{"id":39058,"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-inc-and-curt-gray.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-dean-amp-amp-deluca-inc-and-curt-gray","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-dean-amp-amp-deluca-inc-and-curt-gray.html","title":{"rendered":"Employment Agreement – Dean & DeLuca Inc. and Curt Gray"},"content":{"rendered":"
                                  DEAN & DELUCA\n                                  560 Broadway\n                            New York, New York 10012\n\n\n\n                                February 23, 2000\n\n\n\nMr. Curt Gray\n3246 Kara Court\nSalt Lake City, UT  84121\n\nDear Curt:\n\nIt is my pleasure to confirm our offer of at will employment with Dean & Deluca,\nInc. ('Dean & DeLuca') as Executive Vice President ('EVP') of the Retail\nDivision.\n\nAs EVP of the Retail Division, you will report directly to me and have direct\nP&L and operations responsibility for all Dean & DeLuca markets and cafes. Your\nmain responsibility will be to optimize the operating performance of existing\nand new retail units, which will include, among other things, driving sales,\nmaximizing profits, standardizing best practices, and enhancing brand awareness\nand consistency. You will also have responsibility for all new store openings,\nincluding site identification, construction, design, staffing, training and all\nrelated matters pertaining to the roll-out of new Dean & DeLuca markets and\ncafes.\n\nWe would anticipate that for the next year, you will need to travel extensively\nand can operate out of a home office during this period. Thereafter, you will be\nexpected to relocate to San Francisco, and office out of the corporate\nheadquarters.\n\nYour annual base salary will be $215,000, with a $25,000 sign-on bonus payable\nwhen the company goes public. Additionally, you will be eligible to earn a bonus\nof up to 50% of your base salary, payable on your first anniversary date, based\non achieving mutually acceptable targets and objectives, although 50% of the\nbonus will be guaranteed. The entire bonus, however, is contingent upon Dean & DeLuca successfully completing an IPO. Your annual base salary will be subject\nto adjustment based on a documented formula which measures the difference of\ncost of living between Salt Lake City and San Francisco. We will also pay\nreasonable travel and shipping expenses from Salt Lake City to San Francisco.\n\nFinally, you will be granted 120,000 options to acquire the common stock of Dean\n& DeLuca at $4.18 per share, subject to our four-year vesting schedule (the\noptions become automatically vested in the \n\n\n\n\nevent of change of control). A copy of the stock option plan and stock option\nagreement is enclosed with this letter.\n\nYou will also be eligible to participate in our 401K plan after one year of\nemployment and participate in our standard healthcare plan, upon completion of\n90 days of employment (we will reimburse you for your COBRA payments during this\n90-day period). You will be entitled to three weeks of vacation during your\nfirst year.\n\nCurt, Dane and I are extremely pleased that you will be joining our team, and\nbelieve you will make a valuable contribution to the company as it embarks on\nits exciting new growth initiatives. We look forward to you joining us within\nthe next three weeks. Please let me know your firm start date.\n\nIf the terms of this letter are consistent with our understanding, please sign\nbelow and fax to Dane at 212-965-1765 upon receipt. Otherwise, call me if you\nhave any questions or comments.\n\nYours sincerely,\n\n\n\/s\/ JOHN RICHARDS       \n------------------------\nJohn Richards\nPresident\n\n\n\nI accept employment with Dean & DeLuca according to the terms set forth above.\nMy start date will be March 20, 2000.\n\n\n\/s\/ CURTIS L. GRAY            2\/23\/00     \n------------------------      ------------\nSignature                     Date\n\n\n\n                                       2\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-39058","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\/39058","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=39058"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39058"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39058"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}