Summary of Employment Terms for Francis J. Chinnici with Florida East Coast Railway, LLC

Summary

This agreement outlines the employment terms for Francis J. Chinnici as Senior Vice President, Engineering and Purchasing at Florida East Coast Railway, LLC. Mr. Chinnici will receive a base salary of $225,000 per year, with eligibility for an annual discretionary bonus and performance-based restricted stock, both subject to company discretion and performance targets. Bonuses may be paid in cash or restricted stock, with stock vesting over three years. If terminated within a year of a change of control, he will receive one year’s base salary. Employment is at-will and does not guarantee severance or continued employment.

EX-10.20 3 a13-26828_1ex10d20.htm EX-10.20

Exhibit 10.20

 

January 17, 2013

 

Florida East Coast Railway, LLC
Summary of Employment Terms

 

Employee:

 

Francis J. Chinnici

 

 

 

Title:

 

Senior Vice President, Engineering and Purchasing

 

 

 

Base Salary:

 

$225,000.00 per annum

 

 

 

Annual Discretionary Bonus:

 

Commencing for the 2013 fiscal year (Paid in the first quarter of 2014), a target bonus of 40% of base salary, which may go as high as 80%, subject to the discretion of management of the Company. Any bonus will be paid in cash or partially in cash and partially in restricted stock. Any receipt of restricted stock will be subject to award agreements provided by the Company and signed by the Employee.

 

 

 

Additional Performance Based Restricted Stock:

 

Additional restricted stock with a value equivalent to $125,000 (as of the grant date) annually, contingent upon the Company reaching specific target goals.

 

 

 

Annual Stock Bonus Vesting:

 

To the extent annual discretionary bonuses are paid partially in stock, shares awarded shall vest over three years (one-third per annum on each successive anniversary of the date on which the stock portion of bonus is awarded).

 

 

 

Change of Control:

 

Executive to receive one year’s base salary if terminated within twelve months of a change of control.

 

Summary of Employment Terms Acknowledgement

 

This will acknowledge that I have been provided the Summary of Employment Terms and that I understand and agree to the terms and conditions expressed herein.  I further understand that this Summary of Employment Terms and my acknowledgement does not guarantee continued employment and that employment with the Florida East Coast Railway, LLC, is on an at-will basis.  Further, I acknowledge that nothing herein confers any severance or similar rights.

 

/s/ Francis Chinnici

 

1/21/13

 

 

Employee Signature

 

Date

 

 

 

Receipt of the attached term sheet does not constitute any guarantee of continued employment.