|
|
|
|
Document Preview Employment Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Employment Agreement |
|||
|
Entities: |
||||
|
Date: |
2006 |
|||
|
Size: |
Preview shows 9KB of 44KB total |
|||
|
Price: |
$42 |
|||
|
ID: |
#2492419 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
Pathmark Stores, Inc.
200 Milik Street
Carteret, New Jersey 07008
May 1, 2006
Mr. Kevin Darrington
1507 Stardance Circle
Longmont, CO 80501
Employment Agreement
Dear Mr. Darrington:
The following sets forth the agreement (Agreement) between Pathmark Stores, Inc. (the Company or Pathmark) and you regarding the terms and provisions of your employment with the Company. Capitalized words not otherwise defined herein shall have the meanings set forth in Section 7 below.
1. Term of Employment. The term of your employment under this Agreement, including extensions hereof (the Term), shall commence on May 1, 2006 (the Effective Date) and shall continue until April 30, 2008. The Term shall automatically renew for successive one-year periods, subject to written notice of non-renewal by either party at least 90 days prior to expiration of the then Term. Subject to the provisions of Section 4 below, either party may terminate your employment under this Agreement at any time.
2. Title and Duties. During the Term, you shall be employed as a Senior Vice President of the Company. Your duties and responsibilities to the Company shall be consistent in all respects with the position of Senior Vice President. You shall devote substantially all of your business time, attention, skills and efforts exclusively to the business and affairs of the Company, other than de minimis amounts of time devoted by you to engage in charitable or community services. Your principal place of employment shall be the executive offices of the Company in the Carteret, New Jersey area, although you understand and agree that you will be required to travel from time to time for business purposes.
|
3. |
Compensation and Benefits. |
(a) Annual Salary. As compensation to you for all services rendered to the Company, the Company will pay you an annual base salary ( Annual Salary) during the Term at the rate of $230,000 per annum, increasing to $240,000 per annum on October 1, 2006. Your Annual Salary shall be reviewed annually, beginning May 1, 2007, by the Chief Financial Officer and may be increased but not decreased on the basis of such review. Your Annual Salary will be Paid to you in accordance with the Companys regular payroll practices applicable to its exempt workforce.
(b) Annual Bonus. During the Term, you shall be eligible to earn an annual bonus (Annual Bonus) pursuant to the Companys Executive Incentive Plan. For each full fiscal year of the Company during the Term your target Annual Bonus shall equal 45% of your actual Annual Salary during the applicable fiscal year. Annual Bonus targets and adjustments for performance above and below the target will be reasonably set by the Compensation Committee (the Committee) of the Board. Your target Annual Bonus for each partial fiscal year during the Term shall be prorated based on the number of days in such fiscal year occurring during the Term (including any partial fiscal year ending at the expiration of the Term due to a non-renewal by either party, in which case the Annual Bonus shall be calculated based on performance through the Date of Termination). The Annual Bonus for each year, if earned, shall be paid to you in cash within 120 days of the end of the applicable fiscal year.
(c) Equity Awards. The Company shall grant you the following equity awards (Equity Awards) pursuant to its 2000 Employee Equity Plan (the Plan):
(i) On the Effective Date (the Grant Date), an award of stock options to purchase 42,000 shares of the Companys common stock (Common Stock), at an exercise price equal to the Fair Market Value (as defined in the Plan) of such Common Stock on the Grant Date, pursuant to the terms of an award agreement in the form of Attachment A.
(ii) On the Grant Date, a Restricted Stock Unit representing 9,000 shares of Common Stock, pursuant to the terms of an award agreement in the form of Attachment B.
(d) Benefits. During the Term, you shall be eligible to participate in all of the pension, welfare and fringe benefit programs and any other employee benefit plan made available generally to executives of the Company, in accordance with the terms and provisions thereof provided, however, that the Company shall not be obligated to provide you any supplemental retirement plan. You shall participate in the Companys car program on the same basis as other Company executives. You shall receive life insurance and disability coverage in accordance with the Companys policies on the same basis as other executives. You shall be entitled to four weeks vacation per each twelve-month period during the Term and otherwise in accordance with the Companys policies on the same basis as other executives.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us