Attached files
Exhibit
10.54
300 RadioShack
Circle
Mail Stop
#CF5-119
Fort Worth,
Texas 76102-1964
Office
817-415-3020
Fax
817-415-2490
August 13,
2008
Via
Email to leeapplbaum@hotmail.com
Mr. Lee D.
Applbaum
36
Ashbourne Road
Bexley, Ohio
43209
Dear Mr.
Applbaum:
It
is our pleasure to extend a contingent offer of employment to you to join the
RadioShack team as Executive Vice President – Chief
Marketing Officer reporting to Julian Day, Chairman and Chief Executive
Officer. This offer is contingent upon the satisfactory completion of
a background investigation which includes criminal and reference check
information. The specifics of this employment offer are set forth
below. The Company reserves the right to modify these compensation
and benefit plans at anytime without legal consideration or notice.
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Base
Salary
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$15,384.61
bi-weekly ($400,000 annualized)
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Target
Bonus
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Your target
bonus opportunity will be 75% of base salary and will be based on company
performance metrics. This bonus opportunity will be prorated
for 2008. We agree to guarantee your 2008 bonus, payable in
2009, at a minimum of $75,000.
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Sign-on
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You will
receive 25,000 stock options after joining RadioShack. This
grant is subject to the approval of the Board of Directors at their next
scheduled meeting.
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Long
Term Incentive
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You will
participate in the following long-term incentive
plans:
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|
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2008 Long
Term Incentive Plan 2 Year Plan
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|
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This plan is
for the fiscal (calendar) years 2008 and 2009, payable in
2010. The target amount for this plan is $280,000 which will be
prorated.
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2008 Long Term
Incentive Plan 3 Year Plan
This plan is for
the fiscal (calendar) years 2008, 2009 and 2010, payable in 2011. The
target for this plan is $280,000 which will be prorated.
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Equity
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You will be
eligible for annual grants of restricted stock and stock options
commensurate with your position. These grants are normally made
during the first quarter of the calendar
year.
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Vacation
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You will be
eligible for vacation benefits as
follows:
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3
weeks upon hire, prorated to the end of the calendar year
3
weeks on each successive January 1 through 10 years of
continuous
employment
4
weeks on each successive January 1 following 10 years of
continuous
employment
5
weeks on each successive January 1 following 20 years of
continuous
employment
Mr. Lee D.
Applbaum
August 13,
2008
Page 2
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Relocation
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The Company
will provide you with relocation assistance as detailed in the attached
relocation policy
|
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Health
& Welfare Plans
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You will be
eligible for the basic group medical, dental, vision, life, AD&D,
disability, and flexible reimbursement plans 3 months following your first
day of employment. In addition, you may cover your lawful
spouse, same or opposite sex domestic partner, and eligible
children. You will receive enrollment information shortly after
you have reported for work. You will be reimbursed for COBRA
payments made during your eligibility
period.
|
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401
(k) Plan
|
This plan is
a qualified retirement plan with various investment options, which allows
participants to make a pre-tax contribution and receive a matching
contribution from the company of $1 for $1 up to a 4% contribution level
that vests immediately. If you are 18 years of age or older and
a non-temporary employee, you are eligible to enroll and participate in
the Plan as soon as your first anniversary. A complete set of
enrollment materials will be provided closer to your eligibility
date
|
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Stock
Ownership
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Our
shareholders and the investment community often analyze and measure the
commitment of management to the company through share
ownership. With this in mind, our Board of Directors adopted an
ownership policy for all officers. At your level you will be
required to own RadioShack Corporation common stock having a value equal
to one and one-half times your base salary. A review to
determine compliance with this policy will occur as of each December
31. You are not expected to reach this level
immediately.
|
Other benefits for
which you will be eligible include:
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■
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Officers’
Severance Program
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■
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Executive
Life
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■
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Executive
LTD
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More detailed
information about each of these benefits will be covered during your new
employee executive orientation.
This is a very
exciting time to join RadioShack Corporation. It is my hope that
after accepting this contingent employment offer, you will be available to
report for work no later than October 1, 2008.
Please sign, date
and return this letter to me at your earliest convenience via facsimile to
817-415-2490. Meanwhile, if you have any questions, do not hesitate
to call me at 817-415-3020.
Welcome to
RadioShack Corporation!
Sincerely,
| /s/ Jana Freundlich | |
| Jana Freundlich | |
| Vice President – Human Resources | |
| Accepted: | |
| /s/ Lee D. Applbaum | 8/15/08 |
| Lee D. Applbaum | Date |