President Relocation Benefits Letter Agreement between Snyder’s-Lance, Inc. and Carl E. Lee, Jr.
This letter agreement outlines the relocation benefits provided by Snyder’s-Lance, Inc. to Carl E. Lee, Jr. as he moves from York, PA to Charlotte, NC for his role as President and Chief Operating Officer. The company will cover standard relocation expenses, including house hunting, temporary lodging, moving costs, and assistance with selling and buying a home. Additionally, Mr. Lee will receive a $250,000 cash payment after purchasing a home in Charlotte, subject to standard tax withholdings.
Exhibit 10.5
| | 13024 Ballantyne Corporate Place | |||
| Harris Building Suite 900 | ||||
| Charlotte, NC 28277 | ||||
| (704) 554-1421 | ||||
|
April 9, 2012 |
Mr. Carl E. Lee, Jr.
1250 York Street
Hanover, PA 17331
Re: Relocation Benefits
The purpose of this letter is to confirm the relocation benefits you are eligible to receive associated with your move from York, PA to Charlotte, NC in connection with your role as President and Chief Operating Officer at Snyder’s-Lance, Inc.
You are entitled to the standard benefits that are provided to relocating employees as outlined below:
| • | House hunting & temporary lodging |
| • | Approved miscellaneous relocation expenses |
| • | Transportation of household goods |
| • | Home sale marketing assistance |
| • | Home purchase assistance |
In recognition of the current real estate market and the expectation of a loss on the sale of your current home, the Compensation Committee of the Board of Directors have approved in lieu of your participation in the Company’s relocation relief fund, a payment of Two-Hundred and Fifty Thousand Dollars ($250,000.00) that will be made in cash to you following your purchase of a home in Charlotte, NC. This payment will be made following the closing of the purchase transaction and will be subject to normal withholdings.
| Very truly yours, |
| David V. Singer |
| Chief Executive Officer |
