EXHIBIT 10.18
WG(R) WILSON GREATBATCH TECHNOLOGIES, INC.
10,000 Wehrle Dr., Clarence, NY 14031-2033 USA
Phone 716/769-8901 Fax 716/799-8579
May 29, 2002
Mr. Lawrence P. Reinhold
3207 Plantation Court
Naperville, IL 60564
Dear Larry:
We are pleased to provide the revised offer to be come the Executive Vice
President and Chief Financial Officer for Wilson Greatbatch Technologies, Inc.
(WGT). In this position you will report directly to Edward Voboril, Chairman,
President and Chief Executive Officer, and be designated a member of the WGT
Office of the Chairman. The agreed upon employment start date is June 10, 2002.
Your starting salary will be $275,000 per year, paid bi-weekly at a rate of
$10,576.92. You will be entitled to the company provided benefits as outlined on
the enclosed summary sheet. You will be granted one full month (160 hours) of
vacation each year, beginning with the start of your employment. You will be
extended coverage under our standard relocation assistance program (as per
attached).
You will also be eligible for the following:
o A company provided automobile;
o Participation in the WGT Key Management Physical Examination
Program;
o Executive Financial Planning;
o Coverage Under the WGT Change of Control Program (see attached);
o Dependent (child) College Tuition Reimbursement (fully vested),
in accordance with the policy (see attached).
You will be granted one year of severance payments should your employment be
involuntarily terminated by WGT. WGT will not be obligated to provide severance
pay should you voluntarily terminate your employment, voluntarily retire, be
discharged for cause or terminate due to disability or death.
You will be eligible to participate (pro-rata) in the 2002 Key Management
Incentive Plan (KMIP). KMIP is an executive bonus plan for selected key managers
that will target you for a 50% bonus based on WGT's performance and attainment
of 2002 goals.
Lawrence P. Reinhold
Page 2
May 29, 2002
Resolutions will be submitted on your behalf to the Board of Directors at the
July 2002 meeting for their acceptance of the following:
o Participation in the 1998 WGT (ISO) Stock Option Plan with a
grant equal to 75,000 performance vesting stock option shares at
a strike price to be determined by the Board of Directors.
o Nomination to participate (pro-rata) in the 2002 WGT Long Term
Incentive Compensation Program (LTIP).
o Nomination as a WGT Corporate Officer and member of the Executive
Committee.
This offer is contingent upon successful completion of a pre-employment physical
and a negative result on your drug test. Barbara Davis, Director, Human
Resources & Organizational Development will contact you to set up an
appointment.
Sincerely,
/s/ Larry DeAngelo
Larry T. DeAngelo
Senior Vice President, Administration and Secretary
LTD/mc
Enclosures
WG(R)
WILSON GREATBATCH TECHNOLOGIES, Inc.
THE POWER TO DO GREAT THINGS(TM)
TO: Lawrence Reinhold
FROM: Barbara Davis
DATE: June 7, 2002
SUBJECT: Revised Addendum dated May 29, 2002
CC: Larry DeAngelo
================================================================================
Following are agreed upon clarification to the revised offer of employment
letter dated May 29, 2002.
1. Voluntary separation may be triggered for "good reason" as defined in the
Change of Control Agreement, however, excluding those provisions of that
definition requiring a Change of Control event.
2. The relocation provision is to include:
a. Separate net of tax reimbursement for reasonable house hunting trips
for the employee's family; reasonable commuting, lodging and
transportation until relocation to the Buffalo area; trips back to
current home in Chicago as appropriate but at a minimum bi-weekly.
b. Moving of household goods will include "executive" level packing and
unpacking of household goods.