Document:

Amended & Restated Employment Agreement

EXHIBIT 10.35 
 
AMENDED AND RESTATED 
EMPLOYMENT AGREEMENT DATED APRIL 18, 2003 
 
This Amended and Restated Employment Agreement dated April 18, 2003 (“Agreement”) is entered into as of the 18th day of April
2003, by and between Saks Incorporated (“Company”), and R. Brad Martin (“Executive”). 
 
Company and Executive agree as follows: 
 
1.  Employment.    Company hereby employs Executive as Chief Executive Officer of Company. It is
anticipated that Executive will be elected Chairman of the Board. 
 
2.  Duties.    During his employment, Executive shall devote substantially all of his working time, energies, and skills to the benefit of Company’s business. Executive agrees to
serve Company diligently and to the best of his ability and to use his best efforts to follow the policies and directions of Company’s Board of Directors. 
 
3.  Compensation.    Executive’s compensation and benefits under this Agreement shall be as
follows: 
 
(a)  Base
Salary.    Company shall pay Executive a base salary (“Base Salary”) at a rate of no less than $1,000,000 per year. In addition, the Board of Directors of Company shall, in good faith, consider granting increases in
such Base Salary based upon such factors as Executive’s performance and the growth and/or profitability of Company. Executive’s Base Salary shall be paid in installments in accordance with Company’s normal payment schedule for its
senior management. All payments shall be subject to the deduction of payroll taxes and similar assessments as required by law. 
 
(b)  Bonus.    In addition to the Base Salary, Executive shall be eligible pursuant to the 1998
Senior Executive Bonus Plan for a yearly cash bonus based upon his performance, in accordance with specific annual objectives, set in advance, all as approved by the Board of Directors. 
 
(c)  Annual Stock Grant Bonus.    Pursuant to the 1998 Senior Executive
Bonus Plan, an amount up to twenty thousand (20,000) shares of Company common stock may be issued to Executive as soon as possible after the end of each fiscal year of Company, based upon annual targeted growth in intrinsic value of the Company or
other factors, as determined by the Human Resources Committee of the Board of Directors. The Human Resources Committee, subject to approval from the Board of 
 

1 

Directors, shall have sole and exclusive discretion to grant or withhold any portion of such yearly stock
grant. 
 
(d)  Second Annual Stock
Grant Bonus.    Pursuant to the 1998 Senior Executive Bonus Plan, Company shall award Executive a bonus of up to 20,000 (twenty thousand) shares of Company common stock on the basis of growth in earnings per share with the
Human Resources Committee of the Board of Directors setting the objectives in advance. The Human Resources Committee shall have sole and exclusive discretion to determine whether that objective has been met, and the Committee may consider matters
such as nonrecurring and extraordinary items. The Human Resource Committee may allocate the 40,000 shares bonus potential in Paragraphs 3(c) and 3(d) in any manner permitted by the 1998 Senior Executive Bonus Plan so that, if less than 20,000 shares
of stock may be earned under this Section 3(d), it may increase accordingly the number of shares that may be earned under Section 3(c). 
 
(e)  Vesting of Prior Restricted Stock Grants.    Company has previously declared earned the shares
of restricted stock granted under the TARSAP programs in 1996 and 1998. The remaining unvested shares under those programs shall vest on November 1, 2003, provided that Executive remains employed by Company on those dates. 
 
(f)  Five-Year Service Stock
Grant.     In accordance with Executive’s prior contract, Executive shall be awarded 250,000 shares of Company common stock on May 31, 2006, provided, however, that he does not voluntarily end his employment with Company
prior to that time. In the event of Executive’s death prior to May 31, 2006, Executive’s estate shall be issued a pro rata portion of those shares. 
 
(g)  Performance Stock Grant.    In accordance with Executive’s prior contract, Executive shall
have the ability to earn up to 500,000 shares of Company common stock to be awarded on May 31, 2006. The number of shares awarded, if any, will be based on the average stock price of Company common stock from June 1, 2005, through May 31, 2006. The
threshold for earning any shares shall be $17.57, with 100,000 shares being earned at that price. The maximum number of shares shall be 500,000, and that number of shares shall be earned with a stock price of $29.30 or higher. Shares shall be pro
rated between $17.57 and $29.30. 
 

2 

 
(h)  Annual Stock Grant.    Executive shall be awarded 5,000 shares of Company common stock on May 1 of each year as long as he holds the position set forth in Paragraph 1. 
 
(i)  Effect of Change In Control on Options and
Restricted Stock.    In the event of a Change in Control (as defined in the Company’s 1994 LTIP), any Options and restricted stock granted to Executive prior to such Change In Control shall immediately vest. The number
of shares awarded under subparagraph (g) shall be determined by using the purchase price of the Company’s shares. 
 
4.  Insurance and Other Expenses and Benefits.    Company shall allow Executive to participate in
each employee benefit plan and to receive each executive benefit that Company provides for senior executives at the level of Executive’s position. 
 
(a)  Company shall not modify nor extend the Company’s split-dollar insurance obligations set forth under Section 4(a) of
the Amended and Restated Employment Contract Dated May 31, 2001. For the two-year non-competition period in Section 8 below after Executive’s employment ends, Company shall reimburse Executive for an offsite office and one secretary.

 
(b)  Company shall provide security
for Executive’s residences or shall reimburse Executive for such expenses. 
 
(c)  Executive shall be entitled to lifetime participation in Company’s health plan in the event that he retires from Company. 
 
(d)  Executive shall be entitled to a lifetime
associate discount for merchandise purchased from Company, and this provision shall survive termination of employment or expiration of this Agreement. 
 
(e)  Company shall provide Executive with long-term disability insurance with a benefit of $30,000 per month. Company shall also
pay for a required annual physical examination of Executive. 
 
5.  Term; termination without Cause or for Good Reason.    The term of this Agreement shall run until October 1, 2007, provided, however, that Company may terminate this Agreement at any time
without Cause, as defined below, upon thirty (30) days’ prior written notice and Executive may terminate this Agreement for Good Reason. Good Reason shall mean a mandatory relocation from the Memphis, Tennessee area, or at any time Executive
chooses to 
 

3 

terminate employment within one year after a Change In Control of Company (as defined in the in the 1994
LTIP). Upon such termination of employment, this Agreement shall terminate except for Section 8, which shall continue in effect as set forth in Section 8. In the event of such termination by Company without Cause or by Executive for Good Reason,
Executive shall be entitled, in addition to all earned but unpaid wages and benefits, to the following severance benefits: 
 
(a)  a sum equal to the Base Salary then in effect plus 25% of Executive’s maximum bonus potential (in effect at the time)
multiplied by the longer of 3 years or the balance of the time remaining in the Term, and 
 
(b)  immediate vesting of all stock options and restricted stock awards (including service grants) with the ability to exercise the stock options for the shorter of two years or the original
expiration period of the option, and 
 
(c)  participation in Company’s health plans, with family coverage, for his life, and continuation of split-dollar insurance agreements for five years, and 
 
(d)  reimbursement for the cost of a full-time secretary during the balance of the term of this
Agreement or three years, whichever is longer, and 
 
(e)  if any payment, right or benefit provided for in this Agreement or otherwise paid to Executive by Company is treated as an “excess parachute payment” under Section 280(G)(b) of the Internal Revenue Code of
1986, as amended, (the “Code”), Company shall indemnify and hold harmless and make whole, on an after-tax basis, Executive for any adverse tax consequences, including but not limited to providing to Executive on an after-tax basis the
amount necessary to pay any tax imposed by Code Section 4999. 
 
In addition, this Agreement shall terminate upon the death of Executive, except as to: (a) Executive’s estate’s right to exercise any unexercised stock options pursuant to Company’s stock option plan then in effect,
with it being understood that Company would follow its traditional policy of vesting all of Executive’s stock options upon death, (b) other entitlements under this contract that expressly survive death, (c) payment of earned but unpaid wages
and benefits, and (d) any rights which Executive’s estate or dependents may have under COBRA or any other federal or state law or which are derived independent of this Agreement by reason of his participation in any plan maintained by Company.

 

4 

 
6.  Termination by Company for Cause.    (a) Company shall have the right to terminate Executive’s employment under this Agreement for Cause, in which event no salary or bonus shall be paid
after termination for Cause except for (i) earned but unpaid wages and benefits, and (ii) Company shall vest a pro rata fractional portion of Executive’s stock options based on the number of days Executive was employed since the last vesting of
such options. Termination for Cause shall be effective immediately upon notice sent or given to Executive. For purposes of this Agreement, the term “Cause” shall mean and be strictly limited to: conviction of Executive, after all
applicable rights of appeal have been exhausted or waived, for any crime that materially discredits Company or is materially detrimental to the reputation or goodwill of Company. 
 
(b)  In the event that Executive’s employment is terminated, Executive agrees to resign as an
officer and/or director of Company (or any of its subsidiaries or affiliates), effective as of the date of such termination, and Executive agrees to return to Company upon such termination any of the following which contain confidential information:
all documents, instruments, papers, facsimiles, and computerized information which are the property of Company or such subsidiary or affiliate. 
 
7.  Disability.    If Executive becomes disabled at any time during the term of this Agreement, he
shall after he becomes disabled continue to receive all payments and benefits provided under the terms of this Agreement for a period of twelve consecutive months, or for the remaining term of this Agreement, whichever period is shorter. In the
event that Executive is disabled for more than twelve consecutive months during the term of this Agreement, Executive shall, at the expiration of the initial twelve consecutive month period, be entitled to receive under this Agreement 50% of his
Base Salary plus the insurance and benefits described in Section 4 of this Agreement for the remaining term of this Agreement. While Executive is disabled, he shall remain employed for purposes of vesting of restricted stock and stock options, and,
after his employment ends, he shall be entitled to the lifetime benefits set forth in Section 5(c). For purposes of this Agreement, the term “disabled” shall mean the inability of Executive (as the result of a physical or mental condition)
to perform the duties of his position under this Agreement with reasonable accommodation and which inability is reasonably expected to last at least one (1) full year. 
 
8.  Non-competition; Unauthorized Disclosure. 
 

5 

 
(a)  Non-competition.    During the period Executive is employed under this Agreement, and for a period of two years thereafter, Executive: 
 
(i)  shall not engage in any activities, whether as
employer, proprietor, partner, stockholder (other than the holder of less than 5% of the stock of a corporation the securities of which are traded on a national securities exchange or in the over-the-counter market), director, officer, employee or
otherwise, in competition with (i) the businesses conducted at the date hereof by Company or any subsidiary or affiliate, or (ii) any business in which Company or any subsidiary or affiliate is substantially engaged at any time during the employment
period; 
 
(ii)  shall not solicit, in
competition with Company, any person who is a customer of the businesses conducted by Company at the date hereof or of any business in which Company is substantially engaged at any time during the term of this Agreement; and 
 
(iii)  shall not induce or attempt to persuade any
employee of Company or any of its divisions, subsidiaries or then present affiliates to terminate his or her employment relationship in order to enter into competitive employment. 
 
(b)  Unauthorized Disclosure.    During the period Executive is employed
under this Agreement, and for a further period of two years thereafter, Executive shall not, except as required by any court or administrative agency, without the written consent of the Board of Directors, or a person authorized thereby, disclose to
any person, other than an employee of Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Executive of his duties as an executive for Company, any confidential information obtained by
him while in the employ of Company; provided, however, that confidential information shall not include any information now known or which becomes known generally to the public (other than as a result of unauthorized disclosure by Executive).

 
(c)  Scope of Covenants;
Remedies.    The following provisions shall apply to the covenants of Executive contained in this Section 8: 
 
(i)  the covenants contained in paragraph (i) and (ii) of Section 8(a) shall apply within all the territories in which Company
is actively engaged in the conduct of business while Executive is employed under this Agreement, including, 
 

6 

without limitation, the territories in which customers are then being solicited; 
 
(ii)  without limiting the right of Company to
pursue all other legal and equitable remedies available for violation by Executive of the covenants contained in this Section 8, it is expressly agreed by Executive and Company that such other remedies cannot fully compensate Company for any such
violation and that Company shall be entitled to injunctive relief to prevent any such violation or any continuing violation thereof; 
 
(iii)  each party intends and agrees that if, in any action before any court or agency legally empowered to enforce the
covenants contained in this Section 8, any term, restriction, covenant or promise contained therein is found to be unreasonable and accordingly unenforceable, then such term, restriction, covenant or promise shall be deemed modified to the extent
necessary to make it enforceable by such court or agency; and 
 
(iv)  the covenants contained in this Section 8 shall survive the conclusion of Executive’s employment by Company. 
 
9.  General Provisions. 
 
(a)  Notices.    Any notice to be given hereunder by either party to the other may be effected by
personal delivery, facsimile, electronic mail or U.S. mail, registered or certified, postage prepaid with return receipt requested. Mailed notices shall be addressed to the parties at the addresses set forth below, but each party may change his or
its address by written notice in accordance with this Section 9(a). Notices shall be deemed communicated as of the actual receipt or refusal of receipt. 
 

	 If to Executive:
	 	 R. Brad Martin
 1025 Cherry Road
 Memphis, TN 38117

	 
	 If to Company:
	 	 Saks Incorporated
 750 Lakeshore Parkway
 Birmingham, AL 35211

 
(b)  Partial Invalidity.    If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall, nevertheless,
continue in full force and without being impaired or invalidated in any way. 
 

7 

 
(c)  Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee. 
 
(d)  Entire Agreement.    Except for any prior grants of options,
restricted stock, or other forms of incentive compensation evidenced by a written instrument — some of which are attached hereto as Exhibit A — or by an action of the Board or Directors, this Agreement supersedes any and all other
agreements, either oral or in writing, between the parties hereto with respect to employment of Executive by Company and contains all of the covenants and agreements between the parties with respect to such employment. Each party to this Agreement
acknowledges that no representations, inducements or agreements, oral or otherwise, that have not been embodied herein, and no other agreement, statement or promise not contained in this Agreement, shall be valid or binding. Any modification of this
Agreement will be effective only if it is in writing signed by the party to be charged. 
 
(e)  No Conflicting Agreement.    By signing this Agreement, Executive warrants that he is not a party to any restrictive covenant, agreement or contract which
limits the performance of his duties and responsibilities under this Agreement or under which such performance would constitute a breach. 
 
(f)  Headings.    The Section, paragraph, and subparagraph headings are for convenience or reference
only and shall not define or limit the provisions hereof. 
 
(g)  Attorney’s Fees.    If any case is brought to enforce any right or provision set out in this Agreement, Company shall reimburse Executive for reasonable costs incurred (including
attorneys’ fees) by Executive: (i) in the case of termination of employment that occurs prior to a Change in Control only if the Executive substantially prevails, and (ii) in the case of termination of employment after a Change in Control
regardless of the outcome of the action with reimbursement being made as expenses are incurred. 
 

8 

 
IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written above. 
 
 

	 SAKS INCORPORATED
  
  

	
	 By:
	 	

	 	 	 James A. Coggin
 Chief Administrative Officer

 
 
 

R. Brad Martin 
Executive 
 

9Employment Agreement - James A. Coggin

 
Exhibit 10.36

 
EMPLOYMENT AGREEMENT

 
This Employment Agreement
(“Agreement”) is entered into as of the 15th day of March 2003, by and between Saks Incorporated (the “Company”), and James A. Coggin (“Executive”). 
 
Company and Executive agree as follows: 
 
1. Employment. Company hereby employs Executive as President and Chief Administrative Officer of
Company or in such other capacity of equal or greater responsibility with Company and its subsidiaries as Company’s Board of Directors shall designate. 
 
2. Duties. During his employment, Executive shall devote substantially all of his working time, energies, and skills to the benefit
of Company’s business. Executive agrees to serve Company diligently and to the best of his ability and to use his best efforts to follow the policies and directions of Company’s Board of Directors. 
 
3. Compensation. Executive’s compensation and
benefits under this Agreement shall be as follows: 
 
(a) Base Salary. Company shall pay Executive a base salary (“Base Salary”) at a rate of no less than $800,000 per year. Executive’s Base Salary shall be paid in installments in accordance with Company’s
normal payment schedule for its senior management. All payments shall be subject to the deduction of payroll taxes and similar assessments as required by law. 
 
(b) Bonus. In addition to the Base Salary, Executive shall be eligible, as long as he holds the position stated in paragraph 1, for
a yearly cash bonus with a target of 50% (“Target Bonus”) for achieving plan with the opportunity to earn more than the Target Bonus. 
 
(c) Vesting of Restricted Stock Grants. Company has declared earned the unvested shares of restricted stock granted under the
TARSAP programs in 1996 and 1998. The remaining unvested shares shall vest on November 1, 2003, provided that Executive remains employed by Company on that date. 
 
(d) New Three-Year TARSAP Program. Executive has been granted 50,000 shares of common stock that will
vest on November 1, 2012, provided that he remains employed by Company on that date. One-third of those shares may be earned and the vesting of those shares accelerated based on EPS for each of fiscal years 2003, 2004, and 2005. The Human Resources
Committee of the Board shall set the EPS target at the beginning of each fiscal year. Executive shall earn 100% of the eligible shares for a fiscal year upon the Company’s achieving the EPS target, and he shall 
 

1 

earn 50% of the eligible shares upon achieving 85% of the target. Shares will be pro rated between those
levels. 
 
(e) Effect of Change of Control on
Options. In the event of a Change of Control (as defined in the Company’s 1994 Plan), any Options and restricted stock granted to Executive prior to such Change of Control shall immediately vest. 
 
4. Insurance and Benefits. Company shall allow
Executive to participate in each employee benefit plan and to receive each executive benefit that Company provides for senior executives at the level of Executive’s position. 
 
5. Term. The term of this Agreement shall be for three years, provided, however, that Company may
terminate this Agreement at any time upon thirty (30) days’ prior written notice (at which time this Agreement shall terminate except for Section 9, which shall continue in effect as set forth in Section 9). In the event of such termination by
Company without Cause, as defined below, Executive shall be entitled to receive his Base Salary (at the rate in effect at the time of termination) through the end of the term of this Agreement plus the shares in Section 3(c). Such Base Salary shall
be paid in one lump sum. In the event that Executive’s employment is terminated without Cause, as defined below, during the final two years of the Term, or thereafter if Executive is working without an employment contract, he shall be entitled
to two years’ Base Salary as severance pay, and he shall have one year after termination of employment to exercise any vested options. 
 
In addition, this Agreement shall terminate upon the death of Executive, except as to: (a) Executive’s estate’s right to
exercise any unexercised stock options pursuant to Company’s stock option plan then in effect, (b) other entitlements under this contract that expressly survive death, (c) any rights which Executive’s estate or dependents may have under
COBRA or any other federal or state law or which are derived independent of this Agreement by reason of his participation in any employee benefit arrangement or plan maintained by Company, and (d) Executive’s estate shall receive all shares
under Section 3(c) and 100% of the TARSAP shares eligible to be earned in the year of Executive’s death. 
 
6. Termination by Company for Cause. (a) Company shall have the right to terminate Executive’s employment under this Agreement
for Cause, in which event no salary or bonus shall be paid after termination for Cause. Termination for cause shall be effective immediately upon notice sent or given to Executive. For purposes of this Agreement, the term “Cause” shall
mean and be strictly limited to: (i) conviction of Executive, after all 
 

2 

applicable rights of appeal have been exhausted or waived, for any crime that materially discredits
Company or is materially detrimental to the reputation or goodwill of Company; (ii) commission of any material act of fraud or dishonesty by Executive against Company or commission of an immoral or unethical act that materially reflects negatively
on Company, provided that Executive shall first be provided with written notice of the claim and with an opportunity to contest said claim before the Board of Directors; or (iii) Executive’s willful and continual material breach of his
obligations under paragraph 2 of the Agreement, after written notice of the breach and failure to cure, as so determined by the Board of Directors. 
 
(b) In the event that Executive’s employment is terminated, Executive agrees to resign as an officer and/or director of Company (or
any of its subsidiaries or affiliates), effective as of the date of such termination, and Executive agrees to return to Company upon such termination any of the following which contain confidential information: all documents, instruments, papers,
facsimiles, and computerized information which are the property of Company or such subsidiary or affiliate. 
 
7. Change in Control. If Executive’s employment is terminated by Executive for “Good Reason” after a Change in
Control, or by Company in any way connected with a Change in Control of Company or a Potential Change in Control of Company, as defined below, Executive shall receive a sum equal to three times his Base Salary then in effect and continuation in the
Company’s health plans for three years at no cost. The phrase “Good Reason” shall mean: (1) a mandatory relocation from the Jackson, Mississippi area, (2) a reduction in duties or status within the combined company as a result of or
after the Change in Control, or (3) any time during the 13th month after a Change in Control the Executive
terminates employment and deems it to be for Good Reason. If any payment, right or benefit provided for in this Agreement or otherwise paid to Executive by Company is treated as an “excess parachute payment” under Section 280(G)(b) of the
Internal Revenue Code of 1986, as amended, (the “Code”), Company shall indemnify and hold harmless and make whole, on an after-tax basis, Executive for any adverse tax consequences, including but not limited to providing to Executive on an
after-tax basis the amount necessary to pay any tax imposed by Code Section 4999. 
 
As used herein, the term “Change in Control” means the happening of any of the following: 
 
(a) Any person or entity, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended,
other than Company, a subsidiary of Company, or 
 

3 

any employee benefit plan of Company or its subsidiaries, becomes the beneficial owner of Company’s
securities having 25 percent or more of the combined voting power of the then outstanding securities of Company that may be cast for the election for directors of Company (other than as a result of an issuance of securities initiated by Company in
the ordinary course of business); or 
 
(b) As the
result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transactions, less than a majority of the combined voting power of
the then outstanding securities of Company or any successor corporation or entity entitled to vote generally in the election of directors of Company or such other corporation or entity after such transaction, are held in the aggregate by holders of
Company’s securities entitled to vote generally in the election of directors of Company immediately prior to such transactions; or 
 
(c) During any period of two consecutive years, individuals who at the beginning of any such period constitute the Board of Directors of
Company cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by Company’s stockholders, of each director of Company first elected during such period was approved by a vote of at
least two-thirds of the directors of Company then still in office who were directors of Company at the beginning of any such period. 
 
As used herein, the term “Potential Change in Control” means the happening of any of the following: 
 
(a) The approval by stockholders of an agreement by Company,
the consummation of which would result in a Change of Control of Company; or 
 
(b) The acquisition of beneficial ownership, directly or indirectly, by any entity, person or group (other than Company, a wholly-owned subsidiary thereof or any employee benefit plan of Company or its
subsidiaries (including any trustee of such plan acting as trustee)) of securities of Company representing 5 percent or more of the combined voting power of Company’s outstanding securities and the adoption by the Board of Directors of Company
of a resolution to the effect that a Potential Change in Control of Company has occurred for purposes of this Agreement. 
 
8. Disability. If Executive becomes disabled at any time during the term of this Agreement, he shall after he becomes disabled
continue to receive all payments and benefits provided 
 

4 

under the terms of this Agreement for a period of twelve consecutive months, or for the remaining term of
this Agreement, whichever period is shorter. For purposes of this Agreement, the term “disabled” shall mean the inability of Executive (as the result of a physical or mental condition) to perform the duties of his position under this
Agreement with reasonable accommodation and which inability is reasonably expected to last at least one (1) full year. 
 
9. Non-competition; Unauthorized Disclosure. 
 
(a) Non-competition. During the period Executive is employed under this Agreement, and for a period of
one year thereafter, Executive: 
 
(i) shall not
engage in any activities, whether as employer, proprietor, partner, stockholder (other than the holder of less than 5% of the stock of a corporation the securities of which are traded on a national securities exchange or in the over-the-counter
market), director, officer, employee or otherwise, in competition with (i) the businesses conducted at the date hereof by Company or any subsidiary or affiliate, or (ii) any business in which Company or any subsidiary or affiliate is substantially
engaged at any time during the employment period; 
 
(ii) shall not induce or attempt to persuade any employee of Company or any of its divisions, subsidiaries or then present affiliates to terminate his or his employment relationship; and 
 
(iii) for purposes of this Section, the Company’s
competitors shall be deemed to include only Federated Department Stores, Kohl’s, The May Company, Dillard’s, Marshall Fields, Belk Department Stores, Neiman Marcus or its affiliates, Barney’s and Nordstrom’s, or any of their
successors. 
 
(b) Unauthorized Disclosure.
During the period Executive is employed under this Agreement, and for a further period of one year thereafter, Executive shall not, except as required by any court or administrative agency, without the written consent of the Board of Directors, or a
person authorized thereby, disclose to any person, other than an employee of Company or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Executive of his duties as an executive for Company, any
confidential information obtained by him while in the employ of Company; provided, however, that confidential information shall not include any information now known or which becomes known generally to the public (other than as a result of
unauthorized disclosure by Executive). 
 

5 

 
(c) Scope
of Covenants; Remedies. The following provisions shall apply to the covenants of Executive contained in this Section 9: 
 
(i) the covenants contained in paragraph (i) of Section 9(a) shall apply within all the territories in which Company or its affiliates or
subsidiaries are actively engaged in the conduct of business while Executive is employed under this Agreement; 
 
(ii) without limiting the right of Company to pursue all other legal and equitable remedies available for violation by Executive of the
covenants contained in this Section 9, it is expressly agreed by Executive and Company that such other remedies cannot fully compensate Company for any such violation and that Company shall be entitled to injunctive relief to prevent any such
violation or any continuing violation thereof; provided, however, Company shall be entitled to injunctive relief only to protect itself from unfair competition of the type protected under Tennessee law. 
 
(iii) each party intends and agrees that if, in any action
before any court or agency legally empowered to enforce the covenants contained in this Section 9, any term, restriction, covenant or promise contained therein is found to be unreasonable and accordingly unenforceable, then such term, restriction,
covenant or promise shall be deemed modified to the extent necessary to make it enforceable by such court or agency; and 
 
(iv) the covenants contained in this Section 9 shall survive the conclusion of Executive’s employment by Company. 
 
10. General Provisions. 
 
(a) Notices. Any notice to be given hereunder by either
party to the other may be effected in writing by personal delivery, mail, electronic mail, overnight courier, or facsimile. Notices shall be addressed to the parties at the addresses set forth below, but each party may change his or its address by
written notice in accordance with this Section 10 (a). Notices shall be deemed communicated as of the actual receipt or refusal of receipt. 
 

	
	 If to Executive:
	  	 James A. Coggin

	
	 	  	 3455 Highway 80 West
 Jackson, MS 39209

	
	 If to Company:
	  	 Office of General Counsel

 
 
 
 
 

6 

 
Saks Incorporated 
12 E. 49th Street 
New
York, NY 10017 
 
(b) Partial Invalidity. If
any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall, nevertheless, continue in full force and without being impaired or invalidated in any way.

 
(c) Governing Law. This Agreement shall
be governed by and construed in accordance with the laws of the State of Tennessee. 
 
(d) Entire Agreement. Except for the Company loan and its forgiveness provisions, any prior grants of options, restricted stock, or other forms of incentive compensation evidenced by a written
instrument or by an action of the Board or Directors, this Agreement supersedes any and all other agreements, either oral or in writing, between the parties hereto with respect to employment of Executive by Company and contains all of the covenants
and agreements between the parties with respect to such employment. Each party to this Agreement acknowledges that no representations, inducements or agreements, oral or otherwise, that have not been embodied herein, and no other agreement,
statement or promise not contained in this Agreement, shall be valid or binding. Any modification of this Agreement will be effective only if it is in writing signed by the party to be charged. 
 
(e) No Conflicting Agreement. By signing this
Agreement, Executive warrants that he is not a party to any restrictive covenant, agreement or contract which limits the performance of his duties and responsibilities under this Agreement or under which such performance would constitute a breach.

 
(f) Headings. The Section, paragraph, and
subparagraph headings are for convenience or reference only and shall not define or limit the provisions hereof. 
 
(g) Attorney’s Fees. If Executive brings any action to enforce his purported rights under this Agreement after a Change in
Control, Company shall reimburse Executive for his reasonable costs, including attorney’s fees, incurred. Company shall reimburse Executive as the costs are incurred and without regard to the outcome of the action. 
 
IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above. 
 

7 

 

	 SAKS INCORPORATED

	
	 By:
	 	

	 	 	 Brian J. Martin
 Executive Vice President

 

	
	 	 	  

	 	 	 James A. Coggin
 Executive

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]