EXHIBIT 10.27 - EMPLOYMENT AGREEMENT/PROCHASKA
[Gerber Childrenswear, Inc. Letterhead]
December 28, 1999
Mr. Bobby J. Prochaska 1319 Soundview Trail Gulf Breeze, FL 32561
Dear Bobby,
Welcome aboard! This is a wonderful day for Gerber! I am personally very excited regarding your joining our senior team at Gerber Childrenswear. I am very confident that your contribution to our company will be enormous!
As promised, I am offering the following confirmation regarding your employment offer.
o The position offered is General Manager and Senior Vice President of
Operations, reporting to Ed Kittredge. You will be located at our corporate
offices in Greenville, South Carolina.
o Terms of Agreement - The Agreement is based on 24 months, beginning on your
report date.
o Base Salary
- Year 1 - $240,000 annually, paid on a semi-monthly basis
- Year 2 - Guaranteed 10% base salary increase
o Bonus Opportunity
- Year 1 - 40% at target with a 20% guarantee, payable by the end of
February 2001.
- Year 2 - 40% at target, based on performance.
o Stock Options
- Year 1 - 25,000 shares will be issued within 30 days of your report
date, with a strike price based on the value of the stock at the close
of business on the day you report.
- Year 2 - A minimum of 12,500 shares will be issued in accordance with
the general option program.
- The options vest over a five- (5) year period at twenty percent (20%)
per year.
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o Severance Agreement - If you are terminated by reason other than for cause,
you will receive either 18 months sever ...
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