Term Sheet

EX-10.74 5 exhibit1074q42015.htm EXHIBIT 10.74 Exhibit


Exhibit 10.74


Fran Horowitz
Brand President - Hollister Co.
6301 Fitch Path
New Albany, Ohio 43054


Dear Fran:

We are pleased that you have agreed to take on the responsibilities of your new position as our President & Chief Merchandising Officer. As we discussed, your compensation is being modified in connection with your new position. The terms of your new compensation arrangements, as set forth in the attached Term Sheet, will become effective as of December 21, 2015.

The terms and conditions of your at-will employment with us, as set forth in your offer letter dated October 8, 2014, as modified by the executive severance agreement dated July 7, 2015, will remain in full force and effect, without any change except as modified by the provisions set forth in the attached Term Sheet.

ABERCROMBIE & FITCH
MANAGEMENT CO.
 
Accepted by:
 
 
 
/s/ Arthur C. Martinez
 
/s/ Fran Horowitz
Arthur C. Martinez
Executive Chairman
 
Fran Horowitz
 
 
 
Date: December 16, 2015
 
Date: December 19, 2015


Enclosure: Term Sheet










Term Sheet



CURRENT ROLE:    Brand President, Hollister
PROPOSED NEW ROLE:    President & Chief Merchandising Officer - All Brands

Component ($ in 000s)
Current
Proposed New*
% Increase
Base
$995
$1,100
11%
IC Target %
125%
135%
8%
IC Target $
$1,244
$1,485
19%
Target Total Cash
$2,239
$2,585
15%
Long-Term Incentive
$2,500
$3,500
40%
Target Total Direct Comp
$4,739
$6,085
28%

*
New role and updated Base Salary to be effective in late December 2015 or early January 2016; new IC Target to be effective in Fiscal 2016 consistent with Annual Leadership Team IC Program; new Long-Term Incentive value to be recommended for Fiscal 2016