{"id":38929,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-anntaylor-stores-corp-and-barry-erdos3.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-anntaylor-stores-corp-and-barry-erdos3","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-anntaylor-stores-corp-and-barry-erdos3.html","title":{"rendered":"Employment Agreement &#8211; AnnTaylor Stores Corp. and Barry Erdos"},"content":{"rendered":"<pre>                 AMENDMENT TO EMPLOYMENT AGREEMENT\n                 ---------------------------------\n\n\n           This Amendment (this  \"Amendment\") is entered into as of\n\nJune 1, 2001,  by and between  AnnTaylor  Stores  Corporation  (the\n\n\"Company\")  and Barry  Erdos  (the  \"Executive\"),  and  amends  the\n\nEmployment  Agreement,  dated  as of  March 7,  2001,  between  the\n\nCompany and the Executive (the \"Original Agreement\").\n\n\n\n           For good and  valuable  consideration,  the  receipt and\n\nsufficiency of which are hereby  acknowledged  by the parties,  the\n\nCompany and the Executive agree as follows:\n\n\n\n1. All capitalized  terms used and not defined herein shall have\n\n   the meanings ascribed to them in the Original Agreement.\n\n\n\n2. Section 6(e)(ii) of the Original  Agreement is hereby amended\n\n   to read as follows:\n\n\n\n          (ii)  (A)  unless  clause (B) below  applies,  then\n\n          following  the  Date  of  Termination  and  for the\n\n          longer  of twelve  (12)  months  thereafter  or the\n\n          balance of the Term,  the Company  shall pay to the\n\n          Executive    monthly   an    amount,    (\"Severance\n\n          Payments\")   equal   to   the   quotient   of   the\n\n          Executive's  annual  base  salary  at the  rate  in\n\n          effect  as of the Date of  Termination  (the  \"Base\n\n          Salary\"),  divided by the number twelve (12) (minus\n\n          any  amounts  payable to the  Executive  during any\n\n          such month as a disability  benefit under a Company\n\n          paid  plan),  or (B)  in  the  event  the  Date  of\n\n          Termination  occurs  on or  following  a Change  in\n\n          Control,  then, within five (5) days after the Date\n\n          of  Termination,  the  Company  shall  pay  to  the\n\n          Executive  in a lump  sum an  amount  equal  to the\n\n          product  of (X)  the  sum of the  Executive's  Base\n\n          Salary and the average of the total bonuses  earned\n\n          by the Executive,  including bonuses paid under the\n\n          Company's Management Performance  Compensation Plan\n\n          and  the  Company's   Long  Term   Incentive   Cash\n\n          Compensation  Plan,  in the three  fiscal  years of\n\n          the Company ended  immediately prior to the Date of\n\n          Termination  (or,  if higher,  in the three  fiscal\n\n          years of the  Company  ended  immediately  prior to\n\n          the Change in  Control)  multiplied  by (Y) two and\n\n          one-half  (2-1\/2).  For purposes of this subsection\n\n          (ii): (I) if the Date of  Termination  occurs prior\n\n          to  the  occurrence  of a  Change  in  Control  but\n\n          during  the  pendency  of  a  Potential  Change  in\n\n          Control  (as  hereinafter  defined),  such  Date of\n\n          Termination   shall  be  deemed  to  have  occurred\n\n          following   a  Change   in   Control   and  (II)  a\n\n\n================================================================================\n\n\n          \"Potential  Change in  Control\"  shall be deemed to\n\n          have  occurred if the event set forth in any one of\n\n          the following clauses shall have occurred:\n\n\n\n\n3. Section 6(e)(iv) of the Original  Agreement is hereby amended\n\n   to read as follows:\n\n\n\n   (iv)    Executive shall  continue to be  provided for the \n\n           duration of the Severance Period with the same medical\n\n           and life insurance coverage as existed  immediately\n\n           prior  to  the  Notice  of  Termination;  provided,\n                                                     --------\n           however,  that  benefits  otherwise  receivable  by\n           -------\n           the  Executive  pursuant to this  Section  6(e)(iv)\n\n           shall be  reduced to the extent  that  benefits  of\n\n           the same  type are  received  by or made  available\n\n           to the Executive  during the Severance  Period (and\n\n           any such  benefits  received  by or made  available\n\n           to the  Executive  shall be reported to the Company\n\n           by the  Executive).  For  the  purpose  of  medical\n\n           and life  insurance  coverage  referred  to in this\n\n           subparagraph,  the term  \"Severance  Period\"  shall\n\n           include   the   period   following   the   Date  of\n\n           Termination  and  for the  longer  of  twelve  (12)\n\n           months thereafter or the balance of the Term;\n\n\n\n\n4. From and after the date hereof,  the term \"Agreement\" as used\n\n   in the Original Agreement,  shall mean the Original Agreement as\n\n   amended by this  Amendment;  and the Original  Agreement,  as so\n\n   amended, shall continue in full force and effect.\n\n\n\n5. The  remaining  terms of the  Original  Agreement  are hereby\n\n   made a part of, and are  incorporated  by this  reference,  into\n\n   this Amendment.\n\n\n\n\n     In WITNESS  WHEREOF,  the parties have executed this Amendment\n\nas of the date first written above.\n\n\n\n\nANN TAYLOR STORES CORPORATION\n\n\nBy: \/s\/J. Patrick Spainhour                     \/s\/ Barry Erdos\n   -------------------------------           ------------------------\n                                                    BARRY ERDOS\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6710],"corporate_contracts_industries":[9494],"corporate_contracts_types":[9539,9544],"class_list":["post-38929","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-anntaylor-stores-corp","corporate_contracts_industries-retail__clothing","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38929"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38929"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38929"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}