Document:

Offer Letter to Deborah Meyer, dated August 20, 2009

 Exhibit 10(a) 

 

 

 CONFIDENTIAL 

August 20, 2009 
 Deborah W. Meyer

 (Address on file) 
 Dear Deborah:

 I am pleased to offer you the position of SVP Chief Marketing Officer with Pulte Homes reporting to Richard Dugas, Chairman,
President & CEO. 
 Your starting salary will be $400,000 per year. 
 As the Chief Marketing Officer, you will be eligible for incentives under the Senior Management Incentive Plan (SMIP), which was adopted in 2008 and consists of both an Annual Incentive Program
(“AIP”) and Long-Term Incentive Program (“LTIP”). Details regarding plan terms and performance measures under both the AIP and the LTIP will be provided to you within the first few weeks of your hire date. 

Under the AIP, your target will be set at $320,000 (80% of your base salary for 2009). The award opportunity is based on the achievement of Company
financial goals as approved by the Compensation Committee of the Board of Directors. Because your start date is after January 31, your payout will be prorated based on the number of months employed in 2009. 

Under the LTIP, your target will be set at $240,000 (60% of your base salary for 2009) for the 2010-2012 Cycle or $80,000 per year. The LTIP award is
based on both the achievement of pre-established annual Company Financial and Individual goals as approved by the Compensation Committee, which is paid at the end of the three year cycle. Participation in this plan will commence on 01/01/2010.

 You will also be eligible for a 2009 annual equity grant consisting of Company Stock Options and/or Restricted Shares, which will be awarded
in February 2010 as approved by the Compensation Committee of the Board of Directors. The number of shares and mix of you equity you receive is determined by Senior Leadership with direction and feedback from the Compensation Committee’s
outside compensation consultant from Pearl Meyer & Company. This award value is estimated to be approximately $300,000-$350,000, consistent with our most recent annual award grant to other Senior and Corporate Executives. The stock option
exercise price and grant value is based on the average of the high and low PHM stock price on the date of grant. Stock options generally vest over a four year period (50% vest two years from the grant date, 25% vest three years from the grant date
and the remaining 25% vest four years from grant date). Restricted shares generally vest 100% three years after the date of grant. 
 We will
also provide a Sign-On Stock Option Grant of 50,000 stock options, which will be granted and approved during the Compensation Committee meeting held on September 9, 2009. These stock options will vest over a four year period (50% vest two years
from the grant date, 25% vest three years from the grant date and the remaining 25% vest four years from grant date). You will be provided with a grant acceptance agreement shortly after the award is made. In addition, the Company will provide you
with a sign on bonus of $10,000 to cover transition related expenses. 
 All company benefit programs, including medical, dental, life and
disability insurance, are available to you for your participation on the first day of the month following 60 days of employment. As a Senior Executive, you will be 

 
eligible for the Tax & Financial Planning Assistance program, which reimburses you for any tax and financial counseling up to $7,500 annually (grossed-up to cover any tax liabilities).
You will also be eligible for the Executive Health Examination Program, which reimburses you up to $4,000 annually for routine medical examinations, blood tests, X-rays and other related diagnostic programs. 

In the event that your reporting relationship changes and you no longer report to the CEO or your employment is terminated by the company without cause
during your first three years of employment with the Company, you will receive the following severance benefits; 12 months of salary continuation, Cobra benefits paid by the Company for 12 months, a prorated AIP bonus for the year of termination,
any earned amounts and prorated payouts for the current performance cycles of the LTIP program, and the prorated value in cash of restricted stock awards and in the money stock options on the date of termination. Severance benefits will be provided
in compliance with section 409a of the tax code. 
 We anticipate that your start date will be September 1, 2009. On your first day, please
plan to meet with Jamie Bieth at 9:00 a.m. to complete your new hire paperwork. Please bring with you identification to demonstrate your eligibility to work in the United States an noted on the attached Form I-9, List of Acceptable Documents. (Note:
This offer in its entirety is contingent upon the successful completion of a reference/ background check.) 
 Deborah, welcome to the Pulte
team! 
 Sincerely, 
  

	
	 /s/ Jim Ellinghausen

	Jim Ellinghausen
	EVP Human Resources

  

			
	copy:	  	Richard Dugas
		  	Payroll Department

 By my signature, I
agree to the terms of this agreement as outlined above and with the understanding that Pulte Homes, Inc. is an “at-will employer.” 
  

					
	 /s/ Deborah Meyer
	  		  	    8/21/09                
	 Deborah Meyer
	  		  	DateClarification of Offer Letter to Deborah Meyer, dated April 25, 2011

 Exhibit 10(b) 

 

 

 April 25, 2011 
 Deborah Wahl Meyer 
 100 Bloomfield Hills Parkway, Suite 300 

Bloomfield Hills, MI 48304 
 Dear Deborah:

 The purpose of this letter is to clarify the Company’s and your intent that the Offer Letter, dated August 20, 2009 (the
“Offer Letter”), is intended to comply with the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and that the payments to you pursuant to the Offer Letter are also intended to be exempt
from section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-l(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-l(b)(4).
Accordingly, the terms of your Offer Letter shall be governed by the following provisions: 
  

	 	•	 	 Any bonus payable to you under the Annual Incentive Program (“AIP”) shall be paid to you no later than March 15th of the calendar following the calendar year in which the bonus is
earned. Any incentive payment payable to you under the Long-Term Incentive Program (“LTIP”) shall be governed by the terms of the Pulte Homes, Inc. Long-Term Incentive Plan, as may be amended. 

 

	 	•	 	 Any severance and the prorated value of restricted stock awards and in the money stock options payable to you pursuant to the penultimate paragraph of
the Offer Letter shall be paid in a lump sum payment within 60 days after the date of your termination of employment (subject to any legally-required six month delay, as described below). 

 

	 	•	 	 The AIP bonus payable to you to pursuant to the penultimate paragraph of the Offer Letter shall be based on the results of operations and financial
performance of the Company for the entire calendar year and shall be prorated based on the number of days you were employed by the Company. Such bonus, if any, shall be paid no later than March 15th of the calendar year following the calendar year in which the bonus
is earned. 

  

	 	•	 	 Any earned amounts and prorated payouts for the current performance cycle under the Long-Term Incentive Program payable to you pursuant to the
penultimate paragraph of the Offer Letter shall be paid no later than March 15th of the calendar year following the calendar year in which your employment is terminated. 

 

 

 Deborah Wahl Meyer 
 April 25, 2011 
  Page
 2
 
  

	 	•	 	 Notwithstanding any other provision in this letter agreement or the Offer Letter, if you are a “specified employee,” as of the date of your
“separation from service,” then to the extent any amount payable under the Offer Letter (i) constitutes the payment of nonqualified deferred compensation, within the meaning of section 409A of the Code, (ii) is payable upon your
separation from service and (iii) under the terms of this letter agreement or the Offer Letter would be payable prior to the six-month anniversary of your separation from service, such payment shall be delayed until the earlier to occur of
(a) the six-month anniversary of the separation from service or (b) the date of your death. For purposes of this letter agreement, “specified employee” and “separation from service” shall have the meanings assigned to
them under section 409A of the Code. 

  

	 	•	 	 Any reimbursement payable to you pursuant to the Offer Letter shall be conditioned on the submission by you of all expense reports reasonably required
by the Company under any applicable expense reimbursement policy, and shall be paid to you in accordance with the Company’s procedures covering expense reimbursements, but in no event later than the last day of the calendar year following the
calendar year in which you incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind
benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to the Offer Letter shall not be subject to liquidation or exchange for any other benefit. 

 

			
		 	Sincerely,
		
		 	 /s/ James R. Ellinghausen

		 	James R. Ellinghausen
		 	Executive Vice President-Human Resources

  

					
	Agreed to and accepted:	 		 	
			
	 /s/ Deborah Wahl Meyer
	 		 	 Date: 4/28/11

	Deborah Wahl MeyerBoard of Directors Services Agreement

 Exhibit 10.20 
 Skullcandy, Inc. 
 Board of Directors Services Agreement 

 
  

This Board of Directors Services Agreement (the “Agreement”), dated March 21, 2011, is entered into between Skullcandy, Inc., a
Delaware corporation (“the Company), and Richard Alden, an individual with a principal place of residence in Park City, Utah (“Director”). 
 WHEREAS, the Company desires to retain the services of Director for the benefit of the Company and its stockholders; and 
 WHEREAS, Director desires to continue to serve on the Company’s Board of Directors for the period of time and subject to the terms and conditions set forth herein; 

NOW, THEREFORE, for consideration and as set forth herein, the parties hereto agree as follows: 

1. Board Duties.  Director agrees to provide services to the Company as a member of the Board of Directors. Director
shall, for so long as he remains a member of the Board of Directors, but in any case not less than one year from the date hereof, meet with the Company upon written request, at dates and times mutually agreeable to Director and the Company, to
discuss any matter involving the Company or its Subsidiaries, which involves or may involve issues of which Director has knowledge and cooperate in the review, defense or prosecution of such matters. Director acknowledges and agrees that the Company
may rely upon Director’s expertise in product development, marketing or other business disciplines where Director has a deep understanding with respect to the Company’s business operations and that such requests may require substantial
additional time and efforts in addition to Director’s customary service as a member of the Board of Directors. Director will notify the Company promptly if he is subpoenaed or otherwise served with legal process in any matter involving the
Company or its subsidiaries. Director will notify the Company if any attorney who is not representing the Company contacts or attempts to contact Director (other than Director’s own legal counsel) to obtain information that in any way relates
to the Company or its Subsidiaries, and Director will not discuss any of these matters with any such attorney without first so notifying the Company and providing the Company with an opportunity to have its attorney present during any meeting or
conversation with any such attorney. 
 2. Compensation.  All compensation arrangements that existed prior to
execution of this Agreement, including but not limited to the employment and non-competition agreement, are hereby terminated. As compensation for the services provided herein, the Company shall pay to Director an amount equal two times current
salary, paid over a period of two years from the date hereof. Payments shall be made to Director in accordance with the Company’s standard payroll (equal bi-weekly payments) as long as Director continues to fulfill his duties and provide the
services set forth above. Executive shall be entitled to receive Accrued Benefits, unpaid Salary through the date of this Agreement, together with any other vested or un-vested benefits in accordance with

  
 1 

 
the terms of the applicable option plans or arrangements. 
 3.
Benefits and Expenses.  The Company shall continue to provide health insurance on the same terms as provided to the senior executives of the Company for a period of three (3) years from the date hereof, provided that Director
continues to provide the services contemplated hereby. The Company will reimburse Director for reasonable business expenses incurred on behalf of the Company prior to the date hereof. The Company shall also reimburse Director for reasonable
out-of-pocket expenses incurred in connection with discharging his duties as a Board member. Any additional expenses shall be pre-approved by the CEO or CFO of the Company and will be reimbursed subject to receiving reasonable substantiating
documentation relating to such expenses. Any existing property of the Company used by Director may be purchased from the Company at its current fair market value, to be determined in good faith by the CFO of the Company, or returned to the
Company. 
 4. Mutual Non-Disparagement.  Director and the Company mutually agree to forbear from making,
causing to be made, publishing, ratifying or endorsing any and all disparaging remarks, derogatory statements or comments made to any party with respect to either of them. Further, the parties hereto agree to forbear from making any public or
non-confidential statement with respect to the any claim or complain against either party without the mutual consent of each of them, to be given in advance of any such statement. 

5. Anti-Dilution.  The Company agrees to not issue equity capital for consideration less than fair market value, or
otherwise issue equity capital that would have the effect of diluting Director’s ownership position in the Company in a manner that is not implemented pro-rata with respect all stockholders. Issuance of stock options or other equity grants to
employees or consultants, shares issued in connection with acquisitions approved by the Board of Directors, and shares issued for consideration at fair market value shall not be considered dilutive. 

6. Cooperation.  In the event of any claim or litigation against the Company and/or Director based upon any alleged
conduct, acts or omissions of Director during the tenure of Director as an officer of the Company, whether known or unknown, threatened or not as of the time of this writing, the Company will cooperate with Director and provide to Director such
information and documents as are necessary and reasonably requested by Director or his counsel, subject to restrictions imposed by federal or state securities laws or court order or injunction. The Company shall cooperate in all respects to ensure
that Director has access all available insurance coverage and shall do nothing to damage Director’s status as an insured, and shall provide all necessary information for Director to make or tender any claim under applicable coverage.

 7. Board of Directors Status of Director.  Director’s membership on the Company Board of Directors
shall not be disturbed for at least the greater of any period of time: (a) specified in any other agreement or contract defining Director’s role as a member of the Board of Directors, (b) a period of three years from the date hereof, or (c) so
long as Director owns, directly or indirectly, at least 10% of the issued or outstanding equity stock in the Company. Membership on the Board shall require adherence to board member conduct policies adopted by the board and enforced equally upon all
directors. 

  
 2 

 
Director may voluntarily resign his position on the Board of Directors at any time and without penalty or liability of any kind, subject to Section 2 above. 

8. Confidentiality.  Subject to exceptions mutually agreed upon by the parties to this Agreement in advance and in
writing, the terms and conditions of this Agreement shall remain confidential and protected from disclosure except as required by law in connection with any registration or filing, in relation to a lawful subpoena, or as may be necessary for
purposes of disclosure to accountants, financial advisors or other experts, who shall be made aware of and agree to be bound by the confidentiality provisions hereof. 
 9. Governing Law.  This Agreement shall be governed by the law of the State of Utah. In the event of any dispute regarding the performance or terms hereof, the prevailing party in any
litigation shall be entitled to an award of reasonable attorneys’ fees and costs of suit, together with any other relief awarded hereunder or in accordance with governing law. 

In witness whereof, the parties hereto enter into this Agreement as of the date first set forth above. 

 

							
	THE COMPANY:	  	 	 	  	DIRECTOR:
			
	/s/ Mitch Edwards	  				  	 /s/ Richard Alden

	Name:	  				  	Richard Alden
	Title	  				  	

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]