Exhibit 10.1
March 14, 2005
Mr. Larry M. Segall
12 Escher Drive
Marlboro, New Jersey 07746
Dear Larry:
It is my pleasure to extend to you
an offer for the position of Executive Vice President and Chief
Financial Officer for Equinox Holdings, Inc., the consolidated
business of Equinox Fitness Clubs comprising all of the businesses
that carry the “Equinox” brand name including the
fitness clubs, management company and related products or
businesses (the “Company”). As Chief Financial
Officer, you will report directly to the Chief Executive Officer of
the Company and will have duties consistent with the job
description. The position offered is full-time employment at
our corporate headquarters in New York City, beginning
April 11, 2005.
Your employment is subject to your
execution of Equinox’s Non-Disclosure and Non-Competition
Agreement for senior executives, a copy of which is attached.
Your annual base salary will be $270,000.00, payable in biweekly
installments of $10,384.62. As additional compensation, you
are eligible to receive an annual performance incentive bonus as
described more fully in Attachment 1 to this letter. As an
inducement to accept this offer of employment, the Company will
grant you options to purchase up to 60,000 shares of the common
stock of the Company at an exercise price equal to the Fair Market
Value at the next meeting Board of Directors, as described more
fully in a separate option agreement. Additionally, we will
grant you options to purchase an additional 25,000 shares of the
common stock of the Company on January 1, 2006, at an exercise
price equal to the Fair Market Value at that date. Your
compensation will be reviewed annually by the Compensation
Committee of
