| | | | |
| | | | CORPORATE OFFICE 21700 Barton Road Colton, CA 92324 (909) 433-3100 |
units represent a profits interest in the Company which will allow you to participate in the value appreciation of the Company above an accruing threshold, subject to certain vesting and other restrictions. We expect the value of this equity, if fully vested, to be worth approximately $1,000,000 in five years under our base case, though the ultimate value may range significantly up or down from this expectation. We will provide you with more details of this plan upon your acceptance of this offer. We expect the units to qualify for long-term capital gains.
We understand that you plan to move closer to our headquarters during your transition period. During your initial six months of employment with us, the Company will pay for you to stay at a hotel near headquarters once a week if you are working late and will reimburse you for mileage to assist with the cost of the commute. Lineage will also reimburse you for hard out of pocket moving costs up to $5,000 through the Company’s expense program with the provision of receipts.
Your position will be based at our headquarters in Colton, CA and is classified as exempt, meaning that you are not eligible for additional compensation based on the number of hours you work each week.
The Company maintains a number of benefit plans and arrangements that are generally available to Company employees, including paid time off, health care insurance and other typical benefit programs. You will participate in these plans in the same manner as other Company employees, subject to meeting eligibility requirements. We encourage you to review the Company’s Employee Handbook for a detailed explanation of certain of these benefits. Allen Merrill will be glad to provide additional information about our benefit programs. Please note that to meet business needs, the Company may modify or eliminate any or all of these benefits at times of its choosing.
The employment relationship between you and the Company will be at-will. This means that the employment relationship is for no specific term and may be terminated by either you or the Company at any time for any reason, with or without cause or advance notice. That being said, we understand you are making a long term commitment to our organization and as such we are willing to offer you conditional severance of six months base salary, including benefits. If it is your decision to terminate, we expect that you will continue to support the Company during the six month severance period. If it is your decision to terminate and you accept another job before the end of your severance period, the Lineage severance payments will end upon your acceptance of your new position. If you are terminated for “cause,” you will not be entitled to any such severance payment. We expect to finalize the terms of this severance arrangement and the language for “cause” with you in writing prior to your employment.
The Company’s business and activities require a degree of confidentiality. All employees are required as a condition of employment to sign our standard Employee
LINEAGE LOGISTICS: 423 Washington Street, 7th Floor, San Francisco, CA 94111 1(800) 678-7271