EXHIBIT 10.14
[THE CHILDREN'S PLACE
RETAIL STORES, INC. LETTERHEAD]
January 22, 1991
Xx. Xxxxx X. Xxxxxxxxx
144 Unadilla Rd.
Ridgewood, NJ 07450
Dear Xxxxx:
This will confirm our agreement regarding severance pay.
The Children's Place Retail Stores, Inc. (the "Company") will pay you, upon
termination, an amount equal to nine (9) months' base salary (as of date of
termination) after completion of one year of your service with the Company.
Severance shall not be payable in the event of your termination by the
Company for cause or your voluntary termination. "Cause" shall mean the
commission by you of a crime, insubordination, inexplicable absence,
unsatisfactory performance or any other conduct by you which is inappropriate
behavior for an employee in your position and which causes or which may cause
injury to the reputation of the Company. Severance shall be payable as per
the Company's usual policy and timing of payment of its regular payroll, less
applicable payroll deductions.
This letter shall in no way obligate the Company to employ you for any period
of time and does not constitute an employement contract.
Very truly yours,
THE CHILDREN'S PLACE
RETAIL STORES, INC.
By: /s/ Xxxx Xxx
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AGREED TO:
/s/ Xxxxx X. Xxxxxxxxx
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Xxxxx X. Xxxxxxxxx
