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I have enjoyed
our discussions and getting to know you better. I believe that you
possess the experience and personal attributes necessary to
successfully help direct our corporation over the next six
(6) months. During this period, we will address many business
and financial challenges requiring the expertise of an accomplished
Chief Financial Officer. Therefore, I am pleased to formally extend
to you an offer of employment to join Peerless Mfg. Co. as its next
Vice President and Chief Financial Officer. You will report
directly to me and function as a member of our Management
Team.
Employment with
Peerless is at will and this letter does not constitute a contract
of employment for any specific term and may be modified by
the-company, at any time. Specific terms of this offer
encompass:
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Base salary : Paid bi-weekly at the rate of
$8,000 per pay period. This equates to $208,000 on an annualized
basis.
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Success Bonus
: A bonus to be paid
equal to one times Compensation earned as Chief Financial Officer
only upon closing of the “proposed” transaction. Bonus
will be capped at $100,000.
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Benefits : Eligibility begins for medical,
dental, life, AD&D, etc., on the first day of the month
following 30 days of continuous employment (details to
follow).
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Salary
Continuation/Severance : A provision for four
(4) months salary, paid, bi-weekly, if
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