Attached files
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EX-10.1 - EXHIBIT 10.1 - BON TON STORES INC | c15639exv10w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 12, 2011
THE BON-TON STORES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania | 0-19517 | 23-2835229 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
2801 E. Market Street, York, Pennsylvania |
17402 |
|
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: 717-757-7660
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) Compensatory Arrangements of Certain Officers
Employment Agreement with Anthony Buccina
On April 12, 2011, The Bon-Ton Stores, Inc. (the Company) and Anthony Buccina, the Companys Vice
Chairman, President Merchandising, entered into an Amendment No. 1 to Employment Agreement (the
Amendment).
The description of the material terms of the Amendment set forth below is qualified in its entirety
by the Amendment, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and
incorporated herein by reference.
The current Employment Agreement dated February 1, 2009 (the Employment Agreement) provides that
the term runs until April 30, 2011, and shall renew for successive periods of one year unless
either the Company or Mr. Buccina elects not to renew the Employment Agreement. Neither party
elected not to renew the Employment Agreement, and the Employment Agreement automatically renewed
for an additional one-year term to April 30, 2012. The Amendment continues the provision of the
Employment Agreement that provides that the term shall be for one year and shall renew for
successive one-year terms beginning May 1st of each year, unless terminated pursuant to the terms
of the Employment Agreement.
The Amendment revises the terms of the severance payments that Mr. Buccina would receive in the
event of termination without cause or resignation for good reason to delete the previous references
to initial term and renewal terms of the Employment Agreement. The Amendment provides that in
the event of termination without cause or resignation for good reason, Mr. Buccina will receive a
severance payment equal to two years of his base salary and will receive a stipend equal to the
cost of COBRA premiums for medical and dental coverage for two years. It also provides that if,
prior to February 1, 2014, the Company exercises its right not to renew the Employment Agreement
and the Company and Mr. Buccina do not enter into a new employment agreement and Mr. Buccina is
terminated without cause or resigns for good reason, he will be entitled to a severance payment
equal to two years of his base salary. The severance payment is contingent on Mr. Buccina signing
and not timely revoking a general release of claims.
The Amendment also provides that Mr. Buccinas stock options and restricted stock shall vest in the
event of a Change of Control (as such term is defined in the Employment Agreement). This
provision had previously been included in the restricted stock agreements with Mr. Buccina. The
other Change of Control provisions are substantially unchanged from the terms of the Employment
Agreement.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
Exhibit Number | Description of Exhibit | |||
10.1 | Amendment No. 1 to Employment Agreement |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
The Bon-Ton Stores, Inc. |
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By: | /s/ Keith E. Plowman | |||
Keith E. Plowman | ||||
Executive Vice President, Chief Financial Officer and Principal Accounting Officer |
Dated: April 15, 2011