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Title: |
Executive Employment Agreement |
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Date: |
2001 |
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Preview shows 5KB of 44KB total |
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Price: |
$43 |
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ID: |
#887054 |
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<DESCRIPTION>EXHIBIT 10(M)
<TEXT>
<Page>
THIS AGREEMENT IS SUBJECT TO ARBITRATION
AS PROVIDED IN SECTION M
EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement ("Agreement"), dated as of July 24,
2001, entered into between J.M. Haggar, III, an individual residing in Dallas
County, Texas ("Executive"), and Haggar Clothing Co., a Nevada corporation,
having principal offices at 6113 Lemmon Avenue, Dallas, Texas ("Haggar" or the
"Company").
Through this Agreement Haggar employs Executive, and Executive accepts
employment by Haggar, upon the terms and subject to the conditions of this
Agreement.
Now, therefore, in consideration of the premises, the agreements and
covenants set forth in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Haggar and
Executive agree as follows:
A. DEFINITIONS In this Agreement (including this Section) the following
terms shall have the following meaning:
1. "Affiliate" shall mean, with respect to any Person, any Person
which, directly or indirectly controls or is controlled by that Person, or is,
under common control with that Person. For purposes of this definition,
"control" (including, with correlative meaning, the terms "controlled by" and
"under common control with"), as used with respect to any Person, shall mean the
possession, directly or indirectly, of power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of
voting securities or by contract or otherwise.
2. The "Plan" shall mean the Haggar Clothing Co. Corporate Severance
Plan for Associates effective August 29, 1997, and any subsequent modifications
or amendments thereto.
3. "Person" shall mean any individual, corporation, partnership,
joint venture, trust, association, unincorporated organization or other entity.
4. "Section" shall refer to sections of this Agreement.
5. "Effective Date" shall mean the date the Agreement commences as
set forth in Section C.
EXECUTIVE EMPLOYMENT AGREEMENT 1
<Page>
6. "Subsidiary" shall mean any corporation in an unbroken chain of
corporations beginning with Haggar Corp., if each such corporation (other than
the last corporation in the unbroken chain) owns stock possessing more than
fifty per cent (50%) of the total combined voting power of all classes of stock
in one of the other corporations in such chain.
B. DUTIES OF EXECUTIVE. Executive shall serve as the Chief Executive
Officer and Chairman of the Company. In this capacity, Executive shall perform
such customary, appropriate and reasonable executive duties as are usually
performed by the chief executive officer and chairman, including such duties as
are delegated to him from time to time by the Board of Directors of Haggar Corp.
Executive shall report directly to Haggar's Board of Directors.
C. TERM. This Agreement shall be effective commencing on August 30,
2001 (the "Effective Date"), and continue for a period of three (3) years.
Unless either Haggar or Executive has given the other party at least thirty (30)
days' prior written notice of intention not to extend the term hereof, this
Agreement shall, as of its first anniversary, and on each annual anniversary
thereof, be extended automatically, without further action by the Employee or
the Company, for an additional one (1) year, so that there shall, as of August
30 of each year, be three (3) years remaining in the term of this Agreement (the
"Employment Period"), subject to earlier termination pursuant to the provisions
of Section J.
D. TIME REQUIRED TO DEVOTE TO DUTIES AND PLACE OF EMPLOYMENT. Executive
shall devote his full working time, attention and ability to the business of
Haggar, including, if applicable, its Subsidiaries and/or Affiliates to which
Executive may have been assigned responsibilities under Section B. Executive
shall well and faithfully serve Haggar, including such applicable Subsidiaries
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