EXHIBIT 10v
JACK WARD
CHAIRMAN AND
[RUSSELL CORPORATION(TM) LOGO] CHIEF EXECUTIVE OFFICER
3330 Cumberland Blvd., Suite 800 ph/ 678.742.8900
Atlanta, Georgia 30339 fx/ 678.742.8995
June 16, 2003
VIA Facsimile and Overnight Courier: (314)657-1101
Mr. Edsel W. Flowers
2021 Woodmoor Ridge Drive
Wildwood, MO 63011
Dear Ed:
I am pleased to extend to you an offer to serve as Senior Vice President,
Human Resources of Russell Corporation ("Russell"). In addition, you will be
recommended to the Board of Directors to be elected a corporate officer at the
board's July meeting.
Your base annual salary will be $230,000, subject to annual merit
increases in conjunction with our performance review process each March. Your
target annual bonus will be 40% of base with a maximum potential of 80% of base.
For calendar year 2003, your bonus will be guaranteed at the target of 40% of
base salary earned during the period you worked in 2003.
You will also receive 2,000 shares of Russell restricted stock which would
vest ratably over a two-year period with 50% vesting on each anniversary date of
your employment. In addition, you will be a participant in Russell's long term
incentive program, which includes the fiscal 2003-2005 Performance Share Award
Program (see attached). You will receive 12,000 Performance Shares under the
Program. Any shares earned under the Program will be awarded in 2006, though, at
your option, you may elect to defer the shares.
Our benefit package offers you many individual options to meet your
financial and welfare needs, including, but not limited to, participation in
Russell's SERP, Executive Physical Program, financial planning assistance (up to
3% of base salary) and employee stock purchase plan. In addition, you will be
eligible for 4 weeks vacation annually. Ron Davie, our director of staffing and
compliance, is available to discuss specific benefit information with you.
Please do not hesitate to call Ron at 678/742-8903.
You also agree that for a period of 1 year following your employment with
Russell, you will not, directly or indirectly, solicit or employ any employee of
Russell, its subsidiaries or affiliates in any business organization or entity
in which you are a participant in any capacity whatsoever.
We will, of course, pay moving expenses, including the purchase of your
home in the St. Louis area in accordance with our relocation policy, a copy of
which is being sent to you via overnight courier.
Mr. Ed Flowers
June 16, 2003
Page Two
As part of our aim to achieve a "drug free" working environment, we
request that all employees undergo a drug screening process. Ron can discuss and
arrange a mutually convenient time to complete this requirement. This offer is
contingent upon the successful completion of the drug screening process as well
as a background check and your signing of our standard confidentiality
agreement, a copy of which is attached, in accordance with our Confidentiality
Policy.
Please acknowledge your acceptance of this offer by signing below and
returning a signed copy of this letter to me.
Ed, I believe we have an opportunity that will be exciting and
intellectually stimulating for you. I am delighted to present you with this
opportunity to join the Russell team and look forward to the numerous
contributions you will bring to Russell.
Sincerely,
/s/ Jack Ward
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Jack Ward
jk
Attachments
Agreed and accepted this 18 day of JUNE, 2003.
/s/ Edsel W. Flowers
- ---------------------------------
EDSEL W. FLOWERS
RUSSELL CORPORATION
3330 CUMBERLAND BOULEVARD - SUITE 800
ATLANTA, GEORGIA 30339 - (678)742-8900 - FAX(678)742-8995