AT&T Wireless Retention Bonus Agreement with Lewis Chakrin (December 2001)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

AT&T Wireless offers Lewis Chakrin a retention bonus totaling $1 million, paid in eight installments over four years, starting January 2002. Payments are made every six months, contingent on Chakrin remaining employed in a comparable position at each payout date. If employment ends before a scheduled payment, Chakrin forfeits that portion of the bonus. Taxes will be withheld, and the bonus is not eligible for deferral, 401(k), or stock purchase plans.

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EX-10.3 4 v98697exv10w3.txt EXHIBIT 10.3 EXHIBIT 10.3 December 4, 2001 Lewis Chakrin Dear Lew: I am pleased to offer you a special retention opportunity, to recognize your outstanding performance and contributions to AT&T Wireless. This letter outlines the components of this bonus plan. Our desire is for you to receive a gross amount of $1 million over the next four years. Payouts will begin in January 2002, and will occur every 6 months as follows:
TARGET PAYOUT DATE GROSS AMOUNT - ------------------ ------------ January 15, 2002 $125,000 July 15, 2002 $125,000 January 15, 2003 $125,000 July 15, 2003 $125,000 January 15, 2004 $125,000 July 15, 2004 $125,000 January 15, 2005 $125,000 July 15, 2005 $125,000
Please note that all applicable withholding taxes will be deducted from these payouts, which will occur with the regularly-scheduled payroll that occurs on or immediately following the target payout dates. Payouts may not be deferred, nor are they eligible for the 401(k) or stock purchase plans. Payouts are contingent on your remaining employed by AT&T Wireless in a comparable position on the target payout dates. If you terminate employment in a year prior to receiving the payout, you will not be eligible for a prorated portion of that year's retention bonus. Lew, I look forward to continuing to work with you over the coming years, and appreciate your hard work and recent success in the TeleCorp acquisition. If you have any questions, please call Jane Marvin at ###-###-#### or myself. Sincerely, John D. Zeglis Chairman and CEO AT&T Wireless