Letter Agreement, dated as of September 23, 2019, between Express and Matthew Moellering
EX-10.1 2 matthewmoelleringletteragr.htm EXHIBIT 10.1 Exhibit
Matthew Moellering
1 Express Drive
Columbus, OH 43230
Dear Matt:
Congratulations! It is my pleasure to offer you a promotion to President and Chief Operating Officer. This letter outlines the new details of your compensation, and supplements and amends your employment agreement dated March 20, 2017. The effective date for the changes outlined in this letter is September 22, 2019. Your next eligibility for merit review will be Spring 2020.
Position Compensation Summary: | Current | New |
Your Base Pay Rate: | Annual: $793,000 | Annual: $825,000 |
Your Annual IC Payout Target: IC as a % of your annual salary: IC dollar amount: | 85% $674,050 | 90% $742,500 |
Your Annual Cash Compensation Target: | $1,467,050 | $1,567,500 |
Your Annual Long-term Incentive Grant: | $1,300,000 | $2,000,000 |
Your Annual Total Direct Compensation at Target: | $2,767,050 | $3,567,500 |
Your new Incentive Compensation participation rate of 90% will begin with the 2019 Fall season. Your annual cash compensation at target will be $1,567,500 (your base salary plus 90% target IC), and your annual cash compensation could be up to $2,310,000 (your annual salary plus 180% maximum IC). Beginning with the next annual grant in 2020 your Long-term Incentive Compensation will be increased to a fair market value of $2,000,000.
If you have any questions, please contact Katie Maurer, Human Resources.
Sincerely, | I accept the changes as described above: | |
Tim Baxter | Matthew Moellering | |
Chief Executive Officer | ||
Express | ||
