Document:

Amendment To Employment Agreement and  John F. Brennan

 Exhibit 10.4 
  
 AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 AMENDMENT made effective the 10th day of November, 2004 to the Employment Agreement dated March 23, 1999,
between Answerthink, Inc. (formerly known as AnswerThink Consulting Group, Inc.) (the “Company”) and John F. Brennan (the “Executive”). 
  
 1. Section 3 shall be amended in its entirety to read and provide as follows: 
  
 3. Position and Duties. The Executive shall serve as Executive Vice President, Finance and Chief Financial
Officer of the Company during the Employment Period. As Executive Vice President, Finance and Chief Financial Officer of the Company, the Executive shall render executive, policy and other management services to the Company of the type customarily
performed by persons serving in a similar officer capacity. The Executive shall report to the Chief Executive Officer of the Company, except as otherwise determined by the Chief Executive Officer or the Board. The Executive shall also perform such
duties as the Chief Executive Officer or the Board may from time to time reasonably determine and assign to the Executive. During the Employment Period, there shall be no material change in the duties and responsibilities of the Executive from those
previously in effect, other than as provided herein, unless the parties otherwise agree in writing. The Executive shall devote the Executive’s reasonable best efforts and substantially full business time to the performance of the
Executive’s duties and the advancement of the business and affairs of the Company. 
  
 2. Section 5(a) shall be amended and restated in its entirety to read and provide as follows: 
  
 (a) Base Salary. During the Employment Period, the Company shall pay Executive an annual base salary (the “Base Salary”) which
shall be at the rate of $369,591. The Base Salary shall be reviewed no less frequently than annually and may be increased at the discretion of the Board. If the Executive’s Base Salary is increased, the increased amount shall be the Base Salary
for the remainder of the Employment Period. Except as otherwise agreed in writing by the Executive, the Base Salary shall not be reduced from the amount previously in effect during the Employment Period. The Base Salary shall be payable biweekly or
in such other installments as shall be consistent with the Company’s payroll practice. 
  

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 3. Section 9(a) shall be amended and restated in its entirety to read and provide as follows: 

 
 (a) Death. If the Executive’s employment is
terminated during the Employment Term as a result of the Executive’s death, (i) the Company shall pay the Executive’s estate, or as may be directed by the legal representatives of such estate, the Executive’s full Base Salary through
the Date of Termination and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits or under any bonus or incentive compensation plan or program of the Company
pursuant to Section 5(b) and (c) hereof, at the time such payments are due; (ii) the Executive’s rights with respect to stock options, shares of restricted stock and restricted stock units previously granted by the Company shall be fully vested
and nonforfeitable (and shares of stock shall be delivered to the Executive in satisfaction of restricted stock units) as of the Date of Termination; and (iii) all deferred and incentive compensation or bonus amounts awarded by the Company to the
Executive and other contingent or deferred compensation awards or grants made by the Company to the Executive, or otherwise made in connection with the Executive’s employment hereunder, shall become fully vested and nonforfeitable upon the Date
of Termination. The Company shall have no further obligations to the Executive under this Agreement. 
  
 4. Section 9(b) shall be amended and restated in its entirety to read and provide as follows: 
  
 (b) Disability. If the Company terminates the
Executive’s employment during the Employment Period because of the Executive’s disability pursuant to Section 8(a)(ii)(A) hereof, (i) the Company shall pay the Executive the Executive’s full Base Salary through the Date of Termination
and all other unpaid amounts, if any, to which the Executive is entitled as of the Date of Termination in connection with any fringe benefits or under any bonus incentive compensation plan or program of the Company pursuant to Sections 5(b) and (c)
hereof, at the time such payments are due; provided, that payments so made to the Executive during any period that the Executive is unable to perform all of the Executive’s duties hereunder by reason of illness, physical or mental illness or
other similar incapacity shall be reduced by the sum of the amounts, if any, payable to the Executive at or prior to the time of any such payment under disability plans of the Company and which amounts were not previously applied to reduce such

  

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 payment; (ii) the Executive’s rights with respect to stock options, shares of restricted stock and
restricted stock units previously granted by the Company shall be fully vested and nonforfeitable (and shares of stock shall be delivered to the Executive in satisfaction of restricted stock units) as of the Date of Termination; (iii) all deferred
and incentive compensation or bonus amounts awarded by the Company to the Executive and other contingent or deferred compensation awards or grants made by the Company to the Executive, or otherwise made in connection with the Executive’s
employment hereunder, shall become fully vested and nonforfeitable upon the Date of Termination; and (iv) the Company shall pay the Executive an aggregate amount equal to the sum of (A) Executive’s Base Salary and (B) Executive’s Bonus for
the twelve month period immediately preceding the Date of Termination, payable in equal installments on the Company’s regular salary payment dates (the “Severance Payments”) during the one-year period commencing on the Date of
Termination (the “Initial Period”). In addition, the Company shall have the option, by delivering written notice to the Executive in accordance with Section 11 hereof within 90 days after the Date of Termination, to extend the severance
period to the second anniversary of the Date of Termination (the “Extended Period”). During the Extended Period, the Company will continue to make Severance Payments at the same annual rate to the Executive. 
  
 5. Section 9(d) shall be amended and restated in its entirety to read and
provide as follows: 
  
 (d) By the Company
without Cause or by the Executive for Good Reason. If the Company terminates the Executive’s employment during the Employment Period other than for Cause, disability or death pursuant to Section 8(a)(i) or (ii) hereof, or the Executive
terminates his employment during the Employment Period for Good Reason pursuant to Section 8(a)(iii) hereof, (i) the Company shall pay the Executive his full Base Salary through the Date of Termination and all other unpaid amounts, if any, to which
the Executive is entitled as of the Date of Termination in connection with any fringe benefits or under any bonus incentive compensation plan or program of the Company pursuant to Sections 5(b) and (c) hereof, at the time such payments are due, and
(ii) subject to Section 9(e) hereof, during the Initial Period, the Company shall pay the Executive an amount equal to the Severance Payments. In addition, the Company shall have the option, by delivering written notice to the Executive in
accordance with Section 11 hereof within 90 days after the Date of Termination, to make additional Severance payments through the end of the Extended Period. During the Extended Period, the Company will continue to make Severance Payments at the
same annual rate to the Executive. 
  

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 6. Section 9(f) shall be deleted in its entirety. 
  
 7. The definition of “Good Reason” in Section 21 shall be amended
in its entirety to read and provide as follows: 
  
 “Good Reason” means (i) the Company’s failure to perform or observe any of the material terms or provisions of this Agreement, and the continued failure of the Company to cure such default within 30 days after written demand
for performance has been given to the Company by the Executive, which demand shall describe specifically the nature of such alleged failure to perform or observe such material provisions; or (ii) the assignment to the Executive of any duties
inconsistent with the Executive’s status as Chief Financial Officer of the Company or any substantial adverse alteration in the nature or status of the Executive’s responsibilities. Executive’s continued employment shall not
constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. 
  
 8. The definition of “Severance Payments” in Section 21 shall be amended and restated in its entirety to read and provide as follows:

  
 “Severance Payments” is defined in
Section 9(b) above. 
  
 9. A new Section 22 shall be added to read
and provide as follows: 
  
 22. Vesting and
Transaction Bonus Upon a Change of Control. In the event of a Change of Control during the Employment Period, and regardless of whether or not the Executive’s employment is terminated in connection with such Change of Control, (i) the
Executive’s rights with respect to stock options, shares of restricted stock and restricted stock units previously granted by the Company shall be fully vested and nonforfeitable (and shares of stock shall be delivered to the Executive in
satisfaction of restricted stock units); (ii) all deferred and incentive compensation or bonus amount awarded by the Company to the Executive and other contingent or deferred compensation awards or grants made by the Company to the Executive, or
otherwise made in connection with the Executive’s employment hereunder, shall become fully vested and nonforfeitable; and (iii) the Company shall pay the Executive an aggregate amount equal to two hundred percent (200%) of the sum of (A)
Executive’s Base Salary and (B) Executive’s Bonus for the twelve month period immediately 
  

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 preceding the Change of Control (the “Transaction Bonus”), payable in equal installments on the
Company’s regular salary payment dates over a twenty-four month period, with such payments commencing with the Company’s first regular salary payment date after the Change of Control occurs. Notwithstanding anything in this Agreement to
the contrary, if the Executive receives the Transaction Bonus in accordance with this Section 22, the Executive shall not be entitled to the Severance Payments that are described in Sections 9(b)(iv) and 9(d)(ii) upon the Executive’s
termination of employment by reason of disability, the Company’s termination of the Executive without Cause or the Executive’s termination of employment with Good Reason, respectively. 
  
 10. All other provisions of the Agreement shall remain in full force and
effect. 
  
 IN WITNESS WHEREOF, the parties have executed this
Agreement on November 10, 2004. 
  

							
	 	 	 	 	Answerthink, Inc.
	 Attest:
	 	 	 	 	 	 
				
	 By:
	 	 /s/ Frank A. Zomerfeld

	 	 By:
	 	 /s/ Ted A. Fernandez

	 	 	 	 	 Name:
	 	 Ted A. Fernandez

	 	 	 	 	 Title:
	 	 Chairman of the Board and Chief Executive Officer

			
	 	 	 	 	 John F. Brennan

	 Attest:
	 	 	 	 	 	 
			
	 By:
	 	 /s/ Frank A. Zomerfeld

	 	 /s/ John F. Brennan

  

 5Agreement and General Release

 Exhibit 10.1 
  
 AGREEMENT AND GENERAL RELEASE 
  
 This agreement and general release (hereinafter referred to as “Agreement”) is made and entered into by and between Peter D.
Whitford (hereinafter referred to as “Executive”) and The Wet Seal, Inc. (the “Company”) as of November 4, 2004. 
  
 WITNESSETH: 
  
 WHEREAS, Executive and Company mutually desire to terminate Executive’s employment with the Company, including but not limited to employment pursuant to a certain employment agreement dated as of May 28,
2003 (“Employment Agreement”); and 
  
 WHEREAS, Executive and
Company also desire that those provisions of the Employment Agreement and any other agreement between Company and Executive that expressly survive its expiration or earlier termination, remain in effect, including (without limitation) the
indemnification provisions of paragraph 14 of the Employment Agreement, all provisions of the Director’s Indemnification Agreement, dated 2004 (“Indemnification Agreement”), and Executive’s rights and benefits under
Company’s Directors and Officers insurance policy (“D and O Policy”); and 
  
 WHEREAS, Executive and Company further desire to settle fully and finally all differences between them, including, but in no way limited to, any difference arising out of Executive’s employment with
Company and the termination thereof; 
  
 NOW, therefore, in consideration of the
premises and mutual promises herein contained, it is agreed as follows: 
  
 1.
Executive represents, understands and agrees that Executive’s employment with Company will terminate as of November 4, 2004 (the “Termination Date”). 
  
 2. Executive shall resign as Chairman and a Member of the Company’s Board of Directors, effective November 4, 2004. 
  
 3. (a) Commencing on November 5, 2004, Company shall make equal bi-weekly payments to
Executive in the amount of $29,807, less applicable deductions, until the earlier of January 31, 2005 or closing of the S.A.C. Capital refinancing transaction (hereafter referred to as the “Lump Sum Payment Date”). 
  
 (b) On the Lump Sum Payment Date, Company shall make a payment to Executive
of $1,585,000, less the total gross amount of bi-weekly payments made under subparagraph 3(a) above and less applicable deductions, which represents a total of two years compensation under subparagraphs 3(a) and (b). 
  
 (c) Company shall promptly pay Executive compensation for all unused vacation
time pursuant to Company policy and as required by applicable law. 

 (d) On or before the Lump Sum Payment Date, Company shall make a payment to Executive in an amount equal
to the cost of Executive’s continued healthcare coverage, including medical, dental and vision care (COBRA) for eighteen months following the Termination Date. 
  
 (e) On the Lump Sum Payment Date, Company shall make a lump sum payment to Executive of $509,400, less applicable
deductions, which amount represents the cost of three annual contributions to Executive’s Supplemental Executive Retirement Plan. 
  
 (f) Executive’s existing and unexercised stock options shall lapse in accordance with the terms. On or before December 1, 2004, Company shall grant
Executive 300,000 options at an exercise price of $1.75 and 200,000 options at an exercise price of $2.00, which options shall be exercisable until June 1, 2006. 
  
 (g) The payments and commitments called for herein shall be in lieu of and in full and final discharge of any obligations to
Executive for compensation, severance payments, or any other expectations of payment, remuneration, continued coverage of any nature or benefit on the part of Executive arising out of or in connection with the Employment Agreement. 
  
 (h) Executive will continue to be entitled to all rights and benefits which
he may have under Company’s 401(k) plan. 
  
 (i) As further
consideration for the promises and commitments herein, on the Lump Sum Payment Date, Company shall pay Executive $50,000, less applicable deductions, which amount represents the cost of providing Executive with outplacement services. 
  
 4. Executive understands and agrees that as of the Termination Date, Executive is no longer
authorized to incur any expenses or obligations or liabilities on behalf of Company. 
  
 5. Company confirms that on or prior to the Termination Date, Executive shall have turned over to Company all files, memoranda, records, credit cards and other documents and physical or personal property that Executive received from Company
or that Executive generated in connection with his employment by Company and that or the property of Company. 
  
 6. Company shall indemnify, defend and hold Executive harmless from and against any and all causes of action, claims, demands, liabilities, damages, costs and expenses of any nature whatsoever (collectively,
“Claims”) directly or indirectly arising out of or related to Executive’s discharging Executive’s duties on behalf of Company and/or its respective subsidiaries and affiliates to the fullest extent permitted by law.
Executive’s rights to indemnification and advancement of costs shall remain in full force and effect. Company also agrees to maintain in full force and effect, until the expiration of all applicable statutes of limitation, Executive’s
coverage, rights and benefits under Company’s D and O Policy, and to purchase comparable coverage if such policy should expire. Company shall provide, at Company’s expense, counsel of Executive’s choice for his defense in any action
or proceeding in which Claims are asserted against Executive, including (without limitation) all currently pending actions in which Executive is named a defendant. Executive shall be entitled to retain copies of all Company files and records
necessary to the defense of Claims. 
  

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 7. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest
extent permissible under the law. Should there be any conflict between any provision hereof and any present or future law, such law will prevail, but the provisions affected thereby will be curtailed and limited only to the extent necessary to bring
them within the requirements of the law, and the remaining provisions of this Agreement will remain in full force and effect and be fully valid and enforceable. 
  

8. Executive represents and agrees (a) that Executive has to the extent he desires discussed all aspects of this Agreement with his attorney, (b) that Executive has
carefully read and fully understands all of the provisions of this Agreement, and (c) that Executive is voluntarily entering into this Agreement. 
  
 9. As a material inducement to Company to enter into this Agreement, excluding the covenants, promises and rights reserved herein, Executive hereby irrevocably and
unconditionally releases, acquits and forever discharges Company and each of Company’s owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions, subsidiaries,
affiliates (and agents, directors, officers, employees, representatives and attorneys of such companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively
“Releasees”), or any of them, from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses
(including attorneys’ fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any
covenant of good faith and fair dealing, express or implied, or any tort or any legal restriction on Company’s right to terminate Executives, or any Federal, state or other governmental statute, regulation or ordinance, including, without
limitation, Title VIl of the Civil Rights Act of 1964, as amended, the Federal Age Discrimination In Employment Act of 1967, as amended and the California Fair Employment and Housing Act (“Claim” or “Claims”), that Executive now
has, or has ever had, or ever will have, against each or any of the Releasees, by reason of any and all acts, omissions, events, circumstances or facts existing or occurring up to the date of Employee’s execution hereof. 
  
 10. Excluding the covenants, promises and rights reserved herein, the Company hereby releases
Executive, and Executive’s heirs, assigns, legal representatives, successors in interest, and agents (“Executive Releasees”) from any and all claims, demands or liabilities whatsoever based on any act or omission occurring before
Company’s signing of this Agreement that Company now has, or has ever had, or ever will have, against Executive, and/or his estate, heirs and successors, by reason of any and all acts, omissions, events, circumstances or facts existing or
occurring up through the date of Company’s execution hereof, and that directly or indirectly arise out of, relate to, are connected with, occasioned by, involve any information obtained in connection with or as a result of, or have any nexus of
any nature whatsoever with Executive’s services to, or employment by Company. 
  
 11. Executive and Company expressly waive and relinquish all rights and benefits afforded by California Civil Code Section 1542 and do so understanding and acknowledging the significance of such specific waiver of Section 1542. Section 1542
states as follows: 
  
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH
THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
  

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 Thus, notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and
discharge of Executive Releasees and the Releasees, Executive and Company expressly acknowledge that this Agreement is intended to include in its effect, without limitation, all Claims that each releasing party does not know or suspect to exist in
the party’s favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Claim or Claims. 
  
 12. Executive understands that Executive has been given a period of 21 days to review and consider this Agreement before signing it pursuant to the Age Discrimination In
Employment Act of 1967, as amended. Executive further understands that Executive may use as much of this 21-day period as Executive wishes prior to signing. 
  
 13. Executive acknowledges and represents that he understands that he may revoke the waiver of his rights under the Age Discrimination In Employment Act of 1967, as
amended, effectuated in this Agreement within 7 days of signing this Agreement. If Executive revokes the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, Company shall have no obligations to Executive under
Paragraph 2 hereof, and this Agreement shall have no further force and effect. 
  
 14. Executive represents and acknowledges that in executing this Agreement, Executive does not rely and has not relied upon any representation or statement not set forth herein made by any of the Releasees or by any of the Releasees’
agents, representatives or attorneys with regard to the subject matter, basis or effect of this Agreement or otherwise. 
  
 15. This Agreement shall not in any way be construed as an admission by and of the Releasees that it has acted wrongfully with respect to Executive or any person, or that
Executive has any rights whatsoever against any of the Releasees except as specifically set forth herein, and each of the Releasees specifically disclaims any liability to or wrongful acts against Executive or any other person, on the part of
itself, its employees, or its or their agents. Executive represents that Executive has not filed any complaints or charges or lawsuits of any kind whatsoever against any of the Releasees with any governmental agency or any court and further
represents and agrees that Executive will not do so at any time hereafter with regard to any matter related to or arising out of Executive’s employment with Company (or with any of the Releasees, as applicable) or with the termination thereof;
provided, however, that this shall not limit Executive from filing a lawsuit for the sole purpose of enforcing Executive’s rights under this Agreement. 
  
 16. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California. This Agreement is binding on the successors and assigns
of, and sets forth the entire agreement between, the parties hereto; fully supersedes any and all prior agreements or understanding between the parties hereto pertaining to the subject matter hereof (except for those provisions of the Employment
Agreement that expressly survive the expiration or earlier termination of said Employment Agreement); and may not be changed except by explicit written agreement to that effect subscribed by the parties hereto. 
  

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 PLEASE READ CAREFULLY. THIS AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

 

			
	 /s/ PETER D. WHITFORD

	PETER D. WHITFORD
	November 4, 2004
	
	The Wet Seal, Inc.
		
	By:	 	 /s/ Joseph Deckop

	Title:	 	EVP
	
	November 4, 2004

  

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