EXHIBIT 10.4
As of April 22, 2002
Mr. Xxxxx Xxxxxxx
00000 Xxxxxxxx
Xxxxxx, Xxxxxxx 00000
Re: Employment Agreement dated as of April 22, 2002 ("Employment Agreement")
Dear Xxxxx:
This letter sets forth our further understanding relating to your employment
with Brightpoint, Inc. ("Company"):
1. The Company's executive officers are entitled to participate in certain
established stock option plans. I anticipate that you will participate in a
similar and consistent manner with the Company's other Named Executive
Officers, subject to approval from the Company's Board of Directors or
Compensation Committee. We expect to recommend to the Compensation
Committee in August 2002 a grant of 100,000 shares, subject to adjustment
for any dividends or forward or reverse splits.
2. The Company will provide you with a loan for the purchase of a new home in
the Indianapolis metropolitan area ("New Residence") up to $800,000. The
loan will be secured by a first mortgage or a second mortgage, in the event
that a first mortgage is secured from a lender, on the New Residence and
shall be due and payable in full upon the earlier of: (i) the completion of
the sale of your primary residence in California ("Old residence"), or (ii)
December 31, 2002. The loan will be at a zero percent interest rate and the
Company will pay the taxes on the imputed income.
3. The Company shall reimburse you for the actual out of pocket expenses,
including but not limited to closing costs, non-recurring loan costs
(including mortgage points), transportation costs, and incidentals, which
you incur in moving from the Old Residence to the New Residence. The
Company's CEO shall review and approve any such expense which is in excess
of $5, 000. If you incur any loss in connection with the sale of the Old
Residence the Company shall reimburse you for any such loss. The Company
shall gross up reimbursements to compensate you for any income tax
liabilities related to those reimbursements. If there are any income taxes
payable on any direct payments made by the Company with regards to your
relocation, the Company will make those payments on your behalf and include
them in your W-2 filing.
4. If you incur any expenses in connection with your immediate family
traveling to Indianapolis until the New Residence has been purchased, then
theses costs will be reimbursed, subject to and in accordance with
Brightpoint's standard travel policies.
Mr. Xxxxx Xxxxxxx
00000 Xxxxxxxx
Xxxxxx, Xxxxxxx 00000
5. The Company will reimburse you for any COBRA payments less what you would
have paid for similar coverage with the Company net of income taxes until
you are enrolled in the Company plan.
The Agreement is in full force and effect and it governs your employment
relationship with the Company. If any of the above terms conflict with the terms
of the Agreement, then the Agreement shall control. If you have any questions or
comments, please let me know.
Very truly yours,
Brightpoint, Inc.
/s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
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