Attached files
EXHIBIT 10.55
Pro Acquisition Corporation
c/o HD Supply, Inc.
3100 Cumberland Blvd., Suite 1700
Atlanta, GA 30330
August 10, 2007
Mr. Joseph J. DeAngelo
2455 Paces Ferry Road
Atlanta, Georgia 30339
Re: | Continued Employment with HD Supply, Inc. |
Dear Joe:
Reference is made to your letter agreement, dated as of May 24, 2007, with HD Supply, Inc., and The Home Depot, Inc. (the Letter Agreement).
As you know, Pro Acquisition Corporation has entered into an agreement to acquire HD Supply, Inc., from The Home Depot, Inc. This letter confirms that, upon and subject to the closing of the acquisition, your employment as an at-will employee will continue on the same terms as those in effect prior to closing. Specifically, after closing (i) your base salary and target annual cash bonus opportunity will be not less than before closing, (ii) you will remain Chief Executive Officer of HD Supply, Inc., and (iii) your principal place of employment will remain in the same metropolitan area.
In addition, upon and subject to the closing of the acquisition, you will be covered by a severance arrangement that provides at least 24 months base salary continuation (at a rate not lower than your base salary on May 24, 2007) if HD Supply terminates your employment without cause (as defined in the Letter Agreement).
We appreciate your service to HD Supply, and look forward to working with you in the future.
Very truly yours,
/s/ David A. Novak
David A. Novak
Co-President