Letterhead of Stewart & Stevenson LLC]
QuickLinks -- Click here to rapidly navigate through this document
[Letterhead of Xxxxxxx & Xxxxxxxxx LLC]
February 2, 2011
Xx. Xxxxxxx
Xxxxxxx
0000 X. Xxxxxxxx Xx. #000
Xxxxxxx, XX 00000
Dear Xxxxx,
I'm pleased to confirm our agreement to revise the terms of your employment, for an initial period of five years, as Chief Executive Officer at Xxxxxxx & Xxxxxxxxx LLC set forth in my letter of December 16, 2010 as follows:
- 1.
- You
will receive a one-time cash bonus of $850,000.
- 2.
- You
will receive 275,000 Xxxxxxx & Xxxxxxxxx restricted equity units immediately upon the finalization of the Company's plans for an Initial Public
Offering, which we plan to complete in 2011.
- 3.
- Your
annual base salary in fiscal year 2011 will be $1 million and $1.6 million thereafter.
- 4.
- You
will participate in all benefit plans available to senior executives of the Company.
- 5.
- In addition, you will be granted an award of 800,000 options vesting at the rate of 200,000 annually subject to the achievement of performance measures established by the Board of Directors. These awards will become fully vested in the event of your death or if you become incapacitated.
Please confirm your acceptance of these revised terms which nullify the terms and conditions specified in my letter of December 16, 2010, by signing a copy of this letter and returning it to me.
With my warmest good wishes,
Sincerely, | ||
/s/ Xxxxxxx Xxxxxx Xxxxxxx Xxxxxx |
||
Confirming my acceptance of the above. |
||
/s/ Xxxxxxx Xxxxxxx Xxxxxxx Xxxxxxx |