Employment Offer Letter between Metropark USA Inc. and Efthimios P. Sotos
Metropark USA Inc. offers Efthimios P. Sotos the position of Chief Financial and Operating Officer, reporting to the CEO. The offer includes a $300,000 annual salary, a $90,000 bonus for 2008, eligibility for future bonuses, and a recommendation for a stock option grant. Benefits include vacation and participation in company benefit plans. Employment is at-will, meaning either party can end it at any time. A confidentiality agreement will also be required.
Exhibit 10.6
2/21/2008
Orv Madden
Chairman
(626) 968.1415 (ext 201)
| E: | ***@*** |
| www.metroparkusa.com |
February 16, 2008
To: Efthimios P. Sotos
Dear Thimio,
On behalf of Metropark USA Inc., I am pleased to confirm the details of your employment offer as follows:
| Title: | Chief Financial and Operating Officer. Operating responsibilities to include Real Estate and Construction, Information Technology and Distribution Facility management. | |
| Reporting to: | Renee Bell, CEO | |
| Target Start Date: | Tuesday March 4 or sooner | |
| Base Salary: | $300,000 annually, paid bi-weekly. Payment of wages will continue throughout the duration of active employment with Metropark. | |
| Performance Incentive Award: | You will receive a bonus for 2008 equal to $90,000. Thereafter you will be eligible a target bonus of at least 30% in future years based on achievement of Compensation Committee approved incentive plans. | |
| Stock Option Grant: | A recommendation will be made to our Board Compensation Committee for a grant in the amount of 700,000 shares at an execution price determined by the Committee. A independent stock valuation study is now underway with results expected by April. The vesting is over a 4 year period, with a one year cliff on the first 4/16, and thereafter at the rate of 1/16 per quarter until fully vested at the end of year 4. The term of the grant is 10 years until expiration. You will be provided with a copy of the Stock Option Plan along with your grant agreement for execution. | |
| Vacation: | Vacation is an accrued benefit beginning on your date of hire. You are eligible for 3 week’s vacation on an annualized basis in accordance to company policy. | |
| Benefits: | A summary of benefit plans that would be applicable to you. | |
| 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. | |
| Confidentiality: | A copy of our standard Confidentiality Agreement will be provided to you for execution. |
All of us at Metropark look forward to you joining us!
Sincerely,
| /s/ Orval Madden | /s/ Efthimios P. Sotos | |||
| Orval Madden-Chairman | Efthimios P. Sotos |
