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DETROIT - Kmart Corp.'s CEO and chairman, James Adamson, will get at least $1 million a year in base salary and an extra $4 million if he brings the troubled retailer out of bankruptcy by July 2003, The Associated Press reports.
An employment agreement filed in U.S. Bankruptcy Court Wednesday, subject to court approval, states that Adamson would get the full $4 million bonus if the company emerges from Chapter 11 by July 31, 2003. The bonus decreases by $7,299 for each additional day the company is in bankruptcy until April 30, 2004, after which he would get no bonus.
Adamson also gets a $2.5 million signing bonus and an estimated $1.25 million annual performance bonus under the agreement.
Adamson was named chairman Jan. 17 and became CEO when Chuck Conaway resigned March 9. Conaway's severance package has not yet been filed with the court.