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EXHIBIT 10.5
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement") is made and
entered into as of August 14, 2000, by and between PAN PACIFIC RETAIL
PROPERTIES, INC., a Maryland corporation (the "Company"), and XXXXXX X. XXXX
("Executive").
RECITALS
A. The Company and Executive entered into that certain Employment
Agreement (the "Original Agreement") dated as of August 13, 1997 (the
"Date of Initial Employment").
B. The Company and Executive entered into that certain First Amendment to
Employment Agreement dated as of September 23, 1998 (the "First
Amendment") in connection with certain matters described therein.
C. The term of the Original Agreement expires on August 13, 2000.
D. The Company and Executive wish to amend and restate the Employment
Agreement to incorporate the First Amendment and to reflect certain
matters described herein.
AGREEMENT
1. EMPLOYMENT
The Company hereby employs Executive and Executive hereby accepts
employment upon the terms and conditions set forth below.
2. TERM AND RENEWAL
2.1 Term. The term of this Agreement shall commence on August 14, 2000 (the
"Effective Date"), and shall continue for four years from the Effective Date
(the "Original Employment Term"), on the terms and conditions set forth below,
unless sooner terminated as provided in Section 5.
2.2 Extension. Following the expiration of the Original Employment Term and
provided that this Agreement has not been terminated pursuant to Section 5, and
every year thereafter, the Agreement shall be automatically renewed for an
additional 12 month period, effective on each anniversary date of the Effective
Date. The Company may elect not to renew this Agreement upon completion of the
Original Employment Term upon 90 days' written notice to Executive prior to
expiration of the Original Employment Term; if the Company so elects not to
renew such event shall be deemed a termination without cause and Executive shall
be entitled to receive the Severance Amount and Severance Benefits provided for
under Section 5.2 herein.
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3. COMPENSATION
3.1 Base Compensation. For the services to be rendered by Executive under
this Agreement, Executive shall be entitled to receive an initial annual base
compensation ("Base Compensation") of $415,000 for the twelve-month period
beginning January 1, 2000 and $465,000 for the twelve-month period beginning
January 1, 2001, payable in substantially equal periodic installments.
Thereafter, the Base Compensation shall be reviewed and adjusted annually as
determined by the Compensation Committee (the "Compensation Committee") of the
Board of the Company; provided, however, that the Base Compensation shall not be
decreased during the term of this Agreement.
3.2 Bonus Compensation. The Compensation Committee shall review Executive's
performance at least annually during each year of the Original Employment Term
and during any periods of automatic extension of this Agreement pursuant to
Section 2.2 and cause the Company to award Executive a cash bonus which the
Compensation Committee shall reasonably determine as fairly compensating and
rewarding Executive for services rendered to the Company and/or as an incentive
for continued service to the Company. The amount of such cash bonus shall be
determined in the sole and absolute discretion of the Compensation Committee and
shall be dependent on, among other things, the achievement of certain
performance levels by the Company, including, without limitation, growth in
funds from operations, and Executive's performance and contribution to
increasing the funds from operations.
3.3 Benefits.
(a) Medical Insurance. The Company shall provide to Executive,
Executive's spouse and children, at its sole cost, such health, dental and
optical insurance as the Company may from time to time make available to its
other executive employees.
(b) Life and Disability Insurance. The Company shall provide Executive
such disability and life insurance in an amount that shall not be less than $3
million.
(c) Pension Plans, Etc. Executive shall be entitled to participate in
all pension, 401(k) and other employee plans and benefits established by the
Company on at least the same terms as the Company's other executive employees.
3.4 Automobile Allowance. The Company shall provide Executive with an
automobile allowance of $1,500.00 per month during the term of Executive's
employment with the Company.
3.5 Vacation. Executive shall be entitled to five vacation weeks (25
business days) in each calendar year, subject to and on a basis consistent with
Company policy. In addition, Executive shall be entitled to all Company
holidays.
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4. POSITION AND DUTIES
4.1 Position. Executive shall serve as Chief Executive Officer and
President of the Company. In addition, for so long as Executive is elected by
the Company's stockholders to serve as a member of the board of directors of the
Company (the "Board"), then, for so long as Executive is an employee of the
Company, Executive hereby agrees to serve as a member thereof. The Company
agrees that the duties that may be assigned Executive shall be the usual and
customary duties of the offices of Chief Executive Officer and President.
Executive shall have such executive power and authority as shall reasonably be
required to enable Executive to discharge the duties of such offices. At the
Company's request, Executive may, at Executive's discretion, serve the Company
and its respective subsidiaries in other offices and capacities in addition to
the foregoing, but shall not be required to do so. In the event the Company and
Executive mutually agree that Executive shall terminate Executive's service in
any one or more of the aforementioned capacities, or Executive's service in one
or more of the aforementioned capacities is terminated, Executive's
compensation, as specified in this Agreement, shall not be diminished or reduced
in any manner.
4.2 Devotion of Time and Effort. Executive shall use Executive's good faith
best efforts and judgment in performing Executive's duties as required hereunder
and to act in the best interests of the Company. Executive shall be employed
full time by the Company and shall devote such time, attention and energies to
the business of the Company as are reasonably necessary to satisfy Executive's
required responsibilities and duties hereunder.
4.3 Other Activities. Executive may engage in other activities for
Executive's own account while employed hereunder, including, without limitation,
charitable, community and other business activities, provided that such other
activities do not materially interfere with the performance of Executive's
duties hereunder and provided that Executive shall not become an officer or
director of Revenue Properties Company Limited, a corporation organized under
the laws of Ontario, Canada, or Revenue Properties (U.S.), Inc., a Delaware
corporation ("RPUS").
4.4 Business Expenses. The Company shall promptly, but in no event later
than ten days after submission of a claim of expenditure, reimburse Executive
for all reasonable business expenses including, without limitation, business
seminar fees, professional association dues, bar dues, country club membership
fees, including but not limited to membership in Young Presidents Organization,
and other reasonable entertainment expenses incurred by Executive in connection
with the business of the Company, upon presentation to the Company of written
receipts for such expenses. Such reimbursement shall also include, but not be
limited to, reimbursement for all reasonable travel expenses, including all
airfare, hotel and rental car expenses incurred in travelling in connection with
the business of the Company.
4.5 Company's Obligations. The Company shall provide Executive with any and
all necessary or appropriate current financial information and access to current
information and records regarding all material transactions involving the
Company, including but not limited to acquisition of assets, personnel
contracts, dispositions of assets, service agreements and registration
statements or other state or federal filings or disclosures, reasonably
necessary for
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Executive to carry out Executive's duties and responsibilities hereunder. In
addition, the Company agrees to provide Executive, as a condition to Executive's
services hereunder, such staff, equipment and office space as is reasonably
necessary for Executive to perform Executive's duties hereunder.
5. TERMINATION
5.1 By Company Without Cause. The Company may terminate this Agreement
without "cause" (as hereinafter defined) at any time following the Effective
Date, provided that the Company first deliver to Executive the Company's written
election to terminate this Agreement at least 90 days prior to the effective
date of termination.
5.2 Severance Payment.
(a) Amount. In the event the Company terminates Executive's services
hereunder pursuant to Section 5.1 or by Executive pursuant to Section 5.4 or
5.6, Executive shall continue to render services to the Company pursuant to this
Agreement until the date of termination and shall continue to receive
compensation, as provided hereunder, through the termination date. In addition
to other compensation payable to Executive for services rendered through the
termination date, the Company shall pay Executive no later than the date of such
termination, as a single severance payment, an amount equal to the sum of (i)
forty-eight times Executive's highest monthly Base Compensation paid hereunder
during the preceding twenty-four month period plus (ii) four times the average
annual bonus (excluding any bonus payment deemed by the Compensation Committee
in its sole discretion to be a "Special Bonus") received by the Executive during
the preceding twenty-four month period (the "Severance Amount").
(b) Benefits. In the event Executive's employment hereunder is
terminated by the Company without cause pursuant to Section 5.1 or by Executive
pursuant to Section 5.4 or 5.6, then in addition to paying Executive the
Severance Amount, the Company shall continue to provide to Executive and
Executive's spouse and children, as applicable, all of the benefits described in
Section 3.3 for a period of two years commencing on the date of such termination
(the "Severance Benefits").
(c) Acceleration of Vesting. In the event Executive's employment
hereunder is terminated by the Company without cause pursuant to Section 5.1 or
by Executive pursuant to Section 5.4 or 5.6, then in addition to paying
Executive the Severance Amount and the Severance Benefits, the vesting of (i)
the unvested portion of any stock option to purchase Company common stock
granted to Executive ("Stock Options") and (ii) any shares of Company common
stock granted to Executive which is subject to forfeiture ("Restricted Stock"),
shall be accelerated and shall become fully vested and, with respect to
Restricted Stock, shall cease to be subject to forfeiture and, with respect to
Stock Options, shall be exercisable.
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(d) 280G "Gross-Up".
(i) Anything in this Agreement to the contrary notwithstanding, if it
shall be determined that any payment or distribution to Executive or for his
benefit (whether paid or payable or distributed or distributable) pursuant to
the terms of this Agreement or otherwise (the "Payment") would be subject to the
excise tax (the "Excise Tax") imposed by section 4999 of the Internal Revenue
Code of 1986, as amended (the "Code"), then Executive shall be entitled to
receive from the Company an additional payment (the "Gross-Up Payment") in an
amount such that the net amount of the Payment and the Gross-Up Payment retained
by Executive after the calculation and deduction of all Excise Taxes (including
any interest or penalties imposed with respect to such taxes) on the Payment and
all federal, state and local income tax, employment tax and Excise Tax
(including any interest or penalties imposed with respect to such taxes) on the
Gross-Up Payment provided for in this Section 5.2(d), shall be equal to the
Payment;
(ii) All determinations required to be made under this Section 5.2(d),
including whether and when the Gross-Up Payment is required and the amount of
such Gross-Up Payment, and the assumptions to be used in arriving at such
determinations shall be made by the Accountants (as defined below) which shall
provide Executive and the Company with detailed supporting calculations with
respect to such Gross-Up Payment within fifteen (15) business days of the
receipt of notice from Executive or the Company that Executive has received or
will receive a Payment. For the purposes of this Section 5.2(d), the
"Accountants" shall mean the Company's independent certified public accountants
serving immediately prior to the Change in Control (as defined in Section 5.6).
In the event that the Accountants are also serving as accountant or auditor for
the individual, entity or group effecting the Change in Control, Executive shall
appoint another nationally recognized public accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred
to as the Accountants hereunder). All fees and expenses of the Accountants shall
be borne solely by the Company and it shall be the Company's obligation to cause
the Accountants to take any actions required hereby. For the purposes of
determining whether any of the Payments will be subject to the Excise Tax and
the amount of such Excise Tax, such Payments will be treated as "parachute
payments" within the meaning of section 280G of the Code, and all "parachute
payments" in excess of the "base amount" (as defined under section 280G(b)(3) of
the Code) shall be treated as subject to the Excise Tax, unless and except to
the extent that in the opinion of the Accountants such Payments (in whole or in
part) either do not constitute "parachute payments" or represent reasonable
compensation for services actually rendered (within the meaning of section
280G(b)(4) of the Code) in excess of the "base amount," or such "parachute
payments" are otherwise not subject to such Excise Tax. For purposes of
determining the amount of the Gross-Up Payment, Executive shall be deemed to pay
Federal income taxes at the highest applicable marginal rate of federal income
taxation for the calendar year in which the Gross-Up Payment is to be made and
to pay any applicable state and local income taxes at the highest applicable
marginal rate of taxation for the calendar year in which the Gross-Up Payment is
to be made, net of the maximum reduction in federal income taxes which could be
obtained from the deduction of such state or local taxes if paid in such year
(determined without regard to limitations on deductions based upon the amount of
Executive's adjusted gross income), and to have otherwise
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allowable deductions for federal, state and local income tax purposes at least
equal to those disallowed because of the inclusion of the Gross-Up Payment in
Executive's adjusted gross income. To the extent practicable, any Gross-Up
Payment with respect to any Payment shall be paid by the Company at the time
Executive is entitled to receive the Payment and in no event will any Gross-Up
Payment be paid later than five days after the receipt by Executive of the
Accountants' determination. Any determination by the Accountants shall be
binding upon the Company and Executive. As a result of uncertainty in the
application of section 4999 of the Code at the time of the initial determination
by the Accountants hereunder, it is possible that the Gross-Up Payment made will
have been an amount less than the Company should have paid pursuant to this
Section 5.2(d) (the "Underpayment"). In the event that the Company exhausts its
remedies pursuant to Section 5.2(d)(ii) and Executive is required to make a
payment of any Excise Tax, the Underpayment shall be promptly paid by the
Company to or for Executive's benefit; and
(iii) Executive shall notify the Company in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by the
Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable after Executive is informed in writing of such claim and shall
apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid. Executive shall not pay such claim prior to the
expiration of the 30-day period following the date on which Executive gives such
notice to the Company (or such shorter period ending on the date that any
payment of taxes, interest and/or penalties with respect to such claim is due).
If the Company notifies Executive in writing prior to the expiration of such
period that it desires to contest such claim, Executive shall:
(A) give the Company any information reasonably requested by the
Company relating to such claim;
(B) take such action in connection with contesting such claim as
the Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim by
an attorney reasonably selected by the Company;
(C) cooperate with the Company in good faith in order to
effectively contest such claim; and
(D) permit the Company to participate in any proceedings relating
to such claims;
provided, however, that the Company shall bear and pay directly all
costs and expenses (including additional interest and penalties)
incurred in connection with such contest and shall indemnify Executive
for and hold Executive harmless from, on an after-tax basis, any
Excise Tax or income tax (including interest and penalties with
respect thereto) imposed as a result of such representation and
payment of all related costs and expenses. Without limiting the
foregoing provisions of this Section 5.2(d), the Company shall control
all proceedings taken in connection with such contest and, at its sole
option, may pursue or forgo any
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and all administrative appeals, proceedings, hearings and conferences
with the taxing authority in respect of such claim and may, at its
sole option, either direct Executive to pay the tax claimed and xxx
for a refund or contest the claim in any permissible manner, and
Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in
one or more appellate courts, as the Company shall determine;
provided, however, that if the Company directs Executive to pay such
claim and xxx for a refund, the Company shall advance the amount of
such payment to Executive, on an interest-free basis, and shall
indemnify Executive for and hold Executive harmless from, on an
after-tax basis, any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance
or with respect to any imputed income with respect to such advance
(including as a result of any forgiveness by the Company of such
advance); provided, further, that any extension of the statute of
limitations relating to the payment of taxes for the taxable year of
Executive with respect to which such contested amount is claimed to be
due is limited solely to such contested amount. Furthermore, the
Company's control of the contest shall be limited to issues with
respect to which a Gross-Up Payment would be payable hereunder and
Executive shall be entitled to settle or contest, as the case may be,
any other issue raised by the Internal Revenue Service or any other
taxing authority.
5.3 By the Company For Cause. The Company may terminate Executive for cause
at any time, upon written notice to Executive. For purposes of this Agreement,
"cause" shall mean:
(a) Executive's conviction for commission of a felony or a crime
involving moral turpitude;
(b) Executive's willful commission of any act of theft, embezzlement or
misappropriation against the Company;
(c) Executive's willful and continued failure to substantially perform
Executive's duties hereunder (other than such failure resulting from Executive's
incapacity due to physical or mental illness), which failure is not remedied
within a reasonable time after demand for substantial performance is delivered
by the Company which specifically identifies the manner in which the Company
believes that Executive has not substantially performed Executive's duties; or
(d) Executive's death or Disability (as hereinafter defined).
In the event Executive is terminated for cause pursuant to this Section
5.3, Executive shall have the right to receive Executive's compensation as
otherwise provided under this Agreement through the effective date of
termination. Executive shall have no further right to receive compensation or
other consideration from the Company or have any other remedy whatsoever against
the Company as a result of this Agreement or the termination of Executive
pursuant to this Section 5.3, except as set forth below with respect to a
termination due to Executive's Disability.
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In the event Executive is terminated by reason of Executive's Disability
(but not death), the Company shall immediately pay Executive a single severance
payment equal to the Severance Amount. Said payment shall be in addition to any
disability insurance payments to which Executive is otherwise entitled and any
other compensation earned by Executive hereunder. For purposes of this
Agreement, the term "Disability" shall mean a physical or mental incapacity as a
result of which Executive becomes unable to continue the proper performance of
Executive's duties hereunder for six consecutive calendar months or for shorter
periods aggregating 180 business days in any 12 month period, but only to the
extent that such definition does not violate the Americans with Disabilities Act
of 1990.
5.4 By Executive For Good Reason. Executive may terminate this Agreement
for good reason upon at least 10 days' prior written notice to the Company. For
purposes of this Agreement, "good reason" shall mean:
(a) the Company's material breach of any of its respective obligations
hereunder and either such breach is incurable or, if curable, has not been cured
within 15 days following receipt of written notice by Executive to the Company
of such breach by either of the Company;
(b) any removal of Executive from one or more of the offices of Chief
Executive Officer, President and Director without cause and without Executive's
prior written consent;
(c) any material decrease in Executive's authority or responsibilities
as Chief Executive Officer and President of the Company without Executive's
prior written consent; or
(d) if Executive is not elected by the Company's stockholders to serve
as a member of the Board.
In the event that Executive terminates this Agreement for good reason
pursuant to this Section 5.4, Executive shall have the right to receive
Executive's compensation as provided hereunder through the effective date of
termination and shall also have the same rights and remedies against the Company
as Executive would have had if the Company had terminated Executive's employment
without cause pursuant to Section 5.1 (including the right to receive the
Severance Amount payable and the Severance Benefits to be provided under Section
5.2).
5.5 Executive's Voluntary Termination. Executive may, at any time,
terminate this Agreement without good reason upon written notice delivered to
the Company at least 90 days prior to the effective date of termination. In the
event of such voluntary termination of this Agreement by Executive: (i)
Executive shall have the right to receive Executive's compensation as provided
hereunder through the effective date of termination; and (ii) the Company on the
one hand, and Executive, on the other hand, shall not have any further right or
remedy against one another except as provided in Sections 6, 7 and 8 hereof
which shall remain in full force and effect.
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5.6 Change of Control. Executive may terminate this Agreement, upon at
least 10 days' prior written notice to the Company at any time within one year
after a "change in control" (as hereinafter defined) of the Company. In the
event Executive terminates this Agreement within one year after a change in
control pursuant to this Section 5.6, (i) Executive shall continue to render
services pursuant hereto and shall continue to receive compensation, as provided
hereunder, through the termination date, (ii) the Company shall pay Executive no
later than the date of such termination, as a single severance payment, an
amount equal to the Severance Amount and (iii) following such termination, the
Company shall provide the Severance Benefits as required by Section 5.2(b). For
purposes of this Agreement, a "change in control" shall mean the occurrence of
any of the following events:
(a) the individuals constituting the Board as of the date of the
initial public offering of common stock of the Company (the "Incumbent Board")
cease for any reason to constitute at least a majority of the Board; provided,
however, that if the election, or nomination for election by the Company's
stockholders, of any new director was approved by a vote of at least a majority
of the Incumbent Board, such new director shall be considered a member of the
Incumbent Board;
(b) provided that the number of shares of common stock of the Company
directly held by RPUS and its subsidiaries (other than the Company and the
Company's subsidiaries) represents 50% or less of the total outstanding shares
of common stock of the Company, an acquisition of any voting securities of the
Company (the "Voting Securities") by any "person" (as the term "person" is used
for purposes of Section 13(d) or Section 14(d) of the Securities Exchange Act of
1934, as amended (the "1934 Act")) (other than RPUS and its subsidiaries)
immediately after which such person has "beneficial ownership" (within the
meaning of Rule 13d-3 promulgated under the 0000 Xxx) of 20% or more of the
combined voting power of the Company's then outstanding Voting Securities; or
(c) approval by the stockholders of the Company of:
(i) a merger, consolidation, share exchange or reorganization of
the Company, unless the stock holders of the Company, immediately before such
merger, consolidation, share exchange or reorganization, own, directly or
indirectly immediately following such merger, consolidation, share exchange or
reorganization, at least 80% of the combined voting power of the outstanding
voting securities of the corporation that is the successor in such merger,
consolidation, share exchange or reorganization (the "Surviving Company") in
substantially the same proportion as their ownership of the Voting Securities
immediately before such merger, consolidation, share exchange or reorganization;
provided, however, that a merger, consolidation, share exchange or
reorganization of the Company shall not constitute a "change in control" if such
merger, consolidation, share exchange or reorganization of the Company is
approved by the Board and is recommended by Executive to the Board for its
approval; or
(ii) a complete liquidation or dissolution of the Company; or
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(iii) an agreement for the sale or other disposition of all or
substantially all of the assets of the Company.
6. CONFIDENTIALITY
During the term of Executive's employment under this Agreement, Executive
will have access to and become acquainted with various information relating to
the Company's business operations, marketing data, business plans, strategies,
employees, contracts, financial records and accounts, projections and budgets,
and similar information. Executive agrees that to the extent such information is
not generally available to the public and gives the Company an advantage over
competitors who do not know of or use such information, such information and
documents constitute "trade secrets" of the Company. Executive further agrees
that all such information and documents relating to the business of the Company
whether they are prepared by Executive or come into Executive's possession in
any other way, are owned by the Company and shall remain the exclusive property
of the Company. Executive shall not misuse, misappropriate or disclose any trade
secrets of the Company directly or indirectly, or use them for Executive's own
benefit, either during the term of this Agreement or at any time thereafter,
except as may be necessary or appropriate in the course of Executive's
employment with the Company unless such action is either previously agreed to in
writing by the Company or required by law.
7. NON-SOLICITATION
For a period of one year following the date Executive's employment
hereunder is terminated, Executive shall not solicit or induce any of the
Company's employees, agents or independent contractors to end their relationship
with the Company, or recruit, hire or otherwise induce any such person to
perform services for Executive, or any other person, firm or company. The
restrictions set forth in this Section 7 shall not apply if Executive's
employment is terminated pursuant to Section 5.1, 5.4 or 5.6.
8. NON-COMPETITION AFTER TERMINATION
For a period of one (1) year following the date Executive's employment
hereunder is terminated, Executive shall not engage in the ownership,
development, acquisition, renovation, management or leasing of any shopping
center properties in the Butte, Marin, Sacramento, San Mateo, Santa Xxxxx and
Sonoma counties of Northern California, the Orange, Riverside, San Bernardino
and San Diego counties of Southern California, the Las Vegas metropolitan area
in Nevada, the Maysville seven-county area in Kentucky, the Seattle metropolitan
area in Washington, the Portland metropolitan area in Oregon, the Orlando
metropolitan area in Florida, the Memphis metropolitan area in Tennessee, the
Albuquerque metropolitan area in New Mexico and any other county in which the
Company acquires shopping center property during the term of Executive's
employment hereunder (collectively, the "Restricted Area"). In addition,
Executive shall not engage in any active or passive investment in or reasonably
relating to the ownership, development, acquisition, renovation, management or
leasing of shopping center properties in the Restricted Area for a period of one
year following the date of termination, with the exception of the ownership of
up to one percent of the securities of any publicly-traded companies involved in
such activities. Nothing herein shall relieve or limit Executive's
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obligation to comply with Sections 6 and 7. The restrictions set forth in this
Section 8 shall not apply if Executive's employment is terminated pursuant to
Section 5.1, 5.4 or 5.6.
9. INDEMNIFICATION
To the fullest extent permitted under applicable law, the Company shall
indemnify, defend and hold Executive harmless from and against any and all
causes of action, claims, demands, liabilities, damages, costs and expenses of
any nature whatsoever (collectively, "Damages") directly or indirectly arising
out of or relating to Executive discharging Executive's duties hereunder on
behalf of the Company, so long as Executive acted in good faith within the
course and scope of Executive's duties with respect to the matter giving rise to
the claim or Damages for which Executive seeks indemnification.
10. GENERAL PROVISIONS
10.1 Assignment; Binding Effect. Neither the Company nor Executive may
assign, delegate or otherwise transfer this Agreement or any of their respective
rights or obligations hereunder without the prior written consent of the other
party. Any attempted prohibited assignment or delegation shall be void. This
Agreement shall be binding upon and inure to the benefit of any permitted
successors or assigns of the parties and the heirs, executors, administrators
and/or personal representatives of Executive.
10.2 Notices. All notices, requests, demands and other communications that
are required or may be given under this Agreement shall be in writing and shall
be deemed to have been duly given where received if personally delivered; when
transmitted if transmitted by telecopy, electronic or digital transmission
method with electronic confirmation of receipt; the day after it is sent, if
sent for next-day delivery to a domestic address by recognized overnight
delivery service (e.g., FEDEX); and upon receipt, if sent by certified or
registered mail, return receipt requested. In each case notice shall be sent to:
If to the Company: Pan Pacific Retail Properties, Inc.
0000-X Xxxxx Xxxxxxx Xxxxx
Xxxxx, XX 00000
Attention: Secretary
Facsimile: (000) 000-0000/1534
If to Executive: XXXXXX X. XXXX
Pan Pacific Retail Properties, Inc.
0000-X Xxxxx Xxxxxxx Xxxxx
Xxxxx, XX 00000
Facsimile: (000) 000-0000/1534
Any party may change its address for the purpose of this Section 10.2 by giving
the other party written notice of its new address in the manner set forth above.
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10.3 Entire Agreement. This Agreement constitutes the entire agreement of
the parties, and supersedes all prior agreements, understandings and
negotiations, whether written or oral, between the Company and Executive with
respect to the employment of Executive by the Company.
10.4 Amendments; Waivers. This Agreement may be amended or modified, and
any of the terms and covenants may be waived, only by a written instrument
executed by the parties hereto, or, in the case of a waiver, by the party
waiving compliance. Any waiver by any party in any one or more instances of any
term or covenant contained in this Agreement shall neither be deemed to be nor
construed as a further or continuing waiver of any such term or covenant of this
Agreement.
10.5 Provision; Severable. In case any one or more provisions of this
Agreement shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not, in any way, be affected or impaired thereby. If any provision
hereof is determined by any court of competent jurisdiction to be invalid or
unenforceable by reason of such provision extending the covenants and agreements
contained herein for too great a period of time or over too great a geographical
area, or being too extensive in any other respect, such provision shall be
interpreted to extend only over the maximum period of time and geographical
area, and to the maximum extent in all other respects, as to which it is valid
and enforceable, all as determined by such court in such action.
10.6 Attorneys' Fees. If any legal action, arbitration or other proceeding,
is brought for the enforcement of this Agreement, or because of an alleged
dispute, breach or default in connection with any of the provisions of this
Agreement, the prevailing party shall be entitled to recover reasonable
attorneys' fees and other costs incurred in that action or proceeding, including
any appeal of such action or proceeding, in addition to any other relief to
which that party may be entitled.
10.7 Governing Law. This Agreement shall be construed, performed and
enforced in accordance with, and governed by the laws of the State of California
without giving effect to the principles of conflict of laws thereof.
10.8 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the date first written above.
THE COMPANY
PAN PACIFIC RETAIL PROPERTIES, INC.
a Maryland corporation
By: /s/ XXXXXX X. XXXXX
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Xxxxxx X. Xxxxx,
Executive Vice President
EXECUTIVE
/s/ XXXXXX X. XXXX
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Xxxxxx X. Xxxx
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