Retention Bonus Agreement between L Brands Store Design & Construction, Inc. and Jamie Bersani, dated May 19, 2020
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Human Resources
- Bonus & Incentive Agreements
EX-10.4 5 ltd-202052ex104.htm EXHIBIT 10.4 Exhibit
EXHIBIT 10.4
RETENTION BONUS AGREEMENT
This Retention Bonus Agreement (the “Agreement”) is entered into by and between L Brands Store Design & Construction, Inc. (the “Company”) and Jamie Bersani (the “Associate”).
WHEREAS, the parties have determined that appropriate steps should be taken to ensure the Associate’s continued employment and to ensure that the Associate devotes his best professional efforts, time and skill to the performance of his job responsibilities;
NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows:
1. | The Company agrees that if the Associate remains employed and continues to use his best efforts to satisfactorily perform his job duties, the Company will pay the Associate a Retention Bonus in the Total Amount of Two Million Two Hundred Fifty Thousand Dollars and Zero Cents ($2,250,000.00), less applicable withholdings under the following schedule and conditions: |
a. | One-third of the Total Amount payable, which is the sum of Seven Hundred Fifty Thousand Dollars ($750,000.00), will be paid to the Associate on January 31, 2021, provided that the Associate is employed on the date of the payment; |
b. | One-third of the Total Amount payable, which is the sum of Seven Hundred Fifty Thousand Dollars ($750,000.00), will be paid to the Associate on July 31, 2021, provided that the Associate is employed on the date of the payment; |
c. | One-third of the Total Amount payable, which is the sum of Seven Hundred Fifty Thousand Dollars ($750,000.00), will be paid to the Associate on January 31, 2022, provided that the Associate is employed on the date of the payment. |
2. | The Associate understands that receipt of the Total Amount of the Retention Bonus is contingent upon the Associate remaining employed with the Company as of each installment date and satisfactorily performing his duties in accordance with the terms of this Agreement. |
3. | The Associate agrees to keep this Agreement confidential and not to reveal the existence of this Agreement, nor any of its terms, to any person, entity or organization. |
/s/ STUART BURGDOERFER | |||
Stuart Burgdoerfer | |||
VOLUNTARILY AND KNOWINGLY AGREED | |||
AND ACCEPTED AS SPECIFIED ABOVE: | |||
/s/ JAMIE BERSANI | |||
Jamie Bersani | |||
Date: | 5/19/20 | ||
