the Code and

  

 14 

 
the Department of Treasury Regulations and other interpretive guidance issued thereunder (“Section 409A”), including without limitation any such regulations or other guidance that may
be issued after the Effective Date. Notwithstanding any provision of this Agreement to the contrary, in the event that the Corporation determines that any compensation or benefits payable or provided hereunder may be subject to Section 409A,
the Corporation reserves the right (without any obligation to do so or to indemnify the Executive for failure to do so) to adopt such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies
with retroactive effect, that the Corporation reasonably determines are necessary or appropriate to (a) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the
compensation and benefits provided with respect to this Agreement or (b) comply with the requirements of Section 409A. 
 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date and year first above written. 
 POLO RALPH
LAUREN CORPORATION 
  

							
	                /s/ Roger Farah	 		 	/s/ Tracey Travis
	  
	 		 	  

	By:	 	Roger Farah	 		 	TRACEY TRAVIS
				
	Title:	 	President & Chief Operating Officer	 		 	
			
	Date: September 28, 2009	 		 	Date: September 25, 2009

  

 15 

 SCHEDULE A 
 [List of Companies Redacted] 
  

 16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]