10. (ix)(A)
CONFIDENTIAL
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November 3, 1997
Xxxx XxXxxxx
000X Xxxx Xxxxxxxx
Xxxxxxx, XX 00000
Dear Al:
This letter confirms our offer to you to remain Executive Vice President,
Appliances, Electronics and Automotive for Xxxxxxxxxx Xxxx. You will continue
to serve as a member of the Xxxxxxxxxx Xxxx Executive Committee under this
Agreement. Your compensation plan will include the following:
1.) Base salary of $425,000 annually, paid semi-monthly.
2.) Target bonus on the Performance Management Plan of $125,000. Based
upon the achievement of superior performance against specific
objectives for the year, you have the opportunity to earn up to 150%
of your target bonus. For fiscal 1997, your target bonus of $125,000
will be guaranteed.
3.) You will continue to participate in the senior officer perquisites,
including; executive medical and annual physical examination. You will
also participate in any new benefits, retention, and perquisite plans
that are implemented for the Executive Committee members as a group.
4.) You will participate in the Xxxxxxxxxx Xxxx Special Emergence Bonus
Plan. A copy of this plan is attached for your review and signature.
5.) You will participate in the Wards Executive Committee Severance Plan.
Please sign and return a copy of the attached documents as acceptance
of the terms of this Plan.
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Xxxx XxXxxxx
November 3, 1997
Page 2
This agreement has been approved by the Bankruptcy Court on a post-petition
basis. Therefore, any claims concerning this agreement are "administrative"
claims.
I am happy that you are remaining with Xxxxxxxxxx Xxxx. If you are in agreement
with this letter, please sign below and return it to me whereupon it will become
our binding agreement. I am certain that your experience and knowledge of the
Company will be a valuable asset to us as we move forward and improve Xxxxxxxxxx
Xxxx'x performance. I look forward to working together to meet our goals.
Sincerely,
/s/ Xxxxx X. Xxxxx
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Xxxxx X. Xxxxx
Chairman & C.E.O.
Xxxxxxxxxx Xxxx
/s/ Xxxx XxXxxxx
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Xxxx XxXxxxx
Date: November 6, 1997
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