Offer Letter of Employment, dated August 23, 2018, between Superior Industries International Inc. and Matti Masanovich
Exhibit 10.1
Personal and Confidential
August 23, 2018
Mr. Matti Masanovich
14162 Riverside Drive East
Tecumseh, Ontario, Canada N8N1B6
Dear Matti,
I am pleased to extend an offer of employment to you as Executive Vice President, Chief Financial Officer for Superior Industries International, Inc. In this position you will be based out of our corporate headquarters in Southfield, Michigan and will report directly to me.
Compensation and Benefits
The starting base salary will be $515,000 per year, less applicable Federal and State taxes. This is a salaried position and you will be paid semi-monthly. You will also receive a car allowance of $800 per month pre-tax, payable at the first pay period of each month.
You will be eligible to participate in the following Superior Industries International, Inc. Incentive Compensation Programs:
| - | Under our 2018 Annual Incentive Performance Program (AIPP), you will be eligible for a discretionary annual performance bonus, which will be prorated for days worked in the calendar year, with a target of 70% of your base salary ($360,500). All earned bonuses are typically paid before March 15th of the following year and are based on the company’s performance as well as your individual performance. |
| - | Additionally, as Executive Vice President, Chief Financial Officer, you qualify to receive an incentive award through participation in Superior’s 2018-2020 Long-Term Incentive program as administered by Superior’s Compensation and Benefits Committee of the Board (“Committee”). The 2018 target incentive award is valued at 125% of your base salary ($643,750). The Committee has also approved you receiving 1/3 of the 2017-2019 award ($214,583) which is comprised of time based and performance based restricted stock units. |
As an employee of Superior Industries International, Inc., you will be eligible to participate in our benefits and plans available to executives, including our medical, dental, vision, life and long-term disability insurance plans, with eligibility beginning on the first day of the calendar month following your date of hire. A 401(K) plan with a company match is also offered to assist you in your long-term financial planning. You will be eligible to participate in the plan the first of the month after two months of employment.
Vacation
You are eligible for four weeks of paid vacation per year.
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Matti Masanovich
Start date
Your start date of employment will be September 16, 2018 subject to U.S.C.I.S. approval of our petition filed on your behalf for TN status. Prior to such date you will be expected to maintain this offer and your acceptance confidential.
Contingencies
This offer is contingent upon the successful completion of the pre-employment urinalysis and alcohol screening, as well as our receipt of satisfactory results from the verification of work history, criminal background check and credit check.
The Immigration Reform and Control Act of 1986 requires Superior to verify the identity of every new employee and their legal right to work in the United States.
Employment
Employment with the Company is at-will and is not for any fixed period of time. Employees may terminate their employment at any time for any reason. Similarly, the Company may terminate any individual’s employment at any time for any reason. Your employment will be conditional upon your signing an agreement to your at-will employment status.
If you find the terms of our offer acceptable, please acknowledge by signing and returning one copy of this letter to me. This letter represents all terms associated with this offer of employment.
Matti, I want you to know that the directors and employees you have met at Superior are very excited about you joining Superior Industries International, Inc. and look forward to working with you.
Sincerely,
Don Stebbins
President and Chief Executive Officer
I hereby accept this offer of employment:
| /s/ Matti Masanovich | August 23, 2018 | |||
| Matti Masanovich | Date |
