Document:

Exhibit 10.33.2

Exhibit 10.33.2

AMENDMENT TWO TO EMPLOYMENT LETTER

THIS AMENDMENT TWO TO EMPLOYMENT LETTER (“Amendment Two”) is made as of the 28th day of
March, 2011, by and between A.C. Moore Arts & Crafts, Inc., a Pennsylvania corporation (the
“Company”), and David Abelman (“Executive”).

WHEREAS, the Company and Executive have entered into an Employment Letter dated as of May 7,
2009 (the “Original Employment Letter”) as amended by Amendment One To Employment Letter dated as
of March 16, 2010 (“Amendment One”; and collectively with Original Employment Letter, the
“Employment Letter”); and

WHEREAS, the Company and Executive desire to amend the Employment Letter on the terms and
conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. All defined terms used herein and not separately defined shall have the meanings ascribed
to them in the Employment Letter.

2. Under paragraphs 9(d), (e) and (f) of the Original Employment Letter and paragraphs 2 and
3 of Amendment One, Executive is entitled to receive from the Company Relocation Benefits and
temporary living and travel assistance.

3. Executive acknowledges receipt of Relocation Benefits and temporary living and travel
assistance and Executive’s right to receive and Company’s obligation to pay any further
Relocation Benefits and temporary living and travel assistance are terminated.

4. This Amendment Two is the complete agreement and understanding between the Company and
the Executive with respect to the subject matter hereof and supersedes all prior agreements and
understandings between them, whether written or oral, with respect to said subject matter.

5. Except as modified hereby, the terms, conditions and provisions of the Employment Letter
are hereby confirmed and ratified and control.

[Signature page follows on next page.]

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the day and year first above
written.

	 	 	 	 	 
	 	 	 
	 	/s/ David Abelman
 	 
	 	EXECUTIVE 	 
	 	 	 
	 
	 	A.C. MOORE ARTS & CRAFTS, INC.

 	 
	 	By:  	/s/ Joseph A. Jeffries
 	 
	 	 	Chief Executive Officerexv10wg

Exhibit 10(g)

	 	 	 

	POLICIES AND PROCEDURES

DATE: 1 DECEMBER 2010 (revised)

SUBJECT: SENIOR EXECUTIVE OFFICER BENEFITS

	 	NO. RS-01

In addition to all of the fringe benefits provided to salaried employees, Senior Executive Officers
(Chief Executive Officer and Chief Financial Officer) will have the following additional benefits:

	1.	 	Insurance premiums will be one-half the amount paid by regular salaried employees, with equal
seniority, for all individual and family health coverage. Life, disability and dental
insurance coverage will be paid in full.

	2.	 	Supplemental health insurance benefits for the officer and his dependents up to 6.5% of the
total current base salary.

	3.	 	The Chief Executive Officer will receive a social membership to the Minnehaha Country Club.

	4.	 	Health club membership or equivalent in home exercise equipment.

	5.	 	Inclusion in the Group Life Insurance and A.D. & D. policy at 2.0 times annualized base
salary on February 1st each year. The group life insurance policy is
updated annually on March 1st of each year, and the benefit will be
limited to the maximum benefit offered by the current life insurance carrier.

	6.	 	Individual term policies may be required to reach the coverage levels in Number 5 above.

	 	 	Those policies are funded by the company for the period of time employed by the company. The
officer will have the option to convert or continue at officer’s expense upon termination or
retirement.

	7.	 	This section applies only to Senior Executive Officers elected before February 1, 2004. A
second-to-die life policy will be provided to the Chief Financial Officer in the amount of
$300,000. Premiums on this policy will be paid by the company until the policy is fully funded
(the point where dividends of the policy are sufficient to pay the entire premium) provided
that the officer is employed until “normal retirement” age or qualifies for “early retirement”
in accordance with Raven policies and procedures.

	 	 	Upon the officer’s retirement at the normal retirement age or if qualifying for early retirement
in accordance with Raven Policies and Procedures the second-to-die life policy will be paid up
by Raven at the time of the officer’s retirement. The premium benefit for the paid up policy
will be grossed up at the end of the calendar year.

	 	 	If the officer terminates employment before qualifying for either normal or early retirement the
officer will have the option to continue the policy by paying the premiums or may exercise one
of the conversion features available in the policy.

	8.	 	For Senior Executive Officers elected before February 1, 2004, long-term care insurance will
be provided to the officer and officer’s spouse.

	9.	 	Full pay for sick leave up to a point where disability insurance coverage begins. Disability
insurance is 60% of base salary non-integrated with Social Security. Provisions of the actual
policy will govern the exact amount of payments.

	10.	 	Two additional weeks of paid vacation in addition to the regular established vacation policy.

	11.	 	Physical examinations provided by the company will be given on a biennial basis to age 60 on
individuals who are asymptomatic, annually if symptomatic. Above age 60 examinations will be
annually.

	12.	 	Officer’s annual base salary will be grossed up at the end of the calendar year to compensate
for any additional payroll and income tax burden created by the treatment of the officer’s
benefits under numbers 1, 2, 5, 6, 7, 8 and 11, above, as additional income.

	13.	 	Senior Executive Officer Retirement & Benefits

	 	 	This section applies only to Senior Executive Officers retiring after February 1, 2010. Benefits
to officers retiring before that date will be governed by the policy in effect at retirement.

	 	 	Full retirement benefits will be available to any senior executive officer who retires between
the ages of 65 and 70, or who

 

 

Exhibit 10(g)

	 	 	chooses early retirement. Early retirement is defined as the first day of any month after the
officer’s years of service, plus attained age equals or exceeds the sum of 80, or any date
between then and age 65.

	 	 	Those benefits are:

(A) Continued retiree group hospital, medical and dental coverage for the officer, spouse
and eligible dependent child(ren), as defined by the insurance carrier’s policy, until
the officer attains the eligibility age for Medicare (presently age 65) or is eligible
for Medicare due to disability. Premiums will be at the same rate available to active
Senior Executive Officers.

If said officer dies prior to Medicare eligibility, coverage will continue on the same
basis for spouse and/or eligible dependent child(ren) as long as spouse does not remarry
and dependent child(ren) meets insurance carrier’s eligibility requirements.

When the officer becomes eligible for Medicare, the spouse is eligible for continued
retiree group hospital, medical or dental coverage until the spouse becomes eligible for
Medicare. Coverage for the spouse will terminate in the event the officer and spouse
divorce or the spouse remarries after the death of the officer. Upon divorce or
remarriage of spouse, the spouse would then be offered COBRA in compliance with Federal
COBRA guidelines administered on a consecutive basis.

When the officer becomes eligible for Medicare, eligible dependent child(ren) are
eligible for continued retiree group hospital, medical and dental coverage until the
dependent no longer meets the definition of an eligible dependent as defined by the
insurance carrier’s policy. Upon loss of dependent eligibility, COBRA will be offered in
compliance with Federal COBRA guidelines administered on a consecutive basis.

(B) Upon eligibility for Medicare by either the officer or spouse, the officer and spouse
will be provided supplemental hospital, medical, and prescription drug coverage to
Medicare which would result in the same coverage that is provided to the full-time active
officers of the company. This coverage, as well as group dental coverage, will continue
for the rest of the officer’s and spouse’s life or until the spouse divorces said officer
or remarries after the death of the officer. In the event the spouse divorces or
remarries after death of officer, supplemental coverage will cease being paid by Raven
and will be the responsibility of the former spouse.

In the event that eligible dependent child(ren) are eligible for Medicare, said dependent
child(ren) will be provided supplemental hospital and medical coverage to Medicare which
would result in the same coverage that is provided to the full-time active officers of
the company. This coverage, as well as group dental coverage, will continue for the rest
of the dependent’s life or as long as the dependent meets disability requirements.

(C) In the event that a retired officer marries/remarries, retiree benefits are only
offered to spouses enrolled in benefits at the time of the Officer’s retirement.

(D) Upon retirement, supplemental health insurance benefits for the officer and his
dependents will be provided annually for the rest of the officer’s and spouse’s lives at
an amount of up to 10% of the officer’s highest total annual compensation (salary and
bonus) during any one of the officer’s last 5 years of employment with the company.

(E) For Senior Executive Officers elected before February 1, 2004, long-term care
insurance will continue for the rest of the officer’s and spouse’s life. The spouse’s coverage will be
discontinued in the event an officer’s spouse remarries after the death of an
officer.

(F) To the extent retirement benefits are included in taxable income,
retired Senior Executive Officers will be grossed up at the end of the calendar
year to compensate for additional income and payroll tax burden.

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