EXHIBIT 10(l)
Xxxxxxx X. Xxxxx
Chairman of the Board and
Chief Executive Officer
February 22, 1999
Xx. Xxxxx X. Xxxxx
Dear Xxx:
It is my pleasure to extend to you an offer of employment with EDS (the
"Company"), upon the terms set forth in the attached term sheet. This offer will
remain open for your acceptance no later than 11 a.m., Eastern time, February
23, 1999. Please signify your acceptance of such employment by signing as
indicated below and return to my office. It is planned for your employment to
commence on March 8, 1999. This letter agreement may be executed in
counterparts.
Xxx, I am very pleased and proud to have you join our senior executive team.
Please contact me with any questions. If I am unavailable, please contact Xxx
Xxxxx, our Director of Global Human Resources Administration, at (000) 000-0000.
/S/ XXXXXXX X. XXXXX
--------------------
Xxxxxxx X. Xxxxx
Chairman of the Board
Chief Executive Officer
Accepted by: /S/ XXXXX X. XXXXX Date: 2/23/99
------------------ -------
Xxxxx X. Xxxxx
Executive Vice President and Chief Financial Officer
Hiring Package Valuation
At Current Cash Value
($ in thousands)
Base $ 500
Bonus at Target $ 400
Additional Pension Benefits
(lump sum value at age 63)
Signing Bonus
Cash $ 150
Stock Options $3,833
(b/s value/250,000 shares)
(1/3 share price)
Restricted Stock Units $1,150
(FMV/25,000 shares)
($46 per share)
Executive Vice President and Chief Financial Officer
Hiring Package Valuation
At Current Cash Value
($ in thousands)
Base $ 500
Bonus at Target $ 400
Pension Benefit After 5-Years $2,200*
(includes SERP and qualified plan)
(estimated lump sum value at age 63)
Signing Bonus
Cash $ 150
Stock Options $3,833
(b/s value/250,000 shares)
(15.33 share price)
Restricted Stock Units $1,150
(FMV/25,000 shares)
($46 per share)
TOTAL $8,233
* Estimated lump sum value at age 63: $200,000 annual for life commencing at age
63 with 22 year life expectancy.
