To: Transition Team
From: Peter Benvenutti on behalf of the Dissolution Committee
I want to thank each of you for your ongoing efforts helping us with the challenging task of winding up the firm’s affairs. We have developed a Transition Team and you have been identified by the firm’s senior management as a critical contributor to that group. As part of finalizing a retention program for team members, your inclusion in the team has been approved by the Dissolution Committee and our banks.
The most significant part of the agreement is that the firm will pay a retention bonus at the end each team member’s employment with the firm. The bonus will be equal to the team member’s salary from October 11, 2008 until the employee completes their term of employment. Each employee’s “stay period” is being communicated to them by their department management early this week. We are now resolving the final details of the retention packages with the banks. We expect to have those details resolved in the next few days and will be including them in a Retention Agreement for your review and acceptance.
The members of the Dissolution Committee deeply appreciate your commitment and efforts.