January 8, 2019
We are extremely excited to extend this offer to join our Caliber Home Loans, Inc. (Caliber) team as the Executive Vice President Chief Loan Administration Officer, reporting to Sanjiv Das and working in our Coppell, Texas headquarters offices. We are confident that this will be an exceptional career opportunity for you and know you will add great value to Caliber through your immense contributions. This letter summarizes your compensation and benefits and contains important information regarding your status as an employee of Caliber, based on an anticipated start date of March 18, 2019.
We are pleased to extend an offer of an annualized base salary of $450,000.00, to be paid semi-monthly as earned in the amount of $18,750.00. In addition to your base salary, you are eligible for the following benefits and compensation programs:
Corporate Annual Bonus
You will be eligible for the Corporate Annual Bonus Plan with a target opportunity of $700,000.00 (155% of base salary), which will not be prorated to your start date. Corporate Annual Bonuses are paid following year-end per the standard annual bonus cycle, no later than March 15th. Actual awards are discretionary and based on company and individual performance.
Long Term Incentive Plan (LTIP)
You are eligible for participation in the companys LTIP plan; at a 5% award amount, or the equivalent amount of pool units. You will be given a Long-Term Incentive Plan Award Agreement from Lone Star Funds, which will govern all awards. However, your LTIP award is being offered with the understanding that if a monetization event does not occur within 4 years from the date of your start date, you will have the option to receive a $1 million payment, in lieu of the LTIP award. This option will expire on your 4 year anniversary of your start date. You will need to notify the Chief Human Resources Officer prior to 60 days of the four year anniversary of your start date, for you to exercise this option. You can choose either the $1 million bonus or the LTIP award pursuant to your agreement, but not both. If a monetization event occurs anytime within the 4 year period, you are not eligible to receive the $1 million payment option.
You will be eligible to enroll in health and related benefits to be effective on the first day of the month immediately following your start date. You will become eligible to participate in the Companys 401(k) Plan, which provides a generous match, on the first day of the month following the completion of 30 days of service. You can roll over your prior 401(k) account(s) into the Caliber 401k plan immediately. Your participation in Calibers benefits programs is subject to the terms and conditions of the applicable programs. While employed with Caliber, you are eligible for paid time off pursuant to company policy.
Termination and Severance
This offer is subject to Calibers policies and procedures. Additionally, you are entering into an At-Will Employment Relationship. As such, Caliber may terminate your employment without Cause at any time upon written notice to you. Caliber may also terminate your employment for Cause at any time upon written notice, which will contain a statement noting the reason(s) for the Cause termination. If you are terminated without Cause, you will be entitled to severance in the amount of twelve months base pay, at your then-current rate of pay (at your semi-monthly pay rate). You will not be entitled to this severance unless you execute and do not revoke a release of all claims in favor Caliber and its affiliates, and the release is executed and delivered within the 21-day period immediately following your termination date. Monthly severance payments will begin on the first regular pay day occurring after the 7-day revocation period expires in the release. If you are terminated for Cause, Caliber has no obligation to pay any severance or other benefits, other than any base salary for the time that you were an active employee. Cause shall be defined in the Long-Term Incentive Plan Award documents.