EXHIBIT 10(f)
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AGREEMENT is entered into February 28, 1996, between XXXXXXXX
STORES INC., a Michigan corporation, of Jackson, Michigan (the "Company"),
and Xxxxxx Xxxxxx (the "Employee").
THE PARTIES AGREE AS FOLLOWS:
1. Employment and Terms. The Company employs Employee as Senior Vice
President General Merchandise Manager, and Employee agrees to serve in that
capacity commencing January 28, 1996, and continuing through January 25,
1997, for the salary and on the terms set forth herein.
2. Compensation. The Company agrees to pay Employee salary at an
annual rate of $112,000, in bi-weekly or other regular intervals.
3. Duties. Employee agrees, as long as employment by the Company
continues, to devote Employee's entire time and best efforts to furthering
the interests of the Company; to comply with all regulations and policies of
the Company; and to perform the duties requested by any officers and
executives of the Company to whom the Employee is directed to report.
4. Termination.
(a) If employment is terminated due to Employee's death, permanent
incapacity or retirement, the Company shall have no obligation to pay any
salary for the period after the date of termination of employment; but
benefits may continue to the extent provided in any generally-applicable wage
continuation program, insurance, or other employee benefit plans maintained
by the Company.
(b) If employment is terminated by the Company, or if Employee
resigns before or at the expiration of the term, the Company shall have no
obligation to pay any salary or other employment benefits for any period
after the date of termination of employment.
(c) If there is a change in the ownership or effective control of the
Company or in the ownership of substantially all of the assets of the Company
during the term and the Company terminates Employee's employment within two
years after such change, the Company shall continue to pay salary (but no
other employment benefits) at a bi-weekly rate equal to the amount paid
bi-weekly pursuant to paragraph 2, for a period of 24 months. This paragraph
4(c) shall survive the expiration of the term.
(d) Unless this Agreement is terminated by either party or superseded
by another, it shall remain in effect from month-to-month after the
expiration of the term.
5. Previous Agreements Superseded. This Agreement supersedes all
previous employment agreements between the parties.
6. Miscellaneous Provisions. This Agreement may be amended only by
written agreement signed by either the Chairman, Vice Chairman or the
President of the Company. It shall be construed according to the laws of
Michigan, and shall be binding on and enforceable by the parties and their
successors in interest.
IN THE PRESENCE OF: XXXXXXXX STORES INC.
/s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxx X. Xxxxxx
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Its President
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COMPANY
/s/ Xxxxxxx X. Xxxxx /s/ Xxxxxx X. Xxxxxx
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EMPLOYEE
