EXHIBIT 10.6(b)
AMENDMENT TO EMPLOYMENT AGREEMENT
WITH XXXXX X. XXXXXX
(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 Xxxxx X. Xxxxxx (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 and Chief Financial Officer" as it
appears in subparagraph (a) thereof, and inserting in its place "President,
Mall Stores Division."
2. Section 3, COMPENSATION, is amended by deleting the salary of "$170,000"
in subparagraph (a) and inserting in its place "$308,700.
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 Xxxxx X. Xxxxxx'x home address
of "6004 Xxxxx Xxxxxx, Xxxxxxxxxxx, XX 00000" and inserting in its place
"2523 Xxxxx Avenue, Excelsior, MN 55331."
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
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Its: Xxxx X. Xxxxxxx, Chairman & CEO
EXECUTIVE
/s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
