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I am delighted
to confirm our offer of employment to join Levi Strauss & Co.
(LS&Co.) as Senior Vice President and Chief Marketing Officer
— Levi’s® reporting to me. Your start date is
anticipated to be August 31, 2009. The details of our offer
are as follows:
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Your work location will be San
Francisco, CA. However, as part of your induction period, your work
location will be Miami Beach, FL for the first three months of your
employment.
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Your starting salary will be
$11,057.70 per week (approximately $575,000 per year). The position
is assigned to the Executive Band in the company’s
compensation program.
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Your participation in the Annual
Incentive Program (AIP) is 65% of your base salary, with a
2009 target value of $373,750. 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. AIP payouts are
prorated based on date of hire. 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. You will receive Stock Appreciation Rights (SARs)
totalling 43,000 units in February 2010 pending Board of
Directors approval of the strike price for your grant. This
includes one-half of a standard grant pro-rated for 2009, and one
and one-half of a standard grant for 2010. 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 $150,000 (gross), payable
within 30 days of your start 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 one year
(12-months) of employment, or you are terminated for cause before
one year (12-months) of employment, you will be required to repay
the prorated, remaining balance of your signing bonus. Any such
repayment may be deducted in whole or in part from any final
payments due to you.
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Enclosed you will find a Signing
Bonus Acknowledgment and Payback Agreement. Please sign and return
the Payback Agreement.
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Our
offer also includes participation in our flexible benefits program.
There are a number of benefit options available to you in the areas
of health care and life insurance, as well as our long term savings
programs which provide important tax advantages for your
savings.
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You
are eligible to participate in the executive perquisite programs
associated with a position at your level. The total benefit of
these programs, including parking and the perquisite cash
allowance, is approximately $19,374. The value of the perquisite
cash allowance is $15,000 per year, paid out to you in two
installments each year. The first payment is in January and the
second is in June.
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