Exhibit 10.71
AMENDMENT TO EMPLOYMENT
AGREEMENT
This Amendment to Employment
Agreement (the “Amendment”), dated as of the 31st day
of December, 2008, is made by and between The Children’s
Place Retail Stores, Inc. (the “Corporation”) and
Charles K. Crovitz (the “Executive”).
WITNESSETH THAT:
WHEREAS, the Corporation and the
Executive are parties to an Employment Agreement, dated as of
September 26, 2007 (the “Agreement”);
WHEREAS, the Corporation and the
Executive desire to amend the Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of
1986, as amended.
NOW THEREFORE, for and in
consideration of the foregoing, the Corporation and the Executive
hereby agree as follows:
1.
Section 6.01 of the Agreement
is hereby amended to provide the following at the end
thereof.
“Notwithstanding any provision
set forth in this Section 6.01 to the contrary: (i) if
Executive becomes entitled to continuation of his Base Salary as
provided herein, the commencement of such payments shall occur
immediately following the effective date of the release of claims
referred to above; (ii) if Executive becomes entitled to a
payment in respect of the Performance Bonus as provided herein,
such payment shall be made within 75 days following the end of the
applicable performance year under the Annual Management Incentive
Bonus Plan, and in no event later than the time that would cause
such payment to be subject to an “additional tax” under
Section 409A of the Code; and (iii) if Executive is
required to execute a general release of claims as provided herein
and as set forth in Exhibit B of this Agreement, Executive
shall execute such release of claims within 21 days following his
termination of employment (or such longer period if and to the
extent required under applicable law).”
2.
Section 6.02 of the Agreement
is hereby amended and restated to read, in its entirety, as
follows:
“ Compensation Upon
Termination By Reason of Death or Disability or For Cause .
In addition to Executive’s rights under subsections 6.04,
6.05, and 6.06, if Executive’s employment hereunder is
terminated by reason of Executive’s death or Disability,
Executive (or his legal representative, his estate, heirs or
distributes) shall be entitled to receive (i)
