EX-10.21
from S-1/A
3 pages
March 6, 2000 Mr. Robert Nazarian 5800 Long Brake Trail Edina, Mn 55439 Dear Bob: I Am Pleased to Confirm the Offer to Join Merrill Communications, LLC Effective April 17, 2000 as Executive Vice President and Chief Financial Officer. the Following Details the Specifics Regarding Your Offer: Base Salary: $25,000 Per Month. Annual Incentive Opportunity: 0-100% of Your Annual Salary. Your Bonus Payout Will Be Determined Based Upon Merrill's Consolidated Results, as Well as on Your Individual Performance. in General, "Target" Performance Equals Performing to Budget. "Target" Performance Will Result in 50% Bonus Payout. as Agreed, for Fiscal Year 2001 Only, I Will Guarantee a Bonus Payout Equal to Target. Signing Bonus: In Conjunction With Your Start Date, You Will Receive a Signing Bonus of $100,000 (Gross). Should You Leave Voluntarily Within Four Years of Your Start Date for Reasons Other Than a Change in Control, a Pro-Rata Portion of This Bonus Must Be Repaid to Merrill (E.G., if You Leave After Three Years of Employment, 25% of the Bonus Will Need to Be Repaid). Long-Term Incentive Opportunity
12/34/56