{"id":39055,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-dean-amp-amp-deluca-brands-inc-and-emil.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-dean-amp-amp-deluca-brands-inc-and-emil","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-dean-amp-amp-deluca-brands-inc-and-emil.html","title":{"rendered":"Employment Agreement – Dean & DeLuca Brands Inc. and Emil Grosso"},"content":{"rendered":"
                                  DEAN & DELUCA\n                                  560 Broadway\n                            New York, New York 10012\n\n\n\n30 December 1998\n\n\n[redacted]<\/i>\n[redacted]<\/i>\n[redacted]<\/i>\n\nDear [redacted]<\/i>:\n\nIt is my pleasure to confirm our offer of at will employment at Dean & DeLuca\nBrands, Inc. ('D&D') as Vice President - Finance.\n\nAs Vice President - Finance you will report directly to me and be responsible\nfor all finance and MIS functions. This will include, among other things,\nfinancial and inventory reporting, financial planning and budgeting, information\ntechnology, loss prevention, payroll and risk management. You will be primarily\nresponsible for ensuring the integrity and accuracy of our financial statements\nand accounting procedures. We will expect you to develop a system of procedures\nand controls which produce timely and accurate financial statements and year-end\ncloses with a small but effect staff. I will also expect you to develop weekly\nmanagement reports which summarize in a concise and accurate fashion the key\nfinancial drivers of the business, i.e., weekly gross margins and payroll,\nmonthly inventory and inventory turns, relevant catalogue information, and other\ndata useful in managing the business.\n\nThis position requires the skills of a highly effective change agent and\nfinancial manager. The major focus during the first six months will be to\nexamine the existing accounting and information technology infrastructure, to\nre-engineer systems, processes and procedures so that they may sustain the\ncompany through a period of significant growth, and to be well on the way toward\nimplementing these changes. The current structures, while adequate in the past,\nare insufficient for the anticipated growth of D&D. Thus, the need to take the\nfunctions to the next level.\n\nWe have also discussed the need to centralize and consolidate accounting and MIS\nfunctions for all business units (including the licensed entities) into one\nlocation. By doing this, we can eliminate duplicating functions and costs, and\nstandardize best practices across the company. During your first six months you\nwill assess the capabilities of the company and begin to undertake this\ninitiative. Our objective is to complete this mission in one year.\n\nYour annual base salary will be $135,000. Additionally, you will be eligible to\nearn a discretionary bonus of up to 20% of this salary, payable on your\nanniversary date based on your job performance. \n\n\n\nThe full 20% bonus will be awarded based on exemplary services. A sign-on bonus\nof $7,500 will be paid to you within the first thirty (30) days of employment.\nWe have agreed that this sum will be repaid by you to D&D if you voluntarily\nresign or are terminated for cause within the first year of employment. You will\nalso be eligible to participate in our 401K plan after one year of employment\nand participate in our standard health care plan upon completion of 90 days of\nemployment. Prior to enrollment in the health care plan, you will be personally\nresponsible for your COBRA payments. You will be entitled to two weeks vacation\nduring your first year.\n\nFinally, you will be eligible to participate in our non-qualified employee stock\noption plan after one year of employment, subject to the terms and conditions of\nthe plan. The granting of these options will be based on your job performance,\nand is strictly discretionary at the will of the committee responsible for\nadministering the plan. The formula for determining the amount of the grant is\ntied to your base salary and the fair market value of the D&D common stock at\nthe time of your grant.\n\nEmil, I know I speak for all the people you have met at Dean & DeLuca in\nexpressing our enthusiasm about you leading the financial team at Dean & DeLuca.\nYour professionalism and experience, combined with our commitment to quality and\nexcellence, should prove to be a winning combination. We look forward to you\njoining us around February 1, 1999; please let us know your firm start date.\n\nIf the terms of this letter are consistent with your understanding, please sign\nbelow and fax back to me at (212) 965-1765 upon receipt. Otherwise call me if\nyou have any questions or comments.\n\nYours sincerely,\n\n\/s\/ DANE J. NELLER            \n------------------------------\n\n                                          Agreed and Accepted\n\n\n                                          \/s\/ [redacted]<\/i>        \n                                          ------------------------\n\n                                          [redacted]<\/i>\n\n\n                                          Date: 1\/11\/99\n                                                ------------------\n\n\ncc:  Mike Randels\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7276],"corporate_contracts_industries":[9501],"corporate_contracts_types":[9539,9544],"class_list":["post-39055","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-dean---deluca-inc","corporate_contracts_industries-retail__misc","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39055"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39055"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39055"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}