Employment Agreement dated as of November 1, 1996 between Syms Corporation, hereinafter "Syms," a
corporation organized under the State of New Jersey with offices at Syms Way, Secaucus, New Jersey 07094
and Ronald Zindman, hereinafter "Employee" residing at 10 Conover Court, Belle Meade, New Jersey 08502.
W I T N E S S E T H:
1. On the terms and conditions herein Syms employs Employee as its General Merchandise Manager to perform
the duties incident to such Position for a period of twelve years, four months, commencing November 1, 1996
and ending March 1, 2009. Employee shall continue to hold the additional office of Vice President of Syms until
March 2, 1997, at which time he shall be elected or appointed an Executive Vice President of Syms. As used in
this Agreement the term "year" shall mean Syms' fiscal year.
2. Employee shall receive a salary payable in accordance with Syms' customary practice as follows: $225,000
per year from the date hereof through March 1, 1997; $300,000 per year for the next succeeding three (3)
years; $350,000 per year for the next succeeding three (3) years, $400,000 per year for the next succeeding
three (3) years and $450,000 per year for the final three
(3) years of this Agreement. Employee shall be entitled to participate in all Syms benefit plans and programs for
which he is eligible and shall be entitled to mutually agreed upon vacations consistent with Syms' policy and
3. Notwithstanding any other term of this Agreement, Employee may terminate this Agreement upon not less than
15 days' written notice to Syms, in which event Employee shall be entitled to a sum equal to 60% of one year's
salary (at Employee's then current rate), excluding bonuses, if any, which will be paid by Syms in a lump sum
within 90 days after such termination.
4. Notwithstanding any other term of this Agreement, Syms shall be entitled at any time to terminate this
Agreement. Whether termination by Syms is for cause or without cau