Exhibit 10.1
6350 S 3000 E
Salt Lake City, UT 84121
Mr. Stephen Chesnut
3936 Blustery Way
Marietta. Georgia 30066
Email: schesnut@bellsouth.net
Dear Steve,
I am pleased to offer you the position of Senior Vice President, Finance (principal financial officer) with Overstock.com, conditioned upon our satisfaction with the results of a background check. Overstock.com will secure its future success by continuing to attract talented and dedicated employees such as you.
The following is a summary of the terms of our employment offer:
Start Date: January 5, 2009
Employment Status: Full-Time, Exempt
Compensation: $200,000 per year
One-Time Signing Bonus: $30,000 (to be paid within 10 days of the beginning employment). Full amount must be returned to Overstock.com if you choose to leave or are terminated for cause before completing six months of employment.
Performance Bonus: Participation in 2009 bonus plan based on performance.
Paid Time Off: 15 days per year accrued at 5 hours per pay period (with an additional and immediate 5 days in 2009 to be use for relocation activities).
Restricted Stock Unit Grant: At least 10,000 shares pending board approval and with standard three-year vesting and other terms.
Relocation: Direct payment to relocation companies of up to $20,000 in reimbursable relocation costs — to be used within nine months of first day of employment. You must reimburse Overstock.com the full amount if you choose to leave or are terminated for cause before completing nine months of employment.
COBRA Reimbursement: Up to $1,000 per month for one month.
Report to: Jonathan Johnson
You will also be eligible to receive the following benefits effective the first of the month following your first full month of employment.
Medical | Dependent Care Reimbursement Account |
Dental with Orthodontia | Health Care Reimbursement Account |
Vision | Pre-Paid Legal |
Supplemental Life | Life Insurance |
Supplemental Disability, Accident/Sickness, Cancer |
You will be eligible to participate in the Overstock.com 401(k) plan beginning the first of the quarter following 6 months of service. This plan matches 50% of your pre-tax contributions up to 6% of your salary.
Overstock.com is an at-will employer. Nothing in this offer shall limit the right of Overstock.com or yourself to terminate the employment relationship.
Please sign below and return this document via fax to 801-947-3144, signifying acceptance of this offer. If you have any questions, please feel free to contact me at 801-947-3114. I look forward to working with you.
Sincerely, | I accept the above terms of employment. |
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Jonathan E. Johnson III | Stephen Chesnut | December , 2008 |
President | | |
CONFIDENTIAL – PROPERTY OF OVERSTOCK.COM: the existence and terms of this letter and all related communications are confidential and intended only for your personal and family consideration.
