Chico’s FAS, Inc. Executive Committee Member COVID-19 Salary Reduction Consent Agreement

Summary

This agreement is between a member of the Chico’s FAS, Inc. Executive Committee and the company. The executive consents to a 50% reduction in base salary starting April 5, 2020, due to the impact of COVID-19, with the reduction continuing until further notice. The reduction also applies to related company contributions such as Social Security and 401(k). The agreement clarifies that it does not grant any rights to severance, equity, or other benefits, and all other employment terms remain unchanged.

EX-10.2 2 ex102letteragreement.htm EXHIBIT 10.2 Exhibit

Exhibit 10.2

CONSENT

As a member of the Chico’s FAS, Inc. (“Company”) Executive Committee, I recognize the impact the COVID-19 virus has had on our corporate operations and authorize the Company to reduce my base salary by 50% beginning April 5, 2020 and continuing until further notice. Such base salary shall not include any performance incentive or any other bonuses to which I may be entitled. I understand that Social Security and/or Company or affiliate contributions, 401(k) and deferred compensation contributions will also be reduced accordingly during this period. I agree that nothing in this agreement constitutes grounds to claim any right to severance, equity or other benefits. I understand that all other terms and conditions of my employment with the Company remain unchanged.

Acknowledged and Agreed:

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March ___, 2020