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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Great Atlantic & Pacific Tea Co. Inc.

Date:

2003

Size:

Preview shows 4KB of 43KB total

Price:

$46

ID:

#1236484

 

 

► Employment ► Employment Agreements
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                           EMPLOYMENT AGREEMENT



AGREEMENT, made and entered into as of the 16th day of June,
2003, by and between THE GREAT ATLANTIC & PACIFIC TEA COMPANY, INC. (the
"Company"), and BRENDA GALGANO (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 premises 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 June 16,
2003 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
June 2, 2006 or (ii) such later date as shall result from the operation of
subparagraph (c) below (the "Terminal Date").

(c) Commencing on December 16, 2004, 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 her
employment under this Agreement, the Employee will serve as Vice President and
Corporate Controller. The Employee will devote her full business time and
attention to the affairs of the Company and her duties as its Vice President and
Corporate Controller. The Employee will have such duties as are appropriate to
her position as Vice President and Corporate Controller, and will have such
authority as required to enable her to perform these duties. Consistent with the
foregoing, the Employee shall comply with all reasonable instructions of the
Senior Vice President & Chief Financial Officer of the Company. The Employee
will be based in Montvale, New Jersey and her services will be rendered there
except insofar as travel may be involved in connection with her regular duties.
The Employee will report directly to the Senior Vice President & Chief Financial
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 $153,186.15, (One hundred fifty three thousand one hundred
eighty six and 15/100) 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.

 

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