Amendment to Employment Letter Agreement Regarding Personal Use of Corporate Aircraft – SUPERVALU INC. and Mark Gross
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Summary
This agreement amends Mark Gross's employment terms with SUPERVALU INC. to update the policy on his personal use of the company's corporate aircraft. Starting July 25, 2016, Mark Gross may use the aircraft for personal reasons, subject to annual board approval, business needs taking priority, and the company still owning the aircraft. He must reimburse the company for personal use costs only if they exceed $50,000 per fiscal year, with any excess reimbursed under a separate agreement. The agreement is signed by both parties and is effective as long as Mark Gross remains employed.
EX-10.6 3 q1-f17form10xqex106.htm EX 10.6 Exhibit
Exhibit 10.6
SUPERVALU INC. | ||
P.O. Box 990 Minneapolis, MN 55440 952 ###-###-#### |
July 25, 2016
Mark Gross
Dear Mark:
This letter agreement amends your employment letter agreement dated February 2, 2016 (the “Offer Letter”) to revise your benefit related to personal use of Supervalu’s corporate aircraft. Commencing July 25, 2016, you will continue to have reasonable personal use of Supervalu corporate aircraft for calendar year 2016 and each subsequent calendar year in which you remain employed, in each case, subject to review and approval by the Board on an annual basis and subject to (i) any business use of such aircraft taking precedence over any personal use by you and (ii) Supervalu continuing to own its own corporate aircraft. However, the requirement that you reimburse to Supervalu the entire incremental or variable cost to Supervalu of such aircraft use shall be modified such that you shall only be required to reimburse Supervalu for such incremental or variable costs to the extent such incremental or variable costs exceed $50,000 in a fiscal year, provided that personal use included in such $50,000 amount must be ancillary to your business use of the corporate aircraft. Any amounts in excess of or outside of the $50,000 allowance shall continue to be reimbursed to Supervalu pursuant to the terms of the Aircraft Time Sharing Agreement between you and Supervalu dated March 8, 2016.
Sincerely, | |||
SUPERVALU INC. | |||
By: | |||
/s/ GERALD STORCH | |||
Name: Gerald Storch | |||
Title: Non-Executive Chairman of the Board | |||
Date: July 25, 2016 | |||
AGREED AND ACKNOWLEDGED: | |||
/s/ MARK GROSS | |||
Name: Mark Gross | |||
Date: July 25, 2016 |