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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
American Woodmark Corp.; Kent Guichard |
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Date: |
2002 |
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Size: |
Preview shows 5KB of 22KB total |
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Price: |
$39 |
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ID: |
#426389 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT, made as of January 1, 2002, between Mr. Kent Guichard, (the
"Employee") and American Woodmark Corporation, a Virginia corporation (the
"Company").
WHEREAS, the Company desires to assure that it will have the benefit of the
continued service and experience of the Employee, who is an integral part of the
Company's senior management, and the Employee is willing to enter into an
agreement to such end upon the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
herein contained, the parties agree as follows:
1. Employment. The Company hereby employs the Employee and the Employee
hereby accepts employment upon and agrees to the terms and conditions set forth
herein.
2. Term. The term of employment under this Agreement (the "Term") shall
commence upon execution of this Agreement by both parties and end on December
31, 2003; provided, however, that beginning on January 1, 2003, and each January
1 thereafter, the Term of this Agreement shall automatically be extended for one
additional calendar year unless, on or before November 1 of the preceding year,
either party gives notice that employment under this Agreement will not be so
extended; and further provided that if a Change of Control (as defined below)
occurs during the original or extended term of this Agreement, this Agreement
shall
1
{PAGE}
continue in effect for a period of 24 months beyond the month in which the
Change of Control occurred.
Notwithstanding the foregoing, as provided in Section 7(c), this Agreement
shall terminate immediately upon the Employee's death, disability or retirement,
or if the Employee voluntarily terminates his employment under circumstances to
which Section 7(d) does not apply.
3. Compensation.
a. Salary. During the Employee's employment hereunder, the Company
shall pay the Employee for all services rendered by the Employee a base salary
at an annual rate of at least $249,952, with upward annual adjustments as the
Company shall deem appropriate from time to time and as approved according to
the general practices of and under the authority levels required by the Company.
Such salary shall be payable to the Employee in accordance with the Company's
usual payroll practices for salaried employees.
b. Annual Cash Bonus. In addition to base salary, the Employee shall
be eligible to participate in the Company's annual incentive program with a
bonus opportunity of between 0% and 100% of the Employee's base salary. The
actual amount of such bonus for any fiscal year shall be related to the
achievement of certain performance objectives to be set at the beginning of each
fiscal year by the Board of Directors of the Company (the "Board"). Nothing in
this Agreement, however, shall be construed as a guarantee of an annual payment
of the annual cash bonus.
c. Other Executive Compensation Benefits. The Employee shall also be
covered by any other executive compensation policies, benefits, plans, or
programs as are
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{PAGE}
afforded generally by the Company from time to time to its senior personnel,
including but not limited to grants of stock options and shareholder value units
and participation in the American Woodmark Corporation Pension Restoration Plan.
Nothing in this Agreement, however, shall be construed as a guarantee that the
Board or the Compensation Committee of the Board (the "Committee") will approve
any level of such benefits that are at the sole discretion of the Board or the
Committee.
d. Other Salaried Benefits. The Employee shall also be covered by any
employee benefit plans, policies, or programs as are generally available from
time to time to other salaried employees of the Company.
4. Duties. The Employee shall continue to perform his duties as Senior
Vice President, Finance and Chief Financial Officer of the Company and shall
faithfully and to the best of his ability perform such duties and
responsibilities as may be reasonably assigned by the Board.
5. Extent of Services. During the Employee's employment hereunder, the
Company expects and the Employee agrees that the Employee shall devote
sufficient time, attention and energy to the business of the Company so as to
adequately fulfill his assigned duties and responsibilities. Furthermore, the
Company and the Employee agree that the business of the Company shall take
reasonable priority over any other active business engaged in by the Employee.
6. Restrictive Covenants.
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