Document:

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                                                                   EXHIBIT 10.26

                              PATHMARK STORES, INC.

                                  July 1, 2000

Harvey Gutman
c/o Pathmark Stores, Inc.
200 Milik Street
Carteret, New Jersey 07008

             SIDE LETTER TO THE SALE AND RETENTION BONUS AGREEMENT,
         THE EMPLOYMENT AGREEMENT AND CERTAIN ADDITIONAL UNDERSTANDINGS

Dear Harvey:

            This side letter (the "LETTER") sets forth the agreement between you
and Pathmark Stores, Inc., a corporation organized under the laws of Delaware
(the "COMPANY"), regarding the amendment to the terms of the Sale and Retention
Bonus Agreement between you and the Company dated February 1, 2000 (the "BONUS
AGREEMENT") and to the terms of the employment agreement between you and the
Company, dated February 1, 1999 (the "EMPLOYMENT AGREEMENT"). In addition, this
Letter includes an acknowledgement of certain occurrences in connection with the
terms of the Employment Agreement. This Letter shall be effective as of the date
first set forth above.

A.    AMENDMENTS TO THE BONUS AGREEMENT.

            1.    NEW DEFINITIONS. (a) The following definition is hereby added
to Section 1 of the Bonus Agreement immediately prior to the definition of
"PAYMENT DATE":

            "LIQUIDATION DATE" shall mean January 31, 2001.

            (b)   The following definition is hereby added to Section 1 of the
Bonus Agreement immediately prior to the definition of "PURCHASER":

            "PLAN EFFECTIVE DATE" shall mean the effective date of the judicial
      consent to the Joint Prepackaged Chapter 11 Plan of Reorganization of the
      Company, its parent companies and subsidiaries.

            (c)   The following definition is hereby added to Section 1 of the
Bonus Agreement immediately prior to the definition of "TRIGGERING EVENT":

            "STOCK OPTION" shall mean any vested or unvested outstanding stock
      option awarded under any equity compensation plan of the Company or its
      subsidiaries that is exercisable upon vesting for shares of common stock
      of the Company or any of its subsidiaries.

            2.    MODIFIED DEFINITION.  The definition of "TRIGGERING EVENT" in
Section 1 of the Bonus Agreement is hereby deleted in its entirety and replaced
by the following:

            Prior to the Plan Effective Date, a "TRIGGERING EVENT" shall be
      deemed to have occurred on the date that any of he following shall have
      occurred:

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            (A)   any member of the Company Group enters into a binding
      agreement with one or more Independent Third Parties to directly acquire,
      in exchange for cash, stock, claims, or property, fifty percent or more of
      the aggregate equity securities of Holdings for which the MLCP Investors
      and the Equitable Investors (as defined in the Amended and Restated
      Stockholders Agreement among Holdings and its Stockholders, dated January
      22, 1998) (together, the "STOCKHOLDERS") are Beneficial Owners as of the
      Effective Date;

            (B)   any member of the Company Group enters into a binding
      agreement providing for a merger, consolidation, reorganization or other
      business combination upon consummation of which one or more Independent
      Third Parties would own or control fifty percent or more of either (i) the
      aggregate voting securities of the Company Group, (ii) the aggregate
      economic interest of the outstanding equity securities of the Company
      Group or (iii) the aggregate value of the assets of the Company;

            (C)   any member of the Company Group enters into transaction upon
      consummation of which an Independent Third Party would acquire in exchange
      for cash, stock, claims or property fifty percent or more of either (I)
      the aggregate equity securities of the Company, PTK Holdings, Inc. or
      Supermarkets General Holdings Corporation, or (II) the Company's assets;
      or

            (D)   any member of the Company Group files a plan of reorganization
      or motion for relief in a case under title 11 of the United States Code
      for the purpose of implementing an agreement or transaction of the type
      described in any of the preceding clauses (A), (B) or (C);

      PROVIDED, HOWEVER, that a Triggering Event shall not include any change of
      ownership resulting from a public offering of any of the securities of any
      of the Company Group pursuant to an effective registration statement under
      the Securities Act of 1933, as amended.

            On and after the Plan Effective Date, a "TRIGGERING EVENT" shall be
      deemed to have occurred on the date that any of the following shall have
      occurred, PROVIDED that a Triggering Event may occur only during the Term
      (as defined in Section 2 below):

            (A)   the acquisition by any Person of beneficial ownership (within
      the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of
      1934, as amended) of 35% or more of the common stock of the Company (the
      "COMMON STOCK") then outstanding, and the individuals who, as of the Plan
      Effective Date, constitute the Board and subsequently elected members of
      the Board whose election is approved or recommended by at least a majority
      of such current members or their successors whose election was so approved
      or recommended (other than any subsequently elected members whose initial
      assumption of office occurs as a result of an actual or threatened
      election contest with respect to the election or removal of directors or
      other actual or threatened solicitation of proxies or consents by or on
      behalf of a Person other than the Board) cease for any reason to
      constitute at least a majority of such Board; PROVIDED, HOWEVER, that in
      no event shall a Triggering Event be deemed to have occurred upon any such
      acquisition by (i) any employee benefit plan of the Company, (ii) any
      Person or entity organized, appointed or established by the Company for or
      pursuant to the terms of any such employee benefit plan, or (iii) any
      Person (other than any of Fidelity Management & Research Company or
      Fidelity Management Trust Company or by any fund or account associated
      with either Fidelity Management & Research Company or Fidelity Management
      Trust Company) who as of the Plan Effective Date was the beneficial owner
      of 15% or more of the shares of Common Stock outstanding on such date
      unless and until such Person, together with all Affiliates of such Person,
      becomes the beneficial owner of 35% or more of the shares of Common Stock
      then outstanding whereupon a Change in Control shall be deemed to have
      occurred;

            (B)   the Company enters into a binding agreement with one or more
      Persons to directly acquire, in exchange for cash, stock, claims or
      property, 50% or more of the aggregate equity securities of the Company;
      or

            (C)   the Company enters into a binding agreement providing for a
      merger, consolidation, reorganization or other business combination upon
      consummation of which one or more Persons would own or control 50% or more
      of either (i) the aggregate voting securities of the Company, or (ii) the
      aggregate value of the assets of the Company.

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            For purposes of the above definition of Triggering Event only, the
following defined terms shall apply:

            "AFFILIATE" means, with respect to any Person, any other entity
      which (i) is a Subsidiary of such Person, (ii) is, directly or indirectly,
      under common control with such Person, or (iii) is, directly or
      indirectly, controlling such Person.

            "PERSON" means any person, entity or "group" within the meaning of
      Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, except that such
      term shall not include (i) the Company or any of its subsidiaries, (ii) a
      trustee or other fiduciary holding securities under an employee benefit
      plan of the Company or any of its subsidiaries, (iii) an underwriter
      temporarily holding securities pursuant to an offering of such securities,
      or (iv) an entity owned, directly or indirectly, by the shareholders of
      Pathmark in substantially the same proportions as their ownership of stock
      of the Company.

            "SUBSIDIARY" means with respect to any Person, any entity of which:

            (i) if a corporation, a majority of the total voting power of shares
      of stock entitled (without regard to the occurrence of any contingency) to
      vote in the election of directors, managers or trustees thereof is at the
      time of determination owned or controlled, directly or indirectly,
      collectively or individually, by such Person or by one or more Affiliates
      of such Person, and

            (ii) if a partnership, association, limited liability company or
      other entity, a majority of the partnership, membership or other similar
      ownership interest thereof is at the time of determination owned or
      controlled, directly or indirectly, collectively or individually, by such
      Person or by one or more Affiliates of such Person.

            3.    TERM. Section 2 of the Bonus Agreement is hereby deleted in
its entirety and replaced by the following:

            2.    TERM. The term of this Letter Agreement (the "TERM") shall
      commence on the Effective Date and shall continue until the second
      anniversary of the Plan Effective Date.

            4.    RETENTION BONUS. Section 3 of the Bonus Agreement is hereby
deleted in its entirety and replaced by the following:

            3.    RETENTION BONUS.

                  (a) PRIOR TO A TRIGGERING EVENT. In consideration of, and
      subject to, your continued employment with the Company prior to a
      Triggering Event and during the period beginning on the Effective Date and
      ending on the Liquidation Date, the Company will pay you a Retention Bonus
      equal to the annual rate of your base salary, as in effect on the Payment
      Date. The Retention Bonus will be paid in two substantially equal
      installments on each of the Payment Date and the Liquidation Date, subject
      to your continued employment with the Company on each such date. The
      Company will pay the Retention Bonus to you in lump sum cash amounts as
      soon as practicable after the Payment Date and the Liquidation Date but in
      no event more than thirty days thereafter, respectively.

                  (b) UPON A TRIGGERING EVENT. Upon the occurrence of a
      Triggering Event, the Retention Bonus shall become immediately payable in
      full. For purposes of calculating the amount of the Retention Bonus the
      date of the Triggering Event shall be considered the Payment Date. The
      Retention Bonus will be paid in a lump sum cash amount as soon as
      practicable after the date of the Triggering Event.

            5.    Section 4(a) of the Bonus Agreement is hereby deleted in its
entirety and replaced by the following:

                  (a) GENERAL TERMS. You will become entitled to receive the
      Sale Bonus in the event that (i) a Triggering Event occurs on or before
      the end of the Term and (ii) a Change in Control contemplated by such
      Triggering Event occurs thereafter. The amount of the Sale Bonus shall be
      equal to 0.00075 multiplied by the Aggregate Consideration; PROVIDED,
      HOWEVER, that the Sale Bonus shall be reduced by the net value you receive
      in connection with your Stock Options, if any, that are redeemed for cash
      or exchanged for other securities at the time of or prior to a Change in
      Control.

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            6.    Section 5 of the Bonus Agreement is hereby deleted in its
entirety and replaced by the following:

            5.    EFFECT OF TERMINATION OF EMPLOYMENT.

                  (a) INVOLUNTARY TERMINATION. In the event of your Involuntary
      Termination (as defined in the Employment Agreement) prior to the
      Liquidation Date, you shall be entitled to receive the Retention Bonus in
      accordance with the terms of Section 3, as if your employment had
      continued until such Liquidation Date. In the event of your Involuntary
      Termination on or after August 1, 2000 and prior to a Triggering Event,
      you shall remain entitled to receive the Sale Bonus in the event of a
      subsequent Triggering Event and a corresponding Change in Control in the
      same manner as if your employment with the Company had continued through
      the end of the Term.

                  (b) OTHER TERMINATION. In the event that your employment
      terminates for any reason other than an Involuntary Termination prior to
      the Payment Date, you shall forfeit your right to the Retention Bonus in
      its entirety. In the event that your employment terminates for any reason
      other than an Involuntary Termination after the Payment Date but prior to
      the Liquidation Date, you shall forfeit your right to any unpaid portion
      of the Retention Bonus. Similarly, in the event that your employment
      terminates for any reason other than an Involuntary Termination at any
      time during the Term, you shall forfeit any right you may have to receive
      the Sale Bonus.

B.    ACKNOWLEDGEMENT; AMENDMENT TO THE EMPLOYMENT AGREEMENT.

            1.    ACKNOWLEDGEMENT OF A SALE OF THE COMPANY. You and the Company
hereby acknowledge and agree that, prior to the date of this Letter, a "SALE OF
THE COMPANY" (within the meaning of Section 4(d) of the Employment Agreement)
has occurred by virtue of the execution of the merger agreement dated March 9,
1999 among two of the Company's parent companies and Royal Ahold N.V., and that
any Involuntary Termination (as such term is defined in the Employment
Agreement) will be governed by the terms of Section 5(a)(iii) of the Employment
Agreement.

            2.    AMENDMENT OF "GOOD REASON". The definition of "GOOD REASON" as
set forth in Section 5(g)(iii) of the Employment Agreement is hereby amended to
add the following subsection (E) immediately after subsection (D):

                  or (E) a material, adverse reduction or diminution in your
      title, duties, positions or responsibilities with the Company.

C.    FORGIVENESS OF INDEBTEDNESS.

            1.    DESCRIPTION OF THE DEBT. You and the Company acknowledge and
agree that immediately prior to the date of this Letter, you owed the a parent
of the Company, Supermarkets General Holdings Corporation ("HOLDINGS"), $28,000
with respect to a loan made to you by Holdings on March 15, 1990 (the "LOAN
AMOUNT").

            2.    FORGIVENESS OF DEBT. In consideration of, among other things,
your agreement to the amendments set forth above with respect to the Retention
Bonus and the Sale Bonus, as of the date of your termination of employment with
the Company, its parents, subsidiaries and affiliates, without any further
action on your part or on the part of the Company, the Company, as successor to
the lending entity, shall automatically forgive the Loan Amount in full and all
interest and other accrued amounts

                                       4
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associated with the Loan Amount and the loan corresponding to such Loan Amount.

            If this Letter sets forth our agreement on the subject matter
hereof, kindly sign and return to the Company the enclosed copy of this Letter,
which will then constitute our agreement on this subject.

                                          Sincerely,

                                          Pathmark Stores, Inc.

                                           /s/ Frank  Vitrano
                                          ---------------------
                                           Name:  Frank Vitrano
                                           Title: Executive Vice President

Agreed to as of this 22nd day of DECEMBER, 2000.

          /s/ Harvey Gutman
         ------------------
           Harvey Gutman

                                       5<PAGE>

                                                                     Exhibit 4.1

                    (FORM OF STOCK CERTIFICATE - FRONT SIDE)

NUMBER                                                                    SHARES

COMMON STOCK                                             CUSIP
(Par Value $.01 Per Share)                                     See reverse for
                                                             certain definitions

                               GLOBE BANCORP, INC.
                    INCORPORATED UNDER THE LAWS OF LOUISIANA

         This certifies that ___________________________________ is the
registered holder of _________________ fully paid and non-assessable shares of
the Common Stock, par value $.01 per share, of Globe Bancorp, Inc., Metairie,
Louisiana (the "Corporation").

         The shares evidenced by this Certificate are transferable in person or
by a duly authorized attorney or legal representative, upon surrender of this
Certificate properly endorsed. This Certificate and the shares represented
hereby are subject to all the provisions of the Articles of Incorporation and
Bylaws of the Corporation and any and all amendments thereto. THE SHARES
REPRESENTED BY THIS CERTIFICATE ARE NOT DEPOSITS OR ACCOUNTS AND ARE NOT
FEDERALLY INSURED OR GUARANTEED.

         This Certificate is not valid unless countersigned by the Transfer
Agent and registered by the Registrar.

         IN WITNESS WHEREOF, the Corporation has caused this Certificate to be
executed by the facsimile signatures of its duly authorized officers and has
caused its facsimile seal to be affixed hereto.

Dated:

                             (SEAL)
--------------------------                         -----------------------------
Saxon J. Toca, III                                 Thomas J. Exnicios
Secretary                                          President and Chief Executive
                                                    Officer

<PAGE>

                     (FORM OF STOCK CERTIFICATE - BACK SIDE)

         The Corporation is authorized to issue more than one class of stock,
including a class of preferred stock which may be issued in one or more series.
The Corporation will furnish to any stockholder, upon written request and
without charge, a full statement of the designations, preferences, limitations
and relative rights of the shares of each class authorized to be issued and,
with respect to the issuance of any preferred stock to be issued in series, the
relative rights and preferences between the shares of each series so far as the
rights and preferences have been fixed and determined and the authority of the
Board of Directors to fix and determine the relative rights and preferences of
subsequent series.

         The Articles of Incorporation of the Corporation include a provision
which generally prohibits any person (including an individual, company or group
acting in concert) from directly or indirectly offering to acquire or acquiring
the beneficial ownership of more than 10% of any class of equity securities of
the Corporation. In the event that stock is acquired in violation of this 10%
limitation, the excess shares will no longer be counted in determining the total
number of outstanding shares for purposes of any matter involving stockholder
action and the Board of Directors of the Corporation may cause such excess
shares to be transferred to an independent trustee for sale in the open market
or otherwise, with the expenses of such sale to be paid out of the proceeds of
the sale.

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM     -    as tenants in common

TEN ENT     -    as tenants by the entireties

JT TEN      -    as joint tenants with right of survivorship and not
                 as tenants in common

UNIF GIFT MIN ACT - ______________ Custodian ______________ under
                       (Cust)                   (Minor)
              Uniform Gifts to Minors Act ________________________
                                                  (State)

Additional abbreviations may also be used though not in the above list.

<PAGE>

         For value received, _________________________________ hereby sell,
assign and transfer

PLEASE INSERT SOCIAL SECURITY OR OTHER
TAXPAYER IDENTIFYING NUMBER OF ASSIGNEE

------------------

------------------

unto ___________________________________________________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE,
OF ASSIGNEE

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                                             shares of Common
-----------------------------------------------------------
Stock represented by this Certificate, and do hereby irrevocably constitute
and appoint __________________________ as Attorney, to transfer the said shares
on the books of the within named Corporation, with full power of substitution.

Dated _____________ __, ____

                                                --------------------------------
                                                Signature

                                                --------------------------------
                                                Signature

Notice: The signature(s) to this assignment must correspond with the name(s)
written upon the face of this Certificate in every particular, without
alteration or enlargement or any change whatsoever.

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