Limited Brands 2005 Executive Stock Ownership Guideline and Compensation Summary
This document outlines the 2005 compensation package for executives at Limited Brands, including base salary, incentive compensation, and stock options. It sets a stock ownership guideline requiring executives to hold company stock equal to three times their base salary (with higher multiples for certain positions), to be achieved within five years. The document clarifies that it is informational only and does not guarantee employment or specific compensation, and that stock awards are subject to the company's 1993 Stock Option and Performance Incentive Plan.
Exhibit 10.32
March, 2005
Executive
Limited Support Group
The following chart provides a summary of your new compensation package for 2005:
2005 Compensation Summary
| 2004 | 2005 | % Increase | |||||||||
| Annual Base Salary | $ | XX | $ | XX | X | % | |||||
| IC Target % | X | % | X | % | |||||||
| Total Cash Compensation at Target | $ | XX | $ | XX | X | % | |||||
| 2005 Bi-Weekly Salary = $XXX | |||||||||||
| Stock Options | X,XXX | | Limited Brands shares at closing price on March 31st. | | |||||||
| Stock Ownership Guideline : 3 x base salary* | |||||||||||
| Time to Achieve Guideline: 5 years | |||||||||||
| * | Guideline for executive positions other than Chairman/CEO (5x base salary) and Vice Chairman/COO (4x base salary). |
Your 2005 base salary will be effective April 3, 2005, and will be reflected in your April 15, 2005 paycheck. You will receive more information regarding your 2005 stock-based awards later this spring.
Thank you for your contributions to the company during 2004.
| cc: | Associate Personnel File |
This statement is for informational purposes only. It does not guarantee employment or any specific compensation level. Stock-based awards will be pursuant to the company’s 1993 Stock Option and Performance Incentive Plan (Restated 2003).
