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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2007 |
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Size: |
Preview shows 13KB of 37KB total |
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Price: |
$42 |
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ID: |
#2900132 |
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EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (this Agreement) is made and entered into as of the date set forth on Schedule 1 by and between Lifetime Brands, Inc. (the Company), a Delaware corporation, having its principal place of business at 1000 Stewart Avenue, Garden City, New York 11530-4814, and Robert McNally (the Executive), residing at the address set forth on the signature page hereof.
WHEREAS, the Company is engaged in the development, design, sourcing, manufacturing, licensing, marketing, distribution and sale, at both wholesale and retail, of proprietary housewares products; including, without limitation, cutlery, kitchen tools and gadgets, kitchenware, pantryware, bakeware, barware and spices and the Executive has many years of experience as an executive in the industry; and
WHEREAS, the Company entered into an executive employment agreement dated as of July 1, 2003 (the Former Executive Employment Agreement) with the Executive pursuant to which the Company employed the Executive in the senior management position and with responsibility as set forth on Schedule 2 thereof, all in accordance with the terms and conditions provided in the Former Executive Employment Agreement;
WHEREAS, the Company and the Executive desire to terminate the Former Executive Employment Agreement and to replace the Former Executive Employment Agreement by entering into this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Executive and the Company as follows:
| 1. | Termination of Former Employment Agreement. The Former Employment Agreement is hereby terminated and replaced by this Agreement. Neither the Company nor the Employee shall have any liability whatsoever to the other, and each of the Company and the Executive hereby releases the other from any claims or obligations that it or he, as the case may be, has or may have against the other, as a result of any of the terms or provisions of the Former Employment Agreement or as a result of such termination. |
| 2. | Employment: Term; Duties and Responsibilities. The Executives employment with the Company shall be subject to the following: |
| (a) | Subject to the terms of this Agreement, the Company hereby agrees to employ the Executive in the senior management position set forth in Schedule 2 and the Executive hereby agrees to be employed by the Company in such capacity. |
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| (b) | The term of this Agreement shall commence as of the date set forth on Schedule 3 and shall continue through the initial expiration date also set forth on Schedule 3 (the Initial Term), unless earlier terminated as hereinafter provided. The Executives employment shall continue thereafter for consecutive periods of one month (each an Additional Term), unless either the Executive or the Company gives written notice to the other no later than thirty (30) days prior to the expiration of the Initial Term or any Additional Term, as the case may be, of the decision not to extend the Executives employment beyond the Initial Term or such Additional Term in which case the Executives employment shall terminate at the end of the Initial Term or such Additional Term. The period of the Executives employment hereunder shall hereinafter be referred to as the Employment Term. |
| (c) | Subject to the policy directions and instructions of the Board of Directors of the Company (the Board) and the Chief Executive Officer (CEO) of the Company, the Executive shall have management responsibility as set forth on Schedule 2, and shall perform such other duties as are consistent with his position and as may be prescribed from time to time by the Board or the CEO. The Executive shall report to the senior executive of the Company set forth on Schedule 4. |
| (d) | The Executive shall devote all of his business time, attention and energies to the business and affairs of the Company, and shall use his best efforts to advance the best interests of the Company. |
| (e) | The Executives principal office location shall be as set forth on Schedule 5; however, the Executive recognizes that travel within the United States of America may be required in connection with his responsibilities under this Agreement. In addition, the Executive shall be expected to attend regular meetings with the CEO of the Company and with other executives of the Company, and to keep the CEO and such other executives fully informed of the Executives activities, so as to make the most effective use of the Executives services to the Company. |
| 3. | Compensation. Subject to the terms of this Agreement, during the Employment Term, while the Executive is employed by the Company, the Company shall compensate him for his services as follows: |
| (a) | Base Salary. For the Initial Term and each Additional Term, if any, the Company shall pay to the Executive a base salary (the Base Salary) at the annual rate as set forth on Schedule 6. |
| (b) | Annual Bonus. The Executive shall not be entitled to earn a bonus during either the Initial Term or any Additional Term. |
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| (c) | Fringe Benefits. Except as specifically provided in this Agreement, the Executive shall be provided with perquisites and other benefits to the same extent and on the same terms as those benefits are provided generally to the Companys executive employees. This shall include enrollment in the Companys medical, dental and disability plans and participation in the Companys 401(k) Plan under normal procedures under such plans. Nothing in this paragraph shall be construed to prevent the Company from revising the benefits or perquisites generally provided to executives from time to time. |
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