Exhibit 10.2

 

March 24, 2005

 

Hans Ploos Van Amstel

Mwami Mutaradreef 13

Keerbergen

3140 Brussels, Belgium

 

Dear Hans:

 

This letter summarizes the basic terms of your assignment to San Francisco as
Senior Vice President/Chief Financial Officer effective March 7, 2005. The
details of this offer are as follows:

 

Compensation

 

Component

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Amount

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Base Salary (annualized rate)    $500,000 (gross) Annual Incentive Plan (AIP)   
$325,000 (gross target awards based on 65% participation rate)
2005 Long-Term Incentive Plan    $700,000 (gross target award, program to be
finalized)

 

Special Bonus

 

You will be provided with a special bonus of $300,000 (net) within 30-days after
you assume your new position as CFO.

 

You will be required to reimburse LS&Co. the gross amount of this special bonus
if you voluntarily terminate your employment with the Company within 12 months
after your start date. The repayment amount for this special bonus will be
decreased on a pro-rata basis over the 12-month period.

 

Benefits

 

Our offer also includes participation in our flexible benefits programs. There
are a number of benefit options available to you in the areas of health care and
life insurance, as well as our long-term savings programs which provides
important tax advantages for your savings.

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Hans Ploos Van Amstel   March 23, 2005

 

Other

 

•   You are eligible to participate in the executive perquisite programs
associated with a position at your level. The value of these programs is
approximately $17,600 annually including parking.

 

•   Your vacation accrual rate will be 25-days annually in accordance with
Company guidelines.

 

Severance

 

You may be eligible for benefits under the Senior Executive Severance Plan. A
copy of the Plan document which provides an overview of the plan and defines the
eligibility requirements will be provided to you.

 

Global Relocation Payments and Allowances

 

In association with your move to the United States, you will be eligible for a
variety of payments and allowances to assist you. These include the following:

 

•   Home Leave Benefit (eligible for 5 years, in accordance with our Global
Transfer Policy)

 

•   Settlement Allowance ($5,000 net)

 

•   Relocation Airfare (Business class, four people, Brussels to San Francisco)

 

•   Shipment of Household Goods (One 40 foot sea container/air shipment from
Europe)

 

•   The Company will cover loss on the sale of your personal family vehicle in
Europe

 

•   Tax Preparation & Consulting

 

•   Immigration Assistance

 

Note, the amounts shown in this section are estimates only.

 

Domestic Relocation Benefits

 

You are also eligible for services through our Domestic Relocation Benefits
Program to assist you with your relocation to San Francisco. These services
include:

 

•   Selling costs on your house in Belgium (estimated at Euro 25,000)

 

•   Miscellaneous Expense Allowance (equal to 2-weeks base pay)

 

•   Destination Services, including real estate agent referral, community
information and associated services (schools, churches, etc.)

 

•   Temporary Housing and Living Expense at your destination, food and car, for
up to 60 days

 

•   Spouse Employment Assistance for up to one year

 

•   Home Purchase Assistance, mortgage lender referral, loan subsidy and closing
cost assistance

 

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Hans Ploos Van Amstel   March 23, 2005

 

If you have further questions about the Relocation Benefits Program, contact
Veronica Harris at (312) 233-4208.

 

We expect your association with Levi Strauss & Co. to continue to be mutually
beneficial. Nonetheless, we are an at-will employer, which means that either the
Company or you may terminate your employment at any time, with or without cause,
and with or without notice.

 

Hans, we are very excited that you have decided to accept this position. We are
confident that you will continue to make valuable contributions to LS&CO. in
this role.

 

Sincerely,

 

Philip A. Marineau

President and

Chief Executive Officer

 

cc: Greg Holmes

 

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