Document:

Ex. 10.1 - 2010 Incentive Plan, Cash Performance Award

Exhibit 10.1

EXPRESS, INC.
2010 INCENTIVE COMPENSATION PLAN
CASH PERFORMANCE AWARD

Michael A. Weiss (the “Grantee”) is granted, effective as of April [  ], 2013, a cash performance award in an amount to be determined in accordance with Sections 1 and 2 hereof (the “Award”) pursuant to Article IX of the 2010 Incentive Compensation Plan (the “Plan”) of Express, Inc. (the “Company”).  The Award is subject to the terms and conditions set forth below and in the Plan, which is incorporated by reference in, and made a part of, this Cash Performance Award Agreement (this “Agreement”).  To the extent that there is a conflict between the terms of the Plan and this Agreement, the terms of the Plan shall govern.  Any term not defined herein shall have the meaning assigned to such term in the Plan.

		
	1.
	Grant of Award:

		
	(a)
	Award.

		
	(i)
	Subject to the provisions of this Section 1 and Section 2 hereof, the Award hereunder shall become earned and payable based upon the Company's relative “Total Shareholder Return” in terms of percentile ranking as compared to the S&P 500 over the period beginning on February 1, 2013 and ending on January 31, 2015 (the “Measurement Period”) in accordance with the schedule below.  For purposes of the comparison to the S&P 500, if a company ceases to be included in the S&P 500 for any reason, such company shall cease to be considered part of the S&P 500 for purposes of determining performance during the Measurement Period, and Company performance hereunder shall be measured based on the component entities of the S&P 500 as of the commencement of the Measurement Period that remain in the S&P 500 as of the end of the Measurement Period.

	
		
	Total Shareholder Return Ranking over Measurement Period
	Payout Level

	90th Percentile or Higher (Maximum)
	$8,000,000

	75th Percentile
	$6,000,000

	50th Percentile (Target)
	$4,000,000

	25th Percentile (Threshold)
	$2,000,000

	Below 25th Percentile
	$—

To the extent that actual Total Shareholder Return for the Measurement Period hereunder is between specified payout levels, the amount earned and payable pursuant to the Award hereunder shall be determined on a pro rata basis using straight line interpolation; provided that no amount shall become earned and payable if the actual Total Shareholder Return level achieved for the Measurement Period is less than the Threshold level of performance set forth in the schedule above; and provided, further, that the maximum amount that may become earned and payable pursuant to the Award hereunder shall not exceed $8,000,000.
		
	(ii)
	For purposes hereof, the term “Total Shareholder Return” shall mean the percentage change in value (positive or negative) over the Measurement Period as measured by dividing (A) the sum of (I) the cumulative value of dividends and other distributions paid on the Common Stock (or the publicly traded common stock of the applicable S&P 500 company) for the Measurement Period, assuming the dividends are reinvested in such company's common stock effective as of the distribution “payment” date based on the closing price for such company, and (II) the difference (positive or negative) between each such company's “Starting Stock Price” and “Ending Stock Price,” by (B) the Starting Stock Price.  The “Starting Stock Price” 

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for the Common Stock (or the publicly traded common stock of the applicable S&P 500 company) shall be the average of the closing prices for each trading day within the thirty (30) trading days ending on the trading day before the first day of the Measurement Period.  The “Ending Stock Price” for the Common Stock (or the publicly traded common stock of the applicable S&P 500 company) shall be the average of the closing prices for each trading day within the thirty (30) trading days ending on the last trading day of the Measurement Period.
		
	(b)
	Conditions to Payment.  Payment of the Award hereunder shall be conditioned upon the Grantee's continued employment with the Company or its Subsidiaries through the end of the Measurement Period (except as otherwise provided in Section 2 hereof).  To the extent possible, the Award hereunder is intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code.

		
	(c)
	Time and Form of Payment.  To the extent that the Award hereunder becomes earned in accordance with the terms and conditions of this Agreement, the Award shall be paid to the Grantee in cash within two and one-half months following the date on which the Award becomes earned hereunder as long as there is no conflict with Section 10 hereof.  In no event whatsoever shall the Grantee have the ability to elect to defer payment of any portion of the Award.

		
	(d)
	Committee Authority.  The Committee shall in good faith make all determinations necessary or appropriate to determine whether the performance vesting conditions hereunder have been satisfied.  The Committee's determinations shall be final, binding and conclusive upon all parties, absent manifest error or bad faith.

		
	(e)
	Adjustments.  In the event of an exchange, tender offer, merger, consolidation, recapitalization, split, combination or otherwise, the Committee shall make appropriate adjustments to the applicable Total Shareholder Return performance metrics to the extent necessary to reflect such event and preserve the intended economic benefits hereunder.  The Committee's adjustment shall be made in accordance with the provisions of the Plan and shall be effective and final, binding and conclusive for all purposes of the Plan and this Agreement, absent manifest error or bad faith.

		
	(f)
	Forfeiture of Unearned Award.  Any portion of the Award hereunder that does not become earned in accordance with the provisions of this Agreement shall be automatically forfeited and cancelled for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.

		
	2.
	Termination:

		
	(a)
	General.  Except as provided in Section 2(b) and 2(c) hereof, in the event of the Grantee's termination of employment or other service with the Company and its Subsidiaries for any reason prior to the expiration of the Measurement Period, the Award hereunder shall be automatically forfeited and cancelled as of the date of such termination without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.  In the event of the Grantee's termination of employment with the Company and its Subsidiaries for any reason on or following expiration of the Measurement Period, the Grantee shall retain the right to receive payment of the Award hereunder in accordance with the provisions of Section 1 hereof, provided that upon a termination for Cause at any time prior to payment of the Award hereunder, the Award shall be automatically forfeited and cancelled for no value without any consideration being paid therefor and otherwise without any further action of the Company whatsoever.

		
	(b)
	Certain Terminations On or Following a Change in Control.  Notwithstanding any other provision herein to the contrary, in the event of a Change in Control prior to the expiration of the Measurement Period, the Award shall become immediately and fully earned using Total Shareholder Return 

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performance as of the Change in Control consummation date. The earned award will become vested and payable on the earlier of the expiration of the Measurement Period, the acquirer's failure to assume this Award Agreement, or the Grantee's termination of service (i) by the Company without Cause, (ii) by reason of the Grantee's death or Disability, or (iii) by the Grantee for “Good Reason” (as defined in the Employment Agreement by and between the Grantee and the Company dated February 12, 2010, as amended on each of April 14, 2010 and September 1, 2011).

		
	(c)
	Termination Due to Death or Disability.  Notwithstanding any other provision herein to the contrary, in the event of the Grantee's termination of employment with the Company due to death or Disability, the Award will become fully earned and vested using Total Shareholder Return performance as of the date of death or Disability and payable no later than five business days following Grantee's termination of employment due to death or Disability (as defined in the Employment Agreement by and between the Grantee and the Company dated February 12, 2010, as amended on each of April 14, 2010 and September 1, 2011).

		
	3.
	No Assignments:  This Agreement is personal to each of the Company and the Grantee.  Neither the Company nor the Grantee may assign, transfer or delegate any right or obligation hereunder without first obtaining the written consent of the other.

		
	4.
	Withholding Taxes:  The Company may withhold from any and all amounts payable to the Grantee hereunder such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

		
	5.
	Governing Law:  This Agreement shall be governed by, and construed under and in accordance with, the internal laws of the State of Delaware, without reference to rules relating to conflicts of laws.

		
	6.
	Other Benefits:  The Award is an incentive award and shall not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death or other benefit under any other bonus, incentive pension, retirement, insurance or other employee benefit plan of the Company, unless such plan or agreement expressly provides otherwise.

		
	7.
	No Right to Continued Employment or Service:  Nothing in this Agreement shall confer upon the Grantee any right to continued employment or other service with the Company or its Subsidiaries, or to interfere in any way with the right of the Company or its Subsidiaries to terminate the Grantee's employment or other service at any time and for any reason (or no reason).

		
	8.
	Unfunded Benefit:  The Award shall not be deemed to create a trust or other funded arrangement.  The Grantee's rights with respect to the Award shall be those of a general unsecured creditor of the Company, and under no circumstances shall the Grantee have any other interest in any asset of the Company by virtue of the grant of the Award.  Notwithstanding the foregoing, the Company shall have the right (but not the obligation) to implement or set aside funds in a grantor trust, subject to the claims of the Company's creditors or otherwise, to discharge its obligations with respect to the Award.

		
	9.
	Code Section 409A Compliance:  Although the Company makes no guarantee with respect to the tax treatment of payment of the Award hereunder and shall not be responsible in any event with regard to non-compliance with Section 409A of the Code and the treasury regulations and other official guidance promulgated thereunder, this Agreement is intended to either comply with, or be exempt from, the requirements of Section 409A of the Code.  To the extent that this Agreement is not exempt from the requirements of Section 409A of the Code, this Agreement is intended to comply with the requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.  In no event whatsoever shall the Company be liable for any additional tax, interest, income inclusion or other penalty that may be imposed on the Grantee by Section 409A of the Code or for damages for failing to comply with Section 409A of the Code.

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	10.
	Entire Agreement:  This Agreement is subject to all of the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted thereunder and as may be in effect from time to time.  This Agreement may be amended or modified only by a written instrument executed by the Company and the Grantee.

		
	11.
	Recoupment:  The Grantee's rights with respect to the Award hereunder shall in all events be subject to (i) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with the Grantee, and (ii) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation” under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission.

*    *    *    *    *    *

EXPRESS, INC.

	
		
	By:
	 

	 
	 

	Name:
	 

	 
	 

	Title:
	 

            

ACKNOWLEDGED AND AGREED:

	
	
	 

Michael A. Weiss

4Ex. 10.2 - NQ Stock Option Agreement

Exhibit 10.2

NONQUALIFIED STOCK OPTION AGREEMENT
PURSUANT TO THE
EXPRESS, INC. 2010 INCENTIVE COMPENSATION PLAN

*  *  *  *  *

Participant:      ________________________

Grant Date:      

Per Share Exercise Price:  

Number of Shares subject to this Option:  _____________________

*  *  *  *  *

THIS NON-QUALIFIED STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between Express, Inc., a Delaware corporation (the “Company”), and the Participant specified above, pursuant to the Express, Inc. 2010 Incentive Compensation Plan, as in effect and as amended from time to time (the “Plan”), which is administered by the Committee; and

WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the non‐qualified stock option provided for herein to the Participant.
NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:
1.Incorporation By Reference; Plan Document Receipt.  This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the award provided hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein.  Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content.  In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. No part of the Option granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Code.

2.Grant of Option.  The Company hereby grants to the Participant, as of the Grant Date specified above, a non‐qualified stock option (this “Option”) to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of shares of Common Stock specified above (the “Option Shares”).  Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant's interest in the Company for any reason.  The Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by this Option 

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unless and until the Participant has become the holder of record of the shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such shares, except as otherwise specifically provided for in the Plan or this Agreement.

3.[Vesting and Exercise.

(a)Vesting.  The Option subject to this grant shall become vested pursuant to the schedule set forth in the table below, provided the Participant is then employed by the Company and/or one of its Subsidiaries or Affiliates on the applicable vesting date. There shall be no proportionate or partial vesting in the periods prior to each vesting date and all vesting shall occur only on the appropriate vesting date, subject to the Participant's continued service with the Company or any of its Subsidiaries on each applicable vesting date.

	
		
	Vesting Date
	Cumulative Percentage
of Option Shares Vested

	[_____________]
	[_____________]

	[_____________]
	[_____________]

	[_____________]
	[_____________]

	[_____________]
	[_____________]

(b)Vesting Upon Termination Due to Death or Disability. Notwithstanding Section 4(a), in the event of Termination due to (i) the Participant's death or (ii) the Participant's Disability, the number of Option Shares subject to this Option that shall be vested at the time of Termination will be the number of Option Shares that would have been vested if Participant was employed on the first vesting date to occur after such Termination. 

(c)Effect of Detrimental Activity.  The provisions of Section 10.4 of the Plan regarding Detrimental Activity shall apply to the Option.

(d)Expiration.  Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, all portions of this Option (whether vested or not vested) shall expire and shall no longer be exercisable after the expiration of ten (10) years from the Grant Date.]

4.Termination.    Subject to the terms of the Plan and this Agreement, the Options, to the extent vested at the time of the Participant's Termination, shall remain exercisable as follows:

(a)Termination due to Death or Disability.  In the event of the Participant's Termination by reason of death or Disability, the vested portion of this Option shall remain exercisable until the earlier of (i) one year from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3 hereof.

(b)Termination Without Cause.  In the event of the Participant's involuntary Termination by the Company without Cause, the vested portion of this Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3 hereof.

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(c)Voluntary Termination.  In the event of the Participant's voluntary Termination, the vested portion of this Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the expiration of the stated term of the Option pursuant to Section 3 hereof.

(d)Termination for Cause. In the event of the Participant's Termination by the Company for Cause, all Options granted hereunder (whether or not vested) shall terminate and expire upon such Termination.

(e)Treatment of Unvested Options upon Termination.  Any portion of this Option that is not vested as of the date of the Participant's Termination for any reason shall terminate and expire as of the date of such Termination.

5.Method of Exercise and Payment.  Subject to Section 8 hereof, to the extent that the Option has become vested and exercisable with respect to a number of shares of Common Stock as provided herein, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided herein and in accordance with Sections 6.4(c) and 6.4(d) of the Plan, including, without limitation, by the delivery of any form of exercise notice as may be required by the Committee and payment in full of the Per Share Exercise Price multiplied by the number of shares of Common Stock underlying the portion of the Option exercised.

6.Non-transferability.  The Options, and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution.  Notwithstanding the foregoing, the Committee may, in its sole discretion, permit the Options to be Transferred to a Family Member for no value, provided  that such Transfer shall only be valid upon execution of a written instrument in form and substance acceptable to the Committee in its sole discretion evidencing such Transfer and the transferee's acceptance thereof signed by the Participant and the transferee, and provided, further, that the Options may not be subsequently Transferred otherwise than by will or by the laws of descent and distribution or to another Family Member (as permitted by the Committee in its sole discretion) in accordance with the terms of the Plan and this Agreement, and shall remain subject to the terms of the Plan and this Agreement. Any attempt to sell, exchange, transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the Options, or the levy of any execution, attachment or similar legal process upon the Options, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect.

7.Governing Law.  All questions concerning the construction, validity and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.

8.Withholding of Tax.  The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to, the Participant's FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or transfer any shares of Common Stock otherwise required to be issued pursuant to this Agreement. Any statutorily required withholding obligation with regard to the Participant may be satisfied by reducing the amount of cash or shares of Common Stock otherwise deliverable upon exercise of the Option.

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9.Entire Agreement; Amendment.  This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter.  The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan.  This Agreement may also be modified or amended by a writing signed by both the Company and the Participant.  The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

10.Notices.  Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the Chief Financial Officer of the Company.  Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.

11.No Right to Employment.  Any questions as to whether and when there has been a Termination and the cause of such Termination shall be determined in the sole discretion of the Committee.  Nothing in this Agreement shall interfere with or limit in any way the right of the Company, its Subsidiaries or its Affiliates to terminate the Participant's employment or service at any time, for any reason and with or without cause.

12.Transfer of Personal Data.  The Participant authorizes, agrees and unambiguously consents to the transmission by the Company (or any Subsidiary) of any personal data information related to the Option awarded under this Agreement for legitimate business purposes (including, without limitation, the administration of the Plan).  This authorization and consent is freely given by the Participant.

13.Compliance with Laws.  The issuance of this Option (and the Shares upon exercise of this Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto.  The Company shall not be obligated to issue this Option or any of the Shares pursuant to this Agreement if any such issuance would violate any such requirements.

14.Section 409A.  Notwithstanding anything herein or in the Plan to the contrary, the Option is intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent.

15.Binding Agreement; Assignment.  This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns.  The Participant shall not assign (except as provided by Section 6 hereof) any part of this Agreement without the prior express written consent of the Company.

16.Headings.  The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

17.Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

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18.Further Assurances.  Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

19.Severability.  The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

20.Acquired Rights.  The Participant acknowledges and agrees that: (a) the Company may terminate or amend the Plan at any time; (b) the award of Options made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no past grants or awards (including, without limitation, the Options awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the Participant's ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
EXPRESS, INC.

	
		
	By:
	 

	 
	 

	Name:
	 

	 
	 

	Title:
	 

PARTICIPANT

	
		
	 
	 

	 
	 

	Name:
	 

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