Attached files
| file | filename |
|---|---|
| 8-K - RS Legacy Corp | v180249_8k.htm |
| EX-99.1 - RS Legacy Corp | v180249_ex99-1.htm |
Exhibit
99.2
|
300
RadioShack Circle
Mail
Stop #CF3-325
Fort
Worth, Texas 76102-1964
Office
817-415-3020
Fax
817-415-2490
|
March 18,
2010
Mr. Scott
E. Young
301
Ferndale Road South
Wayzata,
MN 55391
Dear Mr.
Young:
It is our
pleasure to extend an offer of employment to you to join the RadioShack team as
Executive Vice President – Chief Merchandising Officer, reporting to Julian Day,
Chairman and Chief Executive Officer. The specifics of this
employment offer are set forth below.
|
Base
Salary
|
$15,384.61
bi-weekly ($400,000 annualized)
|
|
Sign-On
Bonus
|
$100,000
gross
|
|
Target
Bonus
|
Your
target bonus opportunity will be 70% of base salary and will be based on
company performance metrics. We agree to guarantee your 2010
bonus, payable in 2011, at a minimum of $140,000. We also agree to prepay
$50,000 of this bonus guarantee to you as soon as practical upon your
reporting to work.
|
|
Equity
Grants
|
After
joining RadioShack you will receive 9,000 shares of RadioShack Restricted
Stock and 12,500 RadioShack Stock Options. These equity grants
are subject to the approval of the Board of Directors at their next
scheduled meeting.
|
|
Long Term Incentive
Plan
|
$300,000
Target
|
The 2010
Long Term Incentive Plan (“LTIP”) is a three year plan for the fiscal (calendar)
years 2010 through 2012, payable in 2013
|
Relocation
|
The
Company will provide you with relocation assistance as detailed in the
attached relocation assistance
document.
|
|
Vacation
|
You
will be eligible for vacation benefits as
follows:
|
4 weeks
upon hire, prorated to the end of the calendar year
4 weeks
on each successive January 1 through 20 years of continuous
employment
5 weeks
on each successive January 1 following 20 years of continuous
employment
|
Health & Welfare
Plans
|
You
will be eligible upon hire for limited medical, dental / vision, and life
benefits. After a six month waiting period you will be eligible
for the basic group medical, dental, vision, life, AD&D, disability,
and flexible reimbursement plans. 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.
|
Mr. Scott
E. Young
March 18,
2010
Page
2
|
COBRA
Payment
|
For
the six month waiting period prior to your eligibility for RadioShack
health benefits the Company will reimburse you the difference of the cost
of your COBRA coverage and the amount of the employee contribution under
RadioShack's health coverage.
|
|
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.
|
|
Stock
Ownership
|
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 two 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:
|
§
|
Executive
Life
|
|
§
|
Executive
LTD
|
|
§
|
Officers’
Severance Program
|
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 as soon as possible but no later than April 5,
2010.
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/
Scott E. Young
|
3/23/10
|
|||
|
Scott
E. Young
|
Date
|