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EXHIBIT 10.26
[DETROIT EDISON LOGO]
April 6, 1998
Ms. Lynne Halpin
21109 Brush Road
Los Gatos, California 95033
Dear Lynne:
Pursuant to approval by the Board of Directors, I am pleased to offer you
employment in the position of Vice President and Chief Information Officer at
an annual salary of $215,000.
Upon employment, you will be eligible for the benefits described in the Benefit
Highlights brochure enclosed, as well as the perquisites described on a
separate listing also enclosed. In addition, you will receive the following:
- You will receive an immediate annual benefit of three (3) weeks vacation
for 1998.
- You will be paid an amount (considered imputed income to be grossed up
for taxes) to cover the premium for three (3) months health care coverage
under the Company's plan.
- You will receive a signing bonus of $35,000.
- You will be eligible for relocation assistance that will include interim
living for 45 days, moving your household goods, assistance in selling
your home, and you will receive $18,000 to offset your living expenses
(all to be grossed up for taxes).
Subject to the approval of the Special Committee on Compensation of the Board
of Directors, you will be granted the following shares of stock pursuant to our
Long-Term Incentive Plan:
- 2,000 shares of restricted stock (without performance measures) with a
vesting period of four (4) years from the date of grant.
- 10,000 shares of nonqualified stock options (25 percent of the shares
vest annually from the date of grant).
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Ms. Lynne Halpin
April 6, 1998
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This offer is subject to successful completion of a pre-employment physical
examination, a review of references, and completion of our employment history
form.
Please contact me at (313) 235-8610 after you have completed your review of
this offer of employment. I hope to hear from you soon.
Sincerely,
Sandea J. Miller
/smh
Attachments
ACCEPTED:
/s/ Lynne Halpin 4/7/98
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Lynne Halpin Date