Fourth Amendment to Trans World Entertainment Corporation Supplemental Executive Retirement Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment modifies the Supplemental Executive Retirement Plan of Trans World Entertainment Corporation, effective May 12, 2010. It specifies that, for the purposes of the Plan, Robert Higgins' bonus payment for fiscal year 2009 will be considered $500,000, which is two-thirds of the amount originally earned before any reduction by the Committee. The amendment clarifies how Mr. Higgins' bonus is calculated for retirement plan purposes.

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EX-10.1 2 c61510_ex10-1.htm c61510_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.1

FOURTH AMENDMENT TO THE
TRANS WORLD ENTERTAINMENT CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

               The Trans World Entertainment Corporation Supplemental Executive Retirement Plan (the “Plan”) is hereby amended as follows, effective May 12, 2010:

               1.       The following is added at the end of Paragraph A of Article 7 of the Plan:

“For purposes of this Plan, the bonus payment for fiscal year 2009 for Robert Higgins will be deemed to be $500,000 (two thirds of the amount earned under the applicable bonus formula prior to the exercise of negative discretion by the Committee).”