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Title: |
Employment Agreement |
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Date: |
2006 |
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Price: |
$40 |
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ID: |
#1129943 |
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EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into effective as of 23rd day of March, 2006, by and between Duckwall-ALCO Stores, Inc., a Kansas corporation (the "Company"), and Michael S. Marcus, an individual.
W I T N E S S E T H:
WHEREAS, the Company desires to employ Michael S. Marcus as the Company's Vice President Finance & Treasurer (hereinafter the Employee) on the terms and conditions set forth herein;
NOW, THEREFORE, the Company and the Employee, each intending to be legally bound, hereby mutually covenant and agree as follows:
SECTION I.
DEFINITIONS
The following terms used in this Agreement shall have the meanings set forth below:
"Earned Obligations" shall mean, as of the date of Termination of Employment, the sum of (A) the Employee's aggregate Base Salary through such date to the extent not theretofore paid, plus(B) all vacation pay, expense reimbursements and other cash entitlements earned by the Employee hereunder as of such date to the extent not theretofore paid.
"Base Salary" shall mean the amount set forth in Section 3(a).
"Board" shall mean the board of directors of the Company.
"Cause" shall mean (i) the Employee's material violation of any of Sections 2(c), 4(a),4(b) or 4(c) of this Agreement; (ii) the Employee engaging in conduct which is fraudulent or illegal with respect to the Company or any of its subsidiaries; (iii) the Employees gross negligence in the performance or nonperformance of his duties or responsibilities hereunder; (iv) the Employee's engagement in misconduct which is materially injurious or materially damaging to the Company or any of its subsidiaries or the reputation of the Company or any of its subsidiaries; (v) the Employee's conviction of, or plea of nolo contendere to, a felony; (vi) failure to cooperate with regulatory or legal proceedings; or (vii) material breach of Company policy.
"Competitor" shall have the meaning set forth in Section 4(b).
"Confidential Information" shall have the meaning set forth in Section 4(c).
"Change of Control" shall mean a change in control of a nature as set forth in the Duckwall-ALCO Stores, Inc. Incentives Stock Option Plan of 2003, or as may be amended ("ISO Plan").
"Disability" shall mean Employee's permanent disability or incapacity as determined in accordance with the Company's disability insurance policy, if such a policy is
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then in effect, or if no such policy is then in effect, such permanent disability or incapacity shall be determined by the Company in its good faith judgment based upon inability to perform the essential functions of his position, with reasonable accommodation by the Company, for a period in excess of 180 days during any period of 365 calendar days.
"Good Reason" means assignment of the Employee to duties and responsibilities that are substantially inconsistent with the scope of the duties and responsibilities of Employee or the Company has a Change in Control.
"Person" shall mean an individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, other entity or governmental or other agency or political subdivision thereof.
"Term" shall mean the period beginning on the date of this Agreement and ending as provided in Section 2(b).
"Termination of Employment" shall mean (i) the Employee's death or Disability, (ii) termination by the Company of the Employee's employment for Cause or without Cause, (iii) resignation by the Employee from the employ of the Company, (iv) retirement of the Employee or (v) expiration of the Term.
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