Exhibit 10.11
March 5, 2002
Mr. Jeffery W. Sprick
6024 Hammock Hill Ave
Lithia, FL 33547
Dear Jeff:
The purpose of this letter is to confirm the
terms of our offer to employ you as Vice President of Corporate
Accounting for Walter Industries, Inc. (“Walter”)
(the “Company”). This offer will remain valid until and
through March 15, 2002 and is subject to satisfactory
completion of a drug test.
1.
As Vice President
of Walter Industries, Inc., you shall report to and serve at
the direction of the Senior Vice President & Controller of
Walter Industries, or to such other person as may be designated
from time to time. Your initial responsibilities shall be to
manage the financial reporting, analysis and SEC reporting of the
Corporation. Such responsibilities may be changed from time
to time.
2.
Your employment
will commence no later than April 1, 2002.
3.
Your compensation
package will be as follows:
(a)
Base Salary
$12,500 per month ($150,000
annually), which will be paid in accordance with the payroll
practices of the Company, as they may change from time to
time.
(b)
Bonus
Your annual target bonus will be
30.0% of your base salary. The amount of your bonus will
fluctuate based upon actual performance under the Company’s
bonus plan as in effect from time to time. Participation in the
bonus pool is dependent upon the achievement of the Company’s
annual financial and other goals, as well as the
accomplishment of individual
objectives mutually agreed upon in writing each year. The
first year’s bonus will not be pro-rated, you will be treated
as though you were employed the entire year. To receive a
bonus, you must be employed at the time the bonus is
paid.
Please note that participation in
the Employee Stock Purchase Plan is a condition to participation in
the bonus pool.
(c)
Stock Options
You will be eligible for the
Company’s stock option plan, subject to terms of the
Company’s stock option plan, with an initial award of 5,000
non-qualified stock option grants vesting over three
years.
(d)
Sign-on Bonus
You will be paid $10,000 to offset
for miscellaneous benefit reductions due to the job
change.
(e)
Benefits
•
Reimbursement for all reasonable and
customary business-related travel and entertainment expenses, in
accordance with the terms of the Company’s policy, as it may
change from time to time.
•
Participation in the Company’s
life and health insurance benefit programs in accordance with their
terms, as they may change from time to time. A benefits
booklet will be available for your review upon request.
•
Participation in the Walter
Industries, Inc. Profit-Sharing Plan according to its
terms.
•
Participation in the Walter
Industries 401(k) Plan, as it may change from time to time and in
accordance with its terms. A 401(k) booklet will be available
for your review upon request. Your eligibility to participate
will be consistent with the requirements of ERISA.
•
Eligibility for four weeks of annual
vacation to be used each year in accordance with the
Company’s policy, as it may change from time to
time.
4.
It is agreed and understood that:
your employment with Walter is to be at will, and either you or
Walter may terminate the employment relationship at any time for
any reason, with or without cause, and with or with
