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GPS » Topics » 2. T HE C OMPANY S P ROMISES T O Y OU :

This excerpt taken from the GPS 8-K filed Apr 15, 2005.

2. THE COMPANY’S PROMISES TO YOU:

 

In consideration for the promises made by you in this Agreement, the Company agrees to the following:

 

a. Severance Payments: The Company will make severance payments to you based on your current salary ($600,000) in the following manner and subject to the following restrictions:

 

  i. For 31 weeks, from May 14, 2005 until December 16, 2005 (“Income Continuation Period”), the Company will make bi-weekly payments of the difference of $23,076.92, and the amount you earn on a bi-weekly basis through any employment or other professional relationship (e.g. consultant) for which you are compensated during the Income Continuation Period, with the exception of any income you earn through your work on the Board of Directors of Jack in the Box Inc. and any other non-competitive Board. The determination of whether a Board assignment is competitive shall be made by the Company and shall without limitation include all apparel and accessory retailers. You agree to inform the Company within five days of your acceptance of new employment or other compensated relationship.

 

  ii. If, as of December 17, 2005, you do not hold employment or other professional relationships for which the cumulative total of your income is greater than $300,000 on an annualized basis (excluding income from a non-competitive Board, as described above), the Company will be pay you the lump sum amount of $242,307.68.

 

Prior to receiving any payments, you must execute this Agreement. During the Income Continuation Period, you agree to abide by all terms of this Agreement, and you understand that payments will cease if you breach any of your obligations to the Company.

 

b. COBRA Subsidy: The Company will pay you a lump sum amount equivalent to the amount of your COBRA premium at your current coverage level for 12 months. The Company subsidy of the COBRA premium is taxable income to you and is subject to tax withholding.

 

c. Outplacement Assistance: Drake Beam Morin will provide outplacement assistance to you. The assistance is for up to 6 months, and Drake Beam Morin will invoice the Company directly. Please contact Drake Beam Morin at (866) 787-3995 to initiate service on or before December 31, 2005.

 

d. Financial Planning Assistance: The Company will continue to pay for financial counseling from AYCO Company, in accordance with your current plan offering, through May 31, 2006.

Anne B. Gust

April 12, 2005

Page 3

 

e. Tax Withholding: You acknowledge and agree that all payments made pursuant to this Agreement shall be subject to withholding of all applicable taxes.

 

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