EXHIBIT 10.3(B)
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment made as of this 10th day of April, 2002 is by and
between The Bon-Ton Stores, Inc., a Pennsylvania corporation ("the Company") and
Xxxxx Xxxxxxxx ("Employee").
W I T N E S S E T H
WHEREAS, Employee is currently employed by the Company pursuant to an
Employment Agreement dated November 11, 1999 ("Employment Agreement"); and
WHEREAS, the Company and Employee mutually desire to amend the
Employment Agreement and to extend its term;
NOW THEREFORE, in consideration of the facts, mutual promises and
covenants contained herein and intending to be legally bound hereby, the Company
and Employee hereby agree as follows:
1. Effective March 16, 2001, paragraph 4(a) of the Employment Agreement
shall be amended to provide for an increase in Employee's base salary
to an annual rate of $475,000.
2. Paragraph 2 of the Employment Agreement is amended to provide that
the Employment Agreement shall continue through and terminate on
January 29, 2005, unless sooner terminated in accordance with paragraph
13 of the Employment Agreement.
3. Paragraph 9 of the Employment Agreement is superceded in its
entirety by the terms and provisions of The Bon-Ton Stores, Inc.
Supplemental Executive Retirement Plan.
4. Except as provided in this Amendment, the terms of the Employment
Agreement shall remain in effect and Employee shall retain all
compensation, benefits and stock options previously granted to him,
subject to the vesting schedule set forth in the Employment Agreement.
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THE BON-TON STORES, INC.
By: /s/ Xxx Xxxxxxxxxx
Xxx Xxxxxxxxxx
Chief Executive Officer
/s/ Xxxxx Xxxxxxxx
Xxxxx Xxxxxxxx
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