EXHIBIT 10.11
BK2 INC.
0000 Xxxx Xxxx Xxxxxxxxx, Xxxxx 000, Telephone: 000-000-0000
Houston, Texas 77042 Facsimile: 000-000-0000
Xx. Xxxxxxx X. Xxxxxx
00000 Xxxxxxx Xxxx Xxxxx
Xxxxxxx, XX 00000
Dear Xx. Xxxxxx:
This letter shall serve as a conditional offer of employment to you by Franklin
Bank, S.S.B. ("Franklin").
The above referenced offer is as follows:
Position: Managing Director of Commercial Lending
---------
Salary & Bonus: Your salary will be $100,000 per annum and you will participate in Xxxxxxxx'x
--------------- bonus program with a target of $50,000.
Stock Options: You will receive 30,000 options for shares of BK2 Inc. having an exercise price
-------------- of $12.00 per such share, in accordance with BK2 Inc.'s stock option plan, as
approved by the Board of Directors of BK2 Inc.
Expenses: You will receive annual allowance(s) as follows: auto - $6,000 and club
--------- dues - $3,000.
Severance: Generally, you will receive a severance of six (6) months' pay, if terminated
---------- without cause. However, in the event of a change of control of Xxxxxxxx (which
shall include a public offering), you will receive eighteen (18) months' pay (which
shall be based on your then current annualized salary including the highest bonus
received by you in the previous three (3) years) in restricted stock as (i) severance
pay if you are terminated without cause as a result of the change of control, or (ii)
an incentive to stay with Xxxxxxxx after the change of control.
Please note that at no point in time will this letter or the offer that it
memorializes, serve as or be construed to grant you, a guarantee of employment
for any period of time. You will be at all times an employee at will. Only upon
the execution of a definitive employment agreement will your employment status
change.
Please also note that the offer, and the above particulars, are subject to
Xxxxxxxx'x policies, any Franklin Board of Directors' resolution or directive
regarding the same and the approval of Xxxxxxxx'x Board of Directors.
Please confirm your acceptance of this offer of employment by signing this
letter where indicated and returning the executed original to our offices.
Should you have any questions about this offer of employment or the company,
please call the company at the above phone number.
Very truly yours,
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: President
ACCEPTED: /s/ Xxxxxxx Xxxxxx Date: 4/24/02
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