Document:

exv10w1

 

Exhibit 10.1

STOCK APPRECIATION RIGHTS (CASH-SETTLED) TERMS AND CONDITIONS

 (VANDENBERGHE) 

     1. Definitions.

     “Grantee” shall mean James H. Vandenberghe.

     Any term capitalized herein but not defined will have the meaning assigned to such term in the
Lear Corporation Long-Term Stock Incentive Plan.

     2. Term, Vesting and Exercise of the SAR.

     (a) Each SAR hereunder will be granted as of May 7, 2008

     (b) The SAR with a Grant Price of $39.00 per Share with respect to 50,000 Shares will expire
at the close of business on March 19, 2009.

     (c) The SAR with a Grant Price of $41.83 per Share with respect to 75,000 Shares will expire
at the close of business on June 30, 2009.

     (d) Each SAR will vest and become exercisable as to all of the Shares to which the SAR relates
on July 1, 2008; provided that such vesting is conditioned upon all of Grantee’s Options
outstanding as of the Grant Date expiring unexercised prior to July 1, 2008. Notwithstanding
anything contained herein to the contrary, the right of the Grantee to exercise the SAR will be
forfeited if the Committee determines, in its sole discretion, that (i) the Grantee has entered
into a business or employment relationship which is detrimentally competitive with the Company or
substantially injurious to the Company’s financial interests; (ii) the Grantee has been discharged
from employment with the Company or an Affiliate for Cause; or (iii) the Grantee has performed acts
of willful malfeasance or gross negligence in a matter of material importance to the Company or an
Affiliate.

     (e) The SAR may be exercised by written notice to the Company indicating the number of Shares
to which the SAR relates being exercised. When the SAR is vested and exercisable, it may be
exercised in whole at any time or in part from time to time as to any or all full Shares under the
SAR. Notwithstanding the foregoing, the SAR may not be exercised for fewer than 100 Shares at any
one time or, if fewer, all the Shares that are then subject to the SAR. If the Grantee dies prior
to the expiration date of the SAR, his estate will have the right to exercise the SAR prior to the
SAR’s expiration date.

     (f) Any amount due to the Grantee upon exercise of the SAR will be paid in cash. The amount
delivered to the Grantee upon exercise of the SAR will be based on the amount, if any, by which the
Fair Market Value of a Share on the date of exercise exceeds the grant price (“Grant Price”) of the
SAR. The Grantee will not receive a distribution if the Fair Market Value on the date of exercise
does not exceed the Grant Price. The Grantee’s distribution of cash upon exercise of the SAR will
be the aggregate dollar difference between the Fair Market Value of a Share on the date of exercise
and the Grant Price for all SARs so exercised; provided, that the amount delivered to the Grantee
shall be subject to the minimum withholding tax for supplemental wages.

     3. [reserved]

     4. [reserved]

     5. Transferability of SAR. Each SAR is transferable only by will or the laws of
descent and distribution, or pursuant to a domestic relations order (as defined in Code Section
414(p)). The SAR will be exercisable during the Grantee’s lifetime only by the Grantee or by his
guardian or legal representative. The Committee may, in its discretion, require a guardian or
legal representative to supply it with evidence the Committee deems necessary to establish the
authority of the guardian or legal representative to exercise the SAR on behalf of the Grantee.

 

 

     6. Securities Law Requirements.

     (a) Each SAR will not be exercisable in whole or in part, if exercise may, in the opinion of
counsel for the Company, violate the 1933 Act (or other federal or state statutes having similar
requirements), as it may be in effect at that time.

     (b) The SAR is subject to the further requirement that, if at any time the Committee
determines in its discretion that the registration, listing or qualification of the Shares subject
to the SAR under any federal securities law, securities exchange requirements or under any other
applicable law, or the consent or approval of any governmental regulatory body, is necessary as a
condition of, or in connection with, the granting of the SAR, the SAR may not be exercised in whole
or in part, unless the necessary registration, listing, qualification, consent or approval has been
effected or obtained free of any conditions not acceptable to the Committee.

     (c) With respect to individuals subject to Section 16 of the Exchange Act, transactions under
each SAR are intended to comply with all applicable conditions of Rule 16b-3, or its successors
under the Exchange Act. To the extent any provision of the SAR or action by the Committee fails to
so comply, the Committee may determine, to the extent permitted by law, that the provision or
action will be null and void.

     7. No Obligation to Exercise SAR. The granting of the SAR imposes no obligation upon
the Grantee (or upon a transferee of the Grantee) to exercise the SAR.

     8. No Limitation on Rights of the Company. The grant of the SAR will not in any way
affect the right or power of the Company to make adjustments, reclassification or changes in its
capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all
or any part of its business or assets.

     9. SAR Not a Contract of Employment. The SAR is not a contract of employment, and no
terms of employment of the Grantee will be affected in any way by the SAR or related instruments
except as specifically provided therein. The establishment of the SAR will not be construed as
conferring any legal rights upon the Grantee for a continuation of employment, nor will it
interfere with the right of the Company or any Affiliate to discharge the Grantee and to treat him
without regard to the effect that treatment might have upon him as a Grantee.

     10. Grantee to Have No Rights as a Stockholder. The Grantee will have no rights as a
stockholder with respect to any Shares subject to the SAR.

     11. No Deferral Rights. There shall be no deferral of payment, delivery or receipt of
any amounts hereunder.

     12. Notice. Any notice or other communication required or permitted hereunder must be
in writing and must be delivered personally, or sent by certified, registered or express mail,
postage prepaid. Any such notice will be deemed given when so delivered personally or, if mailed,
three days after the date of deposit in the United States mail, in the case of the Company to 21557
Telegraph Road, P. O. Box 5008, Southfield, Michigan, 48086-5008, Attention: General Counsel and,
in the case of the Grantee, to the last known address of the Grantee in the Company’s records.

     13. Governing Law. This document and each SAR will be construed and enforced in
accordance with, and governed by, the laws of the State of Delaware, determined without regard to
its conflict of law rules.

* * * * *exv10w1

 

Exhibit 10.1

July 2, 2003

Errol Samuelson

West Fourth Ave., Suite

Vancouver, BC V6J 1M7

Canada

Dear Errol:

On behalf of Homestore, Inc., it is with great pleasure that I extend to you our offer of employment. The
specifics of this offer are as follows: .

	 	 	 
	JOB TITLE:

	 	Senior Vice President, Software Group
	 
	RESPONSIBILITIES:

	 	Management of CFT, WyldFyre and Top Producer
	 
	START DATE:

	 	August 11, 2003
	 
	SUPERVISOR:

	 	Jack Dennison, Chief Operating Officer
	 
	ANNUAL SALARY:

	 	$200,000 USD
	 
	STOCK OPTIONS:

	 	150,000
	 
	BONUS

	 	up to 50% of base salary
	 
	VACATION:

	 	Three Weeks (15 days) per anniversary year
	 
	LOCATION:

	 	Vancouver, British Columbia, Canada
	 
	EMPLOYMENT STATUS:

	 	Exempt, Regular-Full Time Employee

If you accept this offer of employment, you will be scheduled for a new employee orientation
session during your first month of employment to introduce you to Homestore, Inc.’s employee
benefits and policies.

As a regular, full-time employee, you will be eligible for medical insurance and other fringe
benefits. The effective date of your medical benefits will be the first of the month following
date of employment. Further details will be discussed with and provided to you on your first
day of employment.

You will be eligible to earn an annual target bonus in the amount of up to fifty percent (50%)
of your base salary (prorated for 2003) based on the achievement of certain business and
financial objectives that you and your supervisor mutually determine on good faith, in
accordance with the company’s annual bonus plan.

Upon commencement of your employment and subject to Board of Directors approval, you will be
granted 150,000 stock options in Homestore, Inc. The Board, at their next scheduled meeting
following your date of hire, will set the option price at the fair market value. Your options
will vest over four years at a rate of 25% of the shares on the first anniversary of your start
date and monthly thereafter for the remaining 36 months. Options expire 10 years after the
grant date or 90 days after termination, whichever comes earlier.

30700 Russell Ranch Road, Westlake Village, CA 91362 • 805-557-2300 • Fax 805-557-2688

 

 

Errol Samuelson

July, 2003

Page 2

On your first day of work, new hire documents will be completed to assure that there is no delay
in the processing of your paycheck. In accordance with federal law, you will be required to
provide documentation to Human Resources within 72 hours of your commencement of employment
verifying your employment eligibility. Additionally, you will be required to sign Homestore’s
Confidentiality Agreement and Code of Conduct Policy.

Regarding our severance practice for certain senior leaders, should your employment be
terminated by the company for any reason other than “Cause” (definition attached) or voluntary
termination, you will receive severance pay equal to six (6) months of your regular base salary.

This letter is not intended to be a contract, and unless expressly agreed otherwise in writing
signed by the Chief Executive Officer and you, your employment is at-will. This means that you
have the right to resign at any time with or without cause, with or without notice. Likewise,
Homestore, Inc. retains the right to terminate your employment at any time with or without
cause, with or without notice.

This offer is contingent upon receipt of satisfactory references, degree verification (as
determined by Homestore’s Human Resources Department) and demonstration of your legal right to
work in the United States.

We are very pleased to extend this offer to you. I join the rest of the Homestore, Inc. team in
looking forward to working with you, and know that our success will be even greater with you
aboard.

Please indicate your acceptance of this offer by faxing the signed offer letter to Kellie
Canady, Human Resources Recruiting Coordinator, at (805) 557-2688. In addition, please bring
the original signed offer letter with you on your first day of work. This offer is valid for 3
days from the date on the offer letter.

Sincerely,

/s/Jack Dennison

Jack Dennison

Chief Operating Officer

cc: Megan Best, Director of Human Resources

I have read and understand the terms of this offer and consent to all of the terms and
provisions contained herein.

	 	 	 	 	 	 	 	 	 	 	 
	Name:

	 	/s/ Errol Samuelson
 

	 	 	 	Date:
	 	August 5, 2003
 

	 	 

Congratulations! Now that you’ve accepted our offer, please provide the following confidential
information so that we may enter your information into our HRIS & initiate your new-hire
process. Welcome aboard!!

	 	 	 	 	 	 	 
	Date of Birth: 

	 	 
	 	 
	 	 	 	 	 
	Social Security Number:	 	 	 	 
	 

	 	 	 	 

	 	 

30700 Russell Ranch Road, Westlake Village, CA 91362 • 805-557-2300 • Fax 805-557-2688

 

 

CAUSE DEFINED

For purposes of this Agreement, “cause” for Executive’s termination will exist at any time after
the happening of one or more of the following events:

	 	(a)	 	a willful and continued failure or a
refusal to comply in any material respect with the reasonable
policies, standards or regulations of Company;
	 
	 	(b)	 	a good faith determination by Company’s
Chief Executive Officer or the Chief Operating Officer that
Executive’s performance is unsatisfactory after written notice and
a thirty (30) day opportunity to cure;
	 
	 	(c)	 	a willful and continued failure or a
refusal in any material respect, faithfully or diligently, to
perform Executive’s duties determined by Company in accordance with
this Agreement or the customary duties of Executive’s employment
(whether due to ill health, disability or otherwise; provided
however, that Executive shall be entitled to any benefits or
reasonable accommodation required by law);
	 
	 	(d)	 	unprofessional, unethical or fraudulent
conduct or conduct that materially discredits Company or is
materially detrimental to the reputation, character or standing of
Company;
	 
	 	(e)	 	dishonest conduct or a deliberate attempt
to do an injury to Company;
	 
	 	(f)	 	Executive’s material breach of a term of
this Agreement or the Employee Invention Assignment, Code of
Conduct and Confidentiality Agreement, including, without
limitation, Executive’s theft of Company’s proprietary information;
	 
	 	(g)	 	Executive’s extended absence from work
without an approved leave;
	 
	 	(h)	 	Executive’s death; or
	 
	 	(i)	 	a conviction of the Executive for any
crime constituting a felony in the jurisdiction in which committed.

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