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EXHIBIT
10.1
SEVENTH AMENDMENT TO
THE
INDEPENDENT CONTRACTOR
CONSULTANCY AGREEMENT
This Seventh
Amendment to the Independent Contractor Consultancy Agreement (the
“Seventh Amendment”) is made and entered into by and
between Ross Stores, Inc. (the “Company”) and Norman A.
Ferber (the “Contractor”). For the purposes of this
agreement, the “Company” includes subsidiaries, parents
and affiliates of Ross Stores, Inc. The Company and Contractor
previously entered into an Independent Contractor Consultancy
Agreement that originally became effective February 1, 2000 and
continued in effect until January 31, 2001. The original
Consultancy Agreement was extended from February 1, 2001 until
January 31, 2009 through six successive Amendments to the
Consultancy Agreement (together, the “Consulting
Agreement”). It is now the intention of the Company and the
Contractor to further amend the Consulting Agreement as set forth
below. Accordingly, the Company and the Contractor now agree as
follows:
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A. |
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Amendments. |
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Paragraph 2.3, will be amended as follows: |
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2.3 Life
Insurance . Company
will pay to Contractor the amount necessary to cover the aggregate
remaining premiums through January 31, 2012, for the existing life
insurance policy on the life of Contractor (the policy issued for
the benefit of the Norman A. Ferber and Rosine Ferber 2001
Insurance Trust or as otherwise designated by Contractor) (the
“Policy”), with a death benefit in the amount of
$2,000,000 (the “Life Insurance Premium Benefit”).
Within 30 days of execution of this Seventh Amendment, Company
shall pay Contractor any premium amounts applicable through January
31, 2009; thereafter, Company shall pay amounts each year to equal
to that year’s premiums, through January 31, 2012. Each such
annual premium payment by the Company shall (a) be paid no later
than the last day of the calendar yea |
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