West Marine, Inc. Offer Letter to Ronald Japinga for Senior Vice President of Merchandising
West Marine, Inc. offers Ronald Japinga the position of Senior Vice President of Merchandising, reporting to the CEO. The agreement outlines a $300,000 annual base salary, a 40% bonus (half guaranteed in the first year), 50,000 stock options, a $125,000 signing bonus, and relocation support. Employment is at-will, with a separate termination agreement providing up to one year of severance under certain conditions. The offer must be accepted within one month and employment is set to begin on February 13, 2006.
Exhibit 10.3
500 Westridge Drive
Watsonville, CA 95076-4100
Telephone (831) ###-###-####
February 7, 2006
Ronald Japinga
[ADDRESS]
Dear Ron,
I am pleased to offer to you the position of Senior Vice President of Merchandising for West Marine, Inc. We are looking forward to you joining our team. This letter serves to document the terms of our employment offer to you:
| Position Title: | Senior Vice President of Merchandising | |
| Reports To: | Peter Harris, CEO and President | |
| Annual Base Salary: | $300,000 | |
| Bonus: | 40% of Annual Base Salary (subject to meeting the executive bonus criteria established by the Board of Director’s Governance & Compensation Committee); One-half of such bonus is guaranteed for the first year. | |
| Stock Options: | 50,000 Options to acquire the stock of West Marine, Inc. to be granted under the terms of the West Marine, Inc. Omnibus Equity Incentive Plan at the next regularly scheduled Governance & Comp Committee/Board of Director’s Meetings. | |
| Signing Bonus: | $125,000 signing bonus | |
| Relocation Costs: | Reasonable temporary housing and travel expenses for you and your immediate family | |
| Benefits: | As per Company policy. A “Benefits-at-a Glance and a 2006 Executive Benefits will be provided. | |
| “At Will” Employment | Your employment with West Marine is for no specific period and constitutes “at will” employment (i.e., either your or West Marine is free to terminate employment at any time, for any reason or for no reason [subject to the Executive Employment Termination and Compensation Agreement executed by you and the Company and other applicable agreements and Company policies]). | |
| Termination Agreement | You will receive a termination agreement which provides to you under certain circumstances, up to one year of severance. | |
| Start Date: | February 13, 2006 | |
Our entire team looks forward to working with you. Please indicate your acceptance by signing and dating the enclosed duplicate copy of this letter and returning it to me. You may also fax it to me at ###-###-####. This offer will terminate if not accepted within one month. Welcome aboard!
| Sincerely, |
| /s/ Peter Harris |
| Peter Harris, CEO & President |
I, Ronald Japinga, accept the above offer of employment with West Marine.
| /s/ Ronald Japinga | 2/14/06 | |||||||
| Signature | Date |
[West Marine Logo]
