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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Quality Gift Distributors, Inc.

Date:

2007

Size:

Preview shows 7KB of 21KB total

Price:

$45

ID:

#2809079

 

 

► Employment ► Employment Agreements

 

 

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EMPLOYMENT AGREEMENT

THIS AGREEMENT is made as of February 6, 2007, among The Yankee Candle Company, Inc., a Massachusetts corporation (the Company), and Mr. Craig Rydin (Executive).

WHEREAS, on the date hereof, Yankee Acquisition Corp., a Massachusetts corporation and a wholly-owned indirect subsidiary of YCC Holdings LLC, a Delaware corporation (YCC Holdings), is merging with and into the Company, with the Company as the surviving corporation in the merger (the Transaction);

WHEREAS, the Company and Executive entered into to that certain Employment Agreement, dated as of March 31, 2001 (the Prior Agreement);

WHEREAS, in connection with the consummation of the Transaction, the parties now desire to enter into a new employment agreement and further desire to terminate the Prior Agreement in its entirety, such that upon execution of this Agreement, the Prior Agreement shall be deemed terminated and shall have no further force or effect;

WHEREAS, the Company and Executive are also parties to that certain Executive Severance Agreement, dated as of September 15, 2006 (the Severance Agreement); and

WHEREAS, except as set forth below, the execution of this Agreement shall not in any manner amend or modify the Severance Agreement and the parties agree that the Severance Agreement shall remain in full force and effect following the execution of this Agreement in accordance with its terms.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1. Employment. The Company shall employ Executive, and Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on the date hereof and ending as provided in Section 4 hereof (the Employment Period).

2. Position and Duties.

(a) During the Employment Period, Executive shall serve as the Chief Executive Officer (CEO) of the Company, YCC Holdings and each subsidiary of YCC Holdings, and shall perform such duties as are consistent with such position, and shall report directly to the Board of Managers of YCC Holdings (the Board).

 

1


(b) Prior to an initial public offering of either the Company, YCC Holdings or its subsidiary, Yankee Holding Corp. (IPO), Executive shall serve as the Chairman of the Board, and Chairman of the board of directors of the Company and each subsidiary of YCC Holdings, so long as he remains the CEO hereunder.

(c) During the Employment Period, Executive shall devote his full business time and attention to the business and affairs of the Company and its Affiliates. This provision shall not be deemed to preclude the Executive from accepting appointment to or continuing to serve on any board of directors or trustees of any business corporation set forth on Exhibit A, or any charitable organization, membership in professional societies, lecturing or the acceptance of honorary positions, that are in any case incidental to his employment by the Company and which are not adverse to or in conflict with the interests of the Company, its business or prospects, financial or otherwise, or otherwise materially interfere with Executives ability to perform his duties as CEO.

(d) Executive will perform his duties, responsibilities and functions at the Companys headquarters in Massachusetts.

(e) For purposes of this Agreement, Affiliates shall mean any person controlling, controlled by or under common control with another person (for avoidance of doubt, as used herein Affiliates of the Company shall not include any unrelated portfolio companies controlled by Madison Dearborn Partners, LLC). For purposes of this definition only, control means the possession, directly or indirectly, of the power to direct to direct the management and policies of a person whether through the ownership of voting securities, contract or otherwise.

3. Compensation and Benefits.

(a) During the Employment Period, Executives base salary shall be $845,000 per annum (as adjusted from time to time and reviewed annually for increases, the Base Salary), which shall be payable by the Company in regular installments in accordance with the Companys general payroll practices in effect from time to time. During the period beginning on the date of this Agreement and ending December 31, 2007, the Base Salary shall be pro rated on an annualized basis. In addition, during the Employment Period, Executive shall be entitled to participate in all of the Companys employee benefit programs generally available to senior executive employees of the Company on the same terms as other participants therein (including but not limited to life insurance, disability insurance and health insurance).


 

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