10. (ix)(A)
CONFIDENTIAL
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November 3, 1997
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▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Dear Al:
This letter confirms our offer to you to remain Executive Vice President,
Appliances, Electronics and Automotive for ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇. You will continue
to serve as a member of the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ Executive Committee under this
Agreement. Your compensation plan will include the following:
1.) Base salary of $425,000 annually, paid semi-monthly.
2.) Target bonus on the Performance Management Plan of $125,000. Based
upon the achievement of superior performance against specific
objectives for the year, you have the opportunity to earn up to 150%
of your target bonus. For fiscal 1997, your target bonus of $125,000
will be guaranteed.
3.) You will continue to participate in the senior officer perquisites,
including; executive medical and annual physical examination. You will
also participate in any new benefits, retention, and perquisite plans
that are implemented for the Executive Committee members as a group.
4.) You will participate in the ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ Special Emergence Bonus
Plan. A copy of this plan is attached for your review and signature.
5.) You will participate in the Wards Executive Committee Severance Plan.
Please sign and return a copy of the attached documents as acceptance
of the terms of this Plan.
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November 3, 1997
Page 2
This agreement has been approved by the Bankruptcy Court on a post-petition
basis. Therefore, any claims concerning this agreement are "administrative"
claims.
I am happy that you are remaining with ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇. If you are in agreement
with this letter, please sign below and return it to me whereupon it will become
our binding agreement. I am certain that your experience and knowledge of the
Company will be a valuable asset to us as we move forward and improve ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇'▇ performance. I look forward to working together to meet our goals.
Sincerely,
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇
Chairman & C.E.O.
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/s/ ▇▇▇▇ ▇▇▇▇▇▇▇
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Date: November 6, 1997
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