OFFER OF EMPLOYMENTExecutive Employment Agreement |
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LEVI STRAUSS &| CO | John Goodman. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.1
May 13, 2005
John Goodman
18 Camino Sobrante
Orinda, CA 94563
Dear John:
I am delighted to confirm our offer of employment to you as President and General Manager, Dockers® Commercial Business Unit. Your start date will be finalized soon. The details of our offer are as follows:
Work Location
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Your work location will be in San Francisco, California. |
Salary
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Your starting salary will be $10,576 per week (approximately $550,000 per year). |
Annual Incentive Plan
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Your participation rate in the Annual Incentive Plan (AIP) is 65% of your base salary. For 2005, you will participate on a full-year basis with a minimum guaranteed payment of $357,500 (gross, equal to 65% of your base salary) which will be paid during the first quarter of 2006. |
Long-Term Incentive
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You will also participate in the Company’s Senior Executive Long-Term Incentive Plan (SELTIP), a Stock Appreciation Right’s program with a 3-year performance cycle. Your SELTIP grant for 2005 will be 23,334 shares with a target award value of $1,400,000 (gross) tied to LS&Co.’s achievement of its performance goal at the end of 2007. This grant will be valued and paid after the close of our 2007 fiscal year (during the first quarter of 2008) based on actual performance. |
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