INTERNAL CORRESPONDENCE
INTERNAL
CORRESPONDENCE
Exhibit
10.14
| Date: | May 30, 2005 | |
| To: | Xxxxx Xxxxxx | |
| From: | Xxxxxxx Xxxxx |
Subject: Retention
Agreement
You
have been identified as being critical to our success as we proceed through
the challenges and work associated with the Finance and Sarbanes initiatives.
To encourage you to continue your employment through this period, the Company
is offering you the following special payments (“Retention Bonus”):
| • |
A
payment in the amount of $50,000 (less applicable withholding) on June
1, 2006.
|
| • |
A
payment in the amount of $50,000 (less applicable withholding) on
June 1, 2007
|
Performance
Milestone:
|
1.
|
During
the defined period, the employee is to identify an individual(s) as
successors and act as a mentor. The purpose of this is to begin building
a solid internal development structure for future growth and succession
within the team.
|
This
retention award will be included in your paycheck at the time of payment. The
above dates reflect PacifiCorp pay dates.
Payments
comprising the Retention Bonuses are subject to applicable payroll deductions
and tax withholding and may constitute taxable income to you. You are responsible
for all tax obligations and should consult with your own tax advisor regarding
the tax treatment of the Retention Bonuses.
In
addition to the performance milestone noted above, in order to be eligible for
the first payment, you must remain employed in your present department within
PacifiCorp through May 30, 2006 and maintain an acceptable level of performance
(as determined by management) during this period. In order to be eligible for
the second payment, you must remain within the ScottishPower group through May
30, 2007 and maintain an acceptable level of performance (as determined by management).
If you leave the Company voluntarily or involuntarily for cause prior to these
dates, or transfer out of your present department voluntarily, you will automatically
forfeit all rights to any unpaid Retention Bonuses. If you are terminated involuntarily
due to displacement following a workforce reduction prior to any unpaid Retention
Bonuses, you will be paid the amount of any unpaid Retention Bonus specified
in this memo at the time of termination. You must also meet the other terms
and conditions identified in this memorandum.
This
offer is considered confidential. As a condition to receiving the Retention
Bonus, you agree to keep confidential the terms and conditions of this memorandum
as well as the content of discussions pertaining to the offer of the Retention
Bonus and this memorandum. You may, however, discuss the offer of the Retention
Bonus and this memorandum with your attorney, financial advisor or immediate
family members on a confidential basis. Should you have any questions about
this memorandum you may contact me or Xxxxx Xxxxxx in the Compensation department.
Page
2
Retention
Agreement - Xxxxxx
Again,
thank you for your many contributions to date. I am pleased to be able to demonstrate
our appreciation and recognition of your skills and contributions to the Company
in this way. Please acknowledge your acceptance of this offer by signing and
returning the enclosed copy of this memorandum.
| /s/ Xxxxxxx Xxxxx | /s/ Xxxxx Xxxxxx | ||
|
Xxxxxxx Xxxxx |
Xxxxx Xxxxxx |
| 4/19/05 | 4/21/05 | ||
| Date | Date |
