EXHIBIT 10.1
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
This AMENDMENT NO. 1 made as of the 18th day of August, 2000, to
the Employment Agreement made as of the 20th day of November, 1998, (the
"Agreement") between UNITED RETAIL GROUP, INC., a Delaware corporation,
with principal offices at 365 West Passaic Street, Rochelle Park, New
Jersey 07662-6563 and RAPHAEL BENAROYA, residing at 179 Lincoln Street,
Englewood, New Jersey 07631.
WHEREAS, the Executive has been employed by the Company as its
Chairman of the Board, President and Chief Executive Officer;
WHEREAS, the Company desires to continue the services of the
Executive, and the Executive desires to continue to provide such services
to the Company, on the terms set forth in the Agreement; and
WHEREAS, the provisions of this Amendment were recommended by the
Compensation Committee of the Company's Board of Directors on August 17,
2000 and approved by the Company's Board of Directors on August 18, 2000
with the Executive abstaining.
NOW, THEREFORE, in consideration of the mutual covenants and
obligations hereinafter set forth, the parties hereto, intending to be
legally bound, hereby agree as follows:
1. Section 1(u) of the Agreement is amended to read in its entirety as
follows:
"(u) Term of Employment shall mean the period of time
commencing on November 20, 1998 and ending on July 30,
2005 or such later date as may be mutually agreed upon by
the Company and the Executive."
2. All the provisions of the Agreement other than Section 1(u) shall
remain in force unchanged.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment in Rochelle Park, New Jersey, in duplicate originals on August
21, 2000.
UNITED RETAIL GROUP, INC.
By: /s/ George R. Remeta
--------------------------------
Name: George R. Remeta
Title: Vice Chairman
/s/ Raphael Benaroya
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Raphael Benaroya
Employment agreement RB 8-2000
KPC:jw
