Exhibit 10.2
200 Milik Street, Carteret, NJ
07008
(732) 499-3930
Fax: (732) 499-3460
March 4, 2007
Robert J. Joyce
Pathmark Stores, Inc.
200 Milik Street
Carteret, NJ 07008
Dear Robert:
As you know, Pathmark Stores, Inc.,
a Delaware corporation (the “ Company ”),
proposes to enter into an Agreement and Plan of Merger (the “
Merger Agreement ”) with The Great Atlantic &
Pacific Tea Company, Inc., a Maryland corporation (“
Parent ”), and Sand Merger Corp., a Delaware
corporation and a wholly owned Subsidiary of Parent (“
Merger Sub ”), pursuant to which, among other things,
Merger Sub will merge with and into the Company (the “
Merger ”) and the Company will become a wholly owned
subsidiary of Parent.
In connection with the
Company’s entrance into the Merger Agreement, this letter
agreement (the “ Letter Agreement ”) will
confirm your and the Company’s understanding that the Company
will pay to you a transaction bonus of $50,000 (the “
Transaction Bonus ”) within three (3) business days
following the consummation of the Merger, but only if
:
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you remain continuously employed by the Company
through the date on which the Merger occurs;
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