Executive Retention Letter Agreement [Form]
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Title: |
Executive Retention Letter Agreement [Form] |
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Entities: |
Nash Finch Co. |
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Date: |
2005 |
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Size: |
Preview shows 3KB of 30KB total |
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Price: |
$44 |
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ID: |
#1236292 |
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Start of
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Exhibit 10.1
Form of Executive Retention Letter Agreement
September __, 2005
[Name]
[Title]
7600 France Avenue South
Edina, MN 55435
Dear [Name]:
1. Introduction. As you are well aware, on September 1, 2005, Ron Marshall, the Chief Executive Officer of Nash Finch Company, announced his intention to resign, effective March 2, 2006. The Company recognizes that this announcement, and the uncertainty and questions which it may raise for you, as the Companys [Title], and other members of the Companys management, could lead to the departure or distraction of management personnel to the detriment of the Company and its stockholders. Therefore the Compensation Committee of the Companys Board of Directors (the Committee) has determined that appropriate steps should be taken to minimize the risk that Company management will depart in anticipation or in the wake of this change in leadership, thereby leaving the Company without adequate management personnel during a critical period. The Committee recognizes that your continued employment with the Company involves a substantial personal and professional commitment on your part, and the possibility of foregoing present and future career opportunities, all of which results in substantial benefits to the Company. Therefore, to induce you to remain in the employ of the Company, this Executive Retention Letter Agreement (Agreement) including the Appendix, which has been approved by the Committee, sets forth the benefits which the Company agrees will be provided to you in the event your employment with the Company is terminated under certain circumstances described below during a proscribed period of time related to Rons departure and the appointment of a new Chief Executive Officer.
2. Term of Agreement. This Agreement will become effective immediately upon execution, and will continue in full force and effect until the end of the Transition Period, at which time this Agreement shall automatically terminate.
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