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THIRD AMENDMENT TO
EMPLOYMENT AGREEMENT
THIRD AMENDMENT, dated as of December 3,
2008 (this “ Third Amendment ”) to EMPLOYMENT
AGREEMENT, dated as of June 1, 2006 as amended by FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT dated November 15, 2006 and
by SECOND AMENDMENT TO EMPLOYMENT AGREEMENT dated November 19,
2007 (as heretofore amended, the “Employment
Agreement”) between A. C. Moore Arts & Crafts, Inc., a
Pennsylvania corporation (“Company”), and Rick Lepley
(“Executive”). Capitalized terms used herein and not
defined herein shall have the respective meanings set forth for
such terms in the Employment Agreement.
WHEREAS, Company and Executive have mutually
agreed that certain provisions of the Employment Agreement be
amended, as set forth herein.
NOW, THEREFORE,
intending to be legally bound hereby, it is agreed as
follows:
Section 1. Amendment to Paragraph 4
(a) . The beginning of paragraph 4 (a) through the end of
clause (i) is amended and restated in its entirety to read as
follows:
“(a) The
Employment Term shall end on December 31, 2010; provided that
(i) the Employment Term shall be extended for successive
periods of one (1) year each (each of which is referred to as
an “extension term” of the Employment Term) in the
event that written notice of termination hereof is not given by one
party hereof to the other at least six months prior to the end of
the Employment Term or the then applicable extension term, as the
case may be; provided further that, and notwithstanding anything to
the contrary in this Agreement, ”
Section 2. Amendment to Paragraph 4
(b) . The beginning of paragraph 4 (b) through the end of
clause (i) is amended and restated in its entirety to read as
follows:
“(b) If the Employment Term or any
extension term is t
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