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Exhibit
10.22
On behalf of Select Comfort
Corporation, I am pleased to offer you a position as the Senior
Vice President, Marketing for Select Comfort. Your anticipated
start date is to-be-determined. You will be based in our Plymouth,
MN location.
The agreed upon terms of this
exempt, full-time position are as follows:
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Starting
bi-weekly salary of $10,192.30. ($265,000 annualized). You
will also be eligible for your next salary review in February,
2006.
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You will be
eligible to receive a one-time lump sum sign on bonus of $20,000
(less applicable withholdings) within your first 30 days of
employment.
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You will be
eligible to participate in the company’s management bonus
plan. Under the plan as established for 2005, you will be eligible
for a targeted bonus of 55% of base compensation actually paid for
the year. The actual bonus payment may range from 0% to 250% of the
targeted bonus level, depending on the performance of the Company.
Your minimum 2005 bonus payment will be paid at target (pro-rated
based on base salary received during 2005), with upside if the
company exceeds plan.
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You will be
granted options to purchase 75,000 shares of the Company’s
common stock at a fixed exercise price. The exercise price of these
options will be the average of the high and low trading prices of
the Company’s common stock on the date of grant, which we
expect to be the first day of employment. These options will vest
25% per year on each of the first 4 anniversaries of the date of
grant. You will be eligible for annual equity grants as part of our
annual long-term incentive plan.
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You will also
be granted 5000 restricted shares which will vest after 4 completed
years of service. The grant price of these shares will be the
average of the high and low trading prices of the Company’s
common stock on the day your employment begins.
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You will be
eligible for the company’s director level & above
benefits as part of your total compensation package. Please refer
to the attached summary of benefits for details.
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Actual benefits are defined in the
individual plan documents. You will be eligible for 20 days paid
time off annually, plus 10 holidays.
You will be
eligible for relocation benefits as part of your compensation
package. Select Comfort will cover reimbursable relocation expenses
to include:
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Reasonable
costs (travel, food, lodging, car rental, etc.) for
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