School Specialty, Inc. Letter to Pat Collins Regarding Compensation Adjustment (September 18, 2013)
This letter from School Specialty, Inc. to Pat Collins confirms his new role as Executive Vice President – Supplies Business, effective September 23, 2013. It outlines an updated annual base salary of $360,000 and a new target bonus of 50% of base salary under the company's Management Incentive Program. All other terms of his existing employment agreement and benefits remain unchanged. The letter serves as formal notice of the compensation adjustment.
Exhibit 10.2
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W6316 Design Drive Greenville, WI 54942 P.O. Box 1579 Appleton, WI ###-###-#### Phone: 888 ###-###-#### Fax: 888 ###-###-#### www.schoolspecialty.com Science Reading & Literacy Arts Education Early Childhood Life Skills Physical Education & Health Special Needs Career Education Furniture & Equipment School & Teacher Supplies School Smart™ | September 18, 2013 Mr. Pat Collins 5566 South Oak Street Hinsdale, IL 60521 Dear Pat: This letter confirms our offer regarding your new role of EVP – Supplies Business for School Specialty, Inc. (SSI). The following highlights additional financial elements of your position in recognition and value to the Company. · Base Slary: Your new annual base salary for this position is $360,000, or a biweekly rate of $13,846.15. This is effective Monday, September 23, 2013. · Bonus Plan: You will continue to participate in the SSI Management Incentive Program with a new target payout of 50% of your base salary. Pat, please be advised that your Employment Agreement and all other benefits afforded you remain intact and unchanged, and that this letter outlines a change to your current compensation only. I look forward to our continued partnership and making SSI a successful Company. Sincerely, Jim Henderson Chairman of the Board & |
