EXHIBIT 10.3
MEMORANDUM
To: William V. Grickis, Jr.
Date: September 22, 2003
I am pleased to offer you the position of Senior Vice President and General Counsel of Gerber Scientific, Inc. ("Gerber"). In this capacity, you will be reporting directly to me.
Following are the principal terms of our offer:
1. Date of Employment
Your employment with Gerber will commence on October 1, 2003.
2. Compensation
You will be a full-time salaried exempt employee, and your base salary for this position will be $225,000 per year.
You will be eligible to participate in the Gerber Scientific, Inc. 2000-2004 Executive Annual Incentive Bonus Plan. Your bonus target will be 50% of base salary. Any bonus payout for fiscal year 2004 will be pro-rated in accordance with the terms of the Plan .
3. Stock Options
You will be eligible to participate in the Gerber Scientific, Inc. 2003 Employee Stock Option Plan. The Plan is administered by the Management Development and Compensation Committee of the Board of Directors of Gerber Scientific, Inc. You will be awarded options to purchase 10,000 shares of Gerber common stock. The exercise price will be the closing price of Gerber com ...
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