Employment Offer Letter for Part-Time Status – John Fallis and Compass Minerals
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Summary
This letter from Compass Minerals to John Fallis confirms the offer to change his employment status to part-time, effective April 1, 2008. John will work an average of 24 hours per week as an at-will employee, with employment intended to last two years but subject to termination by either party after April 1, 2009. His base salary will be reduced, and he will no longer be eligible for certain incentive plans, though most benefits remain. The non-compete agreement continues to apply. Acceptance is confirmed by signature.
EX-10.2 3 exhibit10_2.htm EMPLOYMENT OFFER LETTER exhibit10_2.htm
Exhibit 10.2
| TO: | John Fallis, Vice President and General Manager, North American Highway Business Unit |
| DATE: | August 8, 2007 |
| FROM: | Angelo Brisimitzakis, President and Chief Executive Officer |
| SUBJECT: | Internal Job Offer |
This memo is confirmation of the employment offer to change your employment status (as requested by you) to part-time. Your new assignment will be to work on projects within the North America Highway business unit. As a part-time employee you will be an “employee at will” for the full duration of your employment.
You will be regularly scheduled to work an average of 24 hours per week. This employment change will be effective April 1, 2008. It has been discussed that your employment is intended to last for two years (until April 1, 2010), however this is not a guarantee, and either party has the ability to terminate your employment at anytime after April 1, 2009. This internal offer memo is not intended to be an employment agreement between you and Compass Minerals.
Compensation and Benefits:
& #160;
| Base Salary Annual Incentive Target Long Term Incentive Plan Equity Vesting Benefits: A. Healthcare B. Life Insurance AD&D C. Short Term Disability D. Long Term Disability E. 401(k) F. Profit Sharing G. Restoration Plan H. Vacation Non-Compete Agreement (Restrictive Covenant) | Current $258,000 50% Eligible Standard vesting Eligible for all listed benefits (A-H) All elements remain in full force | New $129,000 Not eligible Not eligible Same Eligible for all listed benefits (A-G) H. Vacation prorated. All elements remain in full force |
Please confirm your acceptance with your signature and date.
Signature: Date:
