Pro Acquisition Corporation c/o HD Supply, Inc.
EXHIBIT 10.55
Pro Acquisition Corporation
c/o HD Supply, Inc.
0000 Xxxxxxxxxx Xxxx., Xxxxx 0000
Xxxxxxx, XX 00000
August 10, 2007
Xx. Xxxxxx X. XxXxxxxx
0000 Xxxxx Xxxxx Xxxx
Xxxxxxx, Xxxxxxx 00000
Re: | Continued Employment with HD Supply, Inc. |
Dear Xxx:
Reference is made to your letter agreement, dated as of May 24, 2007, with HD Supply, Inc., and The Home Depot, Inc. (the “Letter Agreement”).
As you know, Pro Acquisition Corporation has entered into an agreement to acquire HD Supply, Inc., from The Home Depot, Inc. This letter confirms that, upon and subject to the closing of the acquisition, your employment as an at-will employee will continue on the same terms as those in effect prior to closing. Specifically, after closing (i) your base salary and target annual cash bonus opportunity will be not less than before closing, (ii) you will remain Chief Executive Officer of HD Supply, Inc., and (iii) your principal place of employment will remain in the same metropolitan area.
In addition, upon and subject to the closing of the acquisition, you will be covered by a severance arrangement that provides at least 24 months’ base salary continuation (at a rate not lower than your base salary on May 24, 2007) if HD Supply terminates your employment without “cause” (as defined in the Letter Agreement).
We appreciate your service to HD Supply, and look forward to working with you in the future.
Very truly yours,
/s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
Co-President