Executive Compensation and Relocation Letter Agreement between Centro Properties USA and John Braddon
This letter from Centro Properties USA to John Braddon outlines the terms of his new role as Executive Vice President and Chief Financial Officer, including his relocation to the New York office. It details his revised salary, allowances, and bonus structure, effective from April 30, 2007, and specifies eligibility for additional bonuses based on performance targets. The agreement also notes the timing of payroll adjustments and the next salary review date. The letter serves as formal confirmation of his compensation and benefits package in connection with his new position and location.
Exhibit 10.39
11 May 2007
Mr John Braddon
Financial Controller
Centro Properties USA
Santa Monica Office
2716 Ocean Park Boulevard
Santa Monica CA 90405
USA
Dear John,
I am pleased to advise you that, on appointment to your new role as Executive Vice President, Chief Financial Officer, Centro Properties, USA, and your relocation to the New York office, your remuneration will be reviewed with effect from 30 April, 2007.
| Based on this review, your Australian remuneration details are as follows: |
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| Your current base remuneration package is: |
| A$170,000 |
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| Your increase is: |
| A$50,000 |
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| Your new base remuneration package is: |
| A$220,000 |
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| Your US remuneration is as follows: |
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| Your current base remuneration package is: |
| US$132,000 |
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| Your increase is: |
| US$50,000 |
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| Your new base remuneration package is: |
| US$182,000 |
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| Your Market Allowance will increase to |
| US$64,000 |
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| Your International Location Allowance will increase to |
| US$36,000 |
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| You will also receive a Position Allowance of |
| US$49,000 |
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| Your assignment salary will total |
| US$331,000 |
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Your Bonus arrangements will be:
| Target Bonus |
| 25% of US base remuneration plus Market Allowance and Position Allowance |
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| Maximum Bonus |
| 50% of US base remuneration plus Market Allowance and Position Allowance |
In addition, with effect from 1 July 2007, you will be eligible to receive a further bonus up to a maximum of 35% of your US Base Remuneration plus the Market Allowance and Position Allowance ie US$295,000. The award of this bonus will be assessed against the achievement of targets to be agreed.
Your existing eligibility to receive a further bonus will continue up to a maximum of 30% until 30 June 2007.
Your remuneration charge will be paid from the first available US payroll run, along with appropriate retrospective adjustments.
Your next review will be effective on 1 July 2008. However you will be considered for a grant of contingent securities during the 1 July 2007 review.
The Board and Executive Committee would like to thank you for your ongoing contribution to Centro Properties Group. Your efforts have played a significant part in our continued success.
Yours sincerely,
| /s/ Andrew T. Scott |
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| Andrew T. Scott | |
| Chief Executive Officer | |
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