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Exhibit
10.7
AMENDMENT TO AMENDED AND
RESTATED MANAGEMENT PERFORMANCE COMPENSATION PLAN
The AnnTaylor Stores
Corporation Management Performance Compensation Plan
(“AMIP”) is hereby amended and restated as set forth
below.
1. The following sections of
the AnnTaylor Stores Corporation AMIP are hereby amended and
restated to read as follows:
“(a) Payment of an
Award (if any) for a Performance Cycle will be made in cash
promptly following the end of the Performance Cycle to which it
relates and following the certification by the Committee pursuant
to Section 5(f) (but in no event later than the last day of
the “applicable 2 1
/ 2 month period”, as such term is
defined in Treasury Regulation §
1.409A-1(b)(4)(i)(A)).”
“5(e) Performance
Compensation shall be paid by the Company or the Subsidiary
employing the Participant promptly following the end of the
Performance Period to which it relates, or at such later time as
may be determined by the Committee at the time the Award is made.
The foregoing notwithstanding, no payment of Performance
Compensation for a Performance Period may be made
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