Exhibit 10.1
[INTERSTATE BAKERIES CORPORATION LETTERHEAD]
July 13, 2005
Mr. Richard C. Seban
Dear Mr. Seban:
We are pleased to offer you employment as Executive Vice President - Sales & Marketing for Interstate Bakeries Corporation (IBC). This offer is contingent upon the successful completion of a pre-employment drug screen, physical exam and background verification.
Employment date: 8/1/05
Salary: $375,000
Compensation Zone: 2
Position Grade Level: 20
Annual Bonus: Your position is eligible to participate in
the incentive plan developed for fiscal 2006. The
effective date and terms are to be determined.
Provided you are on the payroll at the time of
payment, on or about August, 2006, you will
receive a minimum bonus payment of $75,000.
Long Term Incentive: The Long Term Incentive Plan, historically
including stock options and/or restricted shares,
is TBD.
SERP Participation: The Supplemental Executive Retirement Plan is
currently suspended and under review.
Life Insurance: Incumbents in the position of Executive
Vice President - Sales & Marketing are eligible
for $350,000 of Company provided Executive Life
Insurance. If applicable, it may be subject to
imputed income. Additionally, the Company provides
you the opportunity to purchase up to $500,000 of
Supplemental Life Insurance. Please review the
enclosed Benefits Summary booklet for details
regarding this benefit.
Mr. Richard C. Seban Page 2 - Offer Letter July 13, 2005
Vacation: You will be eligible for two weeks of vacation
during your first year of employment and four
weeks af ...
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