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EXHIBIT 10.3
May 5, 1999
Mr. M. Xxxxxxx Xxxxxxx
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxx Xxxxxx 00000
Dear Xx. Xxxxxxx:
This letter supersedes the letter agreement, dated February 19, 1999, between
Venator Group, Inc., formerly Woolworth Corporation, ("Venator"), a New York
corporation, and you.
This letter amends the supplemental agreement dated April 24, 1997 (the
"Supplemental Agreement") between Venator and you as follows.
1. The reference in the first paragraph of the Supplemental
Agreement to the Senior Executive Severance Agreement dated
April 24, 1997 is hereby amended to refer to the Senior
Executive Severance Agreement dated as of May 5, 1999.
2. Paragraph 5 of the Supplemental Agreement is hereby amended to
read in its entirety as follows: "Clause (iv) of Section 1(k)
of the Agreement shall not apply to the discretionary
bonus based on individual performance standards provided for
under the terms of your employment."
All provisions of the Supplemental Agreement not expressly amended hereby shall
remain unmodified and unamended and the entire Supplemental Agreement, as
amended hereby, shall continue in full force and effect in accordance with the
terms of the Supplemental Agreement.
VENATOR GROUP, INC.
By: /s/ Xxxx X. Xxxxxxxxx
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Senior Vice President -
Human Resources
ACCEPTED AND AGREED:
/s/ M. Xxxxxxx Xxxxxxx
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M. Xxxxxxx Xxxxxxx
Date: June 3, 1999
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