Effective Date | January 1, 2020 |
Sign On Bonus | You will receive a one-time sign on bonus of HK$1,847,216 which will be payable concurrent with any annual bonus in March, 2020 |
Base Salary | Annual base salary of HK$3.9M to be paid in local currency in 12 equal installments. |
Salary Review | Your salary will be reviewed annually according to TAM’s salary review schedule. Your first salary review will be scheduled for 2021. |
Target Bonus | Annual target opportunity of HK$2.0M which will be subject to both the company and your individual achievements during the prior calendar year. The payment of the bonus is contingent upon your active employment at the time of bonus payout and subject to the circumstance that you are not under notice at such bonus payout time. |
Long Term Incentive Plan | You will participate in The Taubman Company Long Term Incentive Plan (LTIP). You will have a target long-term incentive award opportunity of US$650,000 granted under the Taubman Company LLC 2018 Omnibus Long-Term Incentive Plan. Your LTIP award will consist of (a) Restricted Share Unit Award (“RSU Award”) and (b) an annual Performance Share Unit Award (“PSU Award”). The PSU Award may vest at a multiple of the units awarded (e.g., 0 to 3x) based on the achievement of certain performance metrics. The performance metrics of the PSU award and percentage allocation of the LTIP award value of your LTIP target (currently 60% PSU Award and 40% RSU Award) will be the same as the other Operating Committee members. LTIP awards are granted by the company, generally on an annual basis in March, but are not guaranteed. LTIP awards are cliff-vested after three years from the date of the grant, and/or upon retirement per the terms of the Plan Document and applicable award agreements. You will be eligible for your first LTIP award in March, 2020. |
Personal Allowance | You will receive a personal allowance of HK$1.8M paid in 12 equal installments for the purpose of funding housing, auto-related expenses, personal travel, and other personal expenses. |
Relocation Assistance | You will be eligible for the following relocation benefits, if applicable, through the required coordination of Paragon: • Tax assisted home sale assistance, including paid broker commissions• Tax assisted temporary living in MI for up to two months, based on approval of accommodations/cost• Tax assisted temporary living upon arrival to HK for up to two months, based on approval of accommodations/cost |
• Tax assisted miscellaneous expense up to USD $7,500 • If the closing on the current home in Bloomfield Hills does not occur in December as anticipated, and thus the current mortgage remains in effect, Employee is protected against the responsibility of double payments for up to six months. As such, the Company would pay the lesser of the current mortgage and the Employee’s new rental in Hong Kong. The Company will reevaluate this benefit after six months if the current home does not sell within this timeframe. This potential allowance is not transferrable toward other elements of compensation• One-way business class air transportation for your immediate family from Detroit to Hong Kong• Pet transportation assistance of USD $500 per pet, capped at two pets• Household goods shipment• Air shipment - up to 850 lbs/170gcft• Sea/Ocean shipment - (1) 40’ container and (1) 20’ container | |
Working Hours | Your standard office hours are 8:30 a.m. to 5:30 p.m. (Monday through Friday). Your position will not be eligible to receive any overtime compensation including overtime pay and/or compensatory time-off. |
Annual Leave | 30 days per year. Annual leave must be scheduled in advance with your supervisor. |
Performance Evaluation | You will receive a performance evaluation at the end of each year according to the firm’s performance evaluation schedule. |
Medical Scheme | You will be covered under TAM’s medical scheme effective your first day of employment. Dependent coverage is available to you at no additional charge of premium. The Company reserves the right to make changes on the current Medical Scheme including but not limited to its coverage. |
Provident Fund | TAM will contribute to provident fund as per legislative requirement. |
Life Insurance | You will be covered under TAM’s life insurance policy in effect from the completion of your probation period. |
Sick Leave | We offer sick leave in accordance with TAM’s policy in force. |
Termination | You will be eligible for benefits provided under the Taubman Severance Plan for Senior Level Management with the exception of the COBRA Premium Payment referenced in section 3(c)(ii) and 4(c)(ii). However, for termination in which the aforementioned section applies, you will be eligible for 3 months of continued medical coverage under the TAM medical scheme. |
Notice | You agree to give TAM and TAM agrees to give you three (3) months notice or payment of base salary in lieu of notice. |
Taxation | You will be responsible for the payment of all your income taxes on salary, bonus as well as all other income, benefits and allowances (if any) relating to your employment to the relevant tax authorities. The Company will provide assistance with preparation of your US and HK tax filings for years 2019 thru 2022. |
Confidentiality | Without the written approval of TAM, you shall not, during employment or any time thereafter, disclose to others or use, for your own benefit or otherwise, any information, knowledge or data you receive or develop during your employment which is confidential, including information contained in formulas, business processes, etc. |
Exclusivity | You agree to devote full attention to one’s duties and will not, while employed by TAM, work for another employer without first obtaining the written notice of Employer. |
Miscellaneous | Should there be any arbitration on the terms and conditions of employment or benefits to be provided, the Hong Kong jurisdiction will be observed Should there be a significant shift in currency conversion between HKD and USD, the terms of this agreement will be revisited. |
/s/ Holly A. Kinnear | |
Holly A. Kinnear | |
SVP and CHRO | |
The Taubman Company | |
/s/ Paul Wright | November 20, 2019 | ||
Paul Wright | Date | ||