Exhibit 10.15
SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement") is
entered into on August 10. 2007 (the "Execution Date"), to be effective for all
purposes as of August 2, 2007 (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 Scott Silver (the
"Executive").
WHEREAS, the Company and the Executive entered in an Employment Agreement on
May 5, 2006, effective as of April 3, 2006 (the "Original Employment
Agreement");
WHEREAS, the Company and the Executive entered in an Amended and Restated
Employment Agreement on January 20, 2007, effective as of January 1, 2007 (the
"First Amended Employment Agreement"), to amend and restate the Original
Employment Agreement; and
WHEREAS, the Company and the Executive now desire to amend certain provisions of
the First Amended Employment Agreement and restate the First Amended Employment
Agreement, as so amended, effective as of the Effective Date.
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 EXECUTIVE VICE
PRESIDENT, MERCHANDISING 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 AN EXECUTIVE VICE PRESIDENT.
THE COMPANY MAY ADJUST THE DUTIES AND
RESPONSIBILITIES OF THE EXECUTIVE AS AN EXECUTIVE 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