Employment Letter Amendment for Rajeev Puri as President of CompassLearning, Inc.
This agreement outlines the terms of Rajeev Puri's employment as President of CompassLearning, Inc., effective January 1, 2004. Mr. Puri will receive a base salary of $230,000, with a target bonus equal to his salary, of which $100,000 is guaranteed, based on financial goals set by the Board. He is eligible for standard company benefits and, if terminated, will receive 15 months of salary as severance plus a pro-rated bonus for the year worked.
EXHIBIT 10.28 |
RAJEEV PURI. In regards to the Employment Letter between Rajeev Puri and WRC Media Inc., as of January 1, 2004, Mr. Puri’s title is President of CompassLearning, Inc. with a base salary of $230,000, payable in accordance with WRC Media’s customary practices, with an incentive bonus target of 100% of his base salary, based on successful attainment of financial goals approved by the Board of Directors. $100,000 of this bonus is guaranteed. Mr. Puri is entitled to all benefits available to comparably situated employees under generally maintained Company plans. Mr. Puri is entitled to severance equal to 15 months of his then current base salary paid in accordance with the Company’s payroll practices, plus any bonus pro-rated for that portion of the calendar year for which he was employed.
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