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Title: |
Employment Agreement |
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Date: |
2003 |
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Size: |
Preview shows 5KB of 40KB total |
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Price: |
$40 |
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ID: |
#1168959 |
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EMPLOYMENT AGREEMENT
FOR DON E. MARSH
MARSH SUPERMARKETS, INC.
(Effective August 3,1999)
<PAGE>
THIS EMPLOYMENT AGREEMENT (this "Agreement")is made and entered into as
of this 3rd day of August, 1999 by and between MARSH SUPERMARKETS, INC., an
Indiana corporation having its address at 9800 Crosspoint Boulevard,
Indianapolis, Indiana 46256-3350 (the "Company"), and DON E. MARSH, an
individual having an address at 2042 Saint Andrews Circle, Cannel, Indiana 46032
(the "Executive").
WHEREAS, the Executive and the Company are parties to an amended and
restated employment agreement dated December 31,1992 (the "Prior Agreement");
and
WHEREAS, the parties desire to secure the continued employment of the
Executive on the terms and conditions of this Agreement, which replaces the
Prior Agreement in its entirety,
NOW THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements of the parties set forth in this Agreement, the parties
agree as follows:
1. EMPLOYMENT
The Company hereby employs the Executive, and the Executive hereby
accepts employment on the terms and conditions set forth herein.
2. TERM
This Agreement shall become effective on August 3,1999, and shall end
on December 31, 2004. The term shall be extended automatically for one (1)year
on each January 1 ("Anniversary Date") beginning January 1, 2001, unless either
party hereto gives written notice to the other party not more than two hundred
ten (210) days and not less than one hundred eighty (180)days prior to an
Anniversary Date, in which case no further automatic extension shall occur and
the term of this Agreement shall end five (5) years subsequent to the
Anniversary Date immediately following such written notice (such term, including
any extension is referred to as the "Term"). Notwithstanding the foregoing, the
Term shall end on the date of Executive's voluntary retirement from the Company.
3. DUTIES
The Executive is engaged by the Company in a senior executive capacity
as its chief executive officer. Unless otherwise consented to by the Executive,
the Executive's positions with the Company shall be as its Chairman of the
Board, President and Chief Executive Officer. The Executive shall have all the
powers and agrees to perform all of the duties associated with those positions,
subject to the direction of the Board of Directors of the Company, and to the
provisions of the Articles of Incorporation and Bylaws of the Company. The
Executive shall have general executive charge of the Company with all such
powers as may be reasonably incident to such responsibilities; and he shall have
such other powers and duties as designated in accordance with the
-2-
<PAGE>
Company's Bylaws and as may be assigned to him from time to time by the Board of
Directors. The Executive shall report directly to the Company's Board of
Directors and any executive committee of the Board. The Company agrees to
provide the Executive with such accommodations as are suitable to the character
of his positions with the Company and adequate for the performance of his
duties.
4. EXTENT OF SERVICES
During the Term, the Executive agrees to devote substantially his full
time, attention and energies to the Company's business. This Agreement shall not
be construed as preventing the Executive from investing assets in such form or
manner as will not require his services in the daily operations of the affairs
of the companies in which such investments are made. This Agreement shall also
not be construed as preventing the Executive from serving as an outside director
of up to five other for-profit companies (and such additional companies as the
Board of Directors may hereafter approve) or from participating in charitable or
other not-for-profit activities as long as such activities do not materially
interfere with his work for the Company.
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