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Title: |
Employment Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 4KB of 19KB total |
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Price: |
$36 |
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ID: |
#1168128 |
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<SEQUENCE>2
<FILENAME>employ.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
EMPLOYMENT AGREEMENT
AGREEMENT, dated as of the 1st day of January 2004, between Village Super
Market, Inc. (the "Company"), a New Jersey corporation, and Kevin R. Begley
(the "Executive").
W I T N E S S E T H:
WHEREAS, the Executive presently serves as the Chief Financial Officer and
Treasurer of the Company, and
WHEREAS, the Company desires to continue to employ the Executive on the
terms and conditions set forth in this Agreement, and
WHEREAS, the Executive is willing to accept continued employment with the
Company on such terms and conditions; now, therefore,
IN CONSIDERATION of the promises and the mutual covenants herein
contained, the parties hereto hereby agree as follows:
SECTION 1. TERM OF EMPLOYMENT.
The Company will employ the Executive, and the Executive hereby accepts
employment by the Company, on the terms and conditions contained in this
Agreement for the period commencing upon January 1, 2004 and ending
December 31, 2006. If not terminated as of December 31, 2006, the term of the
Executive's employment under this Agreement (the "Term") will continue
thereafter on a year to year basis, subject to the respective rights of the
Executive and the Company to terminate the Term pursuant to Section 5 below.
SECTION 2. DUTIES.
2.1 Positions. During the Term, the Executive shall serve as the
Company's Chief Financial Officer and Treasurer, with such additions to the
scope of the duties of his employment within the Company's field of operations
or those of the Company's subsidiaries or affiliated corporations as the Board
of Directors (the "Board") and the Executive may agree.
2.2 Time. The Executive shall devote substantially all of his time,
efforts and skill during normal business hours to the affairs of the Company
and its subsidiaries and affiliated corporations and to the promotion of their
interests, provided that the Executive may serve as a director of both
for-profit and not-for-profit corporations. The Executive may also serve as a
principal of such business and other ventures as the Board expressly shall
permit in the exercise of its discretion.
SECTION 3. CURRENT COMPENSATION.
3.1 Salary. During the Term, the Company shall pay the Executive a
base salary at the rate of $265,000 per year, which will be reviewed annually
by the Chief Executive Officer ("CEO") and the Board, or a designated Committee
of the Board, and will be increased on the basis of such review commensurate
with the increases granted to the other executive officers of the Company.
The base salary may be decreased only in the event of, and in proportion with,
a decrease in the salaries of all other executive officers of the Company. The
base salary shall be payable in equal installments in accordance with the
Company's normal practices for payment of executives.
3.2 Bonus Compensation.
(a) The Executive will also be entitled to annual bonus compensation
based upon a formula, or based upon a discretionary grant, which shall be
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