Employment Letter Agreement between Emily Swenson and WRC Media Inc. (President of Weekly Reader)
This agreement outlines the employment terms for Emily Swenson as President of Weekly Reader, a division of WRC Media Inc., effective October 15, 2003. Ms. Swenson will receive a base salary of $225,000, an annual non-discretionary incentive of up to 50% of her salary based on financial goals, and a possible discretionary bonus of up to 25% of her salary. She is entitled to 20 days of paid vacation, standard executive benefits, and severance equal to 12 months' salary plus pro-rated bonuses if her employment ends.
EXHIBIT 10.27 |
EMILY SWENSON. In regards to the Employment Letter between Emily Swenson and WRC Media Inc., as of October 15, 2003, Ms. Swenson’s title is President of Weekly Reader with a base salary of $225,000, payable in accordance with Weekly Reader’s customary practices, with an annual, non-discretionary incentive payout up to 50% of her base salary based on successful attainment of financial goals approved by the Board of Directors. Ms. Swenson is also eligible, based on her performance, for a discretionary bonus of up to 25% of her base salary. Ms. Swenson is entitled to 20 days of paid vacation per year and the other benefits to which comparably-situated executives are entitled. Ms. Swenson is entitled to severance equal to 12 months of her then current base salary, plus any non-discretionary bonuses earned pro-rated for that portion of the calendar year for which she was employed.
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