Exhibit 10.1
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
Third Amendment dated as of March 17, 1998 (Amendment) to Employment Agreement
dated as of November 1, 1994, as amended July 25, 1996 and December 9, 1997
(Employment Agreement), between American Stores Company, a Delaware corporation
(Company), and Xxxxxx X. Xxxxxxxxx (Executive). The Company and Executive are
collectively referred to as the Parties, and individually as a Party.
WHEREAS, the Parties desire to amend certain provisions of the Employment
Agreement;
NOW, THEREFORE, in consideration of the premises and their mutual
agreements hereinafter set forth, the Parties agree as follows:
1. Section VI-B of the Employment Agreement is hereby amended by inserting the
following new subparagraph 2-A immediately following the Service Table set forth
in subparagraph 2 of Section VI-B:
2-A. Notwithstanding the foregoing, the minimum annual retirement
benefit payable to Executive hereunder shall be Two Hundred Twenty
Five Thousand Dollars ($225,000); provided, that Executive shall not
be entitled to such minimum annual retirement benefit if he terminates
the Parties' employment relationship prior to April 1, 2000 for any
reason other than the Company's breach of a material provision of this
Agreement.
2. Except as specifically provided herein, the Employment Agreement shall be
unmodified and shall continue in full force and effect.
IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date
first above written.
AMERICAN STORES COMPANY
By: /s/ Xxxxxxxx X. XxXxxxxxx
Name: Xxxxxxxx X. XxXxxxxxx
Title: Chief Legal Officer &
Assistant Secretary
EXECUTIVE
/s/ Xxxxxx X. Xxxxxxxxx
Xxxxxx X. Xxxxxxxxx
