{"id":39162,"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-fleming-companies-inc-and-william-h2.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-fleming-companies-inc-and-william-h2","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-fleming-companies-inc-and-william-h2.html","title":{"rendered":"Employment Agreement &#8211; Fleming Companies Inc. and William H. Marquard"},"content":{"rendered":"<pre>\nMay 26, 1999\n\n\n\nMr. William H. Marquard\n417 Greenleaf Avenue\nWilmette, IL 60091\n\nDear Bill:\n\nI am very pleased to extend to you the following offer of\nemployment on behalf of Fleming.  We are looking forward to\nhaving you join our Company on or about June 1, 1999.\n\nPosition:  Executive Vice President, Business Development\n\nBase Salary:  $400,000 per year paid in accordance with Fleming's\nnormal payroll practices.\n\nIncentive Compensation:  Your incentive will be based upon\nFleming's sales and earnings.  Your target bonus potential is 65%\nof your base pay, and you will have potential of up to 130%\n(prorated for 1999 to reflect start date).  Incentive awards are\nconsistent with the guidelines of the Fleming Incentive\nCompensation Program.\n\nStock Options:  A grant of 200,000 shares to be awarded pursuant\nto Fleming's stock option plans.  The options will vest 25% per\nyear over four years on grant anniversary dates.\n\nRestricted Stock:  You will receive 20,000 shares of restricted\nstock, vesting 50% on the first anniversary date of the grant and\nthe balance on the second anniversary date.  The Company will\narrange for an appropriate tax gross-up based on the initial\nvalue of the grant on a mutually acceptable timetable.\n\nChange of Control:  You will receive a Change of Control\nEmployment Agreement which will provide for three years'\nemployment following a change of control.  In the event you are\nterminated during the interim other than for cause, you will\nreceive 2.99 times a formula comprised of salary and bonus.  The\ncontract also provides a thirty-day window one year after the\nchange of control during which you may leave for any reason and\nstill receive the termination compensation.  Upon a change of\ncontrol, all stock options and restricted stock you hold will\nvest.  The agreement also provides for a gross-up payment equal\nto any excise taxes imposed under Section 4999 of the Internal\nRevenue Code in connection with a change of control.\n\nSeverance:  The Company will provide you 24 months of base salary\nand benefit continuation if you are involuntary terminated for\nany reason other than cause during your first 60 months of\ncontinuous employment with Fleming.  The severance will not apply\nin the event of death, disability, termination for cause, or your\nvoluntary decision to leave the Company.\n\nAs a corporate officer, you will be covered, as are all other\ncorporate officers, under the Company's directors and officers\nliability insurance policy. \n\nRelocation:  You will receive up to $2,000 per month,\ncumulatively, for up to two years (or a maximum of $48,000) to\nenable you to secure a furnished apartment.  We will also pay to\nmove your personal belongings to a permanent location. \n\nYou will receive a monthly transportation allowance of $700 for\n36 months to be grossed up at the end of each month.\n\nBenefits:  You will receive the standard benefits provided\nthrough Company programs.\n\nThe above serves as our offer on your proposed compensation\npackage but is not to be considered a contract of employment or a\nguarantee of employment.  A suitable employment contract\nreflecting these terms will be provided in due course.\n\nBill, we hope you agree that this is an outstanding package.  We\nbelieve Fleming has a tremendous future, and we are excited to\nhave you on the team.\n\nVery truly yours,\n\nMARK S. HANSEN\nMark S. Hansen\n\nMSH\/ds\n\nc:   David Almond\n     Dee Jerome\n     Scott Northcutt\n\nReviewed and accepted as specified above:\n\nWILLIAM H. MARQUARD\nWilliam H. Marquard\n\nJune 1, 1999\nDate\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7547],"corporate_contracts_industries":[],"corporate_contracts_types":[9539,9544],"class_list":["post-39162","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-fleming-companies-inc","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\/39162","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=39162"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39162"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39162"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}