EXHIBIT 10.1
AMENDMENT TO
EXECUTIVE TRANSITION AGREEMENT
AMENDMENT
effective as of the 6th day of December, 2007, between The Bon-Ton
Stores, Inc., a Pennsylvania corporation (the
“Company”), and Mr. M. Thomas Grumbacher (the
“Executive”).
WHEREAS,
the Company and the Executive are parties an Executive Transition
Agreement dated as of February 1, 2005 (the “Transition
Agreement”); and
WHEREAS,
the parties wish to amend the Transition Agreement in certain
respects.
NOW,
THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, the parties hereby agree as
follows:
1.
Capitalized Terms . Unless otherwise defined herein,
capitalized terms used herein shall have the respective meanings
ascribed to such terms in the Transition Agreement.
2.
Amendments to Transition Agreement . The Transition
Agreement is hereby amended, as follows:
a. The first
sentence of Section I. of the Transition Agreement is hereby
amended by deleting the words “Chairman of the Board”
and substituting therefor the words “Executive Chairman of
the Board.”
b. The first
sentence of Section II. of the Transition Agreement is hereby
amended by changing the date “January 31, 2008” to
“January 31, 2010.”
c. The second
sentence of Section II. of the Transition Agreement is hereby
amended by deleting the parenthetical language therein.
d. The last
sentence of Section II. of the Transition Agreement is hereby
deleted.
e. The first
sentence of Section III.A. of the Transition Agreement is
hereby amended to read as follows:
“For
each fiscal year of the Company during the Executive Term, i.e.,
the fiscal years commencing on or about February 1, 2005,
February 1, 2006, February 1, 2007, February 1, 2008
and February 1, 2009 (each, a “Fiscal Year”), the
Executive shall receive a base salary of $650,000 per year, payable
in accordance with the Company’s normal payroll
practices.”
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