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[Cott Logo] EXHIBIT 10.8
000 XXXXX'X XXXX XXXX
XXXXX 000
XXXXXXX, XXXXXXX X0X 0X0
TO: XXXX XXXXXXXXXX
CC:
FROM: XXXXX X. XXXXXX
DATE: AUGUST 23, 1999
SUBJECT: EMPLOYMENT AGREEMENT
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Position: Executive Vice President, Cott Corporate
Reporting to CEO Cott Corporate
Assignment: Global Purchasing - Global Best Practices. COO. Asia & Israel
- Advisory Board UK - Innovation Initiatives - Wal*Mart
International - Project Assignment by CEO
Location: Corporate Office (Toronto) / or Tampa US office. At Xxxx
Xxxxxxxxxx'x discretion and expense he may relocate to Tampa.
Term: Year to Year
Compensation: Shall not be less than that in effect on November 1, 1998.
Termination: 6 months of notice may be given at any time by either party.
Termination
Payment: Within 30 days of notice being delivered by either party. The
aggregate of two times Xxxx Xxxxxxxxxx'x annual salary and
bonus paid or payable plus the cash value of all benefits and
perquisites and the average of any other remuneration during
the two years prior to the termination notice.
NB: For calendar 1998 the 11 month fiscal year shall be
grossed up to 12 months. Payment shall be made subject to
Xxxx Xxxxxxxxxx signing the attached release and returning
all Cott owned property to Cott.
Stock Options: Upon termination notice being delivered by either
party, all stock options granted to Xxxx Xxxxxxxxxx shall
fully vest and shall be exercisable for a period of 12
months.
Future Option
Grants: Eligibility, terms and quantity of options granted will be on
the same basis as the other members of the executive council.
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XXXX XXXXXXXXXX
EMPLOYMENT AGREEMENT (CONT'D)
Bonus: Will be expressed as a percentage of salary and will be
determined on the same basis as that applicable to the other
members of the corporate executive group (other than the
CEO).
Any Other
Benefits: On the same basis as other members of the corporate executive
group.
Death: In the event of Xxxx Xxxxxxxxxx'x death, the termination
payment will be treated as per Plan C.S.O. and shall be
provided to his estate.
Outstanding Loan: All mortgages and encumbrances placed on Xxxx
Xxxxxxxxxx'x property to secure the loan of Canadian $220,000
will be removed and replaced by 19,500 Cott shares, which
shall become the sole security and recourse for the loan.
Cott Corporation will hold the share certificates.
Confidentiality
Agreement: Cott acknowledges that Xxxx Xxxxxxxxxx has signed a
confidentiality agreement.
Legal Counsel
Fees: If the corporation shall fail to comply with its obligation
in the agreement or call into question the legal validity of
this agreement, all reasonable legal counsel fees incurred by
Xxxx Xxxxxxxxxx in the course of seeking to enforce this
agreement shall be on the account of and payable by Cott
Corporation, except to the extent that a court shall
determine that Xxxx Xxxxxxxxxx'x action in seeking to enforce
this agreement was frivolous.
/s/ Xxxx Xxxxxxxxxx /s/ Xxxxx X. Xxxxxx
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Xxxx Xxxxxxxxxx Xxxxx X. Xxxxxx
Executive Vice President Senior Vice President
Human Resources
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