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I am delighted
to confirm our offer of employment and your acceptance to join
LS&CO. as Executive Vice President and Chief Financial Officer,
reporting to me. Your start date is anticipated to be on or before
July 1, 2009. The details of our offer are as
follows:
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Your work location will be San
Francisco, CA.
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Your starting salary will be
$12,500.00 per week (approximately $650,000.00 per year). The
position is assigned to the Executive Band in the company’s
compensation program.
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Your target participation in the
Annual Incentive Program (AIP) is 75% of your base salary,
with a 2009 target value of $487,500. Your award opportunity under
this plan is up to 200% of target value as determined by your
individual performance and the performance of the company. Your
2009 AIP award will not be prorated if your start date is on or
before July 1, 2009. In addition, we guarantee your 2009 AIP
award at a minimum 50% of target. This payment will be made in the
first quarter of 2010. A detailed explanation of the program is
included with this letter.
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Long Term
Incentive — Stock Appreciation Rights
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You
will participate in the Company’s Senior Executive Equity
Incentive Plan. For 2009, you will receive Stock Appreciation
Rights (SARs) totalling 82,264 units. This includes a standard
grant of 41,132 units and a one-time special grant of 41,132 units.
These grants will be made in July 2009 pending Board of
Directors approval of the strike price for your grant. Further
details regarding your grant will be provided along with your SARs
Grant Notice in July 2009.
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For
2010, you will receive a Stock Appreciation Rights (SARs) grant of
one and one half times the standard grant level for your position.
This grant will be made in February 2010 pending Board of
Directors approval of the strike price for the grant. Further
details regarding your grant will be provided along with your SARs
Grant Notice in February 2010.
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You
will receive a one-time signing bonus of $250,000.00 (gross), paid
within 30 days of your hire date.
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This signing bonus is offered in
anticipation of the contributions you will make to our business
over time. In the event that you resign before completing
twenty-four months (24 -months) of employment, or you are
terminated for cau
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