|
|
|
|
Document Preview Employment Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Employment Agreement |
|||
|
Entities: |
||||
|
Date: |
2005 |
|||
|
Size: |
Preview shows 4KB of 43KB total |
|||
|
Price: |
$42 |
|||
|
ID: |
#1236459 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
EMPLOYMENT AGREEMENT
AGREEMENT, made and entered into as of the 15th day of
November, 2004, by and between THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC.
(the "Company"), and ALLAN RICHARDS (the "Employee").
W I T N E S S E T H
WHEREAS, the Company and the Employee (the "Parties") have
agreed to enter into this agreement (the "Agreement") relating to the employment
of the Employee by the Company;
NOW, THEREFORE, in consideration of the promises and mutual
covenants contained herein and for other good and valuable consideration, the
Parties, intending to be legally bound, agree as follows:
1. Term of Employment.
(a) The Company agrees to continue to employ the Employee, and
the Employee agrees to remain in the employment of the Company, in accordance
with the terms and provisions of this Agreement, for the period set forth below
(the "Employment Period").
(b) The Employment Period under this Agreement shall commence
as of November 15, 2004 and, subject only to the provisions of Sections 7, 8 and
9 below relating to termination of employment, shall continue until (i) the
close of business on November 14, 2007 or (ii) such later date as shall result
from the operation of subparagraph (c) below (the "Terminal Date").
(c) Commencing on May 15, 2006, and on the first business day
of each month thereafter (such date and each such first business day, the
"Renewal Date") the Terminal Date set forth in subparagraph (b) above shall be
extended so as to occur eighteen months from the Renewal Date unless either the
Company or the Employee shall have given written notice to the other Party on or
before such Renewal Date that the Terminal Date is not to be extended.
2. Duties.
It is the intention of the Parties that during the term of his
employment under this Agreement, the Employee will serve as Senior Vice
President of Human Resources and Labor Relations of the Company. The Employee
will devote his full business time and attention to the affairs of the Company
and his duties as Senior Vice President of Human Resources and Labor Relations.
The Employee will have such duties as are appropriate to his position, and will
have such authority as required to enable him to perform these duties.
Consistent with the foregoing, the Employee shall comply with all reasonable
instructions of the President and Chief Operating Officer of the Company. The
Employee will report directly to the President and Chief Operating Officer of
the Company.
3. Salary and Bonus.
3.1 Salary. The Company will pay the Employee a base salary at
an initial annual rate of not less than $300,000.00, which base salary as in
effect from time to time will not be reduced and will be reviewed periodically
(at intervals of not more than twelve (12) months) by the Compensation Committee
of the Board of Directors (the "Board") for the purpose of considering increases
thereof. In evaluating increases in the Employee's base salary, the Compensation
Committee of the Board will take into account such factors as corporate
performance, individual merit, and such other considerations as it deems
appropriate. The Employee's base salary will be paid in accordance with the
standard practices for other corporate executives of the Company.
3.2 Bonuses.
The Employee will be eligible to receive annually or otherwise
any bonus awards, whether payable in cash, shares of common stock of the Company
or otherwise, which the Company, the Compensation Committee of the Board or such
other authorized committee of the Board determines to award or grant.
4. Benefit Programs.
The Employee will receive such benefits and awards, including
without limitation stock options and restricted share awards, as the
|
End of Preview |
Home Intelligence Services Subscriptions News About Us