| | • | | Annual participation in the company’s annual Long Term Incentive Program (“LTIP”) with a target grant date value not less than $3,000,000, based on the valuation methodology used by the company beginning with the 2023 fiscal year. Your LTIP grant for FY22 will be awarded on a prorated basis to reflect the remaining portion of the FY22 fiscal year following your date of hire. Your FY22 awards will consist of 50% time-based RSUs, subject to 3-year installment vesting (i.e., one-third per year), and 50% PBRSUs, subject to 3-year cliff vesting (i.e., 100% following the 3-year performance measurement period), and subject to the same vesting conditions (including vesting dates and performance conditions) that apply to the FY22 PBRSUs granted to other executive officers. Up to 200% of the target PBRSUs may be earned upon achievement of the applicable 3-year absolute total shareholder return goals at the maximum level. The number of shares subject to these RSUs and PBRSUs will be determined based on the weighted average closing price of the company’s common stock over the 30 days prior to the date of grant. |
| | • | | An Executive Severance Agreement, which includes double trigger provisions consistent with the other executive officers; and |
| | • | | An Executive Indemnity Agreement consistent with the other executive officers. |
You will become eligible for most of Conn’s health and welfare benefits on the first of the month following two full months of employment. Conn’s will, however, reimburse you for COBRA expenses (less the contribution you would pay if you were on Conn’s medical plan) to continue your current medical benefits until you become eligible for Conn’s plan.
You will also become eligible for Conn’s 401(k) Retirement Savings Plan at the beginning of a plan quarter immediately following three months of continuous service. You can, however, roll over the qualifying distributions from your current 401(k) to Conn’s plan at any time. Additionally, you will become eligible for Conn’s Employee Stock Purchase Plan at the beginning of the plan quarter immediately following three months of continuous service.
In addition, you will become eligible to participate in any perquisite programs generally provided to senior officers of Conn’s, including but not limited to a monthly automobile allowance of $1,000.
Immediately upon hire, you will be eligible for four weeks of vacation.
In accordance with Conn’s expense reimbursement policy, Conn’s will reimburse you for the reasonable expenses you incur in relocating to the Houston area, including temporary housing for you and your family in the Houston area, house hunting trips to Houston, moving expenses, expenses incurred in the sale of your current home, and a tax gross-up payment; provided that the aggregate amount of such reimbursement, exclusive of the tax gross-up payment, shall not exceed $250,000.
