Retention and Duties. (a) The Company hereby engages and employs Executive for the Term (as defined in Section 2) on the terms and conditions expressly set forth in this Agreement. Executive hereby accepts and agrees to such engagement and employment, on the terms and conditions expressly set forth in this Agreement. (b) During the Term, Executive shall serve as the Executive Vice President, Chief Merchandising Officer of the Company and President, Xxxxxx Face Values, and shall have such duties and responsibilities that are consistent with such positions. Executive shall report directly to the Company’s Chief Executive Officer (“CEO”). In addition, the CEO may from time to time, in his or her sole discretion, assign to the Executive such other duties, authorities and responsibilities that are not inconsistent with the Executive’s position as the Chief Merchandising Officer of the Company and President, Xxxxxx Face Values, including without limitation, service as an officer and/or on the boards of directors and committees of one or more of the Company’s subsidiaries, in each case, without additional compensation. (c) Executive shall be located and perform his principal duties hereunder at the Company’s principal headquarters located in Union, New Jersey. Executive acknowledges and agrees that he will be expected to establish a residence in the New York metropolitan area as soon as reasonably practicable following the Start Date, but in no event later than six (6) months following the Start Date. Notwithstanding the foregoing, Executive agrees and acknowledges that significant travel may be part of the performance of his services hereunder. (d) During the Term, Executive shall devote his entire working time, attention, and energies to the Company and shall not be engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, without the prior written consent of the Company’s Board of Directors (the “Board”); provided, however, that the foregoing is not intended to restrict Executive’s ability to (i) serve on the boards of civic or charitable organizations, or (ii) serve on the board of directors of Xxxxxx, Inc., and, following the twenty-four (24) month anniversary of the Start Date, on any other board with the prior written consent of the CEO (subject in any event to compliance with the Company’s Corporate Governance Guidelines); provided, that the foregoing activities are not competitive with the business of the Company and do not interfere or conflict with Executive’s duties and obligations on behalf of the Company or create a potential business or fiduciary conflict of interest. Executive agrees to use his reasonable best efforts to perform his duties and responsibilities within, and agrees to abide by, the Company’s written general employment policies and practices and such other reasonable policies, practices and restrictions as the Company shall from time to time establish and maintain for its executives, including, without limitation, the Company’s Corporate Governance Guidelines and Policy of Ethical Standards for Business Conduct.
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