Letter Agreement dated as of October 22, 2020 by and between Hanesbrands Inc and Greg L. Hall
EX-10.42 9 hbi-20210102exx1042.htm EX-10.42 Document
1000 East Hanes Mill Road
Winston-Salem, NC 27105
336 ###-###-#### tel
PERSONAL & CONFIDENTIAL
October 22, 2020
Mr. Greg Hall
Congratulations! This letter is to confirm the details of the offer we discussed. We are excited with the prospect of you joining the HanesBrands team as Chief Consumer Officer reporting to me.
Your employment start date is anticipated to be November 16, 2020, or such other date as mutually agreed upon.
Following are the specific details of the offer.
Your annual gross base salary will be $600,000 which is $50,000 monthly, paid in arrears at the end of each month.
You will be eligible for participation in the Annual Incentive Plan with a target bonus opportunity of 75% (maximum bonus potential of 150%) of your annual actual base salary, based upon achievement of financial and key performance indicators approved by the Compensation Committee of the Board each year, and subject to the provisions of the Company’s Annual Incentive Plan. The plan year for the Company’s incentive plan is the fiscal year with an expected payment distribution in February/March following the plan year.
You will be eligible for the Annual Incentive Plan bonus beginning in 2021.
Long-Term Incentive Plan (LTIP):
You will be eligible to participate in the Company’s Long-Term Incentive Program, subject to Compensation Committee discretion from year to year. Equity grants are currently delivered as 50% time-based RSUs and 50% performance-based PSUs. The performance-based award is granted at target with a potential maximum of two (2) times target based on achievement of applicable Company performance metrics. You will initially qualify for awards with an equivalent value of $850,000 on the date of grant. Annual Awards are currently being granted in January of each year. The next expected grant date is January 2021.
The time-based award will vest ratably over a three (3) year timeframe, one-third on the anniversary of each award following a one year performance period, and the performance-based award will vest three (3) years after the grant date. Both types of grants are subject to the terms of the program.
Effective with your date of employment, you will be eligible for Company provided benefits package at the same level as other similarly situated executives. An Executive Benefits Summary is enclosed for your review.
You will be eligible for relocation benefits, as outlined in the enclosed Employee Relocation Summary, including
•Home sale assistance, if currently a home owner.
•Transportation of household goods.
•A one-time cash lump sum payment to cover expenses associated with house finding trips, temporary living, return trips and car rental during the temporary living period, payable after starting employment and receipt of an executed Repayment Agreement. The lump sum payment for employees who are homeowners and who are married with dependents will be net $9,000.
•A miscellaneous relocation lump sum payment of $6,000 for current homeowners or $3,000 for renters, less applicable taxes, for incidental expenses associated with relocating you and your family, payable after starting employment and receipt of an executed Repayment Agreement.
•Home finding assistance and closing costs, if currently a home owner.
It is the Company’s expectation that your employment location and residence will be in the same city as the Company’s global headquarters.
Retirement Savings Plan:
You are eligible to participate in the Retirement Savings Plan or 401(k). You will be automatically enrolled in the RSP at a 4% pre-tax contribution level. You have the option to change your contribution at any time. You may contribute 1% - 50% of pay on a pre-tax basis. Our current Plan provides a match of dollar for dollar up to the first 4% of eligible pay, which is fully vested after two years of employment, and also provides a discretionary annual Company contribution of up to 4% of eligible pay, which vests ratably 20% annually and is fully vested after five years of employment.
You will be eligible for five (5) weeks of vacation on a calendar year basis; however, four (4) days must be reserved for our required winter break between Christmas and New Year’s Day.
Your vacation will be prorated from your date of hire.
Reimbursement of Business Expenses:
You will be provided a Company expense card through Mastercard for Company related business and travel related expenses.
Severance/Change in Control:
I will also send you a copy of HanesBrands’ Severance/Change in Control Agreement. This agreement is used with executive officers and provides various protections to you for termination from employment and a change in control of the Company.
This offer is contingent upon the successful completion of the pre-employment drug screen and a background check, which will include the consideration of employment references.
We are very excited to have you join the HanesBrands organization.
If you have any questions on this offer, please call Kristin Oliver, Chief Human Resources Officer, at XXXXXXXX.
/s/ Stephen B. Bratspies
Stephen B. Bratspies
Chief Executive Officer
I accept this offer: _X__Yes ___No
/s/ Greg Hall 10/22/20 11/16/20
Greg Hall Date Start Date