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Title: |
Letter Agreement |
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Entities: |
Dow Chemical Co.; Richard L. Manetta |
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Date: |
2002 |
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Size: |
11KB total |
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Price: |
$38 |
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ID: |
#210755 |
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Start of Preview |
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Revised Offer
July 23, 2001
Richard L. Manetta
Dear Dick:
It is my pleasure to offer you the position of Corporate Vice-President and General Counsel for The Dow Chemical Company, located in Midland, Michigan, with a starting date of July 30th, 2001. I feel very confident that over the coming years, you can be instrumental in building a foundation of leadership for Dow's Law Department that will serve us far into the future, leaving a lasting impression on our company. In our discussions we have come to understand that this is what you want as well, and, as such, I believe that there is a unique fit between your aspirations and what Dow has to offer. I hope that you will decide to take up this challenge and join what I believe is a truly outstanding Corporate Leadership Team, working to make Dow the preeminent chemical company in the world today.
As you might expect, an offer for a position at a level such as this requires some detail to address properly. While there are a number of details not represented in this offer, below is a summary of the package that Dow will provide should you accept this position. As you will see, the offer is constructed around the five-year time period that we discussed would be optimal in terms of your ability to develop a robust line of succession in Dow's Law Department.
| Base Pay: | Your initial salary will be $450,000 per year, or $37,500 per month. Under our Salary Management Process, your future increases will be based upon individual performance. Dow conducts a global compensation planning exercise in February of each year. At that time, you will be eligible to receive consideration for a salary increase to become effective in March of 2002. | |||
Variable Pay: |
You will be eligible for variable pay as a participant in the Performance Award Program. This program is linked to a combination of company performance and individual/team performance goals. Your variable pay target amount for 2001 will be 70% of your annual base salary. The actual amount paid could range from $0 to $630,000 (2 times the target amount) based on performance. Payment would be delivered in March of 2002. Assuming you accept this offer and report to work before August 1, 2001, you will receive a Performance Award, based on actual company and individual performance, for the year 2001. Payment would be delivered in March of 2002. For 2001 only, if the actual payment delivered in March of 2002 is less than the target award amount ($315,000), an additional payment representing the difference will be made to you. | |||
Cash Bonus: |
As an additional incentive, after acceptance of this offer and reporting to work, you will receive a lump sum bonus in the amount of $250,000 (gross). | |||
Stock Options: |
You will also be eligible to participate in our Long Term Incentive Program each year. At your level in the corporation, this program generally includes one or more types of stock awards on an annual basis. For 2001, your award will consist of regular, market price stock options. After acceptance of this offer and reporting to work, you will receive: | |||
1. |
A Stock Options grant of 40,000 shares. This is to directly replace the 2001 stock options grant you would lose upon leaving your current employer. | |||
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End of Preview |
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