First Amendment to Amended and Restated Employment Agreement between Polo Ralph Lauren Corporation and Roger N. Farah

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment, effective March 29, 2010, updates the employment agreement between Polo Ralph Lauren Corporation and executive Roger N. Farah. It clarifies how Mr. Farah’s salary and a $6 million payment are calculated in certain termination scenarios, and modifies references to bonuses in the agreement. Both parties have agreed to these changes, which are intended to clarify compensation terms if Mr. Farah’s employment ends under specified conditions.

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EX-10.14 2 y81773exv10w14.htm EX-10.14 exv10w14
EXHIBIT 10.14
FIRST AMENDMENT TO
AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
          FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Amendment”) made effective as of the 29th day of March, 2010, by and between Polo Ralph Lauren Corporation, a Delaware corporation (the “Corporation”), and Roger N. Farah (the “Executive”).
          WHEREAS, the Corporation and the Executive entered into an Amended and Restated Employment Agreement effective as of October 14, 2009 (the “Agreement”); and
          WHEREAS, the Corporation and the Executive wish to clarify the Agreement in certain respects.
          NOW, THEREFORE, intending to be bound, the parties hereby agree that the Agreement shall be amended as follows:
          1. Section 6(a)(i)(1)(y) of the Agreement is hereby amended in its entirety to read as follows:
“the sum of (I) the Executive’s salary at the rate in effect on such date (unless employment is terminated by the Executive for Good Reason pursuant to Section 5(b) hereof as a result of a Salary reduction, in which case, at the rate in effect prior to such reduction), plus (II) $6 million; plus”
          2. Section 6(a)(v) of the Agreement is hereby amended by deleting the words “Salary and Target Annual Incentive Bonus” contained in clause (A) thereof.
          3. The second sentence of Section 6(e) of the Agreement is hereby amended by deleting the words “the Target Annual Incentive Bonus” in clause (y) thereof and by substituting therefor the words “$6 million”.
          IN WITNESS WHEREOF, the Corporation has caused this Amendment to be duly executed and the Executive has hereunto set his hand, effective as of the first day written above.
         
  POLO RALPH LAUREN CORPORATION
 		  
  By:   /s/ Ralph Lauren    
    Name:   Ralph Lauren   
    Title:   Chairman and CEO   
    Date:   March 29, 2010  
 
         
     
  By:   /s/ Roger N. Farah    
    /s/ ROGER N. FARAH   
    Executive: ROGER N. FARAH   
    Date: March 29, 2010