May 26, 2005 Steven J. Douglass 3231 SE Sixth Avenue Topeka, Kansas 66607 Dear Steven: In connection with the CEO succession plan, you and Payless ShoeSource, Inc. (the "Company") mutually agree that the last day of your employment will be the day...Separation Agreement • May 31st, 2005 • Payless Shoesource Inc /De/ • Retail-shoe stores
In connection with the CEO succession plan, you and Payless ShoeSource, Inc. (the "Company") mutually agree that the last day of your employment will be the day immediately preceding the date on which your successor commences employment with the Company (your "Separation Date"). The Company expects that the new CEO will commence employment on or before August 1, 2005. For the avoidance of doubt, until your Separation Date you will continue to have the position, authority, duties and responsibilities contemplated by Paragraph 1 of your Employment Agreement dated October 1, 2003 (your "Employment Agreement").
