Employment Offer Letter to Keith Clark for Vice President and General Manager Position

Contract Categories: Human Resources › Employment Agreements
Summary

This letter confirms the promotion of Keith Clark to Vice President and General Manager, North America Highway Business Unit, effective January 1, 2008. His new base salary will be $300,000 with a target annual incentive of 50%, totaling $450,000 in target cash compensation. He will also be eligible for a long-term incentive award as determined by the Board in March 2008. Performance will be reviewed in early 2008, but he will not be eligible for a merit increase until April 1, 2009. Acceptance is confirmed by signature and date.

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EX-10.3 4 exhibit10_3.htm EMPLOYMENT OFFER LETTER exhibit10_3.htm
 

Exhibit 10.3
TO:
Keith Clark, Vice President/GM – Consumer & Industrial 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 promoting you to the position of Vice President and General Manager, North America Highway Business Unit reporting to me.  The effective date will be January 1, 2008.


 
 
Base Salary
 
Target AIP
 
Target Total Cash
 
Current
 
$257,000
 
50%
 
$385,000
New
 
$300,000
 
50%
 
$450,000

As a Long Term Incentive Plan participant you will receive an award commensurate with your new position as determined by the Board in March, 2008.  Your performance will be reviewed during the performance review cycle (February/March, 2008) however you will not be eligible for a merit increase until April 1, 2009.

Please confirm your acceptance with your signature and date.



Signature                                                                                     Date