Employment Offer Letter for Gary Luquette as President/Chief Executive Officer

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement is an employment offer to Gary Luquette for the position of President and Chief Executive Officer, effective January 23, 2015. It outlines a monthly base salary of $62,500, eligibility for short-term and long-term incentive plans based on company performance, and a $750,000 cash onboarding incentive. Gary Luquette is also granted three weeks of vacation upon hire. The agreement specifies that performance targets and payout ranges for incentives will be determined by the Compensation Committee.

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EX-10.21 5 a12312014-ex1021.htm EXHIBIT 10.21 12.31.2014 - Ex 10.21
Exhibit 10.21
                    EMPLOYMENT OFFER


 


 
 
 
 
 
 
EMPLOYEE:
 
Gary Luquette
 
 
 
POSITION / TITLE:
 
President/Chief Executive Officer
 
 
 
HIRE DATE:
 
January 23, 2015
 
 
 
BASE COMPENSATION:
 
$62,500.00 per month
 
 
$28,846.15 per paycheck (bi-weekly)
 
 
 
STI:
 
100% of Base at 100% of Target*
 
 
 
LTI:
 
400% of Base at 100% of Target*
 
 
 
 
 
Expected to be Combination of Restricted Stock Units, Stock Options and/or Performance Units
 
 
 
EBITDA/ROIC GOALS:
 
EBITDA (or other selected targets) and payout ranges for STI and LTI TBD by Compensation Committee for 2015. Payout ranges to be established with an aim to maintain industry competitive pay while appropriately incenting the leadership to meet and eventually exceed established targets.
 
 
 
ONBOARDING INCENTIVE:
 
$750,000 cash upon hire
 
 
 
VACATION:
 
3 weeks upon hire and thereafter

ACCEPTED:
 
/s/ Gary Luquette
 
January 23, 2015
 
 
Gary Luquette
 
Effective Date