Exhibit 10.53
December 2, 2019
Thomas Quigley
152 Applegate Drive
West Chester, PA 19382
Dear Tom:
I am pleased to confirm your promotion to the position of Controller and Vice President of Investor Relations, reporting directly to James McCabe, Chief Financial Officer located in Berwyn, PA effective December 2, 2019.
We look forward to your contributions to the Corporate Finance Leadership Team to fulfill our vision. This letter is intended to set forth the terms and conditions of our employment offer.
Offer Summary:
| Current | New | |||
Component | Annual | Target % | Annual $ | Target % | % Change |
Base Salary | $270,000 |
| $290,000 |
| 7% |
Target STI | $135,000 | 50% | $145,000 | 50% |
|
Total Cash | $405,000 |
| $435,000 |
| 7% |
Target LTI | $162,000 | 60% | $174,000 | 60% |
|
Target Comp | $567,000 |
| $609,000 |
| 7% |
Offer Details;
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The annual long-term incentive is comprised as follows:
PSU’s will cliff vest at the end of the three-year performance period, which runs through FY’23. The value of PSUs can reach 200% of original grant value if maximum performance is met. Actual LTI award grants may be more or less than target.
Target LTI annual grant values in future years will also be subject to formal approval by the Compensation Committee and will be based on a variety of factors, including without limitation, market data, individual performance, and scope of job responsibilities.
In accordance with this offer, you hereby agree to be bound by the restrictive covenants set forth on Annex A to this letter agreement.
Please contact me if you have any questions about the information provided in this letter or if you require further information.
Sincerely,
/s/ Lance R. Turner_________
Lance R. Turner
Senior Vice President, Human Resources
Agreed and Accepted:
/s Thomas A. Quigley, III
_______________________________________
Cc: James McCabe
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Annex A
Restrictive Covenants
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/s Thomas A. Quigley, III 12/3/2019__________________
Signature Date
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