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Exhibit 10(t)
Letter Agreement, dated March 30,1998, between the
Registrant and Xxxxxxx X. Xxxxxxx
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Xxxxx Xxxxxxxx
Executive Vice President
March 30, 1998
Xxxx Xxxxxxx
Dear Xxxx,
I am very pleased to extend you the offer for the position of Senior Vice
President, Organics Business Group of The Scotts Company reporting to me.
As discussed, this offer is contingent upon the approval of the Board's
Compensation and Organization Committee.
Base Salary and Executive Incentive Plan
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Your initial annual base salary will be $195,000 with a targeted bonus under the
Executive Incentive Plan of 40% of salary. You will be placed in the Senior Vice
President Band H.
Stock Options
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You will receive a grant of 25,000 stock options which will be priced at the
closing "asked" price on the effective date of your promotion.
Car Allowance
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Your car allowance will be increased to $10,000 per year.
Relocation
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As we briefly discussed, you will be covered under Scotts comprehensive
relocation program which is coordinated by Cendant Mobility. Xxxxxxxx Xxxxx will
provide assistance with your relocation.
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March 30, 1998
Page 2
Xxxx, the Company and I take pleasure in extending you this offer. Your move to
the Organic Business Group will solidify our team effort to drive the business
forward. As a key player with the U.S. Business Group, all of us at Scotts will
extend our resources in support of your efforts.
Sincerely,
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
Executive Vice President
U.S. Business Groups
Accepted:
/s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx 4/15/98 (Date)
