Restoration Hardware Executive Employment Offer Letter with Elizabeth H. Salamone

Summary

Restoration Hardware offers Elizabeth H. Salamone the position of Executive Vice President, General Merchandise Manager, with a salary of $275,000 per year, eligibility for a management incentive program, a grant of 250,000 stock options vesting over four years, a monthly car allowance, and participation in company benefit plans. The employment is at-will, meaning either party can end the relationship at any time. The agreement outlines key compensation, benefits, and employment terms, and requires Salamone's signature to accept the offer.

EX-10.2 5 f86571exv10w2.txt EXHIBIT 10.2 Exhibit 10.2 August 2, 2002 Ms. Elizabeth H. Salamone Dear Lisa: I am pleased to offer you the position of Executive Vice President, General Merchandise Manager at Restoration Hardware. This letter will confirm the most important details of our offer. Title Executive Vice President, General Merchandise Manager Salary $275,000 per year, paid bi-weekly. Management Incentive You will be eligible to participate in the Management Program Incentive Program. Your target eligibility will be up to 50% of your base pay. Stock Option Grant 250,000 stock options at the fair market value, to have an effective date concurrent with your first day of employment with the Company. The stock options will vest over a 4-year period, with the terms being in accordance with the administrative guidelines of the company's stock option plan. Car Allowance You will receive a car allowance of $500.00 per month. 401(K) Plan & Employee You will be eligible to participate in the Company's Stock Purchase Plan 401(K) Plan and Employee Stock Purchase Plan on the first enrollment dates following your date of hire. Vacation 20 days (4 weeks) per year. Employee Discount You will be eligible for a 40% associate discount on Restoration merchandise.

Page 2 - -------------------------------------------------------------------------------- The language that follows reflects our standard and legally required offer letter language. We don't mean for it to come across as impersonal, but rather, as sound and necessary information for you to know from the outset of your working relationship with us. The relationship between you and Restoration Hardware is called "at-will employment." This means that employment with the Company is for no specific period of time. As a result, either you or Restoration Hardware are free to terminate your employment relationship at any time for any reason, with or without cause. This is the full and complete agreement between us on this term. Although your job duties, title, compensation, benefits, or the Company's policies, practices and procedures may change from time to time, the "at-will" nature of your employment may only be changed in an express writing signed by you and the Chief Executive Officer of the Company. I am enclosing two copies of this letter. Please sign and return one copy to me on your first day of work and keep the other copy for your files. Lisa, we are very excited about you joining the "Resto" team and look forward to your contributions to the growth and success of the Company. Sincerely, /s/ GARY FRIEDMAN Gary Friedman President and Chief Executive Officer - --> I understand and agree to the terms of this offer of employment: /s/ Lisa Salamone August 20, 2002 - -------------------------------------------------------------------------------- Lisa Salamone Date cc: Associate's File