Re: Confidential

Sophie,

Thanks. I shall discuss this with Steve as soon as we have the nomination
form signed.
I can do it while he is stioll here at Houston.

Vince

Sophie Kingsley 09/05/2000 10:37 AM

To: Dale Surbey/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Michele Small/LON/ECT@ECT
Subject: Re: Confidential

We need to get a nomination form signed by you & Vince. Once we have this
you guys can discuss the figures with Steve and once everything is agreed we
will get the nomination form signed by Sherriff and the agreement drawn up.

I will get one up to you today / tomorrow.

Dale Surbey
05/09/2000 15:33
To: Vince J Kaminski/HOU/ECT@ECT
cc: Sophie Kingsley/LON/ECT@ECT, Michele Small/LON/ECT@ECT

Subject: Re: Confidential

Sophie- what do we need to do to implement this?

Vince - do you want to go through this with Steve while he's in Houston?

- Dale

Vince J Kaminski
30/08/2000 23:43
To: Sophie Kingsley/LON/ECT@ECT
cc: Dale Surbey/LON/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Michele
Small/LON/ECT@ECT

Subject: Re: Confidential

Sophie,

I think it's a fair deal.

Vince

Sophie Kingsley 08/30/2000 11:49 AM

To: Dale Surbey/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Michele Small/LON/ECT@ECT
Subject: Re: Confidential

Both,

Thanks for your comments and comparisons, it is good to get context.

Based on your comments here would be my proposal

o63,500 basic salary -
o15K kickers for each of the 2 years - These are paid as a lump sum on each
anniversary guaranteed. Therefore guaranteed salary is effectively o78,500 -
this is completely separate and in addition to any performance bonus
Increase the value of options to o60K to vest 1/3 as before - which leaves a
1/3 ($20,000 ) hanging out there at the end of the contract.

Just FYI - Anjam is currently on o68,000 but does not have an agreement, so
this would effectively put a 10.5K gap between the two.

Let me know your thoughts.

Dale Surbey
30/08/2000 16:09
To: Sophie Kingsley/LON/ECT@ECT
cc:

Subject: Re: Confidential

Sophie,

Here's Vince's comments on your proposal for Steve. Also, what's a 2-Yr
Exec? How do the kickers work - are they basically a guaranteed minimum
bonus or incremental bonus?

- Dale

---------------------- Forwarded by Dale Surbey/LON/ECT on 30/08/2000 16:10
---------------------------

Vince J Kaminski
30/08/2000 14:21
To: Dale Surbey/LON/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT

Subject: Re: Confidential

Dale,

Thanks for your message.
I don't know the labor market in London that well but here the market
for quants is very hot. Steve is in my view an exceptionally talented person
and I would go an extra mile to retain him long-term for the company.

I would adjust the base salary or the kicker upward a bit.
o62,000 Basic is what Anjam is receiving currently (if I remember
correctly). Steve has a much higher value
to Enron than Anjam.

Vince

Dale Surbey
08/30/2000 07:49 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Confidential

Vince,

This is the package HR is proposing for Steven. What do you think?

- Dale

---------------------- Forwarded by Dale Surbey/LON/ECT on 30/08/2000 13:50
---------------------------
Sophie Kingsley 29/08/2000 20:32

To: Dale Surbey/LON/ECT@ECT
cc:

Subject: Confidential

Sorry Dale, long day, here are the proposed numbers

2 Year Exec
o62,000 Basic ( currently o55K )
o10K each year kickers
$50,000 worth of options to vest 1/3 1/3 1/3

Let me know what you think.

Regards

Sophie