Exhibit 10.9
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into on May 31, 2006 (the
"Execution Date"), to be effective for all purposes as of April 28, 2006 (the
"Effective Date"), by and between Linens 'n Things, Inc., a Delaware corporation
(the "Company") and wholly owned subsidiary of Linens Holding Co., a Delaware
corporation ("Holding"), and Francis M. Rowan (the "Executive").
WHEREAS, the Company desires to employ the Executive on the terms and subject to
the conditions set forth herein and the Executive has agreed to be so employed.
NOW, THEREFORE, in consideration of the mutual representations, warranties,
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:
1.
EMPLOYMENT OF EXECUTIVE; DUTIES.
1.1
TITLE.
DURING THE EMPLOYMENT PERIOD (AS DEFINED IN SECTION 2
HEREOF), THE EXECUTIVE SHALL SERVE AS SENIOR VICE PRESIDENT AND CHIEF FINANCIAL
OFFICER OF THE COMPANY AND OF HOLDING.
THE EXECUTIVE SHALL HAVE THE NORMAL
DUTIES, RESPONSIBILITIES AND AUTHORITY COMMENSURATE WITH SUCH POSITIONS.
1.2
DUTIES.
DURING THE EMPLOYMENT PERIOD, THE EXECUTIVE SHALL DO AND
PERFORM ALL SERVICES AND ACTS NECESSARY OR ADVISABLE TO FULFILL THE DUTIES AND
RESPONSIBILITIES OF THE EXECUTIVE'S POSITIONS AND SHALL RENDER SUCH SERVICES ON
THE TERMS SET FORTH HEREIN.
IN ADDITION, THE EXECUTIVE SHALL HAVE SUCH OTHER
EXECUTIVE AND MANAGERIAL POWERS AND DUTIES AS MAY REASONABLY BE ASSIGNED TO THE
EXECUTIVE, COMMENSURATE WITH THE EXECUTIVE SERVING AS A SENIOR VICE PRESIDENT.
THE COMPANY MAY ADJUST THE DUTIES AND RESPONSIBILITIES OF THE EXECUTIVE AS A
SENIOR VICE PRESIDENT, NOTWITHSTANDING THE SPECIFIC TITLE SET FORTH IN
SECTION 1.1 HEREOF, BASED UPON THE COMPANY'S NEEDS FROM TIME TO TIME.
EXCEPT
FOR SICK LEAVE, REASONABLE VACATIONS AND EXCUSED LEAVES OF ABSENCE, THE
EXECUTIVE SHALL, THROUGHOUT THE EMPLOYMENT PERIOD, DEVOTE SUBSTANTIALLY ALL THE
EXECUTIVE'S WORKING TIME, ATTENTION, KNOWLEDGE AND SKILLS FAITHFULLY, AND TO THE
BEST OF THE EXECUTIVE'S ABILITY, TO THE DUTIES AND RESPONSIBILITIES OF THE
EXECUTIVE'S POSITIONS IN FURTHERANCE OF THE BUSINESS AFFAIRS AND ACTIVITIES OF
THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES (AS DEFINED IN SECTION 5.4(A)
HEREOF) AND, EXCEPT WHERE THE COMPANY PROVIDES ITS WRITTEN CONSENT OTHERWISE,
SHALL MAINTAIN THE EXECUTIVE'S PRINCIPAL RESIDENCE WITHIN 75 MILES OF THE
PRINCIPAL OFFICE OF THE COMPANY AS OF THE EFFECTIVE DATE.
THE EXECUTIVE SHALL
AT ALL TIMES BE SUBJECT TO, COMPLY WITH, OBSERVE AND CARRY OUT (A) THE COMPANY'S
RULES, REGULATIONS, POLICIES AND CODES OF ETHICS AND/OR CONDUCT APPLICABLE TO
ITS EMPLOYEES GENERALLY AND IN EFFECT FROM TIME TO TIME AND (B) SUCH RULES,
REGULATIONS, POLICIES, CODES OF ETHICS AND/OR CONDUCT, DIRECTIONS AND
RESTRICTIONS AS THE BOARD OF DIRECTORS OF THE COMPANY (THE "BOARD") MAY FROM
TIME TO TIME REASONABLY ESTABLISH OR APPROVE FOR SENIOR EXECUTIVE OFFICERS OF
THE COMPANY.
2.
TERM OF EMPLOYMENT.
2.1
EMPLOYMENT PERIOD.
THE EMPLOYMENT OF THE EXECUTIVE HEREUNDER SHALL
CONTINUE UNTIL DECEMBER 31, 2007 (THE "INITIAL EMPLOYMENT PERIOD"), UNLESS
TERMINATED EARLIER IN ACCORDANCE WITH THE PROVISIONS