Work Location and Relocation: Your work location will be Tampa, FL area. At that time, you will be eligible for company assistance to relocate from OH to FL, through the Masonite Relocation Plan - Homeowner Program. Your Flexible Benefits allowance under the Plan will be $25,000. This program includes a reimbursement agreement schedule. If voluntary termination occurs within 24 months of relocation, a sliding payback scale would be used: 0--12 months-100%, 13-18 months-75%, 19-24 months-50% of the gross amount to be paid back.
Long-Term Incentive (LTI) New Hire Award: Upon hire you will be granted an Equity Award of Restricted Stock Units (RSUs) with a grant value of $475,000. The number of RSUs will be calculated using Masonite's closing stock price on the trading date prior to the grant date. The vesting of this initial award will be: 50% after 1 year and 50% after 2 years. The details of this award will be outlined in an Award Agreement.
Annual LTI Award: Your position makes you eligible for participation in our annual Equity Award program. as approved by the Masonite Board of Directors, beginning with the February 2018 grant. The target for your position is currently 100% of base salary. Details of the annual grant are outlined in applicable Award Agreements.
Under our current LTIP design, 50% of the grant value is in Performance Restricted Stock Units (PRSUs) with a 3-year cliff vesting and may pay out up to 200% (based on shares granted); 20% of the grant value is in Stock Appreciation Rights (SARs) with a 3-year ratable vesting (33-33-34%); and 30% of the grant value is in time-based RSUs with a 3-year ratable vesting (25-25-50%).
Full benefits package as per policy beginning the first day of the month following your start date. [NOTE: you will have a 30-day period from your start date to enroll in benefits.] You will be automatically enrolled in the company's 401(k) plan. Company matching contributions begin after one (1) year of service. [NOTE: you have the ability to make changes to your 401(k)-deferral percentage at any time.]