EXHIBIT 10.6(c)
AMENDMENT TO EMPLOYMENT AGREEMENT
WITH XXXX X. XXXX
(formerly titled "Agreement")
AMENDMENT dated December 3, 1996 to the Employment Agreement ("("the
Employment Agreement," formerly titled Agreement) dated as of August 25, 1988
by and among The Musicland Group, Inc., a Delaware corporation (the
"Company"), Musicland Stores Corporations, a Delaware corporation (the
"Parent") and Xxxx X. Xxxx (the "Executive").
WHEREAS, the Board of Directors, on behalf of the Company and the
Parent, and the Executive have determined it to be in their mutual best
interests to amend the Employment Agreement in certain respects:
NOW, THEREFORE, BE IT RESOLVED, that the Employment Agreement shall be
amended as follows:
1. Section 1, TERM OF EMPLOYMENT; OFFICE AND DUTIES, is amended by deleting
the title "Executive Vice President of Marketing and Merchandising" as it
appears in subparagraph (a) thereof, and inserting in its place "President,
Superstores Division"
2. Section 3, COMPENSATION, is amended by deleting the salary of "$195,000"
in subparagraph (a) and inserting in its place "$316,340."
3. Section 3, COMPENSATION, is further amended by adding to subparagraph
(b)(iii) the words "and other subsequent Stock Plans" after the word
"Plan."
4. Section 8 (c), TERMINATION OF EMPLOYMENT, is hereby deleted in its
entirety and substituting in its place is the following:
(c) By the Executive at any time for any other reason, in which event the
Executive's employment and the Period of Employment hereunder shall
be deemed terminated as of the 90th day following the giving of
written notice by the Executive to the Company or such earlier date
as the Company may specify on a written notice to the Executive. In
the event of any termination by the Executive pursuant to this
Section 8(c), the Executive shall receive all compensation and other
benefits to which he was entitled under this Agreement through the
termination date and thereafter the Company will have no further
obligation to the Executive except for qualified benefits vested and
accrued as of the termination date.
5. Section 9, REDUCTION FOR EQUITY APPRECIATION, is hereby deleted in its
entirety and is no longer of any force or effect.
6. Section 19, NOTICES, is amended by deleting Xxxx X. Xxxx'x home address of
"4119 France Xxxxxx Xxxxx, Xxxxxxxxxxx, XX 00000" and inserting in its
place "2608 Xxxxxx Xxxx, Xxxxxxx, XX 00000."
IN WITNESS WHEREOF, the undersigned have executed this Amendment of
Employment Agreement as of the date set forth above.
THE MUSICLAND GROUP, INC.
By: /s/ Xxxx X. Xxxxxxx
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Its: Xxxx X. Xxxxxxx, Chairman & CEO
MUSICLAND STORES CORPORATION
By: /s/ Xxxx X. Xxxxxxx
--------------------------------
Its: Xxxx X. Xxxxxxx, Chairman & CEO
EXECUTIVE
/s/ Xxxx X. Xxxx
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Xxxx X. Xxxx