EXHIBIT 10.56
EMPLOYMENT AGREEMENT OF
ANNE BREIER POPE
This Agreement is made and entered into as of March 7, 1995,
by and between PROFFITT'S, INC., a Tennessee corporation (the
"Company") and ANNE BREIER POPE, a Tennessee resident
("Employee").
The Company is a Tennessee corporation which owns and
operates department stores. The Company owns a controlling
interest in Parks-Belk Company.
The Company desires to employ Employee upon the terms and
conditions set forth herein, and Employee desires to accept such
employment.
NOW, THEREFORE, in consideration of the mutual covenants of
the parties made herein, it is hereby agreed as follows:
1. Employment and Duties. The Company hereby agrees to
employ the Employee and the Employee hereby accepts employment as
President of Parks-Belk Company, or such other position as
determined by the Company from time to time, and agrees to devote
her full efforts to the diligent and faithful performance of such
duties as the officers and/or the Board of Directors of the
Company may from time to time assign to her. The Employee shall
not, without the express prior consent of the Company, which
consent shall not be unreasonably withheld directly or indirectly
during the term of this Agreement, render services for
compensation to any person or firm except as an employee of the
Company.
2. Term. The term of this Agreement commences as of the
date of its execution and shall continue for a period of two (2)
years thereafter unless sooner terminated as hereinafter
provided.
3. Compensation. As compensation for services rendered
under this Agreement, Employee shall receive an annual salary of
$85,000.00. All compensation shall be subject to the customary
withholding taxes and other employment taxes as required with
respect to compensation paid by a corporation to an employee.
4. Termination. This Agreement may be terminated by
Employee upon the giving of thirty (30) days prior written notice
to the Company. The Company reserves the right to terminate the
Employee's employment hereunder without prior notice should any
of the following occur, each of which shall be deemed a valid
cause for termination:
(a) Employee's conviction of a felony or commission of
any other act abhorrent to the community which a reasonable
person would consider materially damaging to the reputation or
business of the Company, its successors or assigns.
(b) Employee's death during the term of this
Agreement.
Upon termination for either of the foregoing causes, the
Employee shall be entitled to receive only the compensation
accrued but unpaid as of the date of termination and shall not be
entitled to additional compensation except as expressly provided
in this Agreement.
5. Medical Insurance. During the term of this Agreement,
the Company shall provide Employee medical insurance coverage of
the same type available to full time employees of the Company or
its subsidiaries under the medical insurance program, if any, in
effect for full time employees. All such insurance shall be
provided to Employee at no charge; provided, however, Employee
shall be solely responsible for any deductible, co-payment, other
amounts payable by participants generally in such medical
insurance program and any payments required under the
Consolidated Omnibus Budget Reconciliation Act of 1984.
6. Injunctive Relief. The parties hereto agree that in
the event of a breach of any of the covenants contained herein,
there will be no adequate remedy at law and in the event of any
such breach, the non-breaching party shall be entitled to
injunctive and such other and further relief, including damages,
as may be proper.
7. Rights and Obligations of Successors. This Agreement
shall be assignable and tranferrable by the Company to any
subsidiary or affiliate of the Company and shall inure to the
benefit of and be binding upon the Company, its successors and
assigns. This Agreement shall not be assigned by the Employee,
as the parties agree that Employee's services are unique.
8. Entire Agreement. All prior conversations, discussions
and agreements between the parties herein are hereby merged into
and set forth in writing as part of this Agreement, which shall
constitute the entire agreement between the parties. The parties
hereby acknowledge that there have been no representations,
inducements, promises or agreements made by either party other
than those set forth herein.
9. Notices. All notices required or permitted to be given
under the terms of this Agreement shall be deemed given if in
writing, deposited in a sealed envelope, with postage prepaid
thereon, certified mail, return receipt requested, addressed to
either party, as the case may be, at the address set forth below:
If to the Company:
Proffitt's, Inc.
McRae's, Inc.
3455 Highway 80 West
Jackson, Mississippi 39209
Attention: Brian J. Martin, Esq.
If to the Employee:
Anne Breier Pope
2100 Bonaire Road
Kingsport, Tennessee 37660
10. Amendments and Modifications In Writing. No amendment
to or modification of this Agreement shall be effective unless it
is in writing and signed by duly authorized representatives of
both parties.
11. Controlling Law. This Agreement shall be governed,
construed, and enforced in accordance with the laws of the State
of Tennessee.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date set forth above.
PROFFITT'S, INC.
By: /s/ R. Brad Martin
R. Brad Martin, Chairman and
Chief Executive Officer
/s/ Anne Breier Pope
Anne Breier Pope
Executive