Exhibit No. 10.3
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AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
This AMENDMENT NO. 2 made as of the 29th day of November, 2001, to
the Employment Agreement (the "Agreement") made as of the 20th day of
November, 1998, between UNITED RETAIL GROUP, INC., a Delaware corporation,
with principal offices at 000 Xxxx Xxxxxxx Xxxxxx, Xxxxxxxx Xxxx, Xxx
Xxxxxx 00000-0000, and XXXXXXX X. XXXXXXX, residing at 000 Xxxxxxxx Xxxxxx,
Xxxxxxxxx 00X, Xxxxxxxxxx, Xxx Xxxxxx 00000.
WHEREAS, capitalized terms used herein and defined in the
Agreement shall have the same meaning as in the Agreement;
WHEREAS, the Executive is an attorney admitted to practice before
the courts of the State of New York and the United States District Court
for the Southern District of New York;
WHEREAS, the Executive has been employed by the Company as its
Senior Vice President - General Counsel to provide, among other things,
advice on the laws of the State of New York and the federal laws of the
United States and to supervise the representation before courts and
legislative and administrative bodies of the Company and its subsidiaries;
WHEREAS, the Company desires to continue the professional services
of the Executive, and the Executive desires to continue to provide such
services to the Company, on the terms set forth in the Agreement; and
WHEREAS, the provisions of this Amendment were recommended by the
Compensation Committee of the Company's Board of Directors on November 28,
2001, and approved by the Company's Board of Directors on November 29,
2001.
NOW, THEREFORE, in consideration of the mutual covenants and
obligations hereinafter set forth, the parties hereto, intending to be
legally bound, hereby agree as follows:
1. Section 1(s) of the Agreement is amended to read in its entirety as follows:
"(s) Term of Employment shall mean the period of time
commencing on November 20, 1998 and ending on July 30,
2006 or such later date as may be mutually agreed upon by
the Board of Directors and the Executive."
2. Section 4(b) of the Agreement is amended to read in its entirety as follows:
"(b) The Executive shall continue to be eligible to
receive, and the Company shall continue to pay, a
semi-annual cash incentive compensation payment
("Performance Bonus") based on the Company's consolidated
operating income for the six-month periods ending January
31st and July 31st, respectively. The Executive's
participation percentage shall be 40% with a semi-annual
award ranging from zero to 80% of Base Salary for the
six-month period in accordance with the Summary Plan
Description for United Retail Group, Inc. Incentive
Compensation Program for Executives as of August 4, 2001,
provided, however, that the Performance Bonus shall be
earned and fully vested in the Executive as of January
31st or July 31st, as the case may be, whether or not the
Executive shall remain in the Company's employ after the
Performance Bonus shall have vested and provided,
further, that the Performance Bonus shall be paid to the
Executive as soon as practicable after the consolidated
operating income for the period in question shall be
determined."
3. All the other provisions of the Agreement shall remain in force unchanged.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment in Xxxxxxxx Park, New Jersey, in duplicate originals on November
30, 2001.
UNITED RETAIL GROUP, INC.
By: XXXXXXX XXXXXXXX
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Name: Xxxxxxx Xxxxxxxx
Title: Chairman of the Board
XXXXXXX X. XXXXXXX
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Xxxxxxx X. Xxxxxxx
KPC amend no. 2
KPC:jw
