Board of Directors of Acuity BrandsExecutive Employment Agreement |
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Exhibit 10.1
November 16, 2005
Richard K. Reece
21 Ballas Court
St. Louis, MO 63131-3000
Dear Ricky:
I am pleased to confirm our offer to you of the position of Senior Vice President and Chief Financial Officer for Acuity Brands, Inc. (“Acuity” or “Acuity Brands”). This letter confirms the details of our offer, which are subject to formal approval by the Board of Directors of Acuity Brands.
EFFECTIVE DATE
You will assume the duties of your new position effective as of December 1, 2005 (the “Effective Date”).
DUTIES
You will be employed on a full-time basis as the Senior Vice President and Chief Financial Officer for Acuity Brands and will report to the Chairman, President, and Chief Executive Officer. In that capacity, you will perform the duties and responsibilities normally associated with that position, including those described on Exhibit “A” attached hereto.
COMPENSATION
Base Salary
Your starting base salary will be $33,333 per month, paid on a monthly basis in arrears and based on an annual salary of $400,000. Your salary will be reviewed annually beginning October 2007.
Sign-On Bonus
You will receive a sign-on bonus of $325,000, which will include amounts paid in lieu of relocation expenses (other than temporary housing and travel, addressed below). Should you voluntarily terminate your employment with Acuity Brands, Inc. within three years of the Effective Date, you will be required to repay the sign-on bonus on a pro rata, after tax basis, assuming a tax rate of 41%.
Annual Incentive Plan
You will participate in the Acuity Brands, Inc. Management Compensation and Incentive Plan, currently providing an annual bonus opportunity of 55% of salary at target performance, with a maximum opportunity of 110% of salary. Your fiscal year 2006 bonus will be calculated based on the full fiscal year ending August 31, 2006.
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Richard Reece |
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