Employment Agreement - Adolph Coors Co. and William H. Weintraub
June 15, 1993
Mr. William H. Weintraub
[Address]
Dear Bill,
It is my intention to summarize in this letter all of the details associated
with our employment offer to you.
It is with great pleasure that we offer to you the position of Vice President,
Marketing, for the Coors Brewing Company. You will be reporting to Leo Kiely
at an annual base salary of $254,000. Your salary will be reviewed annually and
adjusted January 1 of each year. In addition to your base salary, you will be
paid a lump sum officer's fee of $10,000 each July 1. A new executive
compensation program is currently being designed that will include both annual
and long-term incentive programs. You will participate in it.
Annual Management Incentive Program - In 1993 and 1994 you will be paid a
minimum of 40% of the base salary you are paid in those years. The annual
bonuses will be paid by February 28 of the subsequent year (i.e. February
28, 1994 and February 28, 1995). I believe that the annual incentive
program being designed will have a target of about 40% of annual base pay
with payout possibilities ranging from 10% to possibly as much as 60% of
annual base pay. It is our intention to design and to implement a very
competitive and motivating annual incentive program effective 1/1/94.
Long-Term Incentive Program - The long-term incentive program will be in
addition to the annual bonus program referred to above. The plan is being
designed to provide lucrative rewards to participants if business
performance objectives are met and shareholder value is increased.
You will receive all of the benefits which are briefly reviewed in an outline
which has already been provided to you. In addition the current company
officers' automobile policy should give you more details about that particular
benefit. However, I would be happy to answer any remaining unanswered questions
you may have about the benefits you will have.
In the very unlikely event that your employment with the company should be
terminated for reasons other than cause during the first two years of
employment, fifteen months of total salary (base salary plus 40% target bonus)
will be paid to you. After your first two years of employment, you will be
covered by the standard officer severance package, which is currently one year
of base salary plus a pro rata amount of the actual bonus earned in that year.
The company will pay costs associated with your relocation to the Denver
metropolitan area. The details of our program are more fully explained in the
policy which as been provided to you. Since your home is in an area where real
estate values cycle seasonally, we have agreed that the company will pay normal
closing costs on the home you purchase in Colorado now and that you can delay
sale of your home in Florida until "prime selling time." At that time you will
have the options of selling your Florida home yourself or selling it to the
Coors Brewing Company per the procedure outlined in the Relocation Policy. As
a part of your relocation, the company will pay you a one-month salary stipend
to cover incidental costs normally associated with moving.
You requested in our telephone conversation yesterday afternoon that your offer
include a brief description of your responsibilities upon joining our company.
I have not included that in this letter. That is because discussions and
analysis for how to organize the marketing organization so that it is the most
effective are currently underway. You will certainly be a key person in those
decisions. It is distinctly possible that you will have additional
responsibilities, but you need to discuss those possibilities with Leo Kiely.
Enclosed you will find a copy of Coors Brewing Company inventions and
Nondisclosure Agreement. This agreement should be signed, dated, and returned.
The bottom copy is for your records.
We anticipate a long and mutually rewarding relationship. However, you should
know that your employment is "at will" with no obligation on either you or the
company to continue for a set length of time.
I think that covers everything. If there is something we've discussed which
isn't included in this letter, or if you have other questions that remain
unanswered, please let me know.
Best regards,
/s/ Gerry L. Kaveny
Gerry L. Kaveny
Executive Vice President
Administration and Finance
Enclosure: Coors Brewing Company Invention Agreement
<PAGE>
June 11, 1993
Mr. William H. Weintraub
[Address]
Dear Bill,
In this letter I will try to "wrap up" some of the details we've discussed on
the phone this week:
1. Severance: Should you be terminated from the company for reasons other
than cause during the first two years of employment, fifteen months of total
salary (base salary plus 40% target bonus) will be paid to you. After the first
two years, you will receive the standard officer severance package which is
currently one year of base salary plus a pro rata amount of the actual bonus
earned in that year.
2. You will be eligible to participate in the long-term incentive plan that is
being developed. The long-term incentive plan will be in addition to the annual
bonus program which Leo referred to in an earlier letter to you. I can't
provide details of the plan to you since it isn't yet designed. However, I can
say that the plan is being designed to provide lucrative rewards to participants
if business performance objectives are met and shareholder value is increased.
3. As you requested, enclosed is the current company officers' automobile
policy.
4. I've included two recent analyst reports as you requested.
5. By now, Nadine Detro from Golden Equities, Inc. has probably contacted you.
Nadine should be able to answer any questions and be a great assistance in
making your relocation as simple as possible. She can be trusted to maintain
the confidentiality of your situation.
I think this covers everything we discussed and you requested. Feel free to
call me if other questions arise.
Welcome aboard!
Yours very truly,
/s/ Gerry L. Kaveny
Gerry L. Kaveny
Executive Vice President
Administration and Finance
pc: Leo Kiely