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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Date: |
2007 |
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Size: |
Preview shows 9KB of 35KB total |
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Price: |
$36 |
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ID: |
#2871705 |
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Pathmark Stores, Inc.
February 1, 1999
Mr. Marc Strassler
c/o Pathmark Stores, Inc.
200 Milik Street
Carteret, New Jersey 07008
Employment Agreement
Dear Mr. Strassler:
The following sets forth the agreement between Pathmark Stores, Inc. (the Company) and you regarding the terms and conditions of your employment as an officer and employee of the Company during the Term.
1. Term of Employment Under the Agreement. The term of this Agreement (the Term) shall commence on February 1, 1999 (the Effective Date) and shall continue until the second anniversary of the Effective Date; provided, however, that, commencing on February 1, 2000 and on each successive February 1st thereafter (each a Renewal Date), the Term shall automatically extend for one additional year, unless at least thirty days prior to the next Renewal Date the Company has delivered to you or you have delivered to the Company written notice of the desire not to extend the Term. For purposes of this Agreement, Fiscal Year means the Companys fiscal year. Subject to the provisions of Section 5 below, either party may terminate your employment under this Agreement at any time.
2. Employment During the Term. During the Term, you shall be employed as a Senior Vice President of the Company, and your duties and responsibilities to the Company shall be consistent in all respects with such position. In addition, pursuant to this Agreement, in the sole discretion of the Company and for no additional consideration, you agree to serve as an officer of any subsidiary or parent corporation of the Company. You shall devote substantially all of your business time, attention, skills and efforts exclusively to the business of the Company, other than de minimis amounts of time devoted by you to the management of your personal finances or to engaging in charitable or community services. Your principal place of employment shall be the executive offices of the Company, although you understand and agree that you will be required to travel from time to time for business purposes.
3. Compensation During the Term.
(a) Salary. As compensation to you for all services rendered to the Company, the Company will pay you a base salary (the Salary) at the rate of $200,000 per annum, which will be reviewed annually by the Chief Executive Officer of the Company and may be increased but not decreased by the Board of Directors of the Company (the Board) or a duly appointed committee of the Board (the Committee) on the basis of the recommendation of the Chief Executive Officer. Hereinafter any reference to the Board shall be interpreted to mean either the Board or, in the event that the Board has delegated its authority or responsibility in such context to the Committee, the Committee. Your Salary will be paid to you in accordance with the Companys regular payroll practices.
(b) Annual Bonus. During the Term, you shall be eligible to participate in the Companys Executive Incentive Plan (the EIP). Under the EIP, for the first Fiscal Year ending during the Term, you will be eligible to earn an annual bonus (the Annual Bonus) of up to 55% of your actual Salary earned during the applicable Fiscal Year (the Maximum Bonus Amount), based on targets set by the Board for your Annual Bonus for such Fiscal Year. The Maximum Bonus Amount will be reviewed annually by the Board and may be increased but not decreased pursuant to such review. The Maximum Bonus Amount for any partial Fiscal Year occurring during the Term shall be prorated. The Annual Bonus earned by you for any Fiscal Year will be paid to you within 120 days following the end of such Fiscal Year.
(c) Benefits. During the Term, you shall be eligible to participate in each pension, welfare and fringe benefit program made available generally to executives of the Company in accordance with the terms and provisions of each such program; provided, however, that the Company shall not be obligated to provide any supplemental retirement plan or any similar arrangement to you.
(d) Business Expenses. The Company will reimburse you upon presentation by you of appropriate documentation for business expenses reasonably incurred by you in connection with the performance of your duties under this Agreement.
4. Sale Bonus. (a) General Terms. In the event of a Sale of the Company (as defined in Section 4(d) hereof) during your employment by the Company pursuant to this Agreement and within the twelve-month period after the Effective Date (the Sale Bonus Period), you shall receive a sales bonus (the Sale Bonus) equal to the greater of (i) your then current Salary multiplied by two and (ii) an amount equal to one percent of the fair market value of the cash and property received by the equity holders of both preferred and common stock of SMG-II Holdings Corporation (Holdings) and its wholly-owned subsidiaries (the Sale Price) as a result of the Sale of the Company; provided, however, that in the event of your Involuntary Termination on or after September 1, 1999 and prior to a Sale of the Company, you shall receive the Sale Bonus in the event of a Sale of the Company in accordance with the terms of this Section 4 in the same manner as if your employment with the Company had continued. The determination of whether a Sale of the Company has occurred,
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