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Exhibit 10.1
May 20, 2009
Mr.
Matthew Appel
5055 Shoreline Drive
Frisco, Texas 75034
Dear
Matt:
On
behalf of Zale Corporation, I am pleased to make you the following
offer, effective May 27, 2009, as Executive Vice President,
Finance. Effective June 15, 2009, you will become
Executive Vice President, Chief Financial Officer. This
letter outlines the terms of your offer:
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Reporting to:
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Chief Executive Officer
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Base Compensation:
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Fifteen thousand three hundred eighty-four
dollars and sixty-two cents ($15,384.62) per bi-weekly pay period
which, if annualized, is equal to Four hundred thousand dollars
($400,000).
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Stock Grant:
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100,000 options for shares of Zale stock with an
exercise price equal to the price at the close of market on the day
you join the Company. Shares will vest over four years at 25% on
each anniversary of your award.
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20,000 restricted stock units, with vesting
contingent upon continued employment (25% on 2nd anniversary of
issue date, 25% on 3rd anniversary, 50% on 4th
anniversary).
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Incentive Compensation:
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Beginning with FY’10 (August 1, 2009
– July 31, 2010) you will be eligible for participation in
the Company’s Annual Bonus Program (as may be amended from
time to time) at a target level of 75% and a maximum level of 150%
of base salary, based on achievement of our financial
plan.
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