EXHIBIT 10.3(b)
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is made effective February 1,
2004 by and between The Bon-Ton Stores, Inc., a Pennsylvania corporation (the
"Company") and Xxxxx X. Xxxxxxxxxx ("Employee").
WHEREAS, the Company and Employee are parties to an Employment
Agreement dated February 3, 2002 with a term ending on January 31, 2004; (the
"Agreement") and
WHEREAS, the Employee and Company desire to extend the term of the
Agreement on the terms herein provided,
NOW THEREFORE, in consideration of the mutual promises and covenants
contained herein and intending to be legally bound hereby, the Company and
Employee agree as follows:
1. Paragraph 2 of the Agreement is amended to provide that the
Agreement, and Employee's employment, shall continue through and terminate on
January 31, 2006 unless sooner terminated in accordance with paragraph 10 of the
Agreement.
2. Paragraph 4(b) of the Agreement is amended to increase the
maximum amount of Employee's potential bonus from 75% to 80% of annual base
salary.
3. During each year of the extended term, Employee shall be
entitled to payment of up to $5,000 per year to reimburse Employee for expenses
associated with membership in a private country club of his choice.
4. Paragraph 18 of the Agreement shall be amended to provide: If
Employee remains continuously employed by the Company through the date that he
attains fifty-eight (58) years of age, Employee will be eligible for and vest in
a Supplemental Retirement Benefit of $50,000 per year, payable commencing upon
Employee's attainment of age sixty (60) or
retirement from the Company, whichever is later. The rights and obligations of
Employee and the Company with respect to this Supplemental Retirement Benefit
shall otherwise be determined as provided in the Company's Supplemental
Executive Retirement Plan.
IN WITNESS WHEREOF, the parties hereby, intending to be legally bound,
have duly executed and delivered in Pennsylvania this Amendment as of the date
first above written.
THE BON-TON STORES, INC.
By: /s/ M. Xxxxxx Xxxxxxxxxx
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M. Xxxxxx Xxxxxxxxxx
Chief Executive Officer
/s/ Xxxxx X. Xxxxxxxxxx
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Xxxxx X. Xxxxxxxxxx
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