Polaroid (Italia) S.p.A. Manager Promotion and Compensation Letter to Gianfranco Palma (July 1987)

Contract Categories: Human Resources › Employment Agreements
Summary

Polaroid (Italia) S.p.A. informs Mr. Gianfranco Palma that, effective July 1, 1987, he is promoted to Manager. His employment will be governed by relevant national collective bargaining agreements for managers. His gross monthly compensation will increase to ITL 4,643,000, with a detailed breakdown of salary components. The personal bonus portion may be incorporated into his base compensation if agreements or laws change, except for cost of living or seniority adjustments.

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EX-10.3(F) 24 a2132096zex-10_3f.txt EXHIBIT 10.3(F) Exhibit 10.3(f) POLAROID (ITALIA) S.P.A. POLAROID Via Piave, 11, 21051 Arcisate (Va) Casella Postale N. 7 Tel.: (0332) 47-00-31; Telegrams: Polaroid Telex: 380476 To: Mr. Gianfranco Palma Arcisate, July 1987 We are pleased to advise you that effective July 1, 1987 you will be given the title of Manager. Thus, effective July 1, 1987, your work relationship shall be governed by the National Collective Bargaining Agreement of December 22, 1981 and by the National Agreement for Managers of Commercial Businesses dated April 22, 1986. Effective the same date, your gross monthly compensation will increase From ITL. 4,182,357 To ITL. 4,643,000 The new gross monthly compensation is broken down as follows: Base salary ITL. 2,200,000 Cost of living " 809,003 allowance Personal bonus " 1,290,071 8% increase component " 343,926 TOTAL ITL. 4,643,000 ----- It is understood that the amount paid to you as a personal bonus may be incorporated up to the full amount, for all intents and purposes, in the event of a revision to the agreement and/or regulations and/or laws, excluding, of course, any changes in compensation due to cost of living allowances or seniority increases. Best regards, /ss/ POLAROID (Italia) S.p.A. Postal checking acct. 19670215 - Milan Chamber of Commerce No. 575131; Registered with the Court of Milan under No. 110350; Varese Chamber of Commerce No. 134358 Registered offices: Piazza Meda, 5, Milan; Authorized capital: Lit. 200,000,000 Credito Italiano, Varese - Cassa di Risparmio delle Provincie Lombarde, Arcisate (VA) Banco di Roma, Varese - Banca Commerciale Italiana, Varese - Citibank NA, Milan