Employment Offer Letter between Metropark USA Inc. and Lance Hutchison (Executive Vice President, Store Operations)

Contract Categories: Human Resources › Employment Agreements
Summary

Metropark USA Inc. offers Lance Hutchison the position of Executive Vice President, Store Operations, effective October 7, 2007, with an annual salary of $250,000, eligibility for a bonus of up to 20%, and a proposed stock option grant of 125,000 shares at $2.20 per share. The employment is at-will, meaning either party can end it at any time without cause or notice. The agreement outlines compensation, reporting structure, and other key terms of employment.

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EX-10.7 19 dex107.htm EMPLOYMENT OFFER LETTER - LANCE HUTCHISON Employment offer letter - Lance Hutchison

Exhibit 10.7

October 5, 2007

Lance Hutchison

2985 Rounsevel Terrace

Laguna Beach, CA 92651

Dear Lance,

On behalf of Metropark USA Inc., I am pleased to confirm the details of your promotion as follows:

 

•        Title:

    Executive Vice President ~ Store Operations

•        Reporting to:

    Renee Bell, CEO/Director

•        Base Salary:

    Your salary will be $250,000 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 20%.

•        Stock Option Grant:

    We will request that the Compensation Committee approve an option grant, under the Metropark USA, Inc. 2007 Stock Option Plan, of 125,000 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/ Renee Bell          /s/ Lance Hutchison     
Renee Bell   Date     Lance Hutchison   Date
CEO/Director        

 

532 Coral Ridge Place    City of Industry, CA 91746    Phone: (626) 968-1415    Fax: (626) 604-4960