Letter Agreement for Spot Bonus between Company and Robin Marino

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement confirms that Robin Marino will receive a $150,000 spot bonus from the company, as approved by the Compensation Committee. If Robin leaves the company within 12 months, she must repay $75,000 of the bonus. By signing, Robin acknowledges and accepts these terms.

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EX-10.5 5 y57487exv10w5.htm EX-10.5: LETTER AGREEMENT EX-10.5  

EXHIBIT 10.5
Letter Agreement
     
 
  May 6, 2008
          Dear Robin:
          I am pleased to inform you that the Compensation Committee of the Board of Directors has approved paying you a spot bonus in the amount of $150,000, with the proviso that you be required to repay the Company $75,000 of that amount if you are no longer employed by the Company in 12 months.
          I ask you to sign below to indicate your understanding, agreement and acceptance of this bonus under the terms stated above.
     
 
  All the best,
 
    
 
  /s/ Susan Lyne
 
    
 
  Susan Lyne
Acknowledged, Agreed to and Accepted:
/s/ Robin Marino                              
Robin Marino
Date: May 8, 2008