Compensation Adjustment Letter Agreement between New York & Company and Leslie Goldmann
This letter agreement from New York & Company to Leslie Goldmann outlines an immediate increase in her base salary to $550,000, with an incentive compensation target of 60% and eligibility for a minimum total compensation of $550,000 and a maximum of $1,210,000 over the next year. Leslie will also receive 100,000 stock options and is eligible for a one-time $500,000 bonus payable in two years, which must be repaid if she leaves the company within one year of receiving it.
Exhibit 10.2
April 1, 2008
Leslie Goldmann
Dear Leslie:
This letter will serve as confirmation of the updated terms of your compensation.
Compensation:
| INCREASE |
| CURRENT |
| NEW |
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| BASE SALARY: |
| $ | 475,000 |
| $ | 550,000 |
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| IC TARGET %: |
| 60 | % | 60 | % | ||
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| TOTAL COMP: |
| $ | 760,000 |
| $ | 880,000 |
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Your new Base Salary will be effective immediately.
Since IC can range from %0 to 200%, at your new base salary, you will receive a minimum total compensation of $550,000 and a maximum of $1,210,000, over the course of the next 12 months.
In addition, you will receive 100,000 option shares of New York & Company common stock. 70,000 will be issued at a strike price of $4.74 and 30,000 at a strike price equal to closing price on the date of the next Board of Directors meeting. These options are subject to the terms and conditions as set forth in our Option Plan.
You will also be eligible for a one-time bonus of $500,000 two years from the date of this letter (April 1, 2008). This bonus will be repayable to the company, if you should choose to leave the business within 1 year of the payment date.
Leslie, I hope that this compensation change demonstrates our commitment to you. I look forward to working together to build a great future. If you have any questions please let me know or contact Sandra.
| Sincerely, |
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| /s/ Richard P. Crystal |
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| Richard P. Crystal |
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| Chairman and Chief Executive Officer |
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