Strategic Distribution, Inc. Employment Offer Letter to Donald C. Woodring for Senior Vice President, Field Support
Strategic Distribution, Inc. offered Donald C. Woodring the position of Senior Vice President, Field Support. The offer includes a $200,000 annual salary, executive benefits, a target bonus of 50% of salary based on performance, stock options, and a future share purchase opportunity. If terminated without cause, Woodring will receive one year's salary and continued benefits. Additional perks include a temporary living allowance and a company vehicle. The agreement outlines key responsibilities and compensation, with severance terms also applying in a change of control situation.
Exhibit 10.8
| Strategic Distribution, Inc. |
| R.C. Whitaker |
| 3220 Tillman Drive, Suite 200 |
| President and CEO |
| Bensalem, PA 19020 |
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| Phone: 215 ###-###-#### |
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| Fax: 215 ###-###-#### |
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| Email: ***@*** |
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November 21, 2000
Mr. Donald C. Woodring
40 North Front Street
Sunbury, PA 17801
Dear Don:
I have outlined the offer for employment at SDI below. Should you accept the challenge based upon the summary points below, we will work together to develop a contract that adequately addresses the summarized items and protects both your personal and our corporate interests.
Summary of Offer
| Position: |
| Senior Vice President, Field Support |
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| Responsibility: |
| Full functional, performance and budgetary responsibility for Information Systems, Procurement, Data Management, Training, Implementation, and e-commerce strategy. |
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| Salary: |
| $200,000 per year paid in regular bi-weekly installments |
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| Executive benefits package: |
| As delivered. |
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| Target bonus: |
| Fifty percent (50%) of salary based upon a combination of mutually agreed individual goals and corporate performance parameters. The intent will be to have minimum threshold performance and no cap on potential. Achievement in excess of 75% of salary may be “banked” for payment in future years. |
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| Option grant: |
| Seventy-five thousand (75,000) SDI shares priced at the average closing price for the three days 1, 4, 5 of December 2000. |
| Share purchase opportunity: |
| Once this is designed and approved by the Board of Directors, you will have the option to participate fully along with other staff members. |
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| Severance: |
| Dismissal for reasons other than “cause” will result in a payment of one year’s salary in monthy installments and coverage under the normal benefits package for you and your family for the same period. |
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| In a change of control sutuation, the severance package above applies at your discretion. |
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| Perquisites: |
| Temporary living allowance to aide in your move decision and company vehicle. |
Please let me know your decision on this matter as soon as possible. We have a series of challenges that require your immediate attention. I look forward to working closely with you over the next few years to ensure SDI reaches its potential.
| Best personal regards, |
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| R. C. Whitaker |
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| Accepted: /s/ Donald C. Woodring |
| RCW/gs |
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