[LOGO] INTERTAN, INC.
3300 Highway #7, Suite 904, Concord, Ontario L4M 4K3
Exhibit 10(e)
BRIAN E. LEVY
President
Chief Executive Officer
Tel. (905) 760-9708
Fax (905)760-9723
September 10, 2001
Mr. Heinz Stier
Dear Heinz:
The following letter is to confirm your employment arrangements with InterTAN,
Inc., and replaces your current employment arrangements with InterTAN Canada
Ltd. Effective October 1, 2001, you will assume the position of Executive Vice
President of the Company. Your compensation and benefits will be as described
below and, in consideration, you agree to devote your primary working time,
skill, attention and best efforts to the business of InterTAN, Inc., as
Executive Vice President. Your responsibilities will include supervision of the
Company's supply chain processes, merchandising and marketing, management
information systems, store design and construction, and its dealer division
and/or such other duties and accountabilities as may be assigned to you by the
President and Chief Executive Officer of InterTAN, Inc., from time-to-time. All
dollar amounts of pay herein are denominated in Canadian dollars. Unless
otherwise stated, paid amounts are effective October 1, 2001.
Base Salary: Effective October 1, 2001, $223,500 per year. Your salary
will be payable bi-weekly in accordance with the Company's
normal payroll procedures.
Bonus: Your bonus base will be $147,900, effective October 1, 2001,
and subject to annual review. Your bonus may be subject to
change, either up or down, depending upon and corresponding
to the Company's actual operating performance as compared to
the budgets for the fiscal year in accordance with the
applicable and current bonus plans duly approved by the
Board of Directors.
Stock Options: You will be granted an option to purchase 18,000 shares of
the Company's stock under the InterTAN, Inc. 1996 Stock
Option Plan. The exercise price will be the fair market
value of the stock (i.e., NYSE closing price) on the date of
the grant. The grant date will be the date the grant is
approved by the Board of Directors, which is anticipated to
be at their earliest convenience.
Company Car: You will be provided with a company car for your use that is
consistent with Company policy. Insurance, maintenance and
operating costs will be administered in accordance with the
Company's policy.
Severance Benefits: If your employment is terminated for any reason other than
your voluntary resignation from the Company, for "cause" or
your death or disability, you shall be entitled to receive
severance benefits in an amount equal to twelve months of
your then current base salary and the bonus base which would
actually be payable under your then current bonus formula,
plus you will be given the opportunity to purchase your then
current company car for the nominal sum of $1 (all taxes,
transfer fees, license fees, inspections, insurance and
other items necessary to effect the purchase will be your
responsibility) . "Cause" shall, for the purpose of this
letter, have such meaning as commonly recognized under the
employment laws of the Province of Ontario.
Change of Control: In the event that there is a Change of Control of the
Company ( the occurrence of an event as indicated in Section
8.5 of the Company's Deferred Compensation Plan), and if,
within 18 months of such Change of Control, your employment
is involuntarily terminated or there is a material reduction
in the scope and level of your responsibilities, duties or
the effective authority associated with your position, you
shall be entitled to receive severance benefits in an amount
equal to 12 months of your then current base salary and base
bonus, payable in one single lump sum payment, and shall be
entitled to the continuation of company-paid health, dental
and life insurance (then in effect, whether group or
non-group) benefits for such 12 month period.
Deferred
Compensation Plan: You will be eligible to be designated as a Participant in
the Company's Deferred Compensation Plan (DCP). I will
submit your name to the Board of Directors for approval as a
DCP Participant and your "Plan Benefit Amount" will be set
at $1,857,000 and will be subject to and payable in
accordance with the terms of the DCP. Amounts contemplated
under the DCP or any other retirement program are neither
due nor payable prior to
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the participant's retirement in good standing nor prior to
the participant's 55th birthday.
Stock Purchase
Plan: You continue to be eligible to participate in InterTAN,
Inc.'s Stock Purchase Plan ("S.P.P."). Under this plan you
can make voluntary contributions up to 10% of Base Salary
and Bonus; and the Company will match employee contributions
pursuant to existing SPP formula, which is currently a 40%
matching contribution for the first three years of your
participation in the plan, and subsequently 60% and 80%
employer contributions in years to follow. Existing S.P.P.
terms will apply if you elect to participate.
Group RRSPs: You will be entitled to participate in this plan to the same
extent as other members of the Company's Executive
Management in accordance with the Plan's terms.
Participation in this plan is at your election and
supercedes any RRSP or Company contributing plan in which
you may currently be participating.
Insurance: You will be entitled to participate in the Company's various
insurance plans in accordance with their respective terms.
You will be provided with life insurance (three times annual
base salary) and long term disability insurance, provided
that you qualify with the insurance carrier's underwriting
requirements. The Company will pay the same proportion of
your total premium for each type of insurance as provided to
other members of the Executive Management. Participation in
this plan is at your election and supercedes any insurance
similar plan to which the Company or its divisions or
subsidiaries contributes and in which you may currently be
participating.
Relocation: Provided you move your primary residence to the greater
Barrie area within 30 months of your initial employment date
with InterTAN, Canada, the Company will reimburse all
reasonable out of pocket moving expenses. All moving
expenditures require my prior approval and we reserve the
right to choose vendors.
Vacation: You will be entitled to five weeks vacation per year. This
program will be administered accordingly to Company policy.
No carry-over of unused vacation time.
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If the foregoing accurately sets forth our understanding, please acknowledge
below and return a copy of this letter.
Sincerely,
InterTAN, Inc.,
/s/ Brian E. Levy
Brian E. Levy
President,
Chief Executive Officer
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Accepted and agreed to this day of September, 2001.
/s/ Heinz Stier
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Witness Heinz Stier
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