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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Men’s Wearhouse, Inc.; Mens Wearhouse Inc

Date:

2002

Size:

Preview shows 4KB of 34KB total

Price:

$42

ID:

#1627222

 

 

► Employment ► Employment Agreements
► Retail ► Apparel

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT



THIS EMPLOYMENT AGREEMENT (this "Agreement") is entered into and made
effective as of February 3, 2002 by and between THE MEN'S WEARHOUSE, INC., a
Texas corporation (the "Company"), and DAVID H. EDWAB ("Employee"), of Saddle
River, New Jersey.

NOW THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth, the Company and Employee hereby agree as follows:

1. Employment and Duties. The Company hereby agrees to employ Employee
as Vice Chairman of the Board, and Employee hereby accepts such employment and
agrees to serve the Company in such capacity on the terms and subject to the
conditions set forth in this Agreement. Subject to the ultimate direction and
control of the Chairman of the Board and Chief Executive Officer of the Company
and to the Company's Board of Directors, Employee shall be responsible to assist
the Chairman of the Board and Chief Executive Officer of the Company with the
determination and implementation of the strategic direction of the Company and
oversee the implementation of the business plan of the Company and, in
connection therewith, to interact with and provide guidance to the other
executive officers of the Company. During his employment hereunder, Employee
shall devote his full business time, energy, and ability principally to the
business and interests of the Company and shall not, without the Company's prior
written consent, render to others services of any kind for compensation, or
engage in any other business activity that would materially interfere with the
performance of his duties under this Agreement.

2. Compensation and Benefits of Employment.

(a) As compensation for the services to be rendered by
Employee hereunder, the Company shall pay to Employee a base annual salary
("Annual Salary") of $560,000 per year, in equal installments in accordance with
the customary payroll practices of the Company. The parties shall comply with
all applicable withholding requirements in connection with all compensation
payable to Employee. The Company's Board of Directors may, in its sole
discretion, review and adjust upward Employee's Base Salary (as defined below)
from time to time, but no downward adjustment in Employee's Base Salary may be
made during the term of this Agreement.

(b) Employee shall receive annually a stipulated amount of up
to $40,000 ("Discretionary Amount" and together with Annual Salary, collectively
referred to herein as "Base Salary") which will be expended by the Company on
behalf of Employee to cover, or paid to Employee to reimburse Employee for,
various business-related expenses such as monthly dues for country, luncheon or
social clubs, automobile expenses, upgraded travel beyond that of the Company's
regular employee policy and other personal travel expenses not covered by
Section 3 hereof and financial and tax planning expenses. The Company agrees
that Employee shall be


-1-
<PAGE>

entitled to reimbursement of all such business-related expenses incurred by
Employee; provided, however, that payment of such reimbursement shall be made
only against proper receipts or other documentary evidence of such expenses. In
the event that less than $40,000 is expended during the course of any one-year
period, Employee shall not be entitled to receive directly the remainder of such
amount. This reimbursement shall be in addition to any reimbursement provided
pursuant to Section 3 below.

 

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