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Exhibit 10(s)
Letter Agreement, dated December 17, 1997, between the
Registrant and Xxxxxxx X. Radon
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December 17, 1997
Xx. Xxxxxxx X. Radon
Dear Xxxx:
I'm pleased to extend an offer of employment as Senior Vice President,
Information Technology of The Scotts Company, reporting to me, effective January
31, 1998. This position will be a Corporate Executive Officer and a member of
the Executive Committee.
Base Salary, Sign On Bonus and Executive Incentive Plan
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Your initial annual base salary is $200,000 with a target bonus under the
Executive Incentive Plan of 40% of salary. Your fiscal 1998 bonus will not be
prorated, i.e., you will be eligible for the full year bonus opportunity. You
will also receive a $50,000 sign on bonus.
Stock Options
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In addition, as a key member of the Management Team, your initial grant of stock
options is 48,000 which will be priced at the closing "asked" price on the day
you officially join the company. These stock options will vest: 16,000 after
your first year, 16,000 after two years of employment and 16,000 after three
years of employment. You will receive a separate option agreement.
Scope of Responsibilities
-------------------------
You will be responsible for all Information Technologies worldwide, including
hardware and telecommunications infrastructure and software systems
implementation. You will also serve as the Scotts leader for process
improvement.
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Xxxxxxx X. Radon
December 17, 1997
Page 2
Relocation
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You will be covered under Scotts Relocation Policy for your move to the Columbus
area. A copy of the relocation policy is enclosed. We utilize PHH Relocation
Services for relocation. Temporary housing for you until your family moves in
the Spring will be at Scotts expense.
Car Allowance
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Scotts will provide you with a car allowance of $10,000/year, paid on a monthly
basis . In accordance with IRS regulations, the value of this car allowance will
be reflected in your W-2. It is our understanding that you may deduct that part
of this value which is for business purposes.
Personal Financial Planning
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Personal financial planning is also provided through Ayco Corporation. The value
of this confidential service is similarly added to your W-2. Some or all of this
value may be tax deductible.
Benefit Programs
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You are eligible for inclusion in Scotts benefit programs which are outlined in
the information previously provided. Specific benefits include: Medical
Coverage, Dental Coverage, Group Life Insurance, Short and Long Term Disability
Coverage and Supplemental Long Term Disability Coverage. Full benefit coverage
under The Scotts Company Comprehensive Benefit Program will be in effect the
first of the month following your employment date. This coverage includes
participation in our health insurance, dental program, and our life insurance
programs, including group life, accidental dealth, travel insurance and Scotts
Retirement Savings Plan. You will be eligible with disability coverage once you
meet the required waiting period.
Vacation
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As agreed, you will receive 20 working days vacation upon joining the company.
As we discussed, this offer is contingent upon satisfactory completion of the
mandatory drug screen required of all Xxxxx associates.
* * *
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Xxxxxxx X. Radon
December 17, 1997
Page 3
Xxxx, I take great pleasure in extending you this offer. Your addition to the
Scotts' team will solidify our effort to drive the business forward. As a key
player in our team, all of us will extend our resources in support of your
efforts. We truly look forward to your joining the Scotts family.
Sincerely,
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Executive Vice President and
Chief Financial Officer
ACCEPTANCE:
/s/ Xxxxxxx X. Radon 12/19/97 (Date)
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Xxxxxxx X. Radon
