This excerpt taken from the ANF DEF 14A filed May 8, 2009.
CEO Employment Agreement
As noted above, the Compensation Committee believes it is in the best interest of the Company to secure Mr. Jeffries employment through the use of a contract since it is his role and vision that have transformed the Company into one of the strongest retailers in the country. Mr. Jeffries and the Company were party to an employment agreement that was scheduled to expire on December 31, 2008. Given his role and vision for the Company, the Compensation Committee was keenly interested in keeping Mr. Jeffries engaged in the Companys business and thus desired a long-term employment contract that would motivate Mr. Jeffries performance, while simultaneously seeking to implement best practices with respect to executive compensation and corporate governance. The Compensation Committee believes that these goals were attained and reflected in the new employment agreement entered into as of December 19, 2008. In particular:
As noted above, additional details of the employment agreement and the vesting and other terms of the semi-annual grants and the retention grant made and to be made to Mr. Jeffries under the terms of the employment agreement are provided beginning on page 46.