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Title: |
Employment Agreement |
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Date: |
2003 |
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Preview shows 9KB of 29KB total |
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Price: |
$33 |
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ID: |
#1111645 |
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Exhibit 99.2
[LOGO OF THE SPIEGEL GROUP]
EMPLOYMENT AGREEMENT
This Employment Agreement (“Agreement”) is entered into between Spiegel, Inc., a Delaware corporation (the “Company”) and Alexander Birken (the “Executive”).
WHEREAS, the Company wishes to employ the Executive as its Senior Vice President and Chief Operating Officer; and
WHEREAS, the Company and the Executive desire to memorialize the terms of their employment relationship as set forth herein;
NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows:
| 1. | Employment |
| 1.1 | Term. Subject to the approval by the Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), the Company hereby employs the Executive and the Executive hereby agrees to be employed by the Company upon the terms and subject to the conditions contained in this Agreement. The Executive’s term of employment (the “Term”) with the Company shall be for the period commencing as of April 1, 2003 (the “Effective Date”) and terminating as of August 31, 2005, unless otherwise terminated pursuant to Articles 3 and 4 of this Agreement. In the event that the Company desires to enter into an employment agreement with the Executive for a period after the Term, Company shall provide the Executive with the proposed employment agreement covering the new term of employment at least six (6) months prior to the last day of the Term. |
| 1.2 | Position and Duties. The Executive shall hold the position of Senior Vice President and Chief Operating Officer of the Company and shall perform such duties and responsibilities and attain such performance objectives established from time to time. The Executive shall report directly to the Interim Chief Executive Officer of Spiegel, Inc. or the Chief Executive Officer of Spiegel Inc. as the case may be (the “Spiegel CEO”) or such other individual(s) as designated by the Spiegel CEO (including, without limitation, any designee pursuant to Article 4 of this Agreement). The Spiegel CEO may, in his sole discretion, require the Executive to perform duties and responsibilities on behalf of any of the Company’s affiliates. In the event that the Executive shall transfer to an affiliate of the Company, then the Company shall thereafter be defined for the purpose of this Agreement as the name of such affiliate. |
| 1.3 | Standard of Care. During the Term, the Executive agrees to devote his attention and energies to the Company’s business and shall not engage in any other business activity whether or not such business activity is pursued for gain, profit or other pecuniary advantage unless such business activity is approved by the Spiegel CEO or such other individuals as designated by him. However, subject to approval by the Spiegel CEO, the Executive may serve as a Director of other |
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| companies, so long as such service does not conflict with the interests of the Company. |
| 2. | Compensation. |
| 2.1 | Annual Base Salary. The Executive’s annual base salary shall be Three Hundred and Fifty Thousand Dollars ($350,000) (“Annual Base Salary”) payable in accordance with the Company’s regular payroll practices. On each January 1 during the Term thereafter, the Executive’s Annual Base Salary shall be reviewed by the Spiegel CEO or his designee, and changes, if any, shall be in his sole discretion. Any change in the Executive’s Annual Base Salary shall occur in conjunction with the Company’s normal merit review schedule for other officers of the Company. |
| 2.2 | Medical Insurance/Social Security. In lieu of participation in the United States Social Security system and the Company’s medical insurance program, the Company will
reimburse the Executive for fifty percent (50%) of the cost for the Executive to remain in the German social security system and fifty percent (50%) of the cost to the Executive for medical insurance for the Executive and his family in the Otto
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