EXECUTIVE COMMITTEE CHARTER
This Charter has been adopted by the Board of Directors (the "Board") of The Bon-Ton Stores, Inc. (the "Company") to govern its Executive Committee (the "Committee"), which shall have the authority, responsibility and specific powers described below.
The Committee's purposes are:
The Committee shall be composed of three or more members, each of whom shall be appointed and removed by the Board. A member of the Committee shall be selected by the Board to serve as the Committee's chairperson. The Committee may delegate its authority to a subcommittee comprised solely of its members.
The Committee shall conduct approximately twelve meetings per year, or approximately one meeting per month. The Committee shall make regular reports to the Board.
In carrying out its purposes, the Committee shall:
1. Propose Board
agenda for the year and refine prior to each meeting.
2. Keep the other Board members informed on pertinent issues that arise between quarterly board meetings.
3. Act as a sounding board to the CEO where appropriate.
4. When necessary act on behalf of the Board to approve management action. The Board will be informed and
the action ratified.
5. The Board has delegated to the Executive Committee responsibility as follows:
a. The acquisition
of equity interests in, or assets of, other entities, provided the purchase
price, including any
debt assumption, does not exceed $10 million;
b. The acquisition of any interest in real estate, provided the purchase price, including any debt assumption,
and the anticipated construction or renovation costs do not exceed $10 million;
c. The entry into a lease or operating agreement provided there shall not be more than one
such transaction in each fiscal year and the present value of any minimum rent obligation
during the initial term of any lease shall not exceed $10 million; and
d. The sale or disposition of any assets provided the aggregate value, as determined by the Executive
Committee, shall not exceed $3 million.
Note: The Board will be informed in advance of these actions and any analysis will be provided.