Sharper Image Corporation Offer Letter to Gary Chant Dated January 30, 2007

Summary

Sharper Image Corporation offered Gary Chant the position of Senior Vice President, Human Resources, and Administration, starting around February 12, 2007, with an annual salary of $260,000 and eligibility for a 40% target bonus. The offer includes stock options, participation in benefit and 401(k) plans, a comprehensive relocation package, and potential severance pay. Employment is at-will and contingent on background checks and employment authorization. Gary must sign confidentiality and invention agreements and confirm he is not restricted by prior contracts. The offer is valid for seven business days from receipt.

EX-10.30 4 dex1030.htm OFFER LETTER DATED JANUARY 30, 2007 Offer Letter dated January 30, 2007

Exhibit 10.30

January 30, 2007

Mr. Gary Chant

21271 Falls Ridge Way

Boca Raton, FL 33426

Dear Gary:

Sharper Image Corporation (the “Company”) is pleased to formally extend its offer of employment to you. The terms of our offer to you with respect to your employment are as follows:

Date of Hire: We anticipate that you should be available to begin your employment on or about February 12, 2007.

Title: Senior Vice President, Human Resources, and Administration or as revised to reflect changes in duty or level. You will report to the Chief Executive Officer. This position is located in our headquarters in San Francisco, California.

Salary: You will be paid a salary at an annual rate of $260,000, less applicable tax withholdings, payable in accordance with the Company’s normal payroll practice.

Bonus: You will be eligible to participate in the Company’s incentive bonus plan, as from time to time in effect, or its successor plan(s) (the “Bonus Plan”), with a 40% target bonus for achievement of performance objectives determined in its sole discretion by the Board of Directors (or its committee) and subject to the terms of the Bonus Plan. Any bonus payable for the Company’s 2007 fiscal year (i.e., the fiscal year ending in January 2008) under the terms of the Bonus Plan will be pro-rated based on your actual start date with the Company.

Stock Options: The Company shall recommend that the Compensation Committee of the Board of Directors of the Company award 25,000 stock options to you in accordance with the terms of the Company’s stock option plan, as from time to time in effect. The options will have a maximum term of 10 years (subject to earlier termination if your employment terminates), vest 25% on each of the first four anniversaries of the date of grant, and will have an exercise price of the fair market value of the Company’s common stock (as defined in the Company’s stock option plan) on the date of grant. As soon as reasonably possible after the Compensation Committee approves your grant, you will be notified in writing as to the actual exercise price, vesting schedule and other information regarding your options.

Benefit Plans: On your date of hire, you will be eligible to participate in various benefit plans and programs sponsored by the Company for its senior officers in effect from time to time including medical benefits, other than the Company’s profit sharing plan, in each case subject to the terms and conditions of such plans. You will receive 4 weeks vacation per fiscal year which shall accrue and carry over to subsequent fiscal years subject to the Company’s policy in place from time to time.

401(k) Plan: You will be eligible to participate in the Company’s 401(k) Plan as in effect from time to time after you complete the eligibility requirements.

Relocation: The Company will provide you a relocation package for the move of your household goods to the San Francisco area substantially as set forth on Schedule I. Nothing in the foregoing will require the Company to take any action that would be a violation of applicable law, including but not limited to Sarbanes Oxley. You agree, to the extent permitted by law, to repay any relocation amounts paid by the Company in the event your employment is terminated by the Company with cause (as defined in the Policy referenced below) or you resign, in either case prior to the one-year anniversary of your move. The relocation package will be available for a maximum of 18 months from your start date.

Executive Severance: In your employment is terminated by the Company, you may be eligible to receive severance pay in accordance with the Company’s Executive Severance Pay Policy (the “Policy”), as in effect from time to time, provided that you satisfy the eligibility requirements set forth in the Policy, including without limitation, execution of a separation agreement which includes a release, restrictive covenants and confidentiality provisions satisfactory to the Company, in its sole discretion.

10.

Standard Agreements: As a condition of your employment you will be required to enter into the Company’s employment undertakings and comply with the Company’s policies each as in effect from time to time. The Company will forward to you its confidentiality and invention ownership agreement which must be signed and returned to the Company prior to beginning employment with the Company.

11.

Term: Notwithstanding the quotation of your salary above, your employment will be at-will, terminable for any reason by either you or the Company, without fixed term or notice.

12.

Performance Warranty: You represent that you are not a party to any contract, agreement or understanding which prevents, prohibits or limits you in any way from entering into and fully performing any duties and responsibilities that may be assigned to you.

13.

Employment Authorization: The Company is required by law to obtain documentation of employment authorization and identity within three (3) days of your start date. As a condition of employment, you must complete the I-9 form included in your new hire package and bring, within three (3) days of your start date, the documentation of employment authorization and identity described on the reverse side of the I-9 form.

14.

Background Investigation: The Company will conduct background investigations on all pre-employment/post-offer applicants. A copy of the disclosure form is attached and the authorization form must be returned if you accept our offer of employment so that we can promptly conduct the background investigation.

15.

No Other Promises: You acknowledge that no other promises or representations were made to you other than in this letter, and that no other inducement caused you to sign this letter. This offer may not be amended, except by an agreement in writing, signed by both parties.

This offer is also contingent upon satisfactory background investigation and employment references. Please sign and return the enclosed copy of this letter to me, signifying your acceptance of the terms and conditions of our offer to you along with the other required forms identified in this letter, in the postage paid envelope provided.

Please let me know if you have any questions.

Sincerely,

Jerry W. Levin

Chairman and Interim Chief Executive Officer

Enclosures

I understand and agree to the terms of the offer as outlined above by signing this letter and returning it to Human Resources within seven (7) business days of receipt.



Signature		Date

Schedule I – Relocation Package

Home Sale Assistance:

(a) Professional home marketing assistance plan

(b) Home sale closing costs

Temporary Living Reimbursement for 18 months:

(a) Lodging/housing, Airfare, and Transportation

New Location Home Purchase:

(a) Attorney’s fees

(b) Home inspection and appraisal

(c) Closing costs and settlement fees; including discount and lender fees, recording fees, title search, and transfer taxes.

Household Goods Movement:

(a) Packaging and interstate shipping

(b) Transportation of vehicles

(d) Full replacement insurance

Miscellaneous Expenses

(a) Final Trip Move

(b) House Hunting Trips (2 trips)

Home Sale Loss Reimbursement

(a) To a maximum of $30K of the original purchase price

Tax Assistance

(a) Tax gross-up for all taxable expenses