AMENDMENT TO AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENTEmployment Agreement Amendment |
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Exhibit 10.3
AMENDMENT TO
AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT (the “Amendment”), dated effective as of September 22, 2005, is made and entered into to amend the Amended and Restated Executive Employment Agreement, dated as of March 1, 2002 (the “Employment Agreement”), by and between Christopher & Banks Corporation, a Delaware corporation (the “Company”), and Ralph C. Neal (the “Executive”).
WITNESSETH:
WHEREAS, the Company and the Executive entered into the Employment Agreement which provides for a four-year term ending on February 28, 2006; and
WHEREAS, the Company desires to continue to employ the Executive beyond the initial four-year term and the Executive wishes to accept such continued employment with the Company upon the terms and conditions set forth in this Amendment.
NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, the Company and the Executive agree as follows:
1.
Amendment. The Employment Agreement shall be amended as
provided in this Amendment. Capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the Employment Agreement.
2.
Term. Section 2.1 of the Employment Agreement is hereby deleted
in full and replaced as follows:
“2.1 Unless terminated at an earlier date as otherwise
provided herein, the term of the Executive’s employment hereunder shall
be for a period ending on April 30, 2006.”
3.
Compensation. The first paragraph after the table at the
beginning of Section 4.1 of the Employment Agreement which discusses the
Executive’s annual base salary after February 28, 2006 shall be
deleted in full and replaced as follows:
“The Corporation agrees to pay Executive at an annual base salary of $485,000, pro rated from March 1, 2006 to April 30, 2006, payable at those intervals as the Corporation shall pay other executives.”
4.
Incentive Compensation. Section 4.3 of the Employment Agreement
is hereby deleted in full and replaced as follows:
“4.3 The Executive shall be eligible to receive a bonus in
accordance with the Corporation’s bonus plans as in effect and approved
by the Board of






