Employment Offer Letter between Metropark USA Inc. and Renee Bell (CEO/Director)
Metropark USA Inc. offers Renee Bell the position of CEO/Director, effective October 7, 2007, with an annual salary of $325,000, eligibility for a bonus of up to 25%, and a proposed stock option grant of 500,000 shares at $2.20 per share, pending approval. The employment is at-will, meaning either party can end it at any time without cause or notice. The letter outlines compensation and key terms but is not a binding employment contract.
Exhibit 10.5
October 5, 2007
Renee Bell
1301 N. Coronado Street
Los Angeles, CA 90026
Dear Renee,
On behalf of Metropark USA Inc., I am pleased to confirm the details of your promotion as follows:
| • Title: | CEO/Director | |
| • Reporting to: | Board | |
| • Base Salary: | Your salary will be $325,000 annually, paid bi-weekly. Payment of wages will continue throughout the duration of active employment with Metropark. | |
| • Effective Date: | October 7, 2007 | |
| • Performance Incentive Award: | You will be eligible to participate in the Company bonus pool with a target bonus of up to 25%. | |
| • Stock Option Grant: | We will request that the Compensation Committee approve an option grant, under the Metropark USA, Inc. 2007 Stock Option Plan, of 500,000 shares of Metropark USA, Inc. Common Stock at an exercise price of $2.20 per share. You will be provided with a copy of the Stock Option Plan along with your option agreement for execution. | |
| • At Will Agreement: | This offer letter is intended to provide general guidelines and is not to be construed in any way as an employment contract. Your employment with Metropark USA, Inc. is At-Will, meaning that it may be terminated by either you or the Company at any time, with or without cause or notice. | |
Congratulations and we wish you much continued success with Metropark!
Sincerely,
| /s/ Orv Madden | /s/ Renee Bell | |||||||
| Orv Madden | Date | Renee Bell | Date | |||||
| Chairman | ||||||||
| 532 Coral Ridge Place | City of Industry, CA 91746 | Phone: (626) 968-1415 | Fax: (626) 604-4960 |
