August 19, 1997
Mr. Xxxx Xxxxxxx
Dear Xxxx:
The purpose of this letter is to outline the basic terms of an agreement for
you to continue working with Xxxxxxx beginning January 1, 1998. The following
are the key elements of our agreement:
Title: Chairman, Eastpak
Effective Date: January 1, 1998
Salary: $300,000.00/annual
Bonus Target: 70% of base salary. Prorate if leave during the year for
"non cause".
Stock Options: 20,000 shares to be approved by the first
compensation committee meeting in 1998. Vesting will be
accelerated from our normal practice such that 50% will vest
at 6 months at the date of issue and 50% will vest 6 months
thereafter.
Car Allowance: $725.00/month
Vacation: 4 weeks
Benefits: Standard Xxxxxxx benefits
Notice Period: Six months for either party in 1998, three months thereafter.
Upon our reaching agreement on these key elements, we will complete a more
formal Employment Agreement between us.
I look forward to your continued involvement and leadership of Eastpak to
grow both in revenue and income in the future on a global basis.
Sincerely,
/s/ Xxxxx Xxxxx I concur: /s/ Xxxx Xxxxxxx
--------------------- ------------------------
Chairman and CEO
Date: 10/01/97
--------------------------------
