Letter Agreement Regarding CEO Deferred Compensation and Annual Bonus – 1-800-FLOWERS.COM, Inc. and James F. McCann

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement between 1-800-FLOWERS.COM, Inc. and James F. McCann outlines changes to McCann’s compensation upon his appointment as Chief Executive Officer, effective July 3, 2023. McCann will stop accruing deferred compensation and instead be eligible for an annual incentive bonus equal to 100% of his base salary. If he later steps down as CEO but remains Executive Chairman, the bonus will end and deferred compensation will resume. The agreement is confirmed by signatures from both parties.

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EX-10.14 2 ex_569424.htm EXHIBIT 10.14 ex_569424.htm

Exhibit 10.14

 

    June 29, 2023

 

1-800-FLOWERS.COM, Inc.
Two Jericho Plaza
Suite 200
Jericho, NY 11753

 

Attention: General Counsel

 

Dear Sir:

 

This letter sets forth our agreement that, in connection with my appointment as Chief Executive Officer of 1-800-FLOWERS.COM, Inc. (the “Company”), effective July 3, 2023, I will cease to accrue an annual deferred compensation benefit as provided in Section 5(c) of my Employment Agreement with the Company, dated July 4, 2016 (the “Deferred Compensation Arrangement”), and I will be eligible to earn an annual incentive bonus under the Company’s Sharing Success Plan (or any successor annual cash bonus plan), with an annual target award equal to 100% of my annual base salary, as in effect from time to time (the “Annual Bonus Arrangement”).

 

Unless otherwise agreed by me and the Company, the Annual Bonus Arrangement will continue for each fiscal year of the Company in which I serve as Chief Executive Officer. In the event I cease to serve as Chief Executive Officer and continue in the role of Executive Chairman of the Company, unless otherwise agreed by me and the Company, the Annual Bonus Arrangement will be discontinued and the Deferred Compensation Arrangement will be resumed, commencing with the first fiscal year of the Company following the fiscal year in which I have resigned or been removed from the position of Chief Executive Officer of the Company.

 

Please acknowledge the Company’s agreement with the foregoing by signing this letter in the space provided below.

 

 

Very truly yours,

 

       /s/ James F. McCann

 

 

1-800-FLOWERS.COM, Inc.

 

By: /s/ Michael R. Manley     
Name: Michael R. Manley
Title: General Counsel