Stuart Prosser Compensation Adjustment Memorandum (January 2004)

Contract Categories: Human Resources › Compensation Agreements
Summary

This memorandum, dated January 5, 2004, documents the approval of new compensation terms for Stuart Prosser, effective January 1, 2004, due to his expanded responsibilities. The memo outlines his new base salary and bonus objectives, converted from U.S. dollars to British pounds, and specifies which portion of the salary is pensionable. The next compensation review is scheduled for March 1, 2005. The memo is addressed to Graham Horlock, with a copy to Susan Korthase, and is issued by William V. Hickey.

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EX-10.27 5 a2153494zex-10_27.htm EX 10.27

Exhibit 10.27

MEMO VIA E-MAIL

January 5, 2004

TO:   Graham Horlock
COPY:   Susan Korthase
FROM:   William V. Hickey
SUBJECT:   Stuart Prosser Compensation

        The following compensation changes are approved for Stuart Prosser as of January 1, 2004, in connection with his additional responsibilities.

        The amounts were approved in U.S. Dollars and translated into U.K. Sterling at the compensation exchange rate.

    1.
    Effective Date:  January 1, 2004

    2.
    New Compensation:

 
   U.S. $
   Fx
Rate
   £
Base Salary   $ 300,000   1.637   £183,262.07
Bonus Objective     125,000   1.637   £  76,359.20
   
     
    $ 425,000   1.637   £259,621.27
    3.
    Of this amount, £149,239 of base salary are considered pensionable income. This is based on the budgeted 3.5% increase in salary over Stuart's previous (2003) salary of £144,192. The balance of the salary increase should be considered due to Stuart's additional global responsibility and not pensionable.

    4.
    Next Compensation Review: March 1, 2005.

        Please let me know if you have any questions or require further documentation on the compensation or pension matters. The formal personnel action form will follow shortly by fax.

    /s/ William V. Hickey

 
 
W. V. Hickey

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