XXXXX X. XXXXXXX - EMPLOYMENT AGREEMENT SUMMARY
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SUBJECT PROVISION
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Term 8/1/99 through 7/31/02; automatic one year renewals (subject to 45 days notice).
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Base Salary $800,000
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Executive Compensation Participation in Executive Compensation Plan, subject to the following:
Annual bonus - target at 50% of base salary.
Stock options - 100,000 GSB shares to be granted by 1/31/2000, 3 year vesting.
(Note: 100,000 options have previously been granted in 1999.)
Restricted stock - 43,500 restricted GSB shares to be issued upon approval of
restricted stock plan agreement, one half vesting on first anniversary of
the date of grant, balance on the fourth anniversary.
Long term incentive cash payment - $4 million to be paid on 3/31/2003,
based on company achieving targeted average XXX
and net income goals during 1998-2002.
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Fringe Benefits Per company policies for an EVP.
Annual medical exam.
Five weeks PTO.
Luxury automobile.
One country club or social club.
Benefits continue for executive and spouse for
three years following termination.
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Location San Francisco, CA, subject to reasonable travel requirements.
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Termination for Cause Agreement terminates and company has no further
obligations.
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Termination for Disability Disability means incapacitated for six consecutive months or 180 days in any 12
month period. Executive receives 60% of base salary for balance of term and
medical benefits until age 70.
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Termination for Death Executive receives 60% of base salary for balance of term.
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Termination w/o cause by Good reason means:
company or for "good reason" (a) change in duties responsibilities, or status w/o consent.
by Executive. (b) reduction in base salary.
(c) change in location, or failure to provide relocation
assistance if employee agrees to move.
(d) discontinuation of benefits or compensation plan.
(e) failure of successor company to assume agreement.
Executive receives:
(a) in a lump sum payment three times base plus
the higher of (i) current year target bonus or
(ii) the average of prior three years actual
bonuses.
(b) use of automobile for three years
(or until reemployed).
(c) accelerated vesting of stock options and
restricted stock (per plans).
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Termination upon a change of 24 month "reach in" period.
control.
Employee receives:
(a) lump sum payment of three times base salary plus the higher of (i) current
year target bonus or (ii) the average of prior 3
years actual bonuses - capped at 280(g) limit.
(b) outplacement services.
(c) cash in lieu of options.
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