SEC Contract Filing

Filing Date: 2024-05-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.38
<SEQUENCE>4
<FILENAME>rl-20240330x10kex1038.htm
<DESCRIPTION>EX-10.38
<TEXT>
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<title>Document</title></head><body><div id="i2d01e6714bf441278b441326e7b064a1_35"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:115%">EXHIBIT 10.38 </font></div><div style="margin-top:12pt;text-align:center;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">RALPH LAUREN CORPORATION</font></div><div style="margin-top:12pt;text-align:center;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">EMPLOYMENT AGREEMENT</font></div><div style="margin-top:12pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">THIS EMPLOYMENT AGREEMENT (the &#8220;Agreement&#8221;) is made effective as of the 23</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:120%;position:relative;top:-4.2pt;vertical-align:baseline">rd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> day of May, 2024 (the &#8220;Effective Date&#8221;), by and between Ralph Lauren Corporation, a Delaware corporation (the &#8220;Corporation&#8221;), and Justin Picicci (the &#8220;Executive&#8221;).</font></div><div style="margin-top:12pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, Executive is employed by the Corporation on an at-will basis&#59;</font></div><div style="margin-top:12pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">NOW THEREFORE, in consideration of the mutual covenants and premises contained herein, the parties hereby agree as follows&#58;</font></div><div style="margin-top:12pt;text-align:center;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">ARTICLE I</font></div><div style="text-align:center;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline"> EMPLOYMENT</font></div><div style="margin-top:12pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:21pt;text-decoration:underline">Employment Term</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. 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 and in accordance with the terms of the attached Term Sheet attached hereto as Exhibit 1 (the &#8220;Term Sheet&#8221;), effective as of the Effective Date. The Executive&#8217;s employment with the Corporation is for no specified period of time and constitutes &#8220;at will&#8221; employment. As such, either the Executive or the Corporation may terminate this Agreement and Executive&#8217;s employment relationship with the Corporation at any time for any reason, with or without Cause, as defined below, if by the Corporation, or with or without Good Reason, as defined below, if by the Executive, provided that if the termination of employment is initiated by Executive, Executive shall provide the Corporation with ninety (90) days advance written notice (the &#8220;Notice Period&#8221;). The Notice Period may be waived in whole or in part by the Corporation in its sole and complete discretion. The Executive&#8217;s period of employment under this Agreement is referred to herein as the &#8220;Term.&#8221; </font></div><div style="margin-top:12pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:21pt;text-decoration:underline">Position and Duties</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. 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 &#8220;Board&#8221;) or other appropriate member(s) of the management of the Corporation (&#8220;Management&#8221;), perform the duties of his employment, and shall devote to the performance of such duties his full time and attention. During the Term, the Executive shall serve as Chief Financial Officer of the Corporation and perform additional senior management duties 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&#8217;s time in which the Executive plans to become involved, whether or