Andrew Burke Compensation and Severance Terms Confirmation Letter
This letter from the Chief Personnel Officer to Andrew Burke confirms changes to his compensation following his appointment as Chief Financial Officer, in addition to his existing role. His annual base salary is increased to $700,000, with a target annual incentive award of 100% of his salary, and a 2011 equity incentive award valued at approximately $1,300,000. In case of a qualifying termination, he is entitled to 12 months of base salary plus the target incentive award as severance. Other severance terms remain unchanged.
Exhibit 10.1
August 3, 2011
Mr. Andrew Burke
Chief Financial Officer and Global Operational Excellence Officer
Dear Drew,
In recognition of your appointment as Chief Financial Officer, in addition to your position as Global Operational Excellence Officer, I am pleased to confirm that the Compensation Committee of the Board of Directors has approved the following:
· Your annual base salary has been increased to $700,000 effective February 1, 2011.
· Your target annual incentive award has been increased to 100% of your annual base salary ($700,000), effective with the 2011 award. Please note that the actual award will be determined based on your individual performance as well as the company’s financial performance.
· The present value of your 2011 target equity incentive award was set at approximately $1,300,000.
· In the event of a qualifying termination of employment, your severance formula now provides for 12 months of your then annual base salary plus your target annual incentive award. Other than as described above, your severance provisions remain unchanged.
I wish you continued success in these key roles. Should you have any questions please do not hesitate to contact me.
Sincerely,
| /s/ Vicente Teixeira |
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| Vicente Teixeira | |
| Chief Personnel Officer | |
