Exhibit 10(b)- Employment Agreement with Xxxx Xxxxxxxxx
EXHIBIT 10(b)
Employment Agreement with Xxxx Xxxxxxxxx
August 15, 2001
The following agreement will take effect September 1, 2001. This agreement
will supercede all previous agreements.
1. Employment Status - To maintain certain benefits we will consider Xxxx a
"Full time employee" for benefit purposes.
2. Base Compensation - To be paid $100,000 per year for 60 days of work per
year.
3. MIP Bonus - Bonus to be paid for FY2001, but ineligible while working at
this schedule.
4. Stock Options - All present options will continue to vest as scheduled,
provided Xxxx works the agreed time and continues to serve on the Board of
Directors. It is our intent to have all options vest.
5. ERP - Deferred Comp - This plan currently matches 50% of 1st 5% plus 2.5%
of base salary. (For a total of 5% of base salary or $5,000). Xxxx may
continue to defer compensation in this plan.
6. ERP - Dress Barn $1.0 mil Split Dollar - Xxxx is now 100% vested due to age
55 and minimum of 10 years service. Dress Barn will continue to fund at
$53,989 regardless of status.
7. X. Xxxxxxx Split Dollar Life Policy - Dress Barn will administer policy
according to current written contract. Xxxx will reimburse the annual cost
of money (not compounded).
8. Dress Barn Basic Life Insurance - Eligible for one times base salary in
company paid life insurance.
9. Aetna Life Insurance - Policy not renewed last year.
10. Met Life Insurance - Policy will not be renewed this year.
11. Company Car - Not eligible since not commuting daily. Would be paid regular
mileage rate if travels by car on company business.
12. Medical/Dental Plan - Eligible as approved by Aetna as a special situation.
13. Short Term Disability - Eligibility based on New York State requirements.
14. Supplementary Short Term Disability - Eligible
15. Long Term Disability - Eligible on contributory basis.
16. Vacations & Holidays - Not eligible for future vacations and holidays,
however will be eligible for untaken vacation earned January 1, 2001.
(Estimated to be 17 days as of September 1, 2001) This will be "run out"
during September.
17. Personal Days & Sick Pay - Not eligible.
18. Merchandise Discount - Eligible for normal discount privileges.
19. Travel Accident Insurance - Eligible if traveling on Company business.
20. Dress Barn Board of Directors - Will be nominated for another 3 year term.
Xxxx would not be eligible for Outside Director's Fee as long as employed
under the above arrangement.
21. Other Board of Director's positions or Employment - Prior to accepting
nomination for other Boards, consultative assignments or employment, Xxxx
will request approval from Chairman of Dress Barn. This approval will not
to be unreasonably withheld and will be based on the competitive status of
the other company to Dress Barn.
22. This employment relationship will be subject to renewal in three years
(September 1, 2004). The employment relationship may not be changed by
either party until the end of this three (3) year period.
Accepted by:
/S/ XXXXXX XXXXX 8/15/01 /S/ XXXX XXXXXXXXX 8/15/01
Xxxxxx Xxxxx Date Xxxx Xxxxxxxxx Date
Chairman & CEO Vice Chairman
