<SEC-DOCUMENT>0000950142-15-000699.txt : 20150406
<SEC-HEADER>0000950142-15-000699.hdr.sgml : 20150406
<ACCEPTANCE-DATETIME>20150406162535
ACCESSION NUMBER:		0000950142-15-000699
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20150401
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150406
DATE AS OF CHANGE:		20150406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RALPH LAUREN CORP
		CENTRAL INDEX KEY:			0001037038
		STANDARD INDUSTRIAL CLASSIFICATION:	MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320]
		IRS NUMBER:				132622036
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13057
		FILM NUMBER:		15753860

	BUSINESS ADDRESS:	
		STREET 1:		650 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123187000

	MAIL ADDRESS:	
		STREET 1:		650 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POLO RALPH LAUREN CORP
		DATE OF NAME CHANGE:	19970402
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-WEIGHT: bold">UNITED STATES</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WASHINGTON, DC 20549</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT PURSUANT</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">TO SECTION 13 OR 15(D) OF THE</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date of report (Date of earliest event reported) &#160;&#160;&#160;&#160;April 1, 2015</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">RALPH LAUREN CORPORATION</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">650 MADISON AVENUE, NEW YORK, NEW YORK</div>
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<td style="WIDTH: 81pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">ITEM 5.02.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amendment to the Employment Agreement of Ralph Lauren</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On April 1, 2015, the Company entered into an amendment (the &#8220;Lauren Amendment&#8221;) to the amended and restated employment agreement, dated as of June 26, 2012, between Ralph Lauren, the Company&#8217;s Chairman and Chief Executive Officer, and Ralph Lauren Corporation (the &#8220;Company&#8221;).&#160; The term of the Lauren Amendment commences effective as of March 29, 2015 (the &#8220;Lauren Effective Date&#8221;).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to the Lauren Amendment, the value of Mr. Lauren&#8217;s annual equity award will be $11 million.&#160; In addition, his annual equity award will consist of 100% performance share units (&#8220;PSUs&#8221;), which will have the same performance-based vesting criteria as the Cumulative Net Earnings RPSUs, as defined in Mr. Lauren&#8217;s employment agreement, except that for the Company&#8217;s fiscal year ending March 26, 2016, the performance metric will be cumulative earnings per share for the three-year performance period, and in subsequent fiscal years will be determined by the Compensation and Organizational Development Committee of the Board of Directors. Finally, the value of Mr. Lauren&#8217;s target bonus under the Executive Office Annual Incentive Plan (&#8220;EOAIP&#8221;) will be $6 million and the maximum value of that award will be 200% of target.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employment Agreement of Christopher H. Peterson</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On April 1, 2015, the Company entered into an amended and restated employment agreement with Christopher&#160;H. Peterson to reflect his appointment as the Company&#8217;s President, Global Brands (the &#8220;Peterson Agreement&#8221;).&#160; Mr. Peterson previously served as the Company&#8217;s Executive Vice President, Chief Administrative Officer and Chief Financial Officer.&#160; The term of the Peterson Agreement commences as of April 1, 2015 (the &#8220;Peterson Effective Date&#8221;) and continues until June 1, 2018.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to the Peterson Agreement, Mr. Peterson is entitled to an annual base salary of not less than $1,000,000 and will also be entitled to participate in any applicable bonus program that the Company maintains during the term of his employment, including the EOAIP.&#160; Mr. Peterson&#8217;s target EOAIP bonus will be 300% of his base salary, and the value of his annual equity award will be $4,500,000.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Peterson Agreement, if the Company terminates Mr. Peterson&#8217;s employment for any reason other than death, disability or Cause, or Mr. Peterson voluntarily terminates his employment for Good Reason (each as defined in the Peterson Agreement), he will be entitled to receive his then current base salary for a severance period equal to the longer of (i) the balance of the term or (ii) for one year, provided that under no circumstances shall Mr. Peterson be paid his base salary for a period longer than two years, plus a lump sum amount at the end of the severance period equal to three times his base salary.&#160; In addition, he will be entitled to continue to participate during the severance period in any group medical or dental insurance plans in which he participated prior to termination.&#160; Mr. Peterson&#8217;s rights with respect to any unvested stock options, Cliff Restricted Performance Share Units (&#8220;RPSUs&#8221;), PSUs or other equity awards will be governed by the provisions of the Company&#8217;s 2010 Long-Term Stock Incentive Plan (&#8220;LTSIP&#8221;) and the respective award agreements, if any, under which such awards were granted.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If the Company terminates his employment without Cause, or Mr. Peterson voluntarily terminates his employment for Good Reason, within 12 months following a Change of Control of the Company (as defined in the Peterson Agreement), then, in lieu of the foregoing amounts, Mr. Peterson will be entitled to receive a lump sum amount, payable within 15 days after the termination of his employment, equal to two times the sum of his then current annual base salary and the bonus he was paid for the most recently completed fiscal year immediately prior to his termination. In addition, in such event, any unvested stock options, unvested restricted stock and unvested RPSUs and other equity awards held by Mr. Peterson will immediately vest, and all of his vested stock options will remain exercisable for six months.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If Mr. Peterson voluntarily terminates his employment without Good Reason, or if the Company terminates his employment for Cause, Mr. Peterson will be entitled to receive only his base salary through the date of termination.&#160; In the event his employment terminates due to his death or disability, he or his estate will be entitled to receive all payments due to Mr. Peterson through the date of his death or termination due to disability.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Peterson Agreement, the above described amounts and stock awards to be provided are subject to his compliance with certain restrictive covenants.&#160; Any amounts due and payable to Mr. Peterson upon termination of his employment will be subject to compliance with Section 409A of the Internal Revenue Code.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employment Agreement of Mitchell A. Kosh</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On April 1, 2015, the Company entered into an amended and restated employment agreement with Mitchell A. Kosh to reflect his appointment as the Company&#8217;s Executive Vice President, Chief Administrative Officer (the &#8220;Kosh Agreement&#8221;).&#160; Mr. Kosh previously served as the Company&#8217;s Executive Vice President of Human Resources.&#160; The term of the Kosh Agreement commences as of April 1, 2015 (the &#8220;Kosh Effective Date&#8221;) and continues until June 1, 2018.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to the Kosh Agreement, Mr. Kosh is entitled to an annual base salary of not less than $900,000 and will also be entitled to participate in any applicable bonus program that the Company maintains during the term of his employment, including the EOAIP.&#160; Mr. Kosh&#8217;s target EOAIP bonus will be 100% of his base salary, and the value of his annual equity award will be $800,000.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Kosh Agreement, if the Company terminates Mr. Kosh&#8217;s employment for any reason other than death, disability or Cause, or Mr. Kosh voluntarily terminates his employment for Good Reason (each as defined in the Kosh Agreement), he will be entitled to receive his then current base salary for a severance period equal to the longer of (i) the balance of the term or (ii) for one year, provided that under no circumstances shall Mr. Kosh be paid his base salary for a period longer than two years, plus a lump sum amount at the end of the severance period equal to his base salary.&#160; In addition, he will be entitled to continue to participate during the severance period in any group medical or dental insurance plans in which he participated prior to termination.&#160; Mr. Kosh&#8217;s rights with respect to any unvested stock options, RPSUs, PSUs or other equity awards shall be governed by the provisions of the Company&#8217;s 2010 LTSIP and the respective award agreements, if any, under which such awards were granted.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If the Company terminates his employment without Cause, or Mr. Kosh voluntarily terminates his employment for Good Reason, within 12 months following a Change of Control of the Company (as defined in the Kosh Agreement), then, in lieu of the foregoing amounts, Mr. Kosh will be entitled to receive a lump sum amount, payable within 15 days after the termination of his employment, equal to two times the sum of his then current annual base salary and the bonus he was paid for the most recently completed fiscal year immediately prior to his termination. In addition, in such event, any unvested stock options, unvested restricted stock and unvested RPSUs, PSUs and other equity awards held by Mr. Kosh will immediately vest, and all of his vested stock options will remain exercisable for six months.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If Mr. Kosh voluntarily terminates his employment without Good Reason, or if the Company terminates his employment for Cause, Mr. Kosh will be entitled to receive only his base salary through the date of termination.&#160; In the event his employment terminates due to his death or disability, he or his estate will be entitled to receive all payments due to Mr. Kosh through the date of his death or termination due to disability.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Kosh Agreement, the above described amounts and stock awards to be provided are subject to his compliance with certain restrictive covenants.&#160; Any amounts due and payable to Mr. Kosh upon termination of his employment will be subject to compliance with Section 409A of the Internal Revenue Code.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-STYLE: italic; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Employment Agreement of Robert L. Madore</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On April 1, 2015, the Company entered into an employment agreement with Robert L. Madore, to reflect his appointment as the Company&#8217;s Senior Vice President, Chief Financial Officer (the &#8220;Madore Agreement&#8221;).&#160; Mr. Madore previously served as the Company&#8217;s Senior Vice President of Finance.&#160; The term of the Madore Agreement commences as of April 1, 2015 (the &#8220;Madore Effective Date&#8221;) and continues until March 31, 2018.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to the Madore Agreement, Mr. Madore is entitled to an annual base salary of not less than $700,000 and will also be entitled to participate in any applicable bonus program that the Company maintains during the term of his employment, including the EOAIP.&#160; Mr. Madore&#8217;s target EOAIP bonus will be 75% of his base salary, and the value of his annual equity award will be $550,000.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Madore Agreement, if the Company terminates Mr. Madore&#8217;s employment for any reason other than death, disability or Cause, or Mr. Madore terminates his employment for Good Reason (as such terms are defined in the Madore Agreement), he will be entitled to receive, in accordance with the Company&#8217;s normal payroll practices, an amount equal to his then current base salary for a severance period equal to one year from the date of such termination, plus a lump sum amount at the end of the severance period equal to 75% of his base salary.&#160; In addition, he will be entitled to continue to participate during the severance period in any group medical or dental insurance plans in which he participated prior to termination.&#160; Mr. Madore&#8217;s rights with respect to any unvested stock options, RPSUs, PSUs or other equity awards shall be governed by the provisions of the Company&#8217;s 2010 LTSIP and the respective award agreements, if any, under which such awards were granted.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If the Company terminates his employment without Cause, or Mr. Madore voluntarily terminates his employment for Good Reason, within 12 months following a Change of Control of the Company (as defined in the Madore Agreement), then, in lieu of the foregoing amounts, Mr. Madore will be entitled to receive a lump sum amount, payable within 15 days after the termination of his employment, equal to two times the sum of his the current annual base salary and the bonus he was paid for the most recently completed fiscal year immediately prior to his termination. In addition, in such event, any unvested stock options, unvested restricted stock , unvested RPSUs and other equity awards held by Mr. Madore will immediately vest, and all of his vested stock options will remain exercisable for six months.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">If Mr. Madore voluntarily terminates his employment without Good Reason, or if the Company terminates his employment for Cause, Mr. Madore will be entitled to receive only his base salary through the date of termination.&#160; In the event his employment terminates due to his death or disability, he or his estate will be entitled to receive all payments due to Mr. Madore through the date of his death or termination due to disability.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Under the Madore Agreement, the above described amounts and stock awards to be provided are subject to his compliance with certain restrictive covenants.&#160; Any amounts due and payable to Mr. Madore upon termination of his employment will be subject to compliance with Section 409A of the Internal Revenue Code.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">The foregoing descriptions of each of the Lauren Amendment, the Peterson Agreement, the Kosh Agreement and the Madore Agreement are qualified in their entirety by the Lauren Amendment, the Peterson Agreement, the Kosh Agreement and the Madore Agreement which are attached hereto as Exhibits&#160;10.1, 10.2, 10.3 and 10.4, respectively.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">On April 2, 2015, the Company issued a press release concerning the appointments of Messrs. Peterson, Kosh and Madore in connection with each of their agreements, and a copy of such press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 9.01.</font><font style="FONT-SIZE: 5.01pt" id="TRGRRTFtoHTMLTab"><font style="FONT-WEIGHT: bold">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FINANCIAL STATEMENTS AND EXHIBITS.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Exhibits.</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>DESCRIPTION</u></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amendment No. 1 to the Amended and Restated Employment Agreement, dated as of April 1, 2015, between Ralph Lauren Corporation and Ralph Lauren.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.2</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amended and Restated Employment Agreement, made effective as of April 1, 2015, between Ralph Lauren Corporation and Christopher H. Peterson.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.3</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amended and Restated Employment Agreement, made effective as of April 1, 2015, between Ralph Lauren Corporation and Mitchell A. Kosh.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Amended and Restated Employment Agreement, made<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>effective as of April 1, 2015, between Ralph Lauren Corporation and Robert L. Madore.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Press release dated April 2, 2015.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Date: April 6, 2015</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">By:&#160;</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Senior Vice President, Chief Financial Officer</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>DESCRIPTION</u></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.1</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><a href="eh1500452_ex1001.htm">Amendment No. 1 to the Amended and Restated Employment Agreement, dated as of April 1, 2015, between Ralph Lauren Corporation and Ralph Lauren.</a></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.2</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><a href="eh1500452_ex1002.htm">Amended and Restated Employment Agreement, made effective as of April 1, 2015, between Ralph Lauren Corporation and Christopher H. Peterson.</a></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.3</div>
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<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 85.54%; VERTICAL-ALIGN: top; BORDER-TOP: medium none; BORDER-RIGHT: medium none">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><a href="eh1500452_ex1003.htm">Amended and Restated Employment Agreement, made effective as of April 1, 2015, between Ralph Lauren Corporation and Mitchell A. Kosh.</a></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.4</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><a href="eh1500452_ex1004.htm">Amended and Restated Employment Agreement, made<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font>effective as of April 1, 2015, between Ralph Lauren Corporation and Robert L. Madore.</a></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">99.1</div>
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<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 85.54%; VERTICAL-ALIGN: top; BORDER-TOP: medium none; BORDER-RIGHT: medium none">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><a href="eh1500452_ex9901.htm">Press release dated April 2, 2015.</a></div>
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<TYPE>EX-10.1
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<DESCRIPTION>EXHIBIT 10.1
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: bold">AMENDED AND RESTATED</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">AMENDMENT (&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Amendment No. 1</u></font>&#8221;) dated April 1, 2015, and made effective as of the 29th day of March 2015 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effective Date</u></font>&#8221;), by and between Ralph Lauren Corporation, a Delaware corporation (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company</u></font>&#8221;), and Ralph Lauren (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Executive</u></font>&#8221;).</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">WHEREAS, the Executive currently serves as the Chief Executive Officer of the Company and Chairman of the Board of Directors of the Company pursuant to an Amended and Restated Employment Agreement by and between the Company and the Executive dated June 26, 2012 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Employment Agreement</u></font>&#8221;); and</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">WHEREAS, the Company and the Executive wish to amend the Employment Agreement in certain respects;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Section 4(b) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Annual Bonus</u></font>.&#160; Beginning with the Fiscal Year that ends in calendar year 2016 (&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Fiscal Year 2016</u></font>&#8221;), for each Fiscal Year that occurs during the Term the Executive shall be eligible to earn an annual cash bonus (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Bonus</u></font>") under the Company's Executive Officer Annual Incentive Plan, as amended from time to time (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Bonus Plan</u></font>"), based upon the achievement by the Company and its subsidiaries of performance goals for each such Fiscal Year established by the Compensation &amp; Organizational Development Committee of the Board of Directors (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Compensation Committee</u></font>"). The Compensation Committee shall establish objective criteria to be used to determine the extent to which such performance goals have been satisfied. The range of the Bonus opportunity for each Fiscal Year will be as determined by the Compensation Committee based upon the extent to which such performance goals are achieved, provided that the annual target Bonus opportunity shall be $6 million for each such Fiscal Year (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Target Bonus</u></font>"), and provided further that for each Fiscal Year, the maximum Bonus payable pursuant to this Section 4(b) shall equal 200% of the Target Bonus for such Fiscal Year. Notwithstanding the foregoing, in no case may the Bonus for any Fiscal Year exceed the maximum annual bonus payable to any single individual pursuant to the Bonus Plan, it being agreed that said maximum amount shall in no event be less than $12 million per Fiscal Year.&#160; The performance goals, metrics and targets (and percentage payouts at Threshold, Target and Maximum) (collectively, "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Performance Conditions</u></font>") applicable to Executive's Bonus for each Fiscal Year shall be consistent with the Performance Conditions that are applicable to annual bonuses for the Company's other SEC Named Executive Officers; provided, however, that the foregoing shall not apply to </div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">the strategic financial goal (from which Executive has heretofore been excluded) and shall not be construed as precluding the Compensation Committee from applying Performance Conditions to Executive and other SEC Named Executive Officers in a manner generally consistent with past practice.&#160; The Bonus, if any, payable to the Executive in respect of any Fiscal Year will be paid at the same time that bonuses are paid to other executives of the Company, but in any event within two and one-half months after the conclusion of such Fiscal Year.&#160; For the avoidance of doubt, the Executive shall continue to be entitled to a Bonus for Fiscal Year 2015 as defined in and under the terms and conditions set forth in Section 4(b) of this Agreement as it was in effect prior to the effective date of Amendment No. 1 to this Agreement.&#8221;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 4(c)(1) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#8220;In General</u></font>. Beginning with Fiscal Year 2016 and on an annual basis during the remainder of the Term, at the same time as equity awards are granted to other SEC Named Executive Officers of the Company but subject to Section 4(c)(3) below, the Executive will be granted long-term equity awards ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Equity Awards</u></font>") pursuant to the terms of the Company's 2010 Long-Term Stock Incentive Plan or any successor thereto (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Incentive Plan</u></font>") with an aggregate target grant date fair value of $11 million.&#160; All of such aggregate target grant date fair value ($11 million) shall be granted in the form of performance share units ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>PSUs</u></font>"), subject to the applicable terms and conditions set forth below in this Section 4(c).&#160; The number of PSUs to be granted each year shall be determined by dividing $11 million by the average of the high and low price per share of Class A Common Stock of the Company (each a &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Common Share</u></font>&#8221;) on the date of grant (or, if such date is not a trading day, on the next preceding trading day) and rounding the result to the nearest whole number.&#160; In the event that there occurs any stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Common Shares or other similar corporate transaction or event that affects the Common Shares such that an adjustment is appropriate and necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available hereunder, the number of Common Shares subject to PSUs will be subject to equitable adjustment, on a basis no less favorable to Executive than as set forth in the Incentive Plan as in effect on the date hereof.&#160; In no event shall any PSU contain single trigger change in control acceleration provisions, except in circumstances where the acquirer fails to assume the award in connection with any change in control transaction.&#8221;</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">3.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Section 4(c)(2) of the Employment Agreement is removed in its entirety from the Employment Agreement, effective as of the Effective Date.</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">4.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">The subsections of Section 4(c) of the Employment Agreement currently designated (3) and (4) are redesignated as subsections (2) and (3), effective as of the Effective Date, and all references to such subsections in the Employment Agreement (as in effect prior to this Amendment No. 1) shall be revised accordingly.</font></div>

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<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">5.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Newly redesignated Section 4(c)(2) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>PSUs</u></font>.&#160; PSUs granted hereunder shall vest, if at all, following a three-year performance period, and shall be subject to the Executive's employment with the Company on each PSU Certification Date (as defined below), except as otherwise provided herein, and, subject to Section 4(c)(3)(B), the attainment of the applicable performance goals set forth below, which shall be no less favorable to Executive than the Performance Conditions applicable to PSUs granted to any of the Company's other SEC Named Executive Officers.&#160; Each annual grant of PSUs hereunder shall vest and be paid out based on attainment by the Company of a metric established by the Compensation Committee, in its sole discretion, but for Fiscal 2016 shall be a level of cumulative earnings per share (&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>EPS</u></font>&#8221;) established by the Compensation Committee, in its sole discretion, for the three-year performance period.&#160; With respect to each such annual grant of PSUs, Executive shall be entitled to vest in and receive payment with respect to a percentage of such PSUs, as follows:</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Performance Level</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>% of Goal(s) Achieved</u></div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>% of Cumulative Earnings </u></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>PSUs Vested/Paid</u></div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Below Threshold</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&lt;</font>70%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">0%</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Threshold</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">70%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">75%</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Target</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100%</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">100%</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Maximum</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">110% or more</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">150%</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 36pt; CLEAR: both; FONT-SIZE: 10pt">For purposes of determining the number of PSUs becoming vested by reason of attainment of cumulative EPS levels, or other performance levels, as applicable, PSU vesting shall be interpolated for performance between identified performance levels, except that no PSUs shall vest for performance below the threshold level.&#160; Not later than 30 days prior to March 15th of the calendar year immediately following the end of the applicable three-year performance period, the Compensation Committee shall certify the level of performance achieved with respect to such three-year performance period (the date of such certification being referred to as the "PSU Certification Date").&#160; Any PSUs that remain unvested following such certification shall be immediately forfeited without payment of any consideration.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Payment in respect of each vested PSU, if any, shall be made in Common Shares as soon as practicable (but in no event later than 30 days) following the PSU Certification Date.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">In the event of an issuance of any cash or stock dividend on the Common Shares (a "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Dividend</u></font>&#8221;), the Executive shall be entitled to be credited with an additional number of PSUs (each, a "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Dividend PSU</u></font>"), determined as follows:</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(x)&#160; in the event of a cash dividend, equal to the quotient obtained by dividing (a) the product of (i) the number of PSUs that the Executive holds at the time of the record date for such Dividend multiplied by (ii) the amount of the Dividend per Common Share, divided by (b) the fair market value per Common Share on the payment date for such Dividend; and</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt">(y) in the event of a stock dividend, equal to the number of Common Shares (including fractions thereof) issued with respect to each Common Share, multiplied by the number of PSUs.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Once credited, each Dividend PSU shall be treated as a PSU hereunder and shall be subject to the same terms and conditions as the PSU from which such Dividend PSU is derived, including, but not limited to, the applicable vesting schedule and rights to Dividend PSUs with respect to future Dividends.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">For the avoidance of doubt, Executive shall continue to be entitled to be credited with &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Dividend RPSUs</u></font>&#8221; as defined in and under the terms and conditions set forth in Section 4(c)(3)(C) of this Agreement as it was in effect prior to the effective date of Amendment No. 1 to this Agreement.</div>

<div style="TEXT-ALIGN: justify; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Each annual grant of PSUs shall be evidenced by a certificate and/or summary of terms (in accordance with the Company's past practice) which shall not be inconsistent with the terms of this Agreement; provided that in no event shall any PSUs contain single trigger change in control acceleration provisions, except in circumstances where the acquirer fails to assume the award in connection with any change in control transaction.&#8221;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">6.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Newly redesignated Section 4(c)(3) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#8220;Other Conditions</u></font>.&#160; Notwithstanding anything herein to the contrary:&#160; (A) the performance targets established for PSU grants for each Fiscal Year shall be approved in writing by the Compensation Committee not later than the latest date required for such PSUs to qualify as "qualified performance-based compensation" for purposes of Section 162(m) of the Code; and (B) PSUs granted to Executive in respect of any Fiscal Year shall have Performance Conditions which are no less favorable to Executive than those applicable to PSUs granted to any other SEC Named Executive Officers in respect of such Fiscal Year.&#160; It is contemplated that no more than 50% (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Maximum Variance Percentage</u></font>&#8221;) of the long term equity incentive awards granted to any other SEC Named Executive Officer in respect of any Fiscal Year (a &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>FY LTI Award</u></font>&#8221;)&#160; shall be in the form of awards which differ (including Performance Conditions) from the&#160; PSUs to be granted to Executive pursuant to Section 4(c)(1) and (2) of this Agreement (an &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Alternative Award Form</u></font>&#8221;). In the event that with respect to any Fiscal Year the percentage of any SEC Named Executive Officer&#8217;s FY LTI Award that is in an Alternative Award Form and which include Performance Conditions which are more favorable than those applicable to the PSUs contemplated to be granted to the Executive hereunder&#160; exceeds the Maximum Variance Percentage (such excess percentage being referred to as the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Excess Percentage</u></font>&#8221;) then a percentage of the aggregate Equity Award made to the </div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Executive with respect such Fiscal Year equal to the Excess Percentage shall be granted to Executive on terms consistent with such Alternative Award Form.&#8221;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">7.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 6(a)(4) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;restricted performance share units (&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>RPSUs</u></font>&#8221;) and PSUs granted under this Agreement will vest based upon actual performance over the applicable performance period as if Executive had remained employed to the applicable RPSU Certification Date (as defined in Section 4(c)(3)(C) of this Agreement as it was in effect prior to the effective date of Amendment No. 1 to this Agreement) or PSU Certification Date, as applicable; and&#8221;</div>

<div><br />
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 6(b)(3) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

<div><br />
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;any RPSUs and PSUs granted under this Agreement and then held by Executive shall vest in their entirety at target on the Executive's date of termination of employment; provided, that if the date of death occurs in the last year of a performance period, the RPSUs and PSUs granted in respect of such performance period shall vest and be paid out based upon actual performance over such performance period as if Executive had remained employed to the applicable RPSU or PSU Certification Date, as applicable; and&#8221;</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 63pt; FONT-SIZE: 10pt">&#8220;any unvested RPSUs and PSUs shall be forfeited; and&#8221;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Section 6(d)(3) of the Employment Agreement is amended to read in its entirety as follows, effective as of the Effective Date:</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 63pt; FONT-SIZE: 10pt">&#8220;the Executive&#8217;s then outstanding stock options, RPSUs and PSUs shall be treated in the manner described in Sections 6(a)(3) and 6(a)(4), respectively; and&#8221;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All Stock Options and RPSUs (each as defined in Section 4(c)(1) of the Employment Agreement as it was in effect prior to the Effective Date) granted to Executive under the Employment Agreement prior to the Effective Date, all Bonuses (as defined in Section 4(b) of the Employment Agreement as it was in effect prior to the Effective Date) earned by Executive under the Employment Agreement prior to the Effective Date or which relate to Fiscal Year 2015, and all Dividend RPSUs (as defined in Section 4(c)(3)(C) of the Employment Agreement as it was in effect prior to the Effective Date) granted to Executive before and after the Effective Date, shall continue to be governed by the terms of the Employment Agreement that were in effect prior to the Effective Date.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Except as amended and/or modified by this Amendment No. 1, the Employment </font></div>

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<div style="TEXT-ALIGN: left">Agreement is hereby ratified and confirmed and all other terms of the Employment Agreement shall remain in full force and effect, unaltered and unchanged by this Amendment No. 1.</div>

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<div>Chairman of the Compensation &amp; </div>

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<div style="TEXT-ALIGN: right; FONT: bold 10pt/1.25 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000">EXHIBIT&#160;10.2</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-WEIGHT: bold">CHRISTOPHER H. PETERSON</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="FONT-WEIGHT: bold">AMENDED AND RESTATED</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160;</div>

THIS EMPLOYMENT AGREEMENT (the &#8220;Agreement&#8221;) is made effective as of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day of April, 2015 (the &#8220;Effective Date&#8221;), by and between Ralph Lauren Corporation, a Delaware corporation (the &#8220;Corporation&#8221;), and Christopher Peterson (the &#8220;Executive&#8221;).</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">WHEREAS, the Executive has been employed with the Corporation pursuant to an Employment Agreement made effective as of November 1st, 2013, as amended (the &#8220;2013 Employment Agreement&#8221;); and</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">WHEREAS, the Corporation and Executive wish to amend and restate such 2013 Employment Agreement effective as of the date hereof;</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE I<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>EMPLOYMENT</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Employment Term</u></font>.&#160; The Corporation hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Corporation, on the terms and conditions set forth herein and in the Executive&#8217;s<font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #00ff00; FONT-SIZE: 10pt">&#160;</font>term sheet dated April 1, 2015, a copy of which is attached hereto as Exhibit 1 (the &#8220;Term Sheet&#8221;).&#160; The employment of the Executive by the Corporation shall be effective as of the date hereof and continue until June 1, 2018 (the &#8220;Term&#8221;), unless terminated earlier in accordance with Article II hereof.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Position and Duties</u></font>.&#160; During the Term the Executive shall faithfully, and in conformity with the directions of the Board of Directors of the Corporation and any Committee thereof (the &#8220;Board&#8221;) or the management of the Corporation (&#8220;Management&#8221;), perform the duties of his employment, and shall devote to the performance of such duties his full time and attention.&#160; During the Term the Executive shall serve in such position as the Board or Management may from time to time direct.&#160; During the Term, the Executive may engage in outside activities provided those activities do not conflict with the duties and responsibilities enumerated hereunder, and provided further that the Executive receives written approval in advance from Management for any outside business activity that may require significant expenditure of the Executive&#8217;s time in which the Executive plans to become involved, whether or not such activity is pursued for profit.&#160; The Executive shall be excused from performing any services hereunder during periods of temporary incapacity and during vacations in accordance with the Corporation&#8217;s disability and vacation policies.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Place of Performance</u></font>.&#160; The Executive shall be employed at the principal offices of the Corporation located in New York, New York, except for required travel on the Corporation&#8217;s business.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Compensation and Related Matters</u></font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Base Compensation</u></font>.&#160; In consideration of his services during the Term, the Corporation shall pay the Executive cash compensation at an annual rate of not less than one million dollars ($1,000,000) (&#8220;Base Compensation&#8221;), less applicable withholdings.&#160; Executive&#8217;s Base Compensation shall be subject to such increases as may be approved by the Board or Management.&#160; The Base Compensation shall be payable as current salary, in installments not less frequently than monthly, and at the same rate for any fraction of a month unexpired at the end of the Term.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; During the Term, the Executive shall be eligible to participate in the Ralph Lauren Corporation 2010 Long-Term Stock Incentive Plan or any successor thereto (the &#8220;Incentive Plan&#8221;).&#160; All equity award grants to the Executive, if any, including but not limited to the grants set forth in the Term Sheet, are governed by the terms of the Incentive Plan and are subject, in all cases, to approval by the Compensation &amp; Organizational Development Committee of the Board of Directors in its sole discretion.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the Term, the Corporation shall pay Executive a car allowance in the amount of one thousand five hundred dollars ($1,500) per month, less applicable withholdings.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Expenses.</u></font>&#160; During the Term, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in performing services hereunder, including all reasonable expenses of travel and living while away from home, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font> that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(f)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Vacations</u></font>.&#160; During the Term, the Executive shall be entitled to the number of vacation days in each fiscal year, and to compensation in respect of earned but unused vacation days, determined in accordance with the Corporation&#8217;s vacation program.&#160; The Executive shall also be entitled to all paid holidays given by the Corporation to its employees.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(g)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Other Benefits</u></font>.&#160; The Executive shall be entitled to participate in all of the Corporation&#8217;s employee benefit plans and programs in effect during the Term as would by their terms be applicable to the Executive, including, without limitation, any life insurance plan, medical insurance plan, dental care plan, accidental death and disability plan, and sick/personal leave program.&#160; The Corporation shall not make any changes in such plans or programs that would adversely affect the Executive&#8217;s benefits thereunder, unless such change occurs pursuant to a plan or program applicable to other similarly situated employees of the Corporation and does not result in a proportionately greater reduction in the rights or benefits of the Executive as compared with other similarly situated employees of the Corporation. Except as otherwise specifically provided herein, nothing paid to the Executive under any plan or program presently in effect or made available in the future shall be in lieu of the Base Compensation or any bonus payable under Sections 1.4(a) and 1.4(b) hereof.</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE II<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>TERMINATION OF EMPLOYMENT</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Termination of Employment</u></font>.&#160; The Executive&#8217;s employment may terminate prior to the expiration of the Term under the following circumstances:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Without Cause</u></font>.&#160; The Executive&#8217;s employment shall terminate upon the Corporation notifying the Executive that his services will no longer be required.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Death</u></font>.&#160; The Executive&#8217;s employment shall terminate upon the Executive&#8217;s death.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Disability</u></font>. If, as a result of the Executive&#8217;s incapacity due to physical or mental illness, the Executive shall have been absent and unable to perform the duties hereunder on a full-time basis for an entire period of six consecutive months, the Executive&#8217;s employment may be terminated by the Corporation following such six-month period.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Cause</u></font>.&#160; The Corporation may terminate the Executive&#8217;s employment for Cause.&#160; For purposes hereof,&#160; &#8220;Cause&#8221; shall mean:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">failure by the Executive to perform the duties of the Executive hereunder (other than due to disability as defined in 2.1(c)), provided that the conduct described in this Section 2.1(d)(i) shall not constitute Cause unless and until such failure by Executive to perform his duties hereunder has not been cured to the satisfaction of the Corporation, in its sole discretion, within fifteen (15) days after notice of such failure has been given by the Corporation to Executive; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an act of fraud, embezzlement, theft, breach of fiduciary duty, dishonesty, or any other misconduct or any violation of law (other than a traffic violation) committed by the Executive; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any action by the Executive causing damage to or misappropriation of&#160; Corporation assets; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s wrongful disclosure of confidential information of the Corporation or any of its affiliates; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s breach of Section 5.7 herein or the Executive&#8217;s engagement in any competitive activity which would constitute a breach of this Agreement and/or of the Executive&#8217;s duty of loyalty; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s breach of any employment policy of the Corporation, including, but not limited to, conduct relating to falsification of business records, violation of the Corporation&#8217;s code of business conduct &amp; ethics, harassment, creation of a hostile work environment, excessive absenteeism, insubordination, violation of the Corporation&#8217;s policy on drug &amp; alcohol use, or violent acts or threats of violence; or</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">performance by the Executive of his employment duties in a manner deemed by the Corporation, in its sole discretion, to be grossly negligent; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(viii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the commission of any act by the Executive, whether or not performed in the workplace, which subjects or, if publicly known, would be likely to subject the Corporation to public ridicule or embarrassment, or would likely be detrimental or damaging to the Corporation&#8217;s reputation, goodwill, or relationships with its customers, suppliers, vendors, licensees or employees.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Voluntary Termination</u></font>.&#160; The Executive may voluntarily terminate the Executive&#8217;s employment with the Corporation at any time, with or without Good Reason.&#160; For purposes of this Agreement, &#8220;Good Reason&#8221; shall mean a termination of employment by the Executive within sixty (60) days following the occurrence of (A) a material diminution in or adverse alteration to Executive&#8217;s title, base salary, position or duties, provided that the removal of particular business units or functions from Executive&#8217;s purview shall not constitute Good Reason, (B) the relocation of the Executive&#8217;s principal office outside the area which comprises a fifty (50) mile radius from New York City, (C) a failure of the Corporation to comply with any material provision of this Agreement, or (D) the Corporation requires Executive to report to anyone other than the Corporation&#8217;s Chief Executive Officer or the Board, provided that the events described in clauses (A), (B), (C) and (D) above shall not constitute Good Reason (1) until the Executive provides written notice to the Corporation of the existence of such diminution, change, reduction, relocation or failure within thirty (30) days of its occurrence and (2) unless such diminution, change, reduction or failure (as applicable) has not been cured within thirty (30) days after written notice of such noncompliance has been given by the Executive to the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Date of Termination</u></font>.&#160; The date of termination shall be:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by the Executive&#8217;s death, the date of the Executive&#8217;s death;</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by reason of Executive&#8217;s disability pursuant to Section 2.1(c) or by the Corporation pursuant to Sections&#160;2.1(a) or 2.1(d), the date specified by the Corporation; and</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by the Executive, the date on which the Executive notifies the Corporation of his termination.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effect of Termination of Employment</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by the Corporation pursuant to Section 2.1(a), or if the Executive resigns for Good Reason pursuant to Section 2.1(e), the Executive shall only be entitled to the following:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severance</u></font>.&#160; Subject to Section 2.3(a)(v) and Section 4.1(a) hereof, the Corporation shall: (a) beginning with the first payroll period following the thirtieth (30th) day following the date of termination of Executive&#8217;s employment, continue to pay the Executive, in accordance with the Corporation&#8217;s normal payroll practice, Executive&#8217;s Base </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Compensation, as in effect immediately prior to such termination of employment, for the longer of the balance of the Term or the one-year period commencing on the date of such termination, provided that under no circumstances shall Executive be paid his Base Compensation for a period longer than two years (whichever period is applicable shall be referred to herein as the &#8220;Severance Period&#8221;), and provided that the initial payment shall include Base Compensation amounts for all payroll periods from the date of termination through the date of such initial payment; and (b) pay to the Executive, on the last business day of the Severance Period, an amount equal to 300% of Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of Executive&#8217;s employment.&#160; Under no circumstances shall the Executive be entitled to any bonus payment for the fiscal year in which his employment is terminated.&#160; Notwithstanding the foregoing, in order to receive any severance benefits under this Section 2.3(a)(i), the Executive must sign and not timely revoke a release and waiver of claims against the Corporation, its successors, affiliates, and assigns, in a form acceptable to the Corporation on or prior to the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day following the date of termination of Executive&#8217;s employment.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; The Executive&#8217;s rights with respect to any equity award grants provided to the Executive by the Corporation shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such awards were granted, except as provided in Section 4.1(a).</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Welfare Plan Coverages</u></font>.&#160; The Executive shall continue to participate during the Severance Period in any group medical or dental insurance plan he participated in prior to the date of his termination, under substantially similar terms and conditions as an active employee; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font> that participation in such group medical or dental&#160; insurance plan shall only continue for as long as permitted under COBRA and further, shall correspondingly cease at such time as the Executive (a) becomes eligible for a future employer&#8217;s medical and/or dental insurance coverage (or would become eligible if the Executive did not waive coverage) or (b) violates any of the provisions of Article III as determined by the Corporation in its sole discretion.&#160; Notwithstanding the foregoing, the Executive may not continue to participate in such plans on a pre-tax or tax-favored basis.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Retirement Plans</u></font>.&#160; Without limiting the generality of the foregoing, it is specifically provided that the Executive shall not accrue additional benefits under any pension plan of the Corporation (whether or not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended) during the Severance Period.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Section 409A.</u></font>&#160; Notwithstanding any provision in this Agreement to the contrary, no amounts shall be payable pursuant to Section 2.3(a) or Section 4.1(a) unless the Executive&#8217;s termination of employment constitutes a &#8220;separation from service&#8221; within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations.&#160; If the Executive is determined to be a &#8220;specified employee&#8221; for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code, as amended, and the rules and regulations issued thereunder (the &#8220;Code&#8221;), then no payment that is payable under Sections 2.3(a)(i) or 4.1(a) hereof (the &#8220;Severance Payment&#8221;) on account of Executive&#8217;s &#8220;separation from service&#8221; shall be made before the date that is at least six months after the Executive&#8217;s &#8220;separation from service&#8221; (or if earlier, the date of the Executive&#8217;s death), but rather all such payments shall be made on the date that is five business days after the expiration of that six month period, if and to the extent that the </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Severance Payment constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A of the Code and such deferral is required to comply with the requirements of Section&#160;409A of the Code.&#160; For the avoidance of doubt, no portion of the Severance Payment shall be delayed for six months after the Executive&#8217;s &#8220;separation from service&#8221; if such portion (x) constitutes a &#8220;short term deferral&#8221; within the meaning of Section 1.409A-1(a)(4) of the Department of Treasury Regulations, or (y) (A) it is being paid due to the Corporation&#8217;s termination of the Executive&#8217;s employment without Cause or the Executive&#8217;s termination of employment for Good Reason; (B) it does not exceed two times the lesser of (1) the Executive&#8217;s annualized compensation from the Corporation for the calendar year prior to the calendar year in which the termination of the Executive&#8217;s employment occurs, or (2) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive&#8217;s employment terminates; and (C) the payment is required under this Agreement to be paid no later than the last day of the second calendar year following the calendar year in which the Executive incurs a &#8220;separation from service.&#8221;&#160; For purposes of Section 409A of the Code, the Executive&#8217;s right to receive installment payments pursuant to Section 2.3(a) shall be treated as a right to receive a series of separate and distinct payments.&#160; To the extent that any reimbursement of any expense under Section 1.4(e)<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font>or in-kind benefits provided under this Agreement are deemed to constitute taxable compensation to the Executive, such amounts will be reimbursed or provided no later than December 31 of the year following the year in which the expense was incurred.&#160; The amount of any such expenses reimbursed or in-kind benefits provided in one year shall not affect the expenses or in-kind benefits eligible for reimbursement or payment in any subsequent year, and the Executive&#8217;s right to such reimbursement or payment of any such expenses will not be subject to liquidation or exchange for any other benefit. <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">The determination of whether the Executive is a &#8220;specified employee&#8221; for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of the Executive&#8217;s separation from service shall be made by the Corporation in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto).</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by reason of the Executive&#8217;s death or disability, pursuant to Sections 2.1(b) or 2.1(c), the Executive (or the Executive&#8217;s designee or estate) shall only be entitled to whatever welfare plans benefits are available to the Executive pursuant to the welfare plans the Executive participated in prior to such termination, and whatever stock awards may have been provided to the Executive by the Corporation the terms of which shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by the Corporation for Cause or by the Executive without Good Reason (as defined in Section 2.1(e)), the Executive shall receive only that portion of the Executive&#8217;s then current Base Compensation payable through the Executive&#8217;s termination date.&#160; The Executive&#8217;s rights with respect to any stock awards provided to the Executive by the Corporation shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided.</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE III<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>COVENANTS OF THE EXECUTIVE</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Non-Compete</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation and the Executive acknowledge that: (i) the Corporation has a special interest in and derives significant benefit from the unique skills and experience of the Executive; (ii) the Executive will use and have access to proprietary and valuable Confidential Information (as defined in Section 3.2 hereof) during the course of the Executive&#8217;s employment; and (iii) the agreements and covenants contained herein are essential to protect the business and goodwill of the Corporation or any of its subsidiaries, affiliates or licensees.&#160; Accordingly, except as hereinafter noted, the Executive covenants and agrees that during the Term, and for the period of six (6) months following the termination of Executive&#8217;s employment, or for the remainder of such Term following the termination of Executive&#8217;s employment, whichever is greater, the Executive shall not provide any labor, work, services or assistance (whether as an officer, director, employee, partner, agent, owner, independent contractor, consultant, stockholder or otherwise) to a &#8220;Competing Business.&#8221;&#160; For purposes hereof, &#8220;Competing Business&#8221; shall mean any business engaged in the designing, marketing or distribution of premium lifestyle products, including but not limited to apparel, home, accessories and fragrance products, which competes in any material respects with the Corporation or any of its subsidiaries, affiliates or licensees, and shall include, without limitation, those brands and companies that the Corporation and the Executive have jointly designated in writing on the date hereof, which is incorporated herein by reference and which is attached as Schedule A, as being in competition with the Corporation or any of its subsidiaries, affiliates or licensees as of the date hereof.&#160; Thus, Executive specifically acknowledges that Executive understands that, except as provided in Section 3.1(b), he may not become employed by any Competing Business in any capacity during the time periods in which he is restricted herein, provided that the Executive may own, solely as an investment, securities of any entity which are traded on a national securities exchange if the Executive is not a controlling person of, or a member of a group that controls such entity and does not, directly or indirectly, own 2% or more of any class of securities of such entity.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive is notified pursuant to Section 2.1(a) hereof that his services will no longer be required during the Term or if the Executive terminates his employment during the Term for Good Reason pursuant to Section 2.1(e), then Executive&#8217;s obligation of non-competition under Section 3.1(a) shall only govern his conduct for a period of six (6) months following the date that his employment is terminated in accordance with this Section 3.1(b).</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is acknowledged by the Executive that the Corporation has determined to relieve the Executive from any obligation of non-competition upon the expiration of (6) months or the remainder of the Term following the termination of Executive&#8217;s employment, whichever is greater.&#160; It is further acknowledged by the Executive that if the Corporation terminates the Executive&#8217;s employment under Section 2.1(a) or if the Executive has terminated his employment for Good Reason pursuant to Section 2.1(e), that the obligation of non-competition shall only be in force for a period of six (6) months.&#160; In consideration of that, and in consideration of all of the compensation provisions in this Agreement (including the </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">potential for the award of restricted shares and/or other equity awards and severance payments that may be provided to the Executive), Executive agrees to the provisions of Section 3.1 and also agrees that the non-competition obligations imposed herein are fair and reasonable under all the circumstances.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Confidential Information</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation owns and has developed and compiled, and will own, develop and compile, certain proprietary techniques and confidential information as described below which have great value to its business (referred to in this Agreement, collectively, as &#8220;Confidential Information&#8221;).&#160; Confidential Information includes not only information disclosed by the Corporation and/or its affiliates, subsidiaries and licensees to Executive, but also information developed or learned by Executive during the course of, or as a result of, employment hereunder, which information Executive acknowledges is and shall be the sole and exclusive property of the Corporation.&#160; Confidential Information includes all proprietary information that has or could have commercial value or other utility in the business in which the Corporation is engaged or contemplates engaging, and all proprietary information the unauthorized disclosure of which could be detrimental to the interests of the Corporation.&#160; Whether or not such information is specifically labeled as Confidential Information by the Corporation is not determinative.&#160; By way of example and without limitation, Confidential Information includes any and all information developed, obtained or owned by the Corporation and/or its subsidiaries, affiliates or licensees concerning trade secrets, techniques, know-how (including designs, plans, procedures, processes and research records), software, computer programs, innovations, discoveries, improvements, research, development, test results, reports, specifications, data, formats, marketing data and plans, business plans, strategies, forecasts, unpublished financial information, orders, agreements and other forms of documents, price and cost information, merchandising opportunities, expansion plans, designs, store plans, budgets, projections, customer, supplier and subcontractor identities, characteristics and agreements, and salary, staffing and employment information.&#160; Notwithstanding the foregoing, Confidential Information shall not in any event include (A) Executive&#8217;s personal knowledge and know-how relating to merchandising and business techniques which Executive has developed over his career in the apparel business and of which Executive was aware prior to his employment, or (B) information which (i) was generally known or generally available to the public prior to its disclosure to Executive; (ii) becomes generally known or generally available to the public subsequent to disclosure to Executive through no wrongful act of any person or (iii) which Executive is required to disclose by applicable law or regulation (provided that Executive provides the Corporation with prior notice of the contemplated disclosure and reasonably cooperates with the Corporation at the Corporation&#8217;s expense in seeking a protective order or other appropriate protection of such information).</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Executive acknowledges and agrees that in the performance of his duties hereunder the Corporation will from time to time disclose to Executive and entrust Executive with Confidential Information.&#160; Executive also acknowledges and agrees that the unauthorized disclosure of Confidential Information, among other things, may be prejudicial to the Corporation&#8217;s interests, and an improper disclosure of trade secrets.&#160; Executive agrees that he shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any corporation, partnership, individual or other third party, other than in the course of his </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">assigned duties and for the benefit of the Corporation, any Confidential Information, either during his Term of employment or thereafter.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive agrees that upon leaving the Corporation&#8217;s employ, the Executive shall not take with the Executive any software, computer programs, disks, tapes, research, development, strategies, designs, reports, study, memoranda, books, papers, plans, information, letters, e-mails, or other documents or data reflecting any Confidential Information of the Corporation, its subsidiaries, affiliates or licensees.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the Term, Executive shall disclose to the Corporation all designs, inventions and business strategies or plans developed for the Corporation, including without limitation any process, operation, product or improvement.&#160; Executive agrees that all of the foregoing are and shall be the sole and exclusive property of the Corporation and that Executive shall at the Corporation&#8217;s request and cost do whatever is necessary to secure the rights thereto, by patent, copyright or otherwise, to the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Non-Solicitation of Employees</u></font>.&#160; The Executive covenants and agrees that during the Term, and for a period of one (1) year following the termination of Executive&#8217;s employment for any reason whatsoever hereunder, the Executive shall not directly or indirectly solicit or influence any other employee of the Corporation, or any of its subsidiaries, affiliates or licensees, to terminate such employee&#8217;s employment with the Corporation, or any of its subsidiaries, affiliates or licensees, as the case may be, or to become employed by a Competing Business.&#160; As used herein, &#8220;solicit&#8221; shall include, without limitation, requesting, encouraging, enticing, assisting, or causing, directly or indirectly.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.5</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Remedies</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive acknowledges and agrees that in the event the Corporation reasonably determines that the Executive has breached any provision of this Article III, that such conduct will constitute a failure of the consideration for which stock awards had been previously granted to the Executive or could be awarded in the future to Executive, and notwithstanding the terms of any stock award agreement, plan document, or other provision of this Agreement to the contrary, the Corporation may in its sole discretion notify the Executive that all unexercised stock options, Restricted Performance Share Units ("RPSUs"), restricted stock units, and other equity awards that Executive has are forfeited.&#160; Further, the Executive shall immediately forfeit the right to receive any further grants of any equity awards or vest any further in any unvested stock options, unvested restricted stock units, unvested RPSUs or other unvested equity awards of the Corporation at the time of such notice and Executive waives any </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">right to assert that any such conduct by the Corporation violates any federal or state statute, case law or policy.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Corporation reasonably determines that the Executive has breached any provision contained in this Article III, the Corporation shall have no further obligation to make any payment or provide any benefit whatsoever to the Executive pursuant to this Agreement, and may also recover from the Executive all such damages as it may be entitled to at law or in equity.&#160; In addition, the Executive acknowledges that any such breach is likely to result in immediate and irreparable harm to the Corporation for which money damages are likely to be inadequate.&#160; Accordingly, the Executive consents to injunctive and other appropriate equitable relief upon the institution of proceedings therefor by the Corporation in order to protect the Corporation&#8217;s rights hereunder.&#160; Such relief may include, without limitation, an injunction to prevent:&#160; (i) the breach or continuation of Executive&#8217;s breach; (ii) the Executive from disclosing any trade secrets or Confidential Information (as defined in Section 3.2); (iii) any Competing Business from receiving from the Executive or using any such trade secrets or Confidential Information; and/or (iv) any such Competing Business from retaining or seeking to retain any employees of the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.6</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The provisions of this Article III shall survive the termination of this Agreement and Executive&#8217;s Term of employment.</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE IV<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>CHANGE IN CONTROL</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Change in Control</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effect of a Change in Control</u></font>.&#160; Notwithstanding anything contained herein to the contrary, if the Executive&#8217;s employment is terminated within twelve (12) months following a Change in Control (as defined in Section 4.1(b) hereof) during the Term by the Corporation for any reason other than Cause, or by the Executive for Good Reason, then:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severance</u></font>.&#160; The Corporation shall pay to the Executive, in lieu of any amounts otherwise due to him under Section 2.3(a) hereof, within fifteen (15) days of the Executive&#8217;s termination of employment, or within the timeframe required by Section 2.3(a)(v) hereof if applicable, a lump sum amount equal to two (2) times the sum of: (A)&#160;the Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of employment; and (B) the bonus paid to the Executive for the most recently completed fiscal year prior to the fiscal year in which his employment is terminated.&#160; Notwithstanding the foregoing, solely to the extent necessary to comply with Section 409A of the Code, a portion of such lump sum payment will not be payable at such time if the duration of the Severance Period that would have otherwise applied under Section 2.3(a)(i) (had a Change in Control not occurred during the twelve-month period prior to such termination of employment) would have extended beyond the end of the second calendar year following the calendar year in which such termination of employment occurs (any such period beyond the end of such second calendar year is the &#8220;Extended Severance Payment Period&#8221;). &#160;In addition, such other amounts that otherwise would have been payable to the Executive under Section 2.3(a)(i) had a Change in Control not occurred during the twelve (12) month period prior to such termination of employment, and that would </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">have constituted nonqualified deferred compensation subject to Section 409A of the Code, will also not be included as part of such lump sum payment. &#160;In such event, an amount equal to the aggregate installment payments that would have been payable during the Extended Severance Payment Period, and the amounts described in the preceding sentence, shall be deducted from the amount otherwise payable in a lump sum in accordance with the first sentence hereof.&#160; Such deducted amount shall, instead, be payable at the same time that, and in the same manner as, such payments would have been paid if the Executive&#8217;s employment had been terminated pursuant to Section 2.3(a) hereof rather than within a twelve-month period following a Change in Control.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; Subject to Section 2.3(a)(v), the Executive shall immediately become vested in any unvested stock options granted to the Executive by the Corporation prior to the Change in Control and Executive will have six (6) months from the date of termination under this circumstance to exercise all vested options (but in no event later than the expiration date of such options).&#160; In addition, subject to Section 2.3(a)(v), any awards of RPSUs and restricted shares which are unvested shall be deemed vested immediately prior to such Change in Control.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Definition</u></font>.&#160; For purposes hereof, a &#8220;Change in Control&#8221; shall mean the occurrence of any of the following:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 63pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(i) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Corporation to any &#8220;person&#8221; or &#8220;group&#8221; (as such terms are used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934 (&#8220;Act&#8221;)) other than Permitted Holders;</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman'">(ii) any person or group is or becomes the &#8220;beneficial owner&#8221; (as defined in Rules 13d-3 and 13d-5 under the Act, except that a person shall be deemed to have &#8220;beneficial ownership&#8221; of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50 percent of the total voting power of the voting stock of the Corporation, including by way of merger, consolidation or otherwise; provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Corporation or any affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Corporation or any affiliate, (III) any acquisition by one or more of the Permitted Holders, or (IV) any acquisition which complies with clauses (A), (B) and (C) of subsection (v) below;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman'">(iii) during any period of twelve (12) consecutive months, Present and/or New Directors cease for any reason to constitute a majority of the Board;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman'">(iv) the Permitted Holders&#8217; beneficial ownership of the total voting power of the voting stock of the Corporation falls below 30 percent and either Ralph Lauren is not nominated for a position on the Board of Directors, or he stands for election to the Board of Directors and is not elected;</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman'">(v) the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Corporation that requires the approval of the Corporation&#8217;s stockholders, whether for such transaction or the issuance of securities in the transaction (a &#8220;Business Combination&#8221;), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the &#8220;Surviving Company&#8221;), or (y) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the &#8220;Parent Company&#8221;), is represented by the shares of voting stock of the Corporation that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the shares of voting stock of the Corporation were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power was among the holders of the shares of voting stock of the Corporation that were outstanding immediately prior to the Business Combination, (B) no person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company, or one or more Permitted Holders), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board&#8217;s approval of the execution of the initial agreement providing for such Business Combination; or</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(vi) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">For purposes of this Section 4.1(b), the following terms have the meanings indicated: &#8220;Permitted Holders&#8221; shall mean, as of the date of determination: (A) any and all of Ralph Lauren, his spouse, his siblings and their spouses, and descendants of them (whether natural or adopted) (collectively, the &#8220;Lauren Group&#8221;); and (B) any trust established and maintained primarily for the benefit of any member of the Lauren Group and any entity controlled by any member of the Lauren Group.&#160; &#8220;Present Directors&#8221; shall mean individuals who at the beginning of any one year period were members of the Board.&#160; &#8220;New Directors&#8221; shall mean any directors whose election by the Board or whose nomination for election by the shareholders of the Corporation was approved by a vote of a majority of the directors of the Corporation who, at the time of such vote, were either Present Directors or New Directors but excluding any such individual whose initial assumption of office occurs solely as a result of an actual or threatened proxy contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">ARTICLE V</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>MISCELLANEOUS</u></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Notice</u></font>.&#160; For the purposes of this Agreement, notices, demands and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or by facsimile or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as follows:</font></div>

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<td style="WIDTH: 162px; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">If to the Executive:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Christopher Peterson</td>
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<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
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<td style="WIDTH: 161px; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">If to the Corporation:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div>Ralph Lauren Corporation</div>

<div>650 Madison Avenue</div>

<div>New York, New York 10022</div>

<div>Attn:&#160; Mitchell A. Kosh</div>

<div>Executive Vice President &#8211; Chief Administrative Officer</div>

<div>Fax: (212) 318-7277</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Modification or Waiver; Entire Agreement; End of Term</u></font>.&#160; No provision of this Agreement may be modified or waived except in a document signed by the Executive and the Corporation.&#160; This Agreement, along with any documents incorporated herein by reference, including but not limited to the Term Sheet, constitutes the entire agreement between the parties regarding their employment relationship and supersedes all prior agreements, amendments, promises, covenants, representations or warranties, including, without limitation, the Executive&#8217;s 2013 Employment Agreement with the Corporation, except as expressly set forth below.&#160; To the extent that this Agreement is in any way inconsistent with any prior or contemporaneous stock award agreements between the parties, this Agreement shall control.&#160; No agreements or representations, oral or otherwise, with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.&#160; Any extensions or renewals of this Agreement must be in writing and must be agreed to by both the Corporation and the Executive.&#160; Absent such extensions or renewals, this Agreement and all of its terms and conditions, except for those provisions in Article III as specified therein, shall expire upon the end of the Term.&#160; If Executive continues to be employed by the Corporation beyond the Term, such employment shall be &#8220;at will.&#8221;&#160; Notwithstanding the foregoing, the following provision from Executive&#8217;s offer letter dated August 22, 2012, which was attached to and incorporated by reference into Executive&#8217;s Employment Agreement dated September 24, 2012, and which was expressly referenced as remaining in force in the 2013 Employment Agreement, shall remain in full force and effect: the first paragraph of the &#8220;One-Time Stock Award&#8221; provision.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Governing Law</u></font>.&#160; The validity, interpretation, construction, performance, and enforcement of this Agreement shall be governed by the laws of the State of New York without </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">reference to New York&#8217;s choice of law rules.&#160; In the event of any dispute, the Executive agrees to submit to the jurisdiction of any court sitting in Manhattan in New York State.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>No Mitigation or Offset</u></font>.&#160; In the event the Executive&#8217;s employment with the Corporation terminates for any reason, the Executive shall not be obligated to seek other employment following such termination and there shall be no offset of the payments or benefits set forth herein.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.5</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Withholding</u></font>.&#160; All payments required to be made by the Corporation hereunder to the Executive or the Executive&#8217;s estate or beneficiaries shall be subject to the withholding of such amounts as the Corporation may reasonably determine it should withhold pursuant to any applicable law.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.6</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Attorney&#8217;s Fees</u></font>.&#160; Each party shall bear its own attorney&#8217;s fees and costs incurred in any action or dispute arising out of this Agreement and/or the employment relationship.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.7</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>No Conflict</u></font>.&#160; Executive represents and warrants that he is not party to any agreement, contract, understanding, covenant, judgment or decree or under any obligation, contractual or otherwise, with any other party that in any way restricts or adversely affects his ability to act for the Corporation in all of the respects contemplated hereby, including but not limited to any obligations to comply with any non-compete or non-solicitation provisions.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">binding upon and shall inure to the benefit of, and shall be enforceable by, the Executive, the Executive&#8217;s heirs and legal representatives and the Corporation and its successors.&#160; The section headings shall not be taken into account for purposes of the construction of any provision of this Agreement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date and year first above written.</div>

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<td style="WIDTH: 30%; FONT-FAMILY: 'Times New Roman'" valign="top" align="left"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4/1/15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>&#160;</td>
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<td style="WIDTH: 35%" valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">RALPH LAUREN CORPORATION</font>&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">/s/ Ralph Lauren</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">/s/ Christopher Peterson</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Christopher Peterson</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE A</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Abercrombie &amp; Fitch Co.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ann Taylor Stores Corp.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Brooks Brothers</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Burberry Limited</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Campagnie Financiere Richemont SA</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Chanel S.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Coach, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Crate &amp; Barrel (aka Euromarket Designs, Inc.)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dillard&#8217;s Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dolce &amp; Gabbana</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Fifth &amp; Pacific Companies, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gap Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Giorgio Armani Corp.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hermes International</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hudson&#8217;s Bay Company</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hugo Boss AG</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">J. Crew Group, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Jones Apparel Group, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Limited Brands, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">LVMH Moet Hennessy Louis Vuitton S.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Macy&#8217;s Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Michael Kors, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Neiman Marcus Group, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Nordstrom, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PPR Group</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Prada (aka I Pellettieri d'Italia S.P.A.)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PVH Corp.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Saks Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Salvatore Ferragamo Italia S.P.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">TJX Companies, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">VF Corporation</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Williams-Sonoma, Inc.</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 1</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Term Sheet</u></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Christopher Peterson</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">April 1,<font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"> 2015</font></div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 81pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">Term:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Commencing April 1, 2015, and ending </font>June 1, 2018</td>
</tr>
</table>
</div>

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</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Title:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">President, Global Brands</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 81pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Base Salary:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$1,000,000 annually</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

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<tr>
<td style="WIDTH: 81pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">Annual Bonus:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Continue to participate in Executive Officer Annual Incentive Plan (EOAIP), with goal based 100% on Corporate performance and EOAIP Strategic Goal achievement.</td>
</tr>
</table>
</div>

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</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 81pt; FONT-SIZE: 10pt">Beginning Fiscal 2016, bonus percentages as follows (excluding impact of Strategic Goal adjustment):</div>

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<td style="WIDTH: 63pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Target</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">300% </font>of salary</div>
</td>
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</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 135pt">&#160;</td>
<td style="WIDTH: 63pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Threshold</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">150%</div>
</td>
</tr>
</table>
</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 135pt">&#160;</td>
<td style="WIDTH: 63pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Stretch</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">375%</div>
</td>
</tr>
</table>
</div>

<div>
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<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 135pt">&#160;</td>
<td style="WIDTH: 63pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Maximum</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">450%</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25" />
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 81pt; FONT-SIZE: 10pt">(At all times your bonus opportunity will be governed by the terms of the Corporation&#8217;s EOAIP and nothing contained herein restricts the Corporation&#8217;s rights to alter, amend or terminate the EOAIP at any time.)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<tr>
<td style="WIDTH: 81pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">
<div>Annual Equity</div>

<div>Award:</div>
</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">
<div>&#160;</div>

<div>Beginning Fiscal 2016, target equity value of $4,500,000 to be granted annually at the same time as annual awards to other executives, normally in May but may be earlier or later, and under terms of the equity program as approved each year by the Compensation and Organizational Development Committee of the Ralph Lauren Corporation Board of Directors (&#8220;Compensation Committee&#8221;), including grant structure, type of awards, conversion of value to actual number of shares, and other applicable factors as determined by the Committee in its discretion.&#160;&#160; The Committee will have the right to reduce the value of any such annual award in its good faith discretion.</div>
</td>
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<div style="LINE-HEIGHT: 1.25">&#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

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<font style="FONT-FAMILY: 'Times New Roman', Times, serif">18</font></div>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>eh1500452_ex1003.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<div style="TEXT-ALIGN: right; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT&#160;10.3</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">MITCHELL A. KOSH</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">AMENDED AND RESTATED</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EMPLOYMENT AGREEMENT</font></div>
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">THIS EMPLOYMENT AGREEMENT (the &#8220;Agreement&#8221;) is made effective as of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day of April, 2015 (the &#8220;Effective Date&#8221;), by and between Ralph Lauren Corporation, a Delaware corporation (the &#8220;Corporation&#8221;), and Mitchell Kosh (the &#8220;Executive&#8221;).</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">WHEREAS, the Executive has been employed with the Corporation pursuant to an Employment Agreement dated March 1, 2014 (the &#8220;2014 Employment Agreement&#8221;); and</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">WHEREAS, the Corporation and Executive wish to amend and restate such 2014 Employment Agreement effective as of the date hereof;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">NOW THEREFORE, in consideration of the mutual covenants and premises contained herein, the parties hereby agree as follows:</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE I<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>EMPLOYMENT</u></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Employment Term</u></font>.&#160; The Corporation hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Corporation, on the terms and conditions set forth herein, and in accordance with the terms of the term sheet attached hereto as Exhibit A (&#8220;Term Sheet&#8221;).&#160; The employment of the Executive by the Corporation shall be effective as of the date hereof and continue until June 1, 2018 (the &#8220;Term&#8221;), unless terminated earlier in accordance with Article II hereof.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Position and Duties</u></font>.&#160; During the Term the Executive shall faithfully, and in conformity with the directions of the Board of Directors of the Corporation and any Committee thereof (the &#8220;Board&#8221;) or the management of the Corporation (&#8220;Management&#8221;), perform the duties of his employment, and shall devote to the performance of such duties his full time and attention.&#160; During the Term the Executive shall serve in such position as the Board or Management may from time to time direct.&#160; During the Term, the Executive may engage in outside activities provided those activities do not conflict with the duties and responsibilities enumerated hereunder, and provided further that the Executive receives written approval in advance from Management for any outside business activity that may require significant expenditure of the Executive&#8217;s time in which the Executive plans to become involved, whether or not such activity is pursued for profit.&#160; The Executive shall be excused from performing any services hereunder during periods of temporary incapacity and during vacations in accordance with the Corporation&#8217;s disability and vacation policies.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Place of Performance</u></font>.&#160; The Executive shall be employed at the principal offices of the Corporation located in New York, New York, except for required travel on the Corporation&#8217;s business.</font></div>

<div><br />
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<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">1</div>

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<div><br />
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Compensation and Related Matters</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Base Compensation</u></font>.&#160; In consideration of his services during the Term, the Corporation shall pay the Executive cash compensation at an annual rate of not less than nine hundred thousand dollars ($900,000) (&#8220;Base Compensation&#8221;), less applicable withholdings.&#160; Executive&#8217;s Base Compensation shall be subject to such increases as may be approved by the Board or Management.&#160; The Base Compensation shall be payable as current salary, in installments not less frequently than monthly, and at the same rate for any fraction of a month unexpired at the end of the Term.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Bonus</u></font>.&#160; During the Term, the Executive shall have the opportunity to earn an annual bonus in accordance with any annual bonus program the Corporation maintains that would be applicable to the Executive and in accordance with the Term Sheet.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; During the Term, the Executive shall be eligible to participate in the Ralph Lauren Corporation 2010 Long-Term Stock Incentive Plan or any successor thereto (the &#8220;Incentive Plan&#8221;).&#160; All equity award grants to the Executive, if any, including but not limited to the grants set forth in the Term Sheet, are governed by the terms of the Incentive Plan and are subject, in all cases, to approval by the Compensation &amp; Organizational Development Committee of the Board of Directors in its sole discretion.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Car Allowance</u></font>.&#160; During the Term, the Corporation shall pay Executive a car allowance in the amount of one thousand five hundred dollars ($1,500) per month, less applicable withholdings.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Expenses.</u></font>&#160; During the Term, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in performing services hereunder, including all reasonable expenses of travel and living while away from home, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font> that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(f)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Vacations</u></font>.&#160; During the Term, the Executive shall be entitled to the number of vacation days in each fiscal year, and to compensation in respect of earned but unused vacation days, determined in accordance with the Corporation&#8217;s vacation program.&#160; The Executive shall also be entitled to all paid holidays given by the Corporation to its employees.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(g)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Other Benefits</u></font>.&#160; The Executive shall be entitled to participate in all of the Corporation&#8217;s employee benefit plans and programs in effect during the Term as would by their terms be applicable to the Executive, including, without limitation, any life insurance plan, medical insurance plan, dental care plan, accidental death and disability plan, financial counseling program and sick/personal leave program.&#160; The Corporation shall not make any changes in such plans or programs that would adversely affect the Executive&#8217;s benefits thereunder, unless such change occurs pursuant to a plan or program applicable to other similarly situated employees of the Corporation and does not result in a proportionately greater reduction in the rights or benefits of the Executive as compared with other similarly situated employees of </font></div>

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<div style="TEXT-ALIGN: left">the Corporation. Except as otherwise specifically provided herein, nothing paid to the Executive under any plan or program presently in effect or made available in the future shall be in lieu of the Base Compensation or any bonus payable under Sections 1.4(a) and 1.4(b) hereof.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE II<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>TERMINATION OF EMPLOYMENT</u></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Termination of Employment</u></font>.&#160; The Executive&#8217;s employment may terminate prior to the expiration of the Term under the following circumstances:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Without Cause</u></font>.&#160; The Executive&#8217;s employment shall terminate upon the Corporation notifying the Executive that his services will no longer be required.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Death</u></font>.&#160; The Executive&#8217;s employment shall terminate upon the Executive&#8217;s death.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Disability</u></font>. If, as a result of the Executive&#8217;s incapacity due to physical or mental illness, the Executive shall have been absent and unable to perform the duties hereunder on a full-time basis for an entire period of six consecutive months, the Executive&#8217;s employment may be terminated by the Corporation following such six-month period.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Cause</u></font>.&#160; The Corporation may terminate the Executive&#8217;s employment for Cause.&#160; For purposes hereof,&#160; &#8220;Cause&#8221; shall mean:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">failure by the Executive to perform the duties of the Executive hereunder (other than due to disability as defined in 2.1(c)), provided that the conduct described in this Section 2.1(d)(i) shall not constitute Cause unless and until such failure by Executive to perform his duties hereunder has not been cured to the satisfaction of the Corporation, in its sole discretion, within fifteen (15) days after notice of such failure has been given by the Corporation to Executive; or</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an act of fraud, embezzlement, theft, breach of fiduciary duty, dishonesty, or any other misconduct or any violation of law (other than a traffic violation) committed by the Executive; or</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any action by the Executive causing damage to or misappropriation of&#160; Corporation assets; or</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s wrongful disclosure of confidential information of the Corporation or any of its affiliates; or</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s breach of Section 5.7 herein or the Executive&#8217;s engagement in any competitive activity which would constitute a breach of this Agreement and/or of the Executive&#8217;s duty of loyalty; or</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s breach of any employment policy of the Corporation, including, but not limited to, conduct relating to falsification of business records, violation of the Corporation&#8217;s code of business conduct &amp; ethics, harassment, creation of a </font></div>

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<div style="TEXT-ALIGN: left">hostile work environment, excessive absenteeism, insubordination, violation of the Corporation&#8217;s policy on drug &amp; alcohol use, or violent acts or threats of violence; or</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">performance by the Executive of his employment duties in a manner deemed by the Corporation, in its sole discretion, to be grossly negligent; or</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(viii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the commission of any act by the Executive, whether or not performed in the workplace, which subjects or, if publicly known, would be likely to subject the Corporation to public ridicule or embarrassment, or would likely be detrimental or damaging to the Corporation&#8217;s reputation, goodwill, or relationships with its customers, suppliers, vendors, licensees or employees.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Voluntary Termination</u></font>.&#160; The Executive may voluntarily terminate the Executive&#8217;s employment with the Corporation at any time, with or without Good Reason.&#160; For purposes of this Agreement, &#8220;Good Reason&#8221; shall mean a termination of employment by the Executive within sixty (60) days following the occurrence of (A) a material diminution in or adverse alteration to Executive&#8217;s title, base salary, position or duties, including no longer reporting to the Chief Executive Officer or the Chairman, (B) the relocation of the Executive&#8217;s principal office outside the area which comprises a fifty (50) mile radius from New York City, or (C) a failure of the Corporation to comply with any material provision of this Agreement provided that the events described in clauses (A), (B), and (C) above shall not constitute Good Reason (1) until the Executive provides written notice to the Corporation of the existence of such diminution, change, reduction, relocation or failure within thirty (30) days of its occurrence and (2) unless such diminution, change, reduction or failure (as applicable) has not been cured within thirty (30) days after written notice of such noncompliance has been given by the Executive to the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Date of Termination</u></font>.&#160; The date of termination shall be:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by the Executive&#8217;s death, the date of the Executive&#8217;s death;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by reason of Executive&#8217;s disability pursuant to Section 2.1(c) or by the Corporation pursuant to Sections&#160;2.1(a) or 2.1(d), the date specified by the Corporation; and</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by the Executive, the date on which the Executive notifies the Corporation of his termination.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effect of Termination of Employment</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by the Corporation pursuant to Section 2.1(a), or if the Executive resigns for Good Reason pursuant to Section 2.1(e), the Executive shall only be entitled to the following:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severance</u></font>.&#160; Subject to Section 2.3(a)(v) and Section 4.1(a) hereof, the Corporation shall: (a) beginning with the first payroll period following the thirtieth (30th) day following the date of termination of Executive&#8217;s employment, continue to pay the </font></div>

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<div style="TEXT-ALIGN: justify">Executive, in accordance with the Corporation&#8217;s normal payroll practice, Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of employment, for the longer of the balance of the Term or the one-year period commencing on the date of such termination, provided that under no circumstances shall Executive be paid his Base Compensation for a period longer than two years (whichever period is applicable shall be referred to herein as the &#8220;Severance Period&#8221;), and provided that the initial payment shall include Base Compensation amounts for all payroll periods from the date of termination through the date of such initial payment; and (b) pay to the Executive, on the last business day of the Severance Period, an amount equal to 100% of Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of Executive&#8217;s employment.&#160; Under no circumstances shall the Executive be entitled to any bonus payment for the fiscal year in which his employment is terminated.&#160; Notwithstanding the foregoing, in order to receive any severance benefits under this Section 2.3(a)(i), the Executive must sign and not timely revoke a release and waiver of claims against the Corporation, its successors, affiliates, and assigns, in a form acceptable to the Corporation on or prior to the 30th day following the date of termination of Executive&#8217;s employment.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; The Executive&#8217;s rights with respect to any equity award grants provided to the Executive by the Corporation shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such awards were granted, except as provided in Section 4.1(a).</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Welfare Plan Coverages</u></font>.&#160; The Executive shall continue to participate during the Severance Period in any group medical or dental insurance plan he participated in prior to the date of his termination, under substantially similar terms and conditions as an active employee; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font> that participation in such group medical or dental&#160; insurance plan shall only continue for as long as permitted under COBRA and further, shall correspondingly cease at such time as the Executive (a) becomes eligible for a future employer&#8217;s medical and/or dental insurance coverage (or would become eligible if the Executive did not waive coverage) or (b) violates any of the provisions of Article III as determined by the Corporation in its sole discretion.&#160; Notwithstanding the foregoing, the Executive may not continue to participate in such plans on a pre-tax or tax-favored basis.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Retirement Plans</u></font>.&#160; Without limiting the generality of the foregoing, it is specifically provided that the Executive shall not accrue additional benefits under any pension plan of the Corporation (whether or not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended) during the Severance Period.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Section 409A.</u></font>&#160; Notwithstanding any provision in this Agreement to the contrary, no amounts shall be payable pursuant to Section 2.3(a) or Section 4.1(a) unless the Executive&#8217;s termination of employment constitutes a &#8220;separation from service&#8221; within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations.&#160; If the Executive is determined to be a &#8220;specified employee&#8221; for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code, as amended, and the rules and regulations issued thereunder (the &#8220;Code&#8221;), then no payment that is payable under Sections 2.3(a)(i) or 4.1(a) hereof (the &#8220;Severance Payment&#8221;) on account of Executive&#8217;s &#8220;separation from service&#8221; shall be made before the date that is at least six months after the Executive&#8217;s &#8220;separation from service&#8221; (or if earlier, the date of the Executive&#8217;s death), but rather all such payments shall be made on the date that is </font></div>

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<div style="TEXT-ALIGN: justify">five business days after the expiration of that six month period, if and to the extent that the Severance Payment constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A of the Code and such deferral is required to comply with the requirements of Section&#160;409A of the Code.&#160; For the avoidance of doubt, no portion of the Severance Payment shall be delayed for six months after the Executive&#8217;s &#8220;separation from service&#8221; if such portion (x) constitutes a &#8220;short term deferral&#8221; within the meaning of Section 1.409A-1(a)(4) of the Department of Treasury Regulations, or (y) (A) it is being paid due to the Corporation&#8217;s termination of the Executive&#8217;s employment without Cause or the Executive&#8217;s termination of employment for Good Reason; (B) it does not exceed two times the lesser of (1) the Executive&#8217;s annualized compensation from the Corporation for the calendar year prior to the calendar year in which the termination of the Executive&#8217;s employment occurs, or (2) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive&#8217;s employment terminates; and (C) the payment is required under this Agreement to be paid no later than the last day of the second calendar year following the calendar year in which the Executive incurs a &#8220;separation from service.&#8221;&#160; For purposes of Section 409A of the Code, the Executive&#8217;s right to receive installment payments pursuant to Section 2.3(a) shall be treated as a right to receive a series of separate and distinct payments.&#160; To the extent that any reimbursement of any expense under Section 1.4(e) or in-kind benefits provided under this Agreement are deemed to constitute taxable compensation to the Executive, such amounts will be reimbursed or provided no later than December 31 of the year following the year in which the expense was incurred.&#160; The amount of any such expenses reimbursed or in-kind benefits provided in one year shall not affect the expenses or in-kind benefits eligible for reimbursement or payment in any subsequent year, and the Executive&#8217;s right to such reimbursement or payment of any such expenses will not be subject to liquidation or exchange for any other benefit.&#160; The determination of whether the Executive is a &#8220;specified employee&#8221; for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of the Executive&#8217;s separation from service shall be made by the Corporation in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto).</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by reason of the Executive&#8217;s death or disability, pursuant to Sections 2.1(b) or 2.1(c), the Executive (or the Executive&#8217;s designee or estate) shall only be entitled to whatever welfare plans benefits are available to the Executive pursuant to the welfare plans the Executive participated in prior to such termination, and whatever stock awards may have been provided to the Executive by the Corporation the terms of which shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by the Corporation for Cause or by the Executive without Good Reason (as defined in Section 2.1(e)), the Executive shall receive only that portion of the Executive&#8217;s then current Base Compensation payable through the Executive&#8217;s termination date.&#160; The Executive&#8217;s rights with respect to any stock awards provided to the Executive by the Corporation shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided.</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE III<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>COVENANTS OF THE EXECUTIVE</u></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Non-Compete</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation and the Executive acknowledge that: (i) the Corporation has a special interest in and derives significant benefit from the unique skills and experience of the Executive; (ii) the Executive will use and have access to proprietary and valuable Confidential Information (as defined in Section 3.2 hereof) during the course of the Executive&#8217;s employment; and (iii) the agreements and covenants contained herein are essential to protect the business and goodwill of the Corporation or any of its subsidiaries, affiliates or licensees.&#160; Accordingly, except as hereinafter noted, the Executive covenants and agrees that during the Term, and for the remainder of such Term following the termination of Executive&#8217;s employment, the Executive shall not provide any labor, work, services or assistance (whether as an officer, director, employee, partner, agent, owner, independent contractor, consultant, stockholder or otherwise) to a &#8220;Competing Business.&#8221;&#160; For purposes hereof, &#8220;Competing Business&#8221; shall mean any business engaged in the designing, marketing or distribution of premium lifestyle products, including but not limited to apparel, home, accessories and fragrance products, which competes in any material respects with the Corporation or any of its subsidiaries, affiliates or licensees, and shall include, without limitation, those brands and companies that the Corporation and the Executive have jointly designated in writing on the date hereof, which is incorporated herein by reference and which is attached as Schedule A, as being in competition with the Corporation or any of its subsidiaries, affiliates or licensees as of the date hereof.&#160; Thus, Executive specifically acknowledges that Executive understands that, except as provided in Section 3.1(b) he may not become employed by any Competing Business in any capacity during the Term.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The non-compete provisions of this Section shall no longer be applicable to Executive if he has been notified pursuant to Section 2.1(a) hereof that his services will no longer be required during the Term or if the Executive has terminated his employment for Good Reason pursuant to Section 2.1(e) or if the Corporation elects in its sole discretion not to extend the Term for any reason other than for Cause.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is acknowledged by the Executive that the Corporation has determined to relieve the Executive from any obligation of non-competition for periods after the Term, and/or if the Corporation terminates the Executive&#8217;s employment under Section 2.1(a) or if the Executive has terminated his employment for Good Reason pursuant to Section 2.1(e) or if the Corporation elects in its sole discretion not to extend the Term for any reason other than for Cause.&#160;&#160; In consideration of that, and in consideration of all of the compensation provisions in this Agreement (including the potential for the award of stock options, RSUs and/or RPSUs that may be made to the Executive), Executive agrees to the provisions of Section 3.1 and also agrees that the non-competition obligations imposed herein are fair and reasonable under all the circumstances.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Confidential Information</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation owns and has developed and compiled, and will own, develop and compile, certain proprietary techniques and confidential information as described below which have great value to its business (referred to in this Agreement, collectively, as &#8220;Confidential Information&#8221;).&#160; Confidential Information includes not only information disclosed by the Corporation and/or its affiliates, subsidiaries and licensees to Executive, but also information developed or learned by Executive during the course of, or as a result of, employment hereunder, which information Executive acknowledges is and shall be the sole and exclusive property of the Corporation.&#160; Confidential Information includes all proprietary information that has or could have commercial value or other utility in the business in which the Corporation is engaged or contemplates engaging, and all proprietary information the unauthorized disclosure of which could be detrimental to the interests of the Corporation.&#160; Whether or not such information is specifically labeled as Confidential Information by the Corporation is not determinative.&#160; By way of example and without limitation, Confidential Information includes any and all information developed, obtained or owned by the Corporation and/or its subsidiaries, affiliates or licensees concerning trade secrets, techniques, know-how (including designs, plans, procedures, processes and research records), software, computer programs, innovations, discoveries, improvements, research, development, test results, reports, specifications, data, formats, marketing data and plans, business plans, strategies, forecasts, unpublished financial information, orders, agreements and other forms of documents, price and cost information, merchandising opportunities, expansion plans, designs, store plans, budgets, projections, customer, supplier and subcontractor identities, characteristics and agreements, and salary, staffing and employment information.&#160; Notwithstanding the foregoing, Confidential Information shall not in any event include (A) Executive&#8217;s personal knowledge and know-how relating to merchandising and business techniques which Executive has developed over his career in the apparel business and of which Executive was aware prior to his employment, or (B) information which (i) was generally known or generally available to the public prior to its disclosure to Executive; (ii) becomes generally known or generally available to the public subsequent to disclosure to Executive through no wrongful act of any person or (iii) which Executive is required to disclose by applicable law or regulation (provided that Executive provides the Corporation with prior notice of the contemplated disclosure and reasonably cooperates with the Corporation at the Corporation&#8217;s expense in seeking a protective order or other appropriate protection of such information).</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Executive acknowledges and agrees that in the performance of his duties hereunder the Corporation will from time to time disclose to Executive and entrust Executive with Confidential Information.&#160; Executive also acknowledges and agrees that the unauthorized disclosure of Confidential Information, among other things, may be prejudicial to the Corporation&#8217;s interests, and an improper disclosure of trade secrets.&#160; Executive agrees that he shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any corporation, partnership, individual or other third party, other than in the course of his assigned duties and for the benefit of the Corporation, any Confidential Information, either during his Term of employment or thereafter.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive agrees that upon leaving the Corporation&#8217;s employ, the Executive shall not take with the Executive any software, computer programs, disks, tapes, </font></div>

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<div style="TEXT-ALIGN: left">research, development, strategies, designs, reports, study, memoranda, books, papers, plans, information, letters, e-mails, or other documents or data reflecting any Confidential Information of the Corporation, its subsidiaries, affiliates or licensees.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the Term, Executive shall disclose to the Corporation all designs, inventions and business strategies or plans developed for the Corporation, including without limitation any process, operation, product or improvement.&#160; Executive agrees that all of the foregoing are and shall be the sole and exclusive property of the Corporation and that Executive shall at the Corporation&#8217;s request and cost do whatever is necessary to secure the rights thereto, by patent, copyright or otherwise, to the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Non-Solicitation of Employees</u></font>.&#160; The Executive covenants and agrees that during the Term, and for the remainder of such Term following the termination of Executive&#8217;s employment for any reason whatsoever hereunder, the Executive shall not directly or indirectly solicit or influence any other employee of the Corporation, or any of its subsidiaries, affiliates or licensees, to terminate such employee&#8217;s employment with the Corporation, or any of its subsidiaries, affiliates or licensees, as the case may be, or to become employed by a Competing Business.&#160; As used herein, &#8220;solicit&#8221; shall include, without limitation, requesting, encouraging, enticing, assisting, or causing, directly or indirectly.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Nondisparagement</u></font>. The Executive agrees that during the Term and thereafter whether or not he is receiving any amounts pursuant to Sections 2.3 and 4.1, the Executive shall not make any statements or comments that reasonably could be considered to shed an adverse light on the business or reputation of the Corporation or any of its subsidiaries, affiliates or licensees, the Board or any officer of the Corporation or any of its subsidiaries, affiliates or licensees; provided, however, the foregoing limitation shall not apply to (i) compliance with legal process or subpoena, or (ii) statements in response to an inquiry from a court or regulatory body.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.5</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Remedies</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive acknowledges and agrees that in the event the Corporation reasonably determines that the Executive has breached any provision of this Article III, that such conduct will constitute a failure of the consideration for which stock awards had been previously granted to the Executive or could be awarded in the future to Executive, and notwithstanding the terms of any stock award agreement, plan document, or other provision of this Agreement to the contrary, the Corporation may in its sole discretion notify the Executive that all unexercised stock options, Restricted Performance Share Units ("RPSUs"), restricted stock units, and other equity awards that Executive has are forfeited.&#160; Further, the Executive shall immediately forfeit the right to receive any further grants of any equity awards or vest any further in any unvested stock options, unvested restricted stock units, unvested RPSUs or other unvested equity awards of the Corporation at the time of such notice and Executive waives any right to assert that any such conduct by the Corporation violates any federal or state statute, case law or policy.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Corporation reasonably determines that the Executive has breached any provision contained in this Article III, the Corporation shall have no further </font></div>

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<div style="TEXT-ALIGN: justify">obligation to make any payment or provide any benefit whatsoever to the Executive pursuant to this Agreement, and may also recover from the Executive all such damages as it may be entitled to at law or in equity.&#160; In addition, the Executive acknowledges that any such breach is likely to result in immediate and irreparable harm to the Corporation for which money damages are likely to be inadequate.&#160; Accordingly, the Executive consents to injunctive and other appropriate equitable relief upon the institution of proceedings therefor by the Corporation in order to protect the Corporation&#8217;s rights hereunder.&#160; Such relief may include, without limitation, an injunction to prevent:&#160; (i) the breach or continuation of Executive&#8217;s breach; (ii) the Executive from disclosing any trade secrets or Confidential Information (as defined in Section 3.2); (iii) any Competing Business from receiving from the Executive or using any such trade secrets or Confidential Information; and/or (iv) any such Competing Business from retaining or seeking to retain any employees of the Corporation.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.6</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The provisions of this Article III shall survive the termination of this Agreement and Executive&#8217;s Term of employment.</font></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE IV<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>CHANGE IN CONTROL</u></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Change in Control</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effect of a Change in Control</u></font>.&#160; Notwithstanding anything contained herein to the contrary, if the Executive&#8217;s employment is terminated within twelve (12) months following a Change in Control (as defined in Section 4.1(b) hereof) during the Term by the Corporation for any reason other than Cause, or by the Executive for Good Reason, then:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severance</u></font>.&#160; The Corporation shall pay to the Executive, in lieu of any amounts otherwise due to him under Section 2.3(a) hereof, within fifteen (15) days of the Executive&#8217;s termination of employment, or within the timeframe required by Section 2.3(a)(v) hereof if applicable, a lump sum amount equal to two (2) times the sum of: (A)&#160;the Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of employment; and (B) the bonus paid to the Executive for the most recently completed fiscal year prior to the fiscal year in which his employment is terminated.&#160; Notwithstanding the foregoing, solely to the extent necessary to comply with Section 409A of the Code, a portion of such lump sum payment will not be payable at such time if the duration of the Severance Period that would have otherwise applied under Section 2.3(a)(i) (had a Change in Control not occurred during the twelve-month period prior to such termination of employment) would have extended beyond the end of the second calendar year following the calendar year in which such termination of employment occurs (any such period beyond the end of such second calendar year is the &#8220;Extended Severance Payment Period&#8221;). &#160;In addition, such other amounts that otherwise would have been payable to the Executive under Section 2.3(a)(i) had a Change in Control not occurred during the twelve (12) month period prior to such termination of employment, and that would have constituted nonqualified deferred compensation subject to Section 409A of the Code, will also not be included as part of such lump sum payment. &#160;In such event, an amount equal to the aggregate installment payments that would have been payable during the Extended Severance Payment Period, and the amounts described in the preceding sentence, shall be deducted from the amount otherwise payable in a lump sum in accordance with the first sentence hereof.&#160; Such </font></div>

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<div style="TEXT-ALIGN: justify">deducted amount shall, instead, be payable at the same time that, and in the same manner as, such payments would have been paid if the Executive&#8217;s employment had been terminated pursuant to Section 2.3(a) hereof rather than within a twelve-month period following a Change in Control.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; Subject to Section 2.3(a)(v), the Executive shall immediately become vested in any unvested stock options granted to the Executive by the Corporation prior to the Change in Control and Executive will have six (6) months from the date of termination under this circumstance to exercise all vested options (but in no event later than the expiration date of such options).&#160; In addition, subject to Section 2.3(a)(v), any awards of RPSUs and restricted shares which are unvested shall be deemed vested immediately prior to such Change in Control.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Definition</u></font>.&#160; For purposes hereof, a &#8220;Change in Control&#8221; shall mean the occurrence of any of the following:</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 63pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(i) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Corporation to any &#8220;person&#8221; or &#8220;group&#8221; (as such terms are used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934 (&#8220;Act&#8221;)) other than Permitted Holders;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(ii) any person or group is or becomes the &#8220;beneficial owner&#8221; (as defined in Rules 13d-3 and 13d-5 under the Act, except that a person shall be deemed to have &#8220;beneficial ownership&#8221; of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50 percent of the total voting power of the voting stock of the Corporation, including by way of merger, consolidation or otherwise; provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Corporation or any Affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Corporation or any Affiliate, (III) any acquisition by one or more of the Permitted Holders, or (IV) any acquisition which complies with clauses (A), (B) and (C) of subsection (v) below;</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 144pt">(iii) during any period of twelve (12) consecutive months, Present and/or New Directors cease for any reason to constitute a majority of the Board;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt">(iv) the Permitted Holders&#8217; beneficial ownership of the total voting power of the voting stock of the Corporation falls below 30 percent and either Ralph Lauren is not nominated for a position on the Board of Directors, or he stands for election to the Board of Directors and is not elected;</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 144pt">(v) the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Corporation that requires the approval of the Corporation&#8217;s stockholders, whether for such transaction or the issuance of securities in the transaction (a &#8220;Business Combination&#8221;), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the &#8220;Surviving Company&#8221;), or (y) if </div>

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<div style="TEXT-ALIGN: justify">applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the &#8220;Parent Company&#8221;), is represented by the shares of voting stock of the Corporation that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the shares of voting stock of the Corporation were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power was among the holders of the shares of voting stock of the Corporation that were outstanding immediately prior to the Business Combination, (B) no person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company, or one or more Permitted Holders), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board&#8217;s approval of the execution of the initial agreement providing for such Business Combination; or</div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 144pt">(vi) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation.</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For purposes of this Section 4.1(b), the following terms have the meanings indicated: &#8220;Permitted Holders&#8221; shall mean, as of the date of determination: (A) any and all of Ralph Lauren, his spouse, his siblings and their spouses, and descendants of them (whether natural or adopted) (collectively, the &#8220;Lauren Group&#8221;); and (B) any trust established and maintained primarily for the benefit of any member of the Lauren Group and any entity controlled by any member of the Lauren Group.&#160; &#8220;Present Directors&#8221; shall mean individuals who at the beginning of any one year period were members of the Board.&#160; &#8220;New Directors&#8221; shall mean any directors whose election by the Board or whose nomination for election by the shareholders of the Corporation was approved by a vote of a majority of the directors of the Corporation who, at the time of such vote, were either Present Directors or New Directors&#160;but excluding any such individual whose initial assumption of office occurs solely as a result of an actual or threatened proxy contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE V<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>MISCELLANEOUS</u></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Notice</u></font>.&#160; For the purposes of this Agreement, notices, demands and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or by facsimile or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as follows:</font></div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Ralph Lauren Corporation</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 216pt; FONT-SIZE: 10pt">650 Madison Avenue</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 216pt; FONT-SIZE: 10pt">New York, New York 10022</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 216pt; FONT-SIZE: 10pt">Attn:&#160; Jackwyn Nemerov</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 216pt; FONT-SIZE: 10pt">President &amp; Chief Operating Officer</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; MARGIN-LEFT: 216pt; FONT-SIZE: 10pt">Fax: (212) 318-7529</div>

<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Modification or Waiver; Entire Agreement; End of Term</u></font>.&#160; No provision of this Agreement may be modified or waived except in a document signed by the Executive and the Corporation.&#160; This Agreement, along with any documents incorporated herein by reference, including but not limited to the Term Sheet, constitutes the entire agreement between the parties regarding their employment relationship and supersedes all prior agreements, amendments, promises, covenants, representations or warranties, including, without limitation, the Executive&#8217;s 2014 Employment Agreement with the Corporation.&#160; To the extent that this Agreement is in any way inconsistent with any prior or contemporaneous stock award agreements between the parties, this Agreement shall control.&#160; No agreements or representations, oral or otherwise, with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.&#160; Any extensions or renewals of this Agreement must be in writing and must be agreed to by both the Corporation and the Executive.&#160; Absent such extensions or renewals, this Agreement and all of its terms and conditions, except for those provisions in Article III as specified therein, shall expire upon the end of the Term.&#160; If Executive continues to be employed by the Corporation beyond the Term, such employment shall be &#8220;at will.&#8221;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Governing Law</u></font>.&#160; The validity, interpretation, construction, performance, and enforcement of this Agreement shall be governed by the laws of the State of New York without reference to New York&#8217;s choice of law rules.&#160; In the event of any dispute, the Executive agrees to submit to the jurisdiction of any court sitting in Manhattan in New York State.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>No Mitigation or Offset</u></font>.&#160; In the event the Executive&#8217;s employment with the Corporation terminates for any reason, the Executive shall not be obligated to seek other employment following such termination and there shall be no offset of the payments or benefits set forth herein.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.5</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Withholding</u></font>.&#160; All payments required to be made by the Corporation hereunder to the Executive or the Executive&#8217;s estate or beneficiaries shall be subject to the withholding of such amounts as the Corporation may reasonably determine it should withhold pursuant to any applicable law.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.6</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Attorney&#8217;s Fees</u></font>.&#160; Each party shall bear its own attorney&#8217;s fees and costs incurred in any action or dispute arising out of this Agreement and/or the employment relationship.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.7</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>No Conflict</u></font>.&#160; Executive represents and warrants that he is not party to any agreement, contract, understanding, covenant, judgment or decree or under any obligation, contractual or otherwise, with any other party that in any way restricts or adversely affects his ability to act for the Corporation in all of the respects contemplated hereby, including but not limited to any obligations to comply with any non-compete or non-solicitation provisions.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.8</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Enforceability</u></font>.&#160; Each of the covenants and agreements set forth in this Agreement are separate and independent covenants, each of which has been separately bargained for and the parties hereto intend that the provisions of each such covenant shall be enforced to the fullest extent permissible.&#160; Should the whole or any part or provision of any such separate covenant be held or declared invalid, such invalidity shall not in any way affect the validity of any other such covenant or of any part or provision of the same covenant not also held or declared invalid.&#160; If any covenant shall be found to be invalid but would be valid if some part thereof were deleted or the period or area of application reduced, then such covenant shall apply with such minimum modification as may be necessary to make it valid and effective.&#160; The failure of either party at any time to require performance by the other party of any provision hereunder will in no way affect the right of that party thereafter to enforce the same, nor will it affect any other party&#8217;s right to enforce the same, or to enforce any of the other provisions in this Agreement; nor will the waiver by either party of the breach of any provision hereof be taken or held to be a waiver of any prior or subsequent breach of such provision or as a waiver of the provision itself.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.9</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Miscellaneous</u></font>. No right or interest to, or in, any payments shall be assignable by the Executive; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>however</u></font>, that this provision shall not preclude the Executive from designating in writing one or more beneficiaries to receive any amount that may be payable after the Executive&#8217;s death and shall not preclude the legal representative of the Executive&#8217;s estate from assigning any right hereunder to the person or persons entitled thereto.&#160; If the Executive should die while any amounts would still be payable to the Executive hereunder, all such amounts shall be paid in accordance with the terms of this Agreement to the Executive&#8217;s written designee or, if there be no such designee, to the Executive&#8217;s estate.&#160; This Agreement shall be binding upon and shall inure to the benefit of, and shall be enforceable by, the Executive, the Executive&#8217;s heirs and legal representatives and the Corporation and its successors.&#160; The section headings shall not be taken into account for purposes of the construction of any provision of this Agreement.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.10</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Meaning of Signing This Agreement</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">.&#160; By signing this Agreement, Executive expressly acknowledges and agrees that (a) he has carefully read it and fully understands what it means; (b) he has been advised in writing to discuss this Agreement with an independent attorney of his own choosing before signing it and has had a reasonable opportunity to confer with his attorney and has discussed and reviewed this Agreement with his attorney prior to executing it and delivering it to the Corporation; (c) he has had answered to his satisfaction any questions he has with regard to the meaning and significance of any of the provisions of this Agreement; and (d) he has agreed to this Agreement knowingly and voluntarily of his own free will and was not subjected to any undue influence or duress, and assents to all the terms and conditions contained herein with the intent to be bound hereby.</font></font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.11</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Compliance with Section 409A</u></font>.&#160; The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and the parties agree to use their best efforts to achieve timely compliance with, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued thereunder (&#8220;Section 409A&#8221;), including without limitation any such regulations or other guidance that may be issued after the Effective Date.&#160; Notwithstanding any provision of this Agreement to the contrary, in the event that the Corporation determines that any compensation or benefits payable or provided hereunder may be subject to Section 409A, the Corporation reserves the right (without any obligation to do so or to indemnify the Executive for failure to do so) to adopt such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Corporation reasonably determines are necessary or appropriate to (a) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (b) comply with the requirements of Section 409A.</font></div>

<div>&#160;</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date and year first above written.</div>

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<td style="WIDTH: 35%" valign="top" align="left">RALPH LAUREN CORPORATION<br />
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">/s/ Ralph Lauren</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">/s/ Mitchell Kosh</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">By:&#160; &#160; Ralph Lauren</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Title: Chairman &amp; Chief Executive Officer</div>
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<td style="WIDTH: 35%" valign="top" align="justify">Date:<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160; &#160; &#160; &#160;&#160; 4/1/15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></td>
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<td style="WIDTH: 35%" valign="top" align="justify">Date:<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>&#160; &#160; &#160; &#160;&#160; 4/1/15&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE A</div>

<div><br />
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<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; MARGIN-RIGHT: 36pt">Abercrombie &amp; Fitch Co.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ann Taylor Stores Corp.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Brooks Brothers</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Burberry Limited</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Campagnie Financiere Richemont SA</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Chanel S.A.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Coach, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Crate &amp; Barrel (aka Euromarket Designs, Inc.)</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dillard&#8217;s Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dolce &amp; Gabbana</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Fifth &amp; Pacific Companies, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gap Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Giorgio Armani Corp.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hermes International</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hudson&#8217;s Bay Company</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hugo Boss AG</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">J. Crew Group, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Jones Apparel Group, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Limited Brands, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">LVMH Moet Hennessy Louis Vuitton S.A.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Macy&#8217;s Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Michael Kors, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Neiman Marcus Group, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Nordstrom, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PPR Group</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Prada (aka I Pellettieri d'Italia S.P.A.)</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PVH Corp.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Saks Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Salvatore Ferragamo Italia S.P.A.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">TJX Companies, Inc.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">VF Corporation</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Williams-Sonoma, Inc.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>EXHIBIT A</u></div>

<div><br />
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Term Sheet</u></div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Mitchell Kosh</div>

<div><br />
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<div>
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<td style="WIDTH: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right"><u>Title:</u></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Executive Vice President, Chief Administrative Officer</td>
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<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right"><u>Base Salary:</u></td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">$900,000 effective April 1, 2015</td>
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<div><br />
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Annual Bonus</u></div>

<div style="TEXT-ALIGN: left">
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<td style="WIDTH: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right"><u>(EOAIP):</u></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Beginning fiscal 2016, bonus target will be 100% of gross fiscal year salary earnings, and bonus allocation will continue to be based 100% on Corporate results.&#160; Calculation can flex up or down by -10% to +10% based on achievement of strategic goals.&#160; The maximum bonus payable, excluding strategic goal adjustment, is capped at 200% of gross fiscal year salary earnings.</td>
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</div>

<div><br />
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 108pt; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(At all times your bonus opportunity will be governed by the terms of the Company&#8217;s </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EOAIP</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> and nothing contained herein restricts the Company&#8217;s rights to alter, amend or terminate the EOAIP at any time)</font></div>

<div><br />
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<div style="TEXT-ALIGN: justify; TEXT-INDENT: -72pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 72pt; FONT-SIZE: 10pt"><u>Annual Equity</u></div>

<div style="TEXT-ALIGN: justify">
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<td style="WIDTH: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right"><u>Award:</u></td>
<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Target equity value of $800,000 to be granted annually at the same time as annual awards to other executives, normally in May but may be earlier or later, and under terms of the equity program as approved each year by the Compensation and Organizational Development Committee of the Ralph Lauren Corporation Board of Directors (&#8220;Compensation Committee&#8221;), including grant structure, type of awards, conversion of value to actual number of shares, and other applicable factors as determined by the Committee in its discretion.</td>
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<TYPE>EX-10.4
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<DESCRIPTION>EXHIBIT 10.4
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<div style="TEXT-ALIGN: right; FONT: bold 10pt/1.25 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000">EXHIBIT 10.4</div>

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THIS EMPLOYMENT AGREEMENT (the &#8220;Agreement&#8221;) is made effective as of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day of April, 2015 (the &#8220;Effective Date&#8221;), by and between Ralph Lauren Corporation, a Delaware corporation (the &#8220;Corporation&#8221;), and Robert Madore (the &#8220;Executive&#8221;).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; COLOR: #000000; FONT-SIZE: 10pt">WHEREAS, the Executive has been employed with the Corporation pursuant to an Employment Agreement dated September 30, 2013 (the &#8220;2013 Employment Agreement&#8221;); and</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE I<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>EMPLOYMENT</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Employment Term</u></font>.&#160; The Corporation hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Corporation, on the terms and conditions set forth herein, and in accordance with the terms of the term sheet attached hereto as Exhibit A (&#8220;Term Sheet&#8221;).&#160; The employment of the Executive by the Corporation shall be effective as of the date hereof and continue until the close of business on March 31, 2018 (the &#8220;Term&#8221;), unless terminated earlier in accordance with Article II hereof.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Position and Duties</u></font>.&#160; During the Term the Executive shall faithfully, and in conformity with the directions of the Board of Directors of the Corporation and any Committee thereof (the &#8220;Board&#8221;) or the management of the Corporation (&#8220;Management&#8221;), perform the duties of his employment, and shall devote to the performance of such duties his full time and attention.&#160; During the Term the Executive shall serve in such position as the Board or Management may from time to time direct.&#160; During the Term, the Executive may engage in outside activities provided those activities do not conflict with the duties and responsibilities enumerated hereunder, and provided further that the Executive receives written approval in advance from Management for any outside business activity that may require significant expenditure of the Executive&#8217;s time in which the Executive plans to become involved, whether or not such activity is pursued for profit.&#160; The Executive shall be excused from performing any services hereunder during periods of temporary incapacity and during vacations in accordance with the Corporation&#8217;s disability and vacation policies.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Place of Performance</u></font>.&#160; The Executive shall be employed at the principal offices of the Corporation located in New York, New York, except for required travel on the Corporation&#8217;s business.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Compensation and Related Matters</u></font>.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Base Compensation</u></font>.&#160; In consideration of his services during the Term, the Corporation shall pay the Executive cash compensation at an annual rate of not less than seven hundred thousand dollars ($700,000) (&#8220;Base Compensation&#8221;), less applicable withholdings.&#160; Executive&#8217;s Base Compensation shall be subject to such increases as may be approved by the Board or Management.&#160; The Base Compensation shall be payable as current salary, in installments not less frequently than monthly, and at the same rate for any fraction of a month unexpired at the end of the Term.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Bonus</u></font>.&#160; During the Term, the Executive shall have the opportunity to earn an annual bonus in accordance with any annual bonus program the Corporation maintains that would be applicable to the Executive and in accordance with the Term Sheet.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; During the Term, the Executive shall be eligible to participate in the Ralph Lauren Corporation 2010 Long-Term Stock Incentive Plan or any successor thereto (the &#8220;Incentive Plan&#8221;).&#160; All equity award grants to the Executive, if any, including but not limited to the grants set forth in the Term Sheet, are governed by the terms of the Incentive Plan and are subject, in all cases, to approval by the Compensation &amp; Organizational Development Committee of the Board of Directors in its sole discretion.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Car Allowance</u></font>.&#160; During the Term, the Corporation shall pay Executive a car allowance in the amount of one thousand five hundred dollars ($1,500) per month, less applicable withholdings.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Expenses.</u></font>&#160; During the Term, the Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Executive in performing services hereunder, including all reasonable expenses of travel and living while away from home, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font> that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(f)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Vacations</u></font>.&#160; During the Term, the Executive shall be entitled to the number of vacation days in each fiscal year, and to compensation in respect of earned but unused vacation days, determined in accordance with the Corporation&#8217;s vacation program.&#160; The Executive shall also be entitled to all paid holidays given by the Corporation to its employees.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(g)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Other Benefits</u></font>.&#160; The Executive shall be entitled to participate in all of the Corporation&#8217;s employee benefit plans and programs in effect during the Term as would by their terms be applicable to the Executive, including, without limitation, any life insurance plan, medical insurance plan, dental care plan, accidental death and disability plan, financial counseling and sick/personal leave program.&#160; The Corporation shall not make any changes in such plans or programs that would adversely affect the Executive&#8217;s benefits thereunder, unless such change occurs pursuant to a plan or program applicable to other similarly situated employees of the Corporation and does not result in a proportionately greater reduction in the rights or benefits of the Executive as compared with other similarly situated employees of the Corporation. Except as otherwise specifically provided herein, nothing paid to the Executive under any plan or program presently in effect or made available in the future shall be in lieu of the Base Compensation or any bonus payable under Sections 1.4(a) and 1.4(b) hereof.</font></div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE II<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>TERMINATION OF EMPLOYMENT</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Termination of Employment</u></font>.&#160; The Executive&#8217;s employment may terminate prior to the expiration of the Term under the following circumstances:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Without Cause</u></font>.&#160; The Executive&#8217;s employment shall terminate upon the Corporation notifying the Executive that his services will no longer be required.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Death</u></font>.&#160; The Executive&#8217;s employment shall terminate upon the Executive&#8217;s death.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Disability</u></font>. If, as a result of the Executive&#8217;s incapacity due to physical or mental illness, the Executive shall have been absent and unable to perform the duties hereunder on a full-time basis for an entire period of six consecutive months, the Executive&#8217;s employment may be terminated by the Corporation following such six-month period.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Cause</u></font>.&#160; The Corporation may terminate the Executive&#8217;s employment for Cause.&#160; For purposes hereof,&#160; &#8220;Cause&#8221; shall mean:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">failure by the Executive to perform the duties of the Executive hereunder (other than due to disability as defined in 2.1(c)), provided that the conduct described in this Section 2.1(d)(i) shall not constitute Cause unless and until such failure by Executive to perform his duties hereunder has not been cured to the satisfaction of the Corporation, in its sole discretion, within fifteen (15) days after notice of such failure has been given by the Corporation to Executive; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">an act of fraud, embezzlement, theft, breach of fiduciary duty, dishonesty, or any other misconduct or any violation of law (other than a traffic violation) committed by the Executive; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">any action by the Executive causing damage to or misappropriation of&#160; Corporation assets; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s wrongful disclosure of confidential information of the Corporation or any of its affiliates; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s breach of Section 5.7 herein or the Executive&#8217;s engagement in any competitive activity which would constitute a breach of this Agreement and/or of the Executive&#8217;s duty of loyalty; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vi)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Executive&#8217;s breach of any employment policy of the Corporation, including, but not limited to, conduct relating to falsification of business records, violation of the Corporation&#8217;s code of business conduct &amp; ethics, harassment, creation of a hostile work environment, excessive absenteeism, insubordination, violation of the Corporation&#8217;s policy on drug &amp; alcohol use, or violent acts or threats of violence; or</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(vii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">performance by the Executive of his employment duties in a manner deemed by the Corporation, in its sole discretion, to be grossly negligent; or</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(viii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the commission of any act by the Executive, whether or not performed in the workplace, which subjects or, if publicly known, would be likely to subject the Corporation to public ridicule or embarrassment, or would likely be detrimental or damaging to the Corporation&#8217;s reputation, goodwill, or relationships with its customers, suppliers, vendors, licensees or employees.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(e)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Voluntary Termination</u></font>.&#160; The Executive may voluntarily terminate the Executive&#8217;s employment with the Corporation at any time, with or without Good Reason.&#160; For purposes of this Agreement, &#8220;Good Reason&#8221; shall mean a termination of employment by the Executive within sixty (60) days following the occurrence of (A) a material diminution in or adverse alteration to Executive&#8217;s title, base salary, position or duties, (B) the relocation of the Executive&#8217;s principal office outside the area which comprises a fifty (50) mile radius from New York City, or (C) a failure of the Corporation to comply with any material provision of this Agreement provided that the events described in clauses (A), (B), and (C) above shall not constitute Good Reason (1) until the Executive provides written notice to the Corporation of the existence of such diminution, change, reduction, relocation or failure within thirty (30) days of its occurrence and (2) unless such diminution, change, reduction or failure (as applicable) has not been cured within thirty (30) days after written notice of such noncompliance has been given by the Executive to the Corporation.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Date of Termination</u></font>.&#160; The date of termination shall be:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by the Executive&#8217;s death, the date of the Executive&#8217;s death;</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by reason of Executive&#8217;s disability pursuant to Section 2.1(c) or by the Corporation pursuant to Sections&#160;2.1(a) or 2.1(d), the date specified by the Corporation; and</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">if the Executive&#8217;s employment is terminated by the Executive, the date on which the Executive notifies the Corporation of his termination.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effect of Termination of Employment</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by the Corporation pursuant to Section 2.1(a), or if the Executive resigns for Good Reason pursuant to Section 2.1(e), the Executive shall only be entitled to the following:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severance</u></font>.&#160; Subject to Section 2.3(a)(v) and Section 4.1(a) hereof, the Corporation shall: (a) beginning with the first payroll period following the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day following the date of termination of Executive&#8217;s employment, continue to pay the Executive, in accordance with the Corporation&#8217;s normal payroll practice, his Base Compensation, as in effect immediately prior to such termination of employment, for the one-year period commencing on the date of such termination (the &#8220;Severance Period&#8221;), provided that the initial payment shall include Base Compensation amounts for all payroll periods from the date of termination through </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">the date of such initial payment; and (b) pay to the Executive, on the last business day of the Severance Period, an amount equal to 75% of Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of Executive&#8217;s employment.&#160; Under no circumstances shall the Executive be entitled to any bonus payment for the fiscal year in which his employment is terminated.&#160; Notwithstanding the foregoing, in order to receive any severance benefits under this Section 2.3(a)(i), the Executive must sign and not timely revoke a release and waiver of claims against the Corporation, its successors, affiliates, and assigns, in a form acceptable to the Corporation on or prior to the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day following the date of termination of Executive&#8217;s employment.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; The Executive&#8217;s rights with respect to any equity award grants provided to the Executive by the Corporation shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such awards were granted, except as provided in Section 4.1(a).</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Welfare Plan Coverages</u></font>.&#160; The Executive shall continue to participate during the Severance Period in any group medical or dental insurance plan he participated in prior to the date of his termination, under substantially similar terms and conditions as an active employee; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font> that participation in such group medical or dental&#160; insurance plan shall only continue for as long as permitted under COBRA and further, shall correspondingly cease at such time as the Executive (a) becomes eligible for a future employer&#8217;s medical and/or dental insurance coverage (or would become eligible if the Executive did not waive coverage) or (b) violates any of the provisions of Article III as determined by the Corporation in its sole discretion.&#160; Notwithstanding the foregoing, the Executive may not continue to participate in such plans on a pre-tax or tax-favored basis.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Retirement Plans</u></font>.&#160; Without limiting the generality of the foregoing, it is specifically provided that the Executive shall not accrue additional benefits under any pension plan of the Corporation (whether or not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended) during the Severance Period.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(v)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Section 409A.</u></font>&#160; Notwithstanding any provision in this Agreement to the contrary, no amounts shall be payable pursuant to Section 2.3(a) or Section 4.1(a) unless the Executive&#8217;s termination of employment constitutes a &#8220;separation from service&#8221; within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations.&#160; If the Executive is determined to be a &#8220;specified employee&#8221; for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code, as amended, and the rules and regulations issued thereunder (the &#8220;Code&#8221;), then no payment that is payable under Sections 2.3(a)(i) or 4.1(a) hereof (the &#8220;Severance Payment&#8221;) on account of Executive&#8217;s &#8220;separation from service&#8221; shall be made before the date that is at least six months after the Executive&#8217;s &#8220;separation from service&#8221; (or if earlier, the date of the Executive&#8217;s death), but rather all such payments shall be made on the date that is five business days after the expiration of that six month period, if and to the extent that the Severance Payment constitutes deferred compensation (or may be nonqualified deferred compensation) under Section 409A of the Code and such deferral is required to comply with the requirements of Section&#160;409A of the Code.&#160; For the avoidance of doubt, no portion of the Severance Payment shall be delayed for six months after the Executive&#8217;s &#8220;separation from service&#8221; if such portion (x) constitutes a &#8220;short term deferral&#8221; within the meaning of </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Section 1.409A-1(a)(4) of the Department of Treasury Regulations, or (y) (A) it is being paid due to the Corporation&#8217;s termination of the Executive&#8217;s employment without Cause or the Executive&#8217;s termination of employment for Good Reason; (B) it does not exceed two times the lesser of (1) the Executive&#8217;s annualized compensation from the Corporation for the calendar year prior to the calendar year in which the termination of the Executive&#8217;s employment occurs, or (2) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Executive&#8217;s employment terminates; and (C) the payment is required under this Agreement to be paid no later than the last day of the second calendar year following the calendar year in which the Executive incurs a &#8220;separation from service.&#8221;&#160; For purposes of Section 409A of the Code, the Executive&#8217;s right to receive installment payments pursuant to Section 2.3(a) shall be treated as a right to receive a series of separate and distinct payments.&#160; To the extent that any reimbursement of any expense under Section 1.4(e) or in-kind benefits provided under this Agreement are deemed to constitute taxable compensation to the Executive, such amounts will be reimbursed or provided no later than December 31 of the year following the year in which the expense was incurred.&#160; The amount of any such expenses reimbursed or in-kind benefits provided in one year shall not affect the expenses or in-kind benefits eligible for reimbursement or payment in any subsequent year, and the Executive&#8217;s right to such reimbursement or payment of any such expenses will not be subject to liquidation or exchange for any other benefit.<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;<font style="FONT-WEIGHT: normal">The determination of whether the Executive is a &#8220;specified employee&#8221; for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of the Executive&#8217;s separation from service shall be made by the Corporation in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto).</font></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by reason of the Executive&#8217;s death or disability, pursuant to Sections 2.1(b) or 2.1(c), the Executive (or the Executive&#8217;s designee or estate) shall only be entitled to whatever welfare plans benefits are available to the Executive pursuant to the welfare plans the Executive participated in prior to such termination, and whatever stock awards may have been provided to the Executive by the Corporation the terms of which shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Executive&#8217;s employment is terminated by the Corporation for Cause or by the Executive without Good Reason (as defined in Section 2.1(e)), the Executive shall receive only that portion of the Executive&#8217;s then current Base Compensation payable through the Executive&#8217;s termination date.&#160; The Executive&#8217;s rights with respect to any stock awards provided to the Executive by the Corporation shall be governed by the provisions of the Corporation&#8217;s Incentive Plan and the respective award agreements, if any, under which such stock awards were provided.</font></div>

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</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>COVENANTS OF THE EXECUTIVE</u></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation and the Executive acknowledge that: (i) the Corporation has a special interest in and derives significant benefit from the unique skills and experience of the Executive; (ii) the Executive will use and have access to proprietary and valuable Confidential Information (as defined in Section 3.2 hereof) during the course of the Executive&#8217;s employment; and (iii) the agreements and covenants contained herein are essential to protect the business and goodwill of the Corporation or any of its subsidiaries, affiliates or licensees.&#160; Accordingly, except as hereinafter noted, the Executive covenants and agrees that during the Term, and for the remainder of such Term following the termination of Executive&#8217;s employment, the Executive shall not provide any labor, work, services or assistance (whether as an officer, director, employee, partner, agent, owner, independent contractor, consultant, stockholder or otherwise) to a &#8220;Competing Business.&#8221;&#160; For purposes hereof, &#8220;Competing Business&#8221; shall mean any business engaged in the designing, marketing or distribution of premium lifestyle products, including but not limited to apparel, home, accessories and fragrance products, which competes in any material respects with the Corporation or any of its subsidiaries, affiliates or licensees, and shall include, without limitation, those brands and companies that the Corporation and the Executive have jointly designated in writing on the date hereof, which is incorporated herein by reference and which is attached as Schedule A, as being in competition with the Corporation or any of its subsidiaries, affiliates or licensees as of the date hereof.&#160; Thus, Executive specifically acknowledges that Executive understands that, except as provided in Section 3.1(b) he may not become employed by any Competing Business in any capacity during the Term.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The non-compete provisions of this Section shall no longer be applicable to Executive if he has been notified pursuant to Section 2.1(a) hereof that his services will no longer be required during the Term or if the Executive has terminated his employment for Good Reason pursuant to Section 2.1(e) or if the Corporation elects in its sole discretion not to extend the Term for any reason other than for Cause.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">It is acknowledged by the Executive that the Corporation has determined to relieve the Executive from any obligation of non-competition for periods after the Term, and/or if the Corporation terminates the Executive&#8217;s employment under Section 2.1(a) or if the Executive has terminated his employment for Good Reason pursuant to Section 2.1(e) or if the Corporation elects in its sole discretion not to extend the Term for any reason other than for Cause.&#160;&#160; In consideration of that, and in consideration of all of the compensation provisions in this Agreement (including the potential for the award of stock options RSUs and/or RPSUs that may be made to the Executive), Executive agrees to the provisions of Section 3.1 and also agrees that the non-competition obligations imposed herein are fair and reasonable under all the circumstances.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Confidential Information</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Corporation owns and has developed and compiled, and will own, develop and compile, certain proprietary techniques and confidential information as described below which have great value to its business (referred to in this Agreement, collectively, as &#8220;Confidential Information&#8221;).&#160; Confidential Information includes not only information disclosed by the Corporation and/or its affiliates, subsidiaries and licensees to Executive, but also information developed or learned by Executive during the course of, or as a result of, </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">employment hereunder, which information Executive acknowledges is and shall be the sole and exclusive property of the Corporation.&#160; Confidential Information includes all proprietary information that has or could have commercial value or other utility in the business in which the Corporation is engaged or contemplates engaging, and all proprietary information the unauthorized disclosure of which could be detrimental to the interests of the Corporation.&#160; Whether or not such information is specifically labeled as Confidential Information by the Corporation is not determinative.&#160; By way of example and without limitation, Confidential Information includes any and all information developed, obtained or owned by the Corporation and/or its subsidiaries, affiliates or licensees concerning trade secrets, techniques, know-how (including designs, plans, procedures, processes and research records), software, computer programs, innovations, discoveries, improvements, research, development, test results, reports, specifications, data, formats, marketing data and plans, business plans, strategies, forecasts, unpublished financial information, orders, agreements and other forms of documents, price and cost information, merchandising opportunities, expansion plans, designs, store plans, budgets, projections, customer, supplier and subcontractor identities, characteristics and agreements, and salary, staffing and employment information.&#160; Notwithstanding the foregoing, Confidential Information shall not in any event include (A) Executive&#8217;s personal knowledge and know-how relating to merchandising and business techniques which Executive has developed over his career in the apparel business and of which Executive was aware prior to his employment, or (B) information which (i) was generally known or generally available to the public prior to its disclosure to Executive; (ii) becomes generally known or generally available to the public subsequent to disclosure to Executive through no wrongful act of any person or (iii) which Executive is required to disclose by applicable law or regulation (provided that Executive provides the Corporation with prior notice of the contemplated disclosure and reasonably cooperates with the Corporation at the Corporation&#8217;s expense in seeking a protective order or other appropriate protection of such information).</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Executive acknowledges and agrees that in the performance of his duties hereunder the Corporation will from time to time disclose to Executive and entrust Executive with Confidential Information.&#160; Executive also acknowledges and agrees that the unauthorized disclosure of Confidential Information, among other things, may be prejudicial to the Corporation&#8217;s interests, and an improper disclosure of trade secrets.&#160; Executive agrees that he shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any corporation, partnership, individual or other third party, other than in the course of his assigned duties and for the benefit of the Corporation, any Confidential Information, either during his Term of employment or thereafter.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(c)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive agrees that upon leaving the Corporation&#8217;s employ, the Executive shall not take with the Executive any software, computer programs, disks, tapes, research, development, strategies, designs, reports, study, memoranda, books, papers, plans, information, letters, e-mails, or other documents or data reflecting any Confidential Information of the Corporation, its subsidiaries, affiliates or licensees.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(d)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the Term, Executive shall disclose to the Corporation all designs, inventions and business strategies or plans developed for the Corporation, including without limitation any process, operation, product or improvement.&#160; Executive agrees that all of the foregoing are and shall be the sole and exclusive property of the Corporation and that </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">Executive shall at the Corporation&#8217;s request and cost do whatever is necessary to secure the rights thereto, by patent, copyright or otherwise, to the Corporation.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Non-Solicitation of Employees</u></font>.&#160; The Executive covenants and agrees that during the Term, and for the remainder of such Term following the termination of Executive&#8217;s employment for any reason whatsoever hereunder, the Executive shall not directly or indirectly solicit or influence any other employee of the Corporation, or any of its subsidiaries, affiliates or licensees, to terminate such employee&#8217;s employment with the Corporation, or any of its subsidiaries, affiliates or licensees, as the case may be, or to become employed by a Competing Business.&#160; As used herein, &#8220;solicit&#8221; shall include, without limitation, requesting, encouraging, enticing, assisting, or causing, directly or indirectly.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Nondisparagement</u></font>. The Executive agrees that during the Term and thereafter whether or not he is receiving any amounts pursuant to Sections 2.3 and 4.1, the Executive shall not make any statements or comments that reasonably could be considered to shed an adverse light on the business or reputation of the Corporation or any of its subsidiaries, affiliates or licensees, the Board or any officer of the Corporation or any of its subsidiaries, affiliates or licensees; provided, however, the foregoing limitation shall not apply to (i) compliance with legal process or subpoena, or (ii) statements in response to an inquiry from a court or regulatory body.&#160; No director nor senior officer of the Corporation will, during the same time period, in any communications with the press or other media or with any corporate customer, client, or supplier make any statements or comments that disparages or is derogatory of Executive; provided, however, the foregoing limitation shall not apply to (i) compliance with legal process or subpoena, or (ii) statements in response to an inquiry from a court or regulatory body.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.5</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Remedies</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive acknowledges and agrees that in the event the Corporation reasonably determines that the Executive has breached any provision of this Article III, that such conduct will constitute a failure of the consideration for which stock awards had been previously granted to the Executive or could be awarded in the future to Executive, and notwithstanding the terms of any stock award agreement, plan document, or other provision of this Agreement to the contrary, the Corporation may in its sole discretion notify the Executive that all unexercised stock options, Restricted Performance Share Units ("RPSUs"), restricted stock units, and other equity awards that Executive has are forfeited.&#160; Further, the Executive shall immediately forfeit the right to receive any further grants of any equity awards or vest any further in any unvested stock options, unvested restricted stock units, unvested RPSUs or other unvested equity awards of the Corporation at the time of such notice and Executive waives any right to assert that any such conduct by the Corporation violates any federal or state statute, case law or policy.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 6pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If the Corporation reasonably determines that the Executive has breached any provision contained in this Article III, the Corporation shall have no further obligation to make any payment or provide any benefit whatsoever to the Executive pursuant to this Agreement, and may also recover from the Executive all such damages as it may be entitled to at law or in equity.&#160; In addition, the Executive acknowledges that any such breach is likely to result in immediate and irreparable harm to the Corporation for which money damages are likely </font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt">to be inadequate.&#160; Accordingly, the Executive consents to injunctive and other appropriate equitable relief upon the institution of proceedings therefor by the Corporation in order to protect the Corporation&#8217;s rights hereunder.&#160; Such relief may include, without limitation, an injunction to prevent:&#160; (i) the breach or continuation of Executive&#8217;s breach; (ii) the Executive from disclosing any trade secrets or Confidential Information (as defined in Section 3.2); (iii) any Competing Business from receiving from the Executive or using any such trade secrets or Confidential Information; and/or (iv) any such Competing Business from retaining or seeking to retain any employees of the Corporation.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.6</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The provisions of this Article III shall survive the termination of this Agreement and Executive&#8217;s Term of employment.</font></div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">ARTICLE IV<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>CHANGE IN CONTROL</u></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Change in Control</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(a)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effect of a Change in Control</u></font>.&#160; Notwithstanding anything contained herein to the contrary, if the Executive&#8217;s employment is terminated within twelve (12) months following a Change in Control (as defined in Section 4.1(b) hereof) during the Term by the Corporation for any reason other than Cause, or by the Executive for Good Reason, then:</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severance</u></font>.&#160; The Corporation shall pay to the Executive, in lieu of any amounts otherwise due to him under Section 2.3(a) hereof, within fifteen (15) days of the Executive&#8217;s termination of employment, or within the timeframe required by Section 2.3(a)(v) hereof if applicable, a lump sum amount equal to two (2) times the sum of: (A)&#160;the Executive&#8217;s Base Compensation, as in effect immediately prior to such termination of employment; and (B) the bonus paid to the Executive for the most recently completed fiscal year prior to the fiscal year in which his employment is terminated.&#160; Notwithstanding the foregoing, solely to the extent necessary to comply with Section 409A of the Code, a portion of such lump sum payment will not be payable at such time if the duration of the Severance Period that would have otherwise applied under Section 2.3(a)(i) (had a Change in Control not occurred during the twelve-month period prior to such termination of employment) would have extended beyond the end of the second calendar year following the calendar year in which such termination of employment occurs (any such period beyond the end of such second calendar year is the &#8220;Extended Severance Payment Period&#8221;). &#160;In addition, such other amounts that otherwise would have been payable to the Executive under Section 2.3(a)(i) had a Change in Control not occurred during the twelve (12) month period prior to such termination of employment, and that would have constituted nonqualified deferred compensation subject to Section 409A of the Code, will also not be included as part of such lump sum payment. &#160;In such event, an amount equal to the aggregate installment payments that would have been payable during the Extended Severance Payment Period, and the amounts described in the preceding sentence, shall be deducted from the amount otherwise payable in a lump sum in accordance with the first sentence hereof.&#160; Such deducted amount shall, instead, be payable at the same time that, and in the same manner as, such payments would have been paid if the Executive&#8217;s employment had been terminated pursuant to Section 2.3(a) hereof rather than within a twelve-month period following a Change in Control.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii)</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Stock Awards</u></font>.&#160; Subject to Section 2.3(a)(v), the Executive shall immediately become vested in any unvested stock options granted to the Executive by the Corporation prior to the Change in Control and Executive will have six (6) months from the date of termination under this circumstance to exercise all vested options (but in no event later than the expiration date of such options).&#160; In addition, subject to Section 2.3(a)(v), any awards of RPSUs and restricted shares which are unvested shall be deemed vested immediately prior to such Change in Control.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 108pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(b)</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Definition</u></font>.&#160; For purposes hereof, a &#8220;Change in Control&#8221; shall mean the occurrence of any of the following:</font></div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 63pt"><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">(i) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Corporation to any &#8220;person&#8221; or &#8220;group&#8221; (as such terms are used in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934 (&#8220;Act&#8221;)) other than Permitted Holders;</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(ii) any person or group is or becomes the &#8220;beneficial owner&#8221; (as defined in Rules 13d-3 and 13d-5 under the Act, except that a person shall be deemed to have &#8220;beneficial ownership&#8221; of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50 percent of the total voting power of the voting stock of the Corporation, including by way of merger, consolidation or otherwise; provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Corporation or any affiliate, (II) any acquisition by any employee benefit plan sponsored or maintained by the Corporation or any affiliate, (III) any acquisition by one or more of the Permitted Holders, or (IV) any acquisition which complies with clauses (A), (B) and (C) of subsection (v) below;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(iii) during any period of twelve (12) consecutive months, Present and/or New Directors cease for any reason to constitute a majority of the Board;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(iv) the Permitted Holders&#8217; beneficial ownership of the total voting power of the voting stock of the Corporation falls below 30 percent and either Ralph Lauren is not nominated for a position on the Board of Directors, or he stands for election to the Board of Directors and is not elected;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(v) the consummation of a reorganization, recapitalization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Corporation that requires the approval of the Corporation&#8217;s stockholders, whether for such transaction or the issuance of securities in the transaction (a &#8220;Business Combination&#8221;), unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity resulting from such Business Combination (the &#8220;Surviving Company&#8221;), or (y) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (the &#8220;Parent Company&#8221;), is represented by the shares of voting stock of the Corporation that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the </div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">shares of voting stock of the Corporation were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power was among the holders of the shares of voting stock of the Corporation that were outstanding immediately prior to the Business Combination, (B) no person (other than any employee benefit plan sponsored or maintained by the Surviving Company or the Parent Company, or one or more Permitted Holders), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect members of the board of directors of the Parent Company (or the analogous governing body) (or, if there is no Parent Company, the Surviving Company) and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members at the time of the Board&#8217;s approval of the execution of the initial agreement providing for such Business Combination; or</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 144pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">(vi) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt">For purposes of this Section 4.1(b), the following terms have the meanings indicated: &#8220;Permitted Holders&#8221; shall mean, as of the date of determination: (A) any and all of Ralph Lauren, his spouse, his siblings and their spouses, and descendants of them (whether natural or adopted) (collectively, the &#8220;Lauren Group&#8221;); and (B) any trust established and maintained primarily for the benefit of any member of the Lauren Group and any entity controlled by any member of the Lauren Group.&#160; &#8220;Present Directors&#8221; shall mean individuals who at the beginning of any one year period were members of the Board.&#160; &#8220;New Directors&#8221; shall mean any directors whose election by the Board or whose nomination for election by the shareholders of the Corporation was approved by a vote of a majority of the directors of the Corporation who, at the time of such vote, were either Present Directors or New Directors but excluding any such individual whose initial assumption of office occurs solely as a result of an actual or threatened proxy contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">ARTICLE V</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><br />
</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>MISCELLANEOUS</u></font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.1</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Notice</u></font>.&#160; For the purposes of this Agreement, notices, demands and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or by facsimile or mailed by United States registered mail, return receipt requested, postage prepaid, addressed as follows:</font></div>

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<td style="WIDTH: 163px; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">If to the Executive:</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Robert Madore</td>
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<td style="WIDTH: 162px; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">If to the Corporation:</td>
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<div>Ralph Lauren Corporation</div>

<div>650 Madison Avenue</div>

<div>New York, New York 10022</div>

<div>Attn:&#160; Mitchell A. Kosh</div>

<div>Executive Vice President &#8211; Chief Administrative Officer</div>

<div>Fax: (212) 318-7277</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.2</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Modification or Waiver; Entire Agreement; End of Term</u></font>.&#160; No provision of this Agreement may be modified or waived except in a document signed by the Executive and the Corporation.&#160; This Agreement, along with any documents incorporated herein by reference, including but not limited to the Term Sheet, constitutes the entire agreement between the parties regarding their employment relationship and supersedes all prior agreements, amendments, promises, covenants, representations or warranties, including, without limitation, the Executive&#8217;s 2013 Employment Agreement with the Corporation.&#160; To the extent that this Agreement is in any way inconsistent with any prior or contemporaneous stock award agreements between the parties, this Agreement shall control.&#160; No agreements or representations, oral or otherwise, with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.&#160; Any extensions or renewals of this Agreement must be in writing and must be agreed to by both the Corporation and the Executive.&#160; Absent such extensions or renewals, this Agreement and all of its terms and conditions, except for those provisions in Article III as specified therein, shall expire upon the end of the Term.&#160; If Executive continues to be employed by the Corporation beyond the Term, such employment shall be &#8220;at will.&#8221;</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.3</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Governing Law</u></font>.&#160; The validity, interpretation, construction, performance, and enforcement of this Agreement shall be governed by the laws of the State of New York without reference to New York&#8217;s choice of law rules.&#160; In the event of any dispute, the Executive agrees to submit to the jurisdiction of any court sitting in Manhattan in New York State.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.4</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>No Mitigation or Offset</u></font>.&#160; In the event the Executive&#8217;s employment with the Corporation terminates for any reason, the Executive shall not be obligated to seek other employment following such termination and there shall be no offset of the payments or benefits set forth herein.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.5</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Withholding</u></font>.&#160; All payments required to be made by the Corporation hereunder to the Executive or the Executive&#8217;s estate or beneficiaries shall be subject to the withholding of such amounts as the Corporation may reasonably determine it should withhold pursuant to any applicable law.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.6</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Attorney&#8217;s Fees</u></font>.&#160; Each party shall bear its own attorney&#8217;s fees and costs incurred in any action or dispute arising out of this Agreement and/or the employment relationship.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.7</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>No Conflict</u></font>.&#160; Executive represents and warrants that he is not party to any agreement, contract, understanding, covenant, judgment or decree or under any obligation, contractual or otherwise, with any other party that in any way restricts or adversely affects his ability to act for the Corporation in all of the respects contemplated hereby, including but not limited to any obligations to comply with any non-compete or non-solicitation provisions.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.8</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Enforceability</u></font>.&#160; Each of the covenants and agreements set forth in this Agreement are separate and independent covenants, each of which has been separately bargained for and the parties hereto intend that the provisions of each such covenant shall be enforced to the fullest extent permissible.&#160; Should the whole or any part or provision of any such separate covenant be held or declared invalid, such invalidity shall not in any way affect the validity of any other such covenant or of any part or provision of the same covenant not also held or declared invalid.&#160; If any covenant shall be found to be invalid but would be valid if some part thereof were deleted or the period or area of application reduced, then such covenant shall apply with such minimum modification as may be necessary to make it valid and effective.&#160; The failure of either party at any time to require performance by the other party of any provision hereunder will in no way affect the right of that party thereafter to enforce the same, nor will it affect any other party&#8217;s right to enforce the same, or to enforce any of the other provisions in this Agreement; nor will the waiver by either party of the breach of any provision hereof be taken or held to be a waiver of any prior or subsequent breach of such provision or as a waiver of the provision itself.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.9</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Miscellaneous</u></font>. No right or interest to, or in, any payments shall be assignable by the Executive; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>provided</u></font>, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>however</u></font>, that this provision shall not preclude the Executive from designating in writing one or more beneficiaries to receive any amount that may be payable after the Executive&#8217;s death and shall not preclude the legal representative of the Executive&#8217;s estate from assigning any right hereunder to the person or persons entitled thereto.&#160; If the Executive should die while any amounts would still be payable to the Executive hereunder, all such amounts shall be paid in accordance with the terms of this Agreement to the Executive&#8217;s written designee or, if there be no such designee, to the Executive&#8217;s estate.&#160; This Agreement shall be binding upon and shall inure to the benefit of, and shall be enforceable by, the Executive, the Executive&#8217;s heirs and legal representatives and the Corporation and its successors.&#160; The section headings shall not be taken into account for purposes of the construction of any provision of this Agreement.</font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.10</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Meaning of Signing This Agreement</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">.&#160; By signing this Agreement, Executive expressly acknowledges and agrees that (a) he has carefully read it and fully understands what it means; (b) he has been advised in writing to discuss this Agreement with an independent attorney of his own choosing before signing it and has had a reasonable opportunity to confer with his attorney and has discussed and reviewed this Agreement with his attorney prior to executing it and delivering it to the Corporation; (c) he has had answered to his satisfaction any questions he has with regard to the meaning and significance of any of the provisions of this Agreement; and (d) he has agreed to this Agreement knowingly and voluntarily of his own free will and was not subjected to any undue influence or duress, and assents to all the terms and conditions contained herein with the intent to be bound hereby.</font></font></div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; MARGIN-BOTTOM: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5.11</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Compliance with Section 409A</u></font>.&#160; The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with, and the parties agree to use their best efforts to achieve timely compliance with, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued thereunder (&#8220;Section 409A&#8221;), including without limitation any such regulations or other guidance that may be issued after the Effective Date.&#160; Notwithstanding any provision of this Agreement to the contrary, in the event that the Corporation determines that any compensation or benefits payable </font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">or </font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif">provided hereunder may be subject to Section 409A, the Corporation reserves the right (without any obligation to do so or to indemnify the Executive for failure to do so) to adopt such limited amendments to this Agreement and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Corporation reasonably determines are necessary or appropriate to (a) exempt the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (b) comply with the requirements of Section 409A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date and year first above written.</div>

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<td style="WIDTH: 35%" valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">RALPH LAUREN CORPORATION</font>&#160;</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">/s/ Mitchell Kosh<font style="FONT-SIZE: 5.03pt">&#160;</font></div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">&#160;/s/ Robert Madore</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">By:&#160; Mitchell Kosh</div>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">ROBERT MADORE</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 0px; COLOR: #000000; FONT-SIZE: 10pt">Title: Executive Vice President &#8211; Chief </div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SCHEDULE A</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal">Abercrombie &amp; Fitch Co.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Ann Taylor Stores Corp.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Brooks Brothers</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Burberry Limited</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Campagnie Financiere Richemont SA</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Chanel S.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Coach, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Crate &amp; Barrel (aka Euromarket Designs, Inc.)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dillard&#8217;s Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Dolce &amp; Gabbana</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Fifth &amp; Pacific Companies, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Gap Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Giorgio Armani Corp.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hermes International</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hudson&#8217;s Bay Company</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Hugo Boss AG</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">J. Crew Group, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Jones Apparel Group, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Limited Brands, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">LVMH Moet Hennessy Louis Vuitton S.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Macy&#8217;s Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Michael Kors, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Neiman Marcus Group, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Nordstrom, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PPR Group</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Prada (aka I Pellettieri d'Italia S.P.A.)</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">PVH Corp.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Saks Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Salvatore Ferragamo Italia S.P.A.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">TJX Companies, Inc.</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">VF Corporation</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Williams-Sonoma, Inc.</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">Robert Madore</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt">$700,000 effective April 1, 2015</div>
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<div>Beginning fiscal 2016, bonus target will be 75% of gross fiscal year salary earnings, and bonus allocation will continue to be based 100% on Corporate results.&#160; Calculation can flex up or down by -10% to +10% based on achievement of strategic goals.&#160; The maximum bonus payable, excluding strategic goal adjustment, is capped at 150% of gross fiscal year salary earnings.</div>
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<div>Target equity value of $550,000 to be granted annually at the same time as annual awards to other executives, normally in May but may be earlier or later, and under terms of the equity program as approved each year by the Compensation and Organizational Development Committee of the Ralph Lauren Corporation Board of Directors (&#8220;Compensation Committee&#8221;), including grant structure, type of awards, conversion of value to actual number of shares, and other applicable factors as determined by the Committee in its discretion.</div>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<div style="TEXT-ALIGN: right; LINE-HEIGHT: 1.25; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">EXHIBIT 99.1</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">RALPH LAUREN CORPORATION ANNOUNCES EXECUTIVE LEADERSHIP CHANGES</strong></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Christopher H. Peterson to Become President, Global Brands</strong></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Mitchell A. Kosh to Be Named Chief Administrative Officer</strong></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Robert L. Madore to Be Appointed Chief Financial Officer</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">NEW YORK (BUSINESS WIRE)&#8212;April 2, 2015--Ralph Lauren Corporation (NYSE: RL) (the &#8220;Company&#8221;) today announced changes to its Executive Management Team to more effectively align senior leadership roles with its previously announced organization shift to a global brand management business model.&#160; These changes will elevate and broaden the responsibilities of certain key executives.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">&#8220;I have tremendous confidence about the future of this Company and the opportunities for our brands around the world.&#8221; said Ralph Lauren, Chairman and Chief Executive Officer of Ralph Lauren Corporation. &#8220;We have an experienced and proven management team in place.&#160; As we move to a new global organizational structure, these executive leadership changes will allow us to maximize the potential of our brands and drive global growth.&#8221;</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Jackwyn Nemerov will continue in her role as President &amp; Chief Operating Officer and a member of the Company's Board of Directors.&#160; During her tenure, Ms. Nemerov's leadership has been central to the Company's long and highly successful period of profitable global expansion.&#160; Reporting to Ms. Nemerov will be the Group Presidents for Europe, Asia-Pacific and the Americas in addition to Wholesale, Retail, e-commerce and Licensing.&#160; Ms. Nemerov joined the Company in 2004, was named to the Board of Directors in 2007 and will continue to report directly to Mr. Lauren.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Christopher H. Peterson, previously Executive Vice President, Chief Administrative Officer and Chief Financial Officer, has been promoted to the newly created position of President, Global Brands.&#160; Mr. Peterson's broad and in-depth experience in strategically transforming business and operating models from regional and market driven organizations to global brands during his tenure with the Procter &amp; Gamble Company uniquely positions him to play a central leadership role in directing the Corporation's organizational transformation.&#160; Reporting to Mr. Peterson will be the Global Brand Presidents, the Chief Financial Officer, Global Real Estate, and Investor Relations.&#160; Mr. Peterson joined the Company in 2012, and will continue to report directly to Mr. Lauren.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Mitchell A. Kosh, previously Executive Vice President of Human Resources, has been promoted to Executive Vice President and Chief Administrative Officer.&#160; During his tenure with the Company, Mr. Kosh has played a key role in the development of a high performing and effective global organization.&#160; In this new role, Mr. Kosh will </strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">lead the integration of key functional areas to align with the new organizational architecture.&#160; Reporting to Mr. Kosh will be the Global heads of Human Resources, Information Technology, Legal, Corporate Services and Facilities, Internal Branding and Communications, and Corporate Social Responsibility.&#160; Mr. Kosh, who joined the Company in 2000, will continue to report directly to Mr. Lauren.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Robert L. Madore, previously Senior Vice President of Finance, has been promoted to Senior Vice President and Chief Financial Officer.&#160; During his tenure with the Company, Mr. Madore has held a number of key financial and operational roles.&#160; His deep understanding of both the financial and operational aspects of the Company make him ideally suited to assume the role of Chief Financial Officer.&#160; Reporting to Mr. Madore will be the Accounting, Finance, Treasury, Tax and Internal Audit functions.&#160; In addition, Mr. Madore will share oversight and management of divisional financial operations.&#160; Mr. Madore joined the Company in 2004 and will continue to report to Mr. Peterson.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Valerie Hermann will continue in her role as President of Ralph Lauren Luxury Brands.&#160; Ms. Hermann joined the Company in April of 2014.&#160; Her formidable experience honed over many years within the luxury sector at companies including Christian Dior, and as President of Yves Saint Laurent, has enabled her to build a strategic framework for our luxury collections.&#160; Reporting to Ms. Hermann are the Ralph Lauren Luxury and RRL Global Brand teams and US Luxury and RRL Retail formats.&#160; Ms. Hermann will continue to report directly to Mr. Lauren.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">ABOUT RALPH LAUREN</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Ralph Lauren Corporation (NYSE:RL) is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances. For more than 47 years, Ralph Lauren's reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company's brand names, which include Ralph Lauren Purple Label, Ralph Lauren Collection, Ralph Lauren Black Label, Polo Ralph Lauren, Lauren Ralph Lauren, RRL, RLX, Denim &amp; Supply Ralph Lauren, Chaps, American Living, and Club Monaco, constitute one of the world's most widely recognized families of consumer brands. For more information, go to <font style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>http://investor.ralphlauren.com</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">This press release and oral statements made from time to time by representatives of the Company contain or may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results and financial condition, revenues, store openings, margins, expenses and earnings and are indicated by words or phrases such as "anticipate," "estimate," "expect," "project," "we believe" and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or </strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results to materially differ include, among others: the loss of key personnel; our ability to successfully implement our anticipated growth strategies; to continue to expand or grow our business and capitalize on our repositioning initiatives in certain merchandise categories; our ability to secure the technology facilities and systems used by the Company and those of third party service providers from, among other things, cybersecurity breaches, acts of vandalism, computer viruses or similar events; our ability to continue to maintain our brand image and reputation and protect our trademarks; the impact of global economic conditions and domestic and foreign currency fluctuations on the Company, the global economy and the consumer marketplace and our ability to access sources of liquidity; the impact of the volatile state of the global economy or consumer preferences on purchases of premium lifestyle products that we sell and our ability to forecast consumer demand; changes in the competitive marketplace and in our commercial relationships; risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting improper payments and the burdens of complying with a variety of foreign laws and regulations, including tax laws; our ability to continue to expand our business internationally; risks associated with changes in social, political, economic and other conditions affecting foreign operations or sourcing (including tariffs and trade controls, raw materials prices and labor costs); changes in our effective tax rates or credit profile and ratings within the financial community; changes in our relationships with department store customers and licensing partners; the potential impact on our operations and on our customers resulting from natural or man-made disasters; and other risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Source: Ralph Lauren Corporation</strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Ralph Lauren Corporation</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Investor Relations</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Evren Kopelman</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">(212) 813-7862</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0000ff; FONT-SIZE: 10pt"><strong style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Evren.Kopelman@RalphLauren.com</u></strong></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Or</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Corporate Communications</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">Malcolm Carfrae</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><strong style="FONT-WEIGHT: normal">(212) 583-2262</strong></div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #0000ff; FONT-SIZE: 10pt"><strong style="FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><u>Malcolm.Carfrae@RalphLauren.com</u></strong></div>

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