Modification Agreement to Restricted Stock Grant between J. Baker, Inc. and Alan I. Weinstein

Contract Categories: Business Finance › Modification Agreements
Summary

J. Baker, Inc. and its President & CEO, Alan I. Weinstein, agree to modify the terms of Weinstein's 1998 Restricted Stock Grant. The agreement extends the restriction period on 50,000 shares of company stock from December 31, 1999, to September 15, 2000. The company's option to repurchase shares, if certain stock price conditions are not met, is also extended to this new date. Both parties must sign to confirm acceptance of these changes.

Read More Arrow
EX-10.02 3 0003.txt EX 10.02 WEINSTEIN LETTER AGREEMENT EXHIBIT 10.02 December 28, 1999 Mr. Alan I. Weinstein President & Chief Executive Officer J. Baker, Inc. 555 Turnpike Street Canton, MA 02021 Dear Alan, Your July 9, 1998 Restricted Stock Grant of 50,000 shares of Common Stock from J. Baker, Inc. and subsequent modifications thereto restrict your right to engage in any transactions prior to December 31, 1999 with respect to those shares. The Grant also provides the Company repurchase options if the 20-day average trading price of the Company's Common Stock culminating on December 31, 1999 is not $14.00 per share or higher. In this event, the Company has the right to exercise an option to repurchase from you the number of shares set forth on the schedule attached to the Grant at the price paid by you for the shares or the current fair market value of the shares, whichever is lower. The Board, on the recommendation of its Compensation Committee, has determined that a modification of the Restricted Stock Grant is warranted. Accordingly, if you agree to extend the restrictions on the shares to September 15, 2000, the Company will use this same date as the effective date for its repurchase option, instead of December 31, 1999 as set forth above. We believe this proposal satisfies both your interests and those of the Company. If you concur, please acknowledge your acceptance of this proposal by signing herein below and returning one fully executed copy to Bill Friend. He will then prepare any necessary documentation to effect this revision. Very Truly Yours, /s/ J. Christopher Clifford --------------------------- J. Christopher Clifford Chairman, Compensation Committee Accepted and Agreed to By: /s/ Alan I. Weinstein --------------------- Alan I. Weinstein JCC/smb cc: William K. Friend First Senior Vice President and General Counsel