Exhibit 10.17
As of March 15, 2023
Mr. Michael Plant
755 Battery Avenue
Atlanta, Georgia 30339
Re: | Restated Employment Agreement by and between Michael Plant and Atlanta National League Baseball Club, LLC |
Dear Mike:
This letter agreement (“Agreement”) is entered, effective as of the date set forth above, by and between you (“Executive”) and the Atlanta National League Baseball Club, LLC (“ANLBC”) to set forth the terms and conditions of your employment with ANLBC. You and ANLBC desire to restate the terms of your employment with ANLBC such that the terms and conditions of the current employment agreement in effect between you and ANLBC, dated as of July 29, 2019, as amended (“Prior Agreement”), are of no further force and effect and the Prior Agreement is hereby restated and superseded by the terms and conditions of this Agreement. In consideration of the premises and mutual covenants and agreements herein, the receipt and sufficiency of which are hereby acknowledged, Executive and ANLBC (individually a “Party,” and collectively the “Parties”) hereby agree as follows:
A.Executive Vice President of ANLBC and President and CEO of BDC.
Subject to the terms and conditions of this Agreement, ANLBC hereby employs Executive as an Executive Vice President of ANLBC and as President & Chief Executive Officer of Braves Development Company, LLC (“BDC”) and Executive hereby accepts such employment. Executive shall also serve as an Executive Vice President of Braves Holdings, LLC (“Braves Holdings”), Braves Baseball Holdco, LLC (“Braves Baseball Holdco”), BDC Holdco, LLC (“BDC Holdco”) and its related subsidiaries and affiliates. In his capacity as Executive Vice President for ANLBC, Executive shall oversee all parking operations, security operations, spring training business operations and government affairs for ANLBC. In his capacity as President & CEO of BDC, Executive shall be responsible for overseeing all business operations for “The Battery Atlanta” mixed use development, including, without limitation, strategy and operations for all retail, office, hotel, entertainment venue and all other real estate development related aspects of BDC’s real estate holdings and such other additional duties as may be assigned to Executive from time to time by the Chairman of ANLBC and BDC (collectively the “Services”). Executive shall devote all of Executive’s business time, energy, and skill to performing his obligations hereunder.
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2023: $1,000,000
2024:$1,200,000
2025:$1,300,000
2026:$1,400,000
2027:$1,500,000
2023: $500,000
2024:$600,000
2025:$650,000
2026:$700,000
2027: $750,000
Executive’s incentive bonus, if any, shall be payable in accordance with ANLBC’s incentive bonus payment policy (as it may be modified or amended from time to time, and which currently is payable on or around December 15).
D.Club Dues. ANLBC shall reimburse Executive for documented dues for a
business or social club of Executive’s choosing in an amount up to $5,000 per calendar year.
E.Payments. All compensation hereunder shall be payable during the Term
on such schedule as ANLBC may implement from time to time for general payroll purposes (current schedule is semi-monthly payments), and all compensation hereunder is subject to any and all withholdings and deductions required by applicable law.
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neither ANLBC nor its parent company shall be obligated to institute or maintain any particular benefit or insurance program or plan or aspect thereof.
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becomes disabled (as certified by a qualified independent doctor) and is unable to perform the essential functions of his position, with or without reasonable accommodation for a period of ninety (90) consecutive days or for an aggregate of one hundred twenty (120) business days during any twelve (12) month period. Notwithstanding the foregoing provision, if it is determined by ANLBC that Executive has a “disability” as defined under the Americans with Disabilities Act (as amended), Executive’s employment shall not be terminated on the basis of such disability unless it is first determined by ANLBC after consultation with Executive and his treating physician that there is no reasonable accommodation which would permit Executive to perform the essential functions of his position without imposing an undue hardship on ANLBC. For any period of disability in which Executive is unable to perform the essential functions of his position, with or without reasonable accommodation, preceding the termination of this Agreement, Executive shall be compensated pursuant to the terms of any applicable short-term or long-term disability program or workers’ compensation program and will not receive compensation pursuant to this Agreement.
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(b) are the subject of efforts that are reasonable under the circumstances to maintain their secrecy. To the extent that the foregoing definition is inconsistent with a definition of “trade secret” mandated under applicable law, the latter definition shall govern for purposes of interpreting Executive’s obligations under this Agreement. “Confidential Information” shall mean valuable, non-public, competitively sensitive data or information relating to the business of ANLBC or any affiliated entity, other than Trade Secrets. Executive acknowledges and agrees that any unauthorized disclosure or use, whether on Executive’s own behalf or on behalf of any third party, of any of the Trade Secrets or Confidential Information would be wrongful and would likely result in immediate and irreparable injury to ANLBC or its affiliates. Except as required to perform the Services or except with ANLBC’s prior written permission, Executive shall not, without the express prior written consent of ANLBC, distribute, redistribute, market, publish, disclose, or divulge to any other person or entity, or use or modify for use, directly or indirectly in any way for any person or entity, (i) any Trade Secrets at any time (during or after the Term) during which such information or data shall continue to constitute a “trade secret” under applicable law, and (ii) any Confidential Information during the Term and for a period of twelve (12) months thereafter. Executive agrees to cooperate with any confidentiality requirements of ANLBC. Executive shall immediately notify ANLBC of any unauthorized disclosure or use of any Trade Secrets or Confidential Information of which Executive becomes aware. Pursuant to the Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (I) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (II) is made to Executive’s attorney in relation to a lawsuit for retaliation against Executive for reporting a suspected violation of law; or (III) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
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assets or stock of ANLBC or to any entity controlling, controlled by, or under common control with ANLBC), hereunder without the prior written consent of the other Party.
Mr. Terry McGuirk
755 Battery Avenue
Atlanta, GA 30339
with a copy to ANLBC’s EVP & Chief Legal Officer at the same address.
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If the foregoing is consistent with your understanding of our agreement with respect to the subject matter addressed herein, please so indicate by signing below and returning this Agreement to ANLBC’s EVP & Chief Legal Officer.
Very truly yours,
ATLANTA NATIONAL LEAGUE BASEBALL CLUB, LLC
By: /s/ TERENCE F. MCGUIRK
Terry McGuirk, Chairman
AGREED AND ACCEPTED:
EXECUTIVE
/s/ MICHAEL P. PLANT
Michael Plant
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