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Employee Retention Agreement > Re:
Employment Agreement between Saks Incorporated and Stephen I. Sadove, dated as of July 31, 2007, as amended on December 16, 2008 ("Employment Agreement")
Dear Steve:
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Exhibit 10.2
April 9, 2009
Stephen I. Sadove
7 Hickory Pine Court
Purchase, NY 10577
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Re:
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Employment
Agreement between Saks Incorporated and Stephen I. Sadove, dated as
of July 31, 2007, as amended on December 16, 2008
(“Employment Agreement”)
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Dear Steve:
This letter agreement serves to
amend the Employment Agreement in accordance with
Section 13(c) thereof. All capitalized terms in this letter
agreement shall have the same meaning as in the Employment
Agreement, except as provided herein.
Effective June 1, 2009, solely
for purposes of Sections 3(a) and 3(b) and the definition of
“Good Reason” contained in Section 4(c) of the
Employment Agreement, Executive’s Base Salary shall be
reduced 7% from $1,060,000.00 to $985,800. Notwithstanding the
preceding sentence, for all other purposes of the Agreement, the
term Base Salary shall be $1,060,000.00 (or any higher rate from
time to time in effect).
The Company acknowledges that
“Good Reason” under the Employment Agreement includes,
among other things, “any reduction in the Executive’s
Base Salary [or] annual bonus opportunity in any such case below
the level specified by this Agreement without the substitution of
an
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