Employment Offer Letter for Chief Financial Officer between Western Brands d.b.a. Crocs Footwear and Caryn Ellison
This agreement is an employment offer letter from Western Brands, doing business as Crocs Footwear, to Caryn Ellison for the position of Chief Financial Officer. The letter outlines a monthly salary of $16,000, eligibility for a performance-based bonus of up to 50%, a $700 monthly car allowance, company-paid medical and dental insurance, 1,500 Crocs shares vesting over three years, four weeks of vacation per year, and six months of severance pay if terminated by the employer. Acceptance is indicated by Caryn Ellison's signature.
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Exhibit 10.23
| [LOGO] | Crocs Footwear 6273 Monarch Park Pl. Niwot, CO 80503 303 ###-###-#### mail 303 ###-###-#### fax www.crocs.com |
October 18, 2004
Dear Caryn Ellison:
We are pleased to offer you the position of Chief Financial Officer at Western Brands d.b.a. Crocs Footwear. We feel that your skills and background will be valuable assets to our team.
Per our discussion, your starting salary is $16,000 per month and is paid on a bi-monthly basis. Additional compensation is as follows:
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- Bonus—0% to 50% based on company profitability and performance
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- Car Allowance—$700/month
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- Medical and dental plan-premium paid by Crocs
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- Crocs shares—1500 units (vesting over the next three years
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- 4 weeks vacation per year (carries over per company policy—still TBD)
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- 6 months severance if employment is terminated by employer
Please indicate you accept this offer by signing below.
I look forward to welcoming you to Crocs Footwear.
Sincerely,
Ron Snyder
President
Western Brands d.b.a. Crocs Footwear
| Accepted by: | /s/ CARYN ELLISON Caryn Ellison | Date: | 10/18/04 |
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- Exhibit 10.23
