www.lendingtree.com
November 26, 1999
Mr. Thomas J. Reddin 837 Brookhaven Springs Court Atlanta, GA 30342
RE: Written Offer of Employment
Dear Tom:
LendingTree, Inc. (the "Company") would like to extend you an offer of employment as Chief Marketing Officer of our Company. You acknowledge that you will be an at-will employee of the Company subject to the Company's normal employment policies.
Your anticipated start date will be December 10, 1999. You will report to Douglas Lebda in his capacity as Chief Executive Officer. The Company fully expects to maintain this reporting structure for at least one year. This position will be located in LendingTree's corporate offices in Charlotte, NC with travel to other areas as necessary.
The Company irrevocably promises and agrees that your compensation package will be as follows:
- - A base salary of $200,000 per year as Chief Marketing Officer or such
other position with comparable job title, duties, and responsibility to
which you may be assigned.
- - You will receive a one-time $65,000 signing bonus payable on the first
day of employment.
- - During your first year of employment, you will receive a $70,000 annual
bonus, paid at a rate of $17,500 quarterly within 30 days of the
quarter's end, beginning March 31, 2000. Bonuses, if any, for
subsequent years will be incentive based and range from 0 to 50% of
your base salary. - - You will receive upon commencement of employment Incentive Stock
Options to purchase 225,000 shares of LendingTree common stock at an
exercise price of $7 per share. These options (granted under the
Company's 1999 Employee Stock Option Plan) will vest evenly over a
four-year period in the amount of 56,250 shares per annum on each of
your first, second, third, and fourth employment anniversaries. Should
the Company's stock split during this period, the number of options
offered shall be increased proportionally. These options will expire
if not exercised within ten years of vesting or if upon your voluntary
termination of employment you fail to exercise any vested option within
90 days of said termination or such other time specified in the
Employee Stock Option Plan, if longer.
- - You will be covered under the Company's Directors and Officers
liability insurance policy and any other such indemnification provided
under the Company's Bylaws and Articles of Incorporation.
- - The Company will provide you health care coverage according to its
standard offering to employees for health care. The present offering
provides for the payment of 100% of the premiums for you and your
family under our Blue Cross/Blue Shield PPO plan. There is a 30-day
waiting period from the start of your employment, however the Company
will reimburse you for any COBRA continuation during those 30 days.
- - You are eligible for fifteen days of paid vacation per annum, the
timing of which is subject to your Manager's approval.
- - The Company will reimburse you up to $2,500 per month for all
reasonable and documented living expenses associated with traveling
from Atlanta, Georgia to corporate offices in Charlotte, North
Carolina, through March 30, 2000, at which time you will be required to
relocate to Charlotte. These expenses include airfare, lodging, and
personal use of a vehicle. (This amount does not include the cost of
travel to locations other than your home and Charlotte for the purpose
of conducting company business, for which the company will also
reimburse you).
- - LendingTree, Inc. will pay for reasonable and documented expenses
related to your relocation to Charlotte, NC, including all closing
costs and real estate agency commissions involved with the sale of your
current residence. Such expenses must be approved by LendingTree in
advance, and the Company
will provide the moving agency. Within the first year of your
employment, should you voluntarily terminate your employment, you agree
to reimburse the company for all expenses the Company incurred relating
to your relocation and will be required to sign an interest-free
promissory note stating such upon your start of employment.
- - Should you voluntarily terminate your employment or if you are
terminated for "Cause" as defined in the paragraph immediately
following, you will not receive the severance benefits in the paragraph
immediately following.
- - Regardless of your at-will status, should your employment be terminated
by the Company for reasons other than "Cause," herein defined as "(a)
your conviction, or the entry of a pleading of guilty or nolo
contendere by you, to any crime involving moral turpitude or any
felony, or (b) unethical business activity to include fraud,
embezzlement or the unlawful misappropriation or theft of Company
assets," the Company irrevocably promises and agrees to pay you
severance as follows:
(i) You will continue to receive, for up to one year or until you
take another full-time job, whichever comes first: (a) your
first year's bonus, and (b) compensation based on your base
salary in effect at the time of termination, payable
bimonthly. However, if you secure other employment within one
year of your termination for which your base salary, bonus or
wages is less than your base salary at the time of
termination, the Company will pay you (for the remainder of
the one year period) an amount equal to the difference between
the base salary, bonus and wages from your new employer and
your base salary as of the date of your termination from the
Len ...
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