Document:

Exhibit 10.6

 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT

 

This
Amendment No. 1 to Employment Agreement by and between Rite Aid
Corporation, a Delaware Corporation (the “Company”) and Robert I. Thompson (“Executive”)
is entered into as of the 23rd day of September, 2009 (the “Amendment
No. 1 Effective Date”).

 

WHEREAS,
Executive and the Company previously entered into that certain employment
agreement dated as of February 3, 2008 (the “Effective Date”) as amended
by a Policy Amendment to Employment Agreement for Compliance With Internal
Revenue Code Section 401A (collectively, the “Agreement”); and

 

WHEREAS,
the Company and Executive now desire to amend the Agreement;

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company and the Executive hereby agree as
follows:

 

1.               The first
sentence of Section 1, Term of Employment is hereby deleted and
replaced with the following:

 

“The term of Executive’s employment under this Agreement shall commence
on the Effective Date and unless terminated pursuant to Section 5 below,
shall continue for a period ending on the date that is two (2) years
following the Effective Date (the “Original Term of Employment”)”;

 

2.               In Section 3.1, Base
Salary the phrase “Two Hundred and Fifty Thousand Dollars ($250,000.00)” is
hereby deleted and replaced with the phrase “Three Hundred Seventy-five
Thousand Dollars ($375,000.00”).

 

3.               Section 3.2, Annual
Performance Bonus is hereby deleted in its entirety and replaced with
the following:

 

“The Executive shall participate each fiscal year during the Term in
the Company’s annual bonus plan as adopted and approved by the Board or the
Compensation Committee from time to time. 
For Fiscal Year 2010, Executive’s annual bonus opportunity pursuant to
such plan shall equal fifty percent (50%) (the “Annual Target Bonus”) of the
Base Salary in effect through the Amendment No. 1 Effective Date and sixty
percent (60%) of the Base Salary in effect for the balance of Fiscal Year
2010.  For subsequent fiscal years, the
Annual Target Bonus may be adjusted (including eliminated or reduced, with such
elimination and/or reductions to the same extent that annual bonus
opportunities for similarly situated senior management employees approved
annual bonus plan for that year.

 

4.               Subsections (a) and (b) of
Section 5.3, Compensation Upon Termination of Executive’s 

 

 

Employment by the Company Other Than for Cause or by the Executive for
Good Reason are hereby deleted in their entirety and replaced
by the following:

 

“(a) Executive shall be entitled to receive (i) the Accrued
Benefits, (ii) an amount equal to two (2) years of Executive’s then
Base Salary as of the date of termination of employment, such amount payable in
equal installments pursuant to the Company’s standard payroll procedures for
management employees over a period of two (2) years following the date of
termination of employment, and (iii) continued health insurance coverage
for Executive and his immediate family for a period of two (2) years
following the date of termination of employment.

 

(b) The Executive’s stock option awards held by Executive shall
vest and become immediately exercisable and the restrictions with respect to
any awards of restricted stock shall lapse, in each case to the extent such
options would otherwise have become vested and exercisable (or such
restrictions would have lapsed) had Executive remained in the employ of the
Company for a period of two (2) years following the date of
termination.  Except as provided in Section 3.3(b),
such portion of Executive’s stock options (together with any portion of
Executive’s stock options that have vested and become exercisable prior to the
date of termination) shall remain exercisable for a period of ninety (90) days
following the date of termination of employment (or, such later date as may be
permitted by the relevant stock option or equity plan, or, if earlier, until
the expiration of the respective terms of the options), whereupon all such
options shall terminate.  Any remaining
portion of Executive’s stock options that have not vested (or deemed to have
vested) as of the date of termination shall terminate as of such date; and all
shares of restricted stock as to which the restrictions shall not have lapsed
as of the date of termination shall be forfeited as of such date.”

 

5.               The first sentence of
subsection (b) of Section 5.5, Compensation Upon Termination of
Executive’s Employment by Reason of Executive’s Death or Total Disability
is hereby deleted in its entirety and replaced by the following:

 

“(b) All stock option awards held by Executive shall vest and
become immediately exercisable and the restrictions with respect to any awards
of restricted stock shall lapse, in each case to the extent such options would
otherwise have become vested and exercisable (or such restrictions would have
lapsed) had Executive remained in the employ of the Company for a period of two
(2) years following the date of termination.”

 

6.               Employment Agreement to
Remain in Effect.  Except as
modified by this Amendment No. 1, the Agreement shall remain in full force
and effect in accordance with its terms. 
In the event of a conflict between the provisions of this Amendment No. 1
and the Agreement, the Amendment no. 1 shall be controlling.  All terms defined in the Agreement and not
otherwise defined herein shall have the same meaning as in the Agreement.

 

	
   

  	
  RITE
  AID CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Marc A. Strassler

  
	
   

  	
   

  	
  Marc
  A. Strassler

  
	
   

  	
   

  	
  Executive
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/
  Robert I. Thompson

  
	
   

  	
   

  	
  Robert
  I. Thompsonmni8kexh10-1.htm

    
Exhibit 10.1

    
 

    FOURTH
AMENDMENT TO CONTRACT FOR PURCHASE

    AND SALE OF REAL
PROPERTY

    

    

    This
Fourth Amendment to Contract for Purchase and Sale of Real Property (the "Fourth
Amendment") is made and entered into as of the 31th day
of December, 2009, by and between RICHWOOD, INC., a Florida
corporation (“Richwood”) and The McClatchy Company, a Delaware
corporation (“McClatchy”, and together with Richwood, hereinafter collectively referred to
as the "Seller"), and CITISQUARE GROUP, LLC, a Florida
limited liability company (the "Buyer").

    

    

    W
I T N E S S E T H:

    

    

               WHEREAS, Richwood, Miami
Herald Publishing Company, a Florida corporation (“MHPC”) and Knight-Ridder,
Inc., a Florida corporation (collectively, the “Original Sellers”), and Buyer
entered into that certain Contract for Purchase and Sale of Real Property
effective as of March 3, 2005 as amended by that certain First Amendment (the
"First Amendment") dated August 10, 2007, as further amended by that certain
Second Amendment (the “Second Amendment”) dated December 20, 2007 and as further
amended by that certain Third Amendment (the “Third Amendment”) dated December
30, 2008 (said contract as modified by the First Amendment, the Second Amendment
and Third Amendment being herein called the “ Existing Contract”, and as further
modified by this Fourth Amendment being herein called the “Amended Contract”)
pursuant to which Original Sellers agreed to sell to Buyer and Buyer agreed to
buy from Original Sellers certain real estate located in Miami-Dade County,
Florida as more particularly described therein (the “Herald
Property”);

    

    WHEREAS, pursuant to the terms
of the Third Amendment, the Closing Date, as defined in the Existing Contract,
was extended to December 31, 2009; and

    

               WHEREAS, Buyer and Seller have
agreed to modify certain provisions of the Existing Contract on the terms and
conditions set forth herein.

    

               NOW THEREFORE, in
consideration of Ten Dollars ($10.00) and the mutual promises contained herein,
the receipt, sufficiency and adequacy of which is hereby acknowledged, the
parties hereto agree as follows:

    

    
      	
               
      

            	
              1.

            	
              Recitals.

            	
              The
      above recitals are true and correct and incorporated herein by reference
      as if set forth in full.

            

    

    

    
      	
               
      

            	
              2.

            	
              Capitalized
      Terms.

            	
              Any
      capitalized terms herein and not otherwise defined shall have the same
      meanings as described to them in the Existing
  Contract.

            

    

    

    
      	
                             
      3.  

            	
              Seller.   Any
      reference to Sellers in the Existing Contract shall now only refer to
      Richwood and McClatchy.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              4.

            	
              Closing
      Date.   Section 1.2 of the Existing Contract is
      hereby deleted in its entirety, and in lieu thereof, is replaced with the
      following:

            

    

    

    
      	
               
      

            	
              “The
      Closing Date shall be 12:00 pm Pacific Standard Time on January 19, 2010,
      or such other date provided by this
Contract.”

            

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
              5.

            	
              Termination
      Fee. Section 6 of the Second Amendment is hereby deleted in its
      entirety, and in lieu thereof, is replaced with the
    following:

            

    

    

    “Mark
Siffin (“Siffin”), who is a principal of one of the development groups
affiliated with Buyer, by his signature below, agrees that in the event Buyer
fails to close on the purchase of the Property on or before the Closing Date, by
reason of Buyer’s default under the Contract, Siffin shall pay Seller a
termination fee of Seven Million Dollars ($7,000,000.00) (the “Termination Fee”)
within ten (10) days following such failure to close.”

    

    
      	
               
      

            	
              6.

            	
              Extension
      of Closing Date.  Buyer may, by written notice to Seller
      three (3) days prior to the Closing Date, elect to extend the Closing Date
      to no later than January 31, 2011.  If Buyer elects to extend
      the Closing Date as herein provided, (i) Buyer shall, on or before 12:00
      pm Pacific Standard Time, January 19, 2010, pay to Seller an additional
      deposit of Six Million Dollars ($6,000,000.00), which shall be treated as
      an Additional Deposit for all purposes under the Amended Contract and (ii)
      Section 1.2 of the Amended Contract (as amended by Section 4 of this
      Fourth Amendment) shall be deleted in its entirety, and in lieu thereof,
      shall be replaced with the
following:

            

    

    

    
      	
               
      

            	
              “The
      Closing Date shall be January 31, 2011, or such other date provided by
      this Contract.”

            

    

    

    This
amendment to Section 1.2 of the Amended Contract shall be self-operative and no
further agreements or instruments shall be required to be executed and delivered
by the parties to evidence the same.

    

    
      	
               
      

            	
              7.

            	
              Time
      of the Essence.  Time is of the essence of the Amended
      Contract.

            

    

     

    

                   
8.           No Breach
of Contract.  Each of Buyer and Seller acknowledges and agrees
that as of the date hereof, it is not aware of any breach of the Amended
Contract by the other party, except with respect Buyer’s breach relating to the
claim of lien filed by Cooper Carry, Inc., and all notices between the parties
and their respective counsel exchanged from and after December 1, 2007,
including any claims of breach, through and including the date hereof are hereby
withdrawn and are of no force or effect, other than notices provided by
Seller with respect to the Cooper Cary lien.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    

    

    
      	
               
      

            	
              9.

            	
              Counterparts.  This
      Fourth Amendment may be executed in two or more counterparts, each of
      which shall be deemed to be an original, but all of which shall constitute
      one and the same instrument.

            

    

    

    
      	
               
      

            	
              10.

            	
              Ratification.  Except
      as modified hereby, the Existing Contract is hereby ratified and
      confirmed.

            

    

    

    

    

    [NO
FURTHER TEXT ON THIS PAGE]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, this
Fourth Amendment to Contract is entered into as of the date first appearing
above.

    
 

                                                          BUYER: 
CITISQUARE
GROUP, LLC, a Florida limited liability company

    

                                                          By:                      /s/
David Martin

                                                         
Name:                 David
Martin

                                                          Title:                   Vice
President

    

                                                          SELLER: 
RICHWOOD,
INC., a Florida corporation

    

                                                          By:                    /s/Patrick
J. Talamantes

                                                          Name:               Patrick
J. Talamantes

                                                          Title:                 President

     

                                                                                          
THE McCLATCHY COMPANY., a Delaware corporation

     

                                                                         
By:                    /s/Gary
Pruitt

                                                          Name:               Gary
Pruitt

                                                          Title:                 Chairman,
President & CEO

    

                                                                                            
SIFFIN (solely for purpose of confirming his obligations under Paragraph 5
above):

     

                                                                          
By:                   
/s/Mark Siffin

                                                                                    
Mark Siffin, an individual

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