Amendment to Employment Agreement between Rite Aid Corporation and Frank G. Vitrano (July 27, 2010)
Rite Aid Corporation and Frank G. Vitrano have agreed to amend their original employment agreement dated September 24, 2008. The amendment changes the compensation in Section 4.6 from $200,000 to $67,000 per year and removes the 36-month time limit for this benefit. All other terms in Section 4.6 remain the same. Both parties have signed to confirm their acceptance of these changes.
Exhibit 10.5
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| July 27, 2010 |
Mr. Frank G. Vitrano
Senior Executive Vice President, Chief Financial Officer and
Chief Administrative Officer
Rite Aid Corporation
30 Hunter Lane
Camp Hill, PA 17011
RE: Agreement dated as of September 24, 2008 (the “Agreement”) by and between Rite Aid Corporation (the “Company”) and Frank G. Vitrano (the “Executive”)
Dear Frank:
On June 21, 2010, the Compensation Committee of the Board of Directors of the Company approved changes to the above referenced Agreement that: (i) delete the term “$200,000” in the first sentence of Section 4.6 of the Agreement and replace it with the phrase “$67,000 per year”; and (ii) delete the phrase “for a period of up to thirty-six (36) months from the Effective Date” in the first sentence of Section 4.6 of the Agreement. The balance of Section 4.6 remains unchanged.
If you are in agreement with these two changes in the above paragraph, please sign both copies of this letter below where indicated, returning one copy to me and retaining one copy for your records.
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| Sincerely, | |
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| Rite Aid Corporation | |
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| By: | /s/ MARC A. STRASSLER |
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| Marc A. Strassler |
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| Exec. Vice President & General Counsel |
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| Agreed: |
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| /s/ FRANK G. VITRANO |
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| Frank G. Vitrano |
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| July 27, 2010 |
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