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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Grand Union Co.

Date:

2000

Size:

Preview shows 4KB of 38KB total

Price:

$38

ID:

#1169374

 

 


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<SEQUENCE>8

<FILENAME>0008.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN
GRAND UNION AND MANOUCHEHR MOSLEMI
<TEXT>


<PAGE>


EMPLOYMENT AGREEMENT

AGREEMENT made as of this 13th day of April, 2000 and effective as of the
14th day of February, 2000, by and between The Grand Union Company, a Delaware
corporation (the "Company"), and Manouchehr Moslemi (the "Executive").

WHEREAS, the Company desires to retain the exclusive services of Executive
and Executive desires to be employed by the Company for the term of this
Agreement;

NOW, THEREFORE, in consideration of the promises and of the mutual
covenants contained herein, the parties hereto agree as follows:

1. Duties.

(a) The Executive shall serve as Senior Vice President, Chief
Information Officer of the Company or such other position as may be agreed
between the Executive and the Company, and shall perform such duties, services
and responsibilities as are consistent with such positions, including the
general management and supervision of the business and personnel of the Company
and its subsidiaries. The duties, services and responsibilities will be
performed under the overall supervision of the Executive Vice President, Chief
Financial and Administrative Officer of the Company, consistent with the
policies of the Board of Directors of the Company (the "Board of Directors").

(b) During the Employment Term (as hereinafter defined), the
Executive shall devote his full business time, attention and skill to the
performance of his duties, services and responsibilities, and will use his best
efforts to promote the interests of the Company. The Executive will not, without
the prior written approval of the Board of Directors, engage in any other
business activity which would interfere with the performance of his duties,
services and responsibilities hereunder or which is in violation of policies
established from time to time by the Company. The foregoing shall not be
construed to prohibit (i) the Executive's service as a member of the board of
directors or as an officer of any non-profit trade association or civic,
educational or charitable organization, or (ii) subject to the following proviso
and the provisions of Section 8(b), the Executive from making personal
investments of a passive nature; provided that such service or investments by
the Executive do not materially interfere with the performance by the Executive
of his duties, services and responsibilities hereunder.

(c) During the Employment Term, the Executive shall be based at the
Company's principal executive offices in Wayne, New Jersey, which executive
offices may be relocated within a 100-mile radius of the Company's existing
executive offices (such 100 mile radius of Wayne, New Jersey, constituting the
"Principal Office City"), except for reasonably required travel in the
performance of his duties, services and responsibilities hereunder.

2. Term. This Agreement and the term of employment of the Executive
hereunder shall commence as of February 14, 2000 ("Effective Date") and shall
continue in full force and



1
<PAGE>


effect until the fourth anniversary of the Effective Date (the "Employment
Term"), unless earlier terminated or extended as provided herein.

3. Compensation.

(a) In consideration of the performance by the Executive of the
Executive's obligations during the Employment Term (including any services as an
officer, director, employee, member of any committee of the Company or any of
its subsidiaries, or otherwise), the Company will, during the Employment Term,
pay the Executive a salary (the "Salary") at no less than an annual rate of
$225,000. The Salary shall be reviewed annually and may be increased at the
discretion of the Compensation Committee of the Board of Directors.

 

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