December 14, 2005
Mr. Sam Martin
2939 Parkwood Drive
Green Bay, WI 54313
Dear Sam:
This letter confirms our offer of employment made to you for the
position of Senior Vice President of Operations reporting to Perry
Odak, CEO. Your base pay will be $295,000, payable bi-weekly at the
rate of $11,346.15. Additional compensation with the Company
includes:
-
A $50,000.00 bonus on your start date of January 9, 2006.
-
A $50,000.00 bonus in April, 2006, subject to your continued
employment with the Company.
-
A targeted incentive bonus of 50% of your annual base salary from
the "2006 Home Office Incentive Plan." The incentive program is
based on achieving company performance and individual performance
objectives. If those objectives are met, payment for the Award will
be made in March, 2007.
We are extremely excited to have you join the Wild Oats Markets
team. The education and work experience background you will bring
to the position will help us to obtain goals we have set as a
growing organization.
The Compensation Committee of the Board of Directors has
approved a grant to you of 100,000 stock options for shares of Wild
Oats Markets common stock. The strike price will be based on the
closing market value of Wild Oats Markets stock on the day you sign
and agree to the terms of this offer letter.
You will be eligible for 15 days-accrued vacation hours for each
year of employment.
As part of this employment offer, Wild Oats Markets, Inc. will
provide a relocation package reimbursing you for approved
relocation expenses up to $70,000. Additional expenses the Company
will reimburse to you outside the existing relocation plan
include:
-
4 months of temporary housing. If applicable, additional time will
be given if relocation to a primary residence has not been
finalized at that time.
-
Mortgage Payment (grossed up) for up to 6 months for your primary
residence in Green Bay, WI.
-
Reasonable expenses for the continued upkeep of your residence in
Green Bay for up to 6 months. Expenses will be reviewed and
approved by the Vice President of Human Resources. If applicable,
house upkeep expenses beyond the initial 6 months will be
considered and approved by the Vice President o
