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EGL - Executive Vice President Asia Pacific Region- Letter of Assignment - Vittorio Favati
Exhibit 10.29
AMENDED LETTER OF ASSIGNMENT April 2004
This Amended Letter of Assignment confirms the terms and conditions between Vittorio Favati (" Employee" ) and EGL Eagle Global Logistics (" Company" ) pertaining to the foreign assignment of Employee.
ASSIGNMENT
Employee is assigned to the ASPAC Region, and will be based in Singapore as Executive Vice President Asia Pacific Region. This position will report directly to the President, International (a position which is currently filled by the chief Executive Officer).
AMENDED COMPENSATION
Base salary: Amended salary shall be USD $20,833.33 per month, based on a twelve (12) month year effective April 4, 2004, with any increases or adjustments only at the direction of and approval by the CEO, as applicable under the Company' s Salary and Administration programs.
Any changes to this agreement must be in writing and endorsed by the Chief Executive Officer and the VP Human Resources Corporate.
Agreed:
/s/ James R. Crane
07-12-2004
James R. Crane
Date
/s/Vittorio M. Favati
07-05-2004
Vittorio Favati
Date
/s/Lorie J. Parmeter
07-07-2004
Lorie J. Parmeter, SPHR
Date
VP Human Resources
LETTER OF ASSIGNMENT
This Letter of Assignment confirms the terms and conditions between Vittorio Favati (" Employee" ) and EGL Eagle Global Logistics (" Company" ) pertaining to the foreign assignment of Employee.
ASSIGNMENT
Employee is assigned to the ASPAC Region, and will be based in Singapore as Executive Vice President Asia Pacific Region. This position will report directly to the CEO. The effective date of this assignment will be on or about July 30, 2001. The duration of the assignment shall be a minimum of two (2) years from the effective date in Singapore. At the conclusion of the assignment, Employee and family will be repatriated to the USA in accordance with the conditions provided herein.
COMPENSATION
Base Salary: Initially the base salary shall be USD $17,500 per month, based on a twelve (12) month year, with any increases or adjustments only at the direction of and approval by the CEO, as applicable under the Company' s Salary and Administration programs. Bonuses and commissions shall be in accordance with established Company bonus or commission plan, or as directed by the CEO.
Other Compensation Provisions: Barring any legal reasons to the contrary, Employee may elect to have a portion of his salary paid in the USA and a portion paid in Singapore. Should Employee choose to maintain payment of a portion of his salary in the USA, he will keep his eligibility for participation in the USA Company' s Savings Plan (401K) and the USA Company' s Employee Stock Purchase Plan while on foreign assignment.
Paying Office: Salaries and allowances will be paid by the payroll entity established for this assignment in local currency. Any salary paid in the USA (if elected) shall be charged to the Singapore Company. Expense reimbursements will be made in Singapore.
EMPLOYE BENEFITS
Employee will be provided benefits as per established Company policy in Singapore appropriate to his position.
Healthcare coverage: Employee elects to have a portion of salary paid in the USA, he may elect to retain healthcare coverage under the USA healthcare coverage plan, with emergency services, as described under the plan guidelines, in Singapore. Alternatively, the Company will pay to Employee a monthly amount that is determined to be appropriate for supplemental health premiums for Employee and family in Singapore.
Life Insurance: Life Insurance coverage at a benefit amount of US$1 Million will be provided to the Employee, with premium cost paid by the Company.
Automobile: Employee will be entitled to the use of a company car commensurate with his position and in accordance with the Company' s established automobile policy in Singapore. A second car to be used for family purposes will be provided by the Company. Specifics on the car will be agreed upon by the EVP ASPAC and the CEO.
Annual Leave (Vacation): Upon assumption of duties in Singapore, Employee' s accrual of vacation time under the USA vacation policy will stop. Upon assumption of duties in Singapore Employee will accrue annual leave/vacation time in accordance with established Company policy in Singapore, and such time will be no less than three (3) weeks per year.
Housing and Utilities: The company will provide Employee with accommodation at an amount mutually agreed as appropriate for Employee and family in Singapore for the duration of the assignment. The company will be responsible for entering into the lease contract directly with the landlord and will pay the monthly rent directly to the landlord or agent.
The Company will pay lease fees, utilities and certain other required costs associated with the accommodation on the Employee' s behalf.
Temporary Housing: Temporary housing will be provided in SIN or upon repatriation to the USA if necessary.
Education: Employee will be reimbursed by the Company for actual cost of registration fees and tuition for each Dependent Child attending Primary/Elementary or Secondary School in Singapore.
Club Membership: The company will pay for a corporate membership in a country club in Singapore for use by Employee for business and other purposes. The Company will also pay initiation and monthly dues for a corporate membership in the American Club in Singapore.
TAXES
Income Taxes: During the term of this agreement and any tax year directly associated with or affected by the agreement terms, the Company will pay all reasonable fees associated with the preparation of the Employee' s foreign and home country returns and forms for reporting income taxes. The Company will authorize the use of PricewaterhouseCoopers as tax counsel.
Pre-Assignment / Post-Arrival Consultations The Company will authorize Employee to meet with a PricewaterhouseCoopers in the USA before the assignment commences and on arrival in Singapore. The same services will be provided to Employee upon repatriation on to the USA.
TAX EQUALIZATION
The intent is to have Employee incur an individual tax burden similar to that, which would have been incurred in the USA, had the Employee not received allowances and special tax considerations resulting from the international assignment.
The general concepts are as follows:
Actual Taxes In order to minimize any tax gains or losses to the Employee as a result of the international assignment, the Company will pay Employee' s actual home and host country taxes, subject to limitations as mutually agreed. In exchange, Employee' s base salary, incentives and bonus (where applicable) will be reduced by a hypothetical tax which represents an estimate of the amount of home country taxes that would have been paid had Employee not received allowances or special tax considerations resulting from the assignment.
Hypothetical Taxes The hypothetical tax reduction will be applied on a pro-rata basis during each pay period. The amount retained from the regular pay period compensation will be referred to as estimated hypothetical tax. Because the estimated hypothetical tax is only an estimate, after each year' s returns have been filed, an annual final hypothetical tax or Tax Equalization Se...
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