January 7, 1999
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Eastpak, Inc.
Cross Point Tower ▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-8113
Dear ▇▇▇▇:
The purpose of this letter is to set forth the terms of our agreement
for your continued employment with ▇▇▇▇▇▇▇. The following are the key
elements of our agreement:
Title: Chairman, Eastpak
Effective Date: January 1, 1999
Salary: $300,000.00/annual
Bonus Target: 70% of Salary, to be prorated if you terminate
employment during the year for any reason other than
good cause.
Stock Options: 30,000 shares, subject to approval by the Sunbeam
Compensation Committee. Vesting will be accelerated
from our normal practice such that 50% will vest on
July 1, 1999
and 50% will vest on December 31, 1999.
Car Allowance: $725.00/month
Vacation: 4 weeks
Benefits: Standard Sunbeam benefits.
Notice Period: Three months by either party.
If you agree to these basic terms, we will complete a more formal
Employment Agreement as soon as possible.
Sincerely,
▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇, CEO
Agreed to by:
▇▇▇▇ ▇▇▇▇▇▇▇
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