AT&T Wireless Services, Inc. Retention Bonus Agreement with Robert H. Johnson

Contract Categories: Human Resources › Retention Agreements
Summary

AT&T Wireless Services, Inc. offers Robert H. Johnson a retention bonus totaling $750,000 over four years, paid in annual installments from May 10, 2001, to May 10, 2004. The payments are structured to ensure a net amount of $750,000 after taxes. To receive each payment, Johnson must remain employed by AT&T Wireless on the scheduled payment dates. If he leaves the company before a payment date, he forfeits any unpaid bonus amounts. This agreement outlines the payment schedule and conditions for eligibility.

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EX-10.18 18 y47396aex10-18.txt RETENTION BONUS AGREEMENT 1 EXHIBIT 10.18 6/29/00 Robert H. Johnson 17422 NE 129th ST Redmond, WA 98052 Dear Bob: As a key member of the AT&T Wireless Services, Inc. ("AT&T Wireless") team, I am pleased to provide to you a long-term retention bonus opportunity. This letter outlines basic elements of this bonus plan. - - The scheduled payout of the described retention bonus will occur on May 10th for (4) four years, beginning on May 10, 2001. - - Our goal is for you to receive a net amount of $750,000.00 over the (4) four-year period. As a result, we have worked with the Payroll Department to identify, based on current Washington State tax structure, the "gross-up" amount you would need to receive to ensure a net payment of $750,000.00. The break-out and payment schedule are as follows:
Payment Payment Date Gross Amount Net Amount - ------- ------- ------------ ---------- 1 5/10/01 $328,700.00 $200,000.00 2 5/10/02 $328,700.00 $200,000.00 3 5/10/03 $328,700.00 $200,000.00 4 5/10/04 $246,525.00 $150,000.00
- - Payout will be received on the payment date, described above, as long as you are on AT&T Wireless payroll on the effective payment date. If you terminate your employment part way through the year you will not be eligible for a prorated portion of the described retention bonus. If you have any questions or need further information, please call me at ###-###-####. Sincerely, Hal Burlingame Executive Vice President, Communications and People Development