Compensation Agreement Key Terms for Marina Armstrong as Senior Vice President
This agreement outlines the compensation terms for Marina Armstrong, Senior Vice President of Stores, Human Resources, and Loss Prevention. She will receive a base salary of $385,000, be eligible for a bonus targeted at 85% of her salary, and can participate in the company's equity plans. Benefits include health insurance and a 401(k) with a 4% match after six months. If terminated without cause within 18 months of a change of control, she receives a lump sum equal to three times her annual compensation plus benefits. Standard severance is 50% of base salary if terminated without cause.
EXHIBIT 10.80
KEY TERMS OF COMPENSATION ARRANGEMENT
| NAME: | Marina Armstrong | |
| TITLE: | Senior Vice President, Stores, Human Resources and Loss Prevention and Secretary | |
| BASE SALARY: | $385,000 | |
| BONUS PLAN: | Target payout at 85% of base salary. | |
| EQUITY COMPENSATION | Eligible to participate in the Company’s equity compensation plans. | |
| HEALTH BENEFITS: | Medical, dental and vision insurance | |
| 401K: | 4% match, eligible after 6 months. | |
| MANAGEMENT CHANGE OF CONTROL PLAN: | If involuntary termination, but not for death, disability or cause, at any time within 18 months following the change of control, eligible to receive a payment equal to three times annual compensation (base salary plus average annual bonus for three prior fiscal years) plus a pro-rated bonus for the year of termination, in a single lump sum payment, less applicable taxes, and benefits coverage for 18 months. | |
| MANAGEMENT SEVERANCE PLAN: | Eligible to receive a lump sum severance payment equal to 50% of gross base salary if involuntarily terminated other than for death, disability or cause. | |
