Bruce,

The 600K is salary, and nonperformance related bonus payouts.  It is NOT guaranteed bonus over and above salary (I wish it was).  Basically, I am 95% certain I will make a minimum of 600K/year with either company, worst case I'm looking at 500K/year (excluding incentive).  Incentive would be in addition to.  My offer would have to be in that ballpark.  If I worked 1/3 the year, assuming a base salary in the 250 to 300 range, I would get 100 less.  Also, I'm not trying to be vague.  Essentially I'm working with 3 moving parts--non of which has become crystal clear yet.  At this point, let's look at this:  2-year contract with an out after 1-year.  $275 base salary.  $225 signing bonus.  $225 retention bonus after 1-year.  If I take it, I'm done for another year.  Participation in the 17% incentive package.  Relocation package.  That seems to be the ballpark we are in.

Thanks,

Sean



 -----Original Message-----
From: 	"Sukaly, Bruce" <bruce.sukaly@cinergy.com>@ENRON [mailto:IMCEANOTES-+22Sukaly+2C+20Bruce+22+20+3Cbruce+2Esukaly+40cinergy+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Thursday, May 24, 2001 7:57 AM
To:	Crandall, Sean
Subject:	RE:

Thanks.  My last question.  If you start on Sep 1 do you get 600k by Feb 1,
2002?  That is if you are working for a 1/3 or the year do you get that kind
of bonus guaranteed?

Sean, I'm not trying to be a pain but I have a simple style when it comes to
hiring, I just need to know exactly how everything fits together.  If you do
not wish to reveal that it your choice.    I tried to get the best package
put together so there is not a lot of games.  I'm not sure we can match
those numbers and ultimately Tim McCabe will have to make that call, but it
helps if its a clear as possible.

It sounds like you have a lot of great opportunities.  We are having meeting
today to discuss the trading situation.  I will keep you posted.

-----Original Message-----
From: Sean.Crandall@enron.com [mailto:Sean.Crandall@enron.com]
Sent: Thursday, May 24, 2001 9:33 AM
To: bruce.sukaly@cinergy.com
Subject: RE:


Hey Bruce,

The 600 and 725 are guaranteed, yes.  I didn't mean to imply Cinergy
wouldn't pay out; I meant more i'm basically comparing startup prospects
with established company/operations prospects.  Startup prospects are, I
think, more risky.

Also, I realize there are distinct advantages from living in Houston.  My
"reluctance" is more of a family/moving type of thing.  It is an issue, but
not a huge one.

Thanks,

Sean

    -----Original Message-----
   From:   "Sukaly, Bruce" <bruce.sukaly@cinergy.com>@ENRON

[mailto:IMCEANOTES-+22Sukaly+2C+20Bruce+22+20+3Cbruce+2Esukaly+40cinergy+2Ec
om+3E+40ENRON@ENRON.com]


   Sent:   Wednesday, May 23, 2001 3:54 PM
   To:     Crandall, Sean
   Subject:  RE:

   Thanks for the update.  I will forward this information.  I assume that
   the
   low numbers are guaranteed that no matter what happens to you or the
   company
   you will receive the min amount.  Is that true?  As far as Cinergy
   having a
   payout record- it does.  The bonus plan pays out 17% of profits, I don't
   think there is any other company paying that kind of money.  They paid
   on it
   last year.  However, the P&L has to be there, but the money was
   distributed.
   Also they pay on NPV of the deals so accounting doesn't enter into
   performance.  I think that is unique as well.

   As far as Houston goes, I can show you parts of the city that are
   beautiful
   and the commute is easy with lots of great neighborshood at tremendous
   value.  I'm 15 minutes from every venue (sport, education, theatre,
   musuems)
   in the fourth largest city in America.  In addition, your family will
   not be
   trapped to one employer.  I lived in a few places and visited numerous
   others, I think its the best value city in the country.  In addition,
   with
   the kind of money you will be making there is no state income in Texas.
   And
   being in the energy trading business, it has no peer.


   -----Original Message-----
   From: Sean.Crandall@enron.com [mailto:Sean.Crandall@enron.com]
   Sent: Wednesday, May 23, 2001 5:14 PM
   To: bruce.sukaly@cinergy.com
   Subject: RE:


   Down to brass tacks, eh?  This is always the interesting part.  Quite
   frankly Bruce, it's a pretty good job market.  Basically I'm looking at
   two
   other prospects.  The first will require me to sign a 2-year contract,
   the
   second will not.  The base component with the first is going to be
   around
   $275/year.  The second is going to be around $250/year.   As far as
   incentive bonus goes, I'm looking at about a minimum of $450 for the
   first
   to about a max of $750.  At the second I'm looking at a min of about
   $350
   to about a max of $900.  So over a one year period, we're looking at
   about
   $725 to $1.025M for prospect 1, and $600 To $1.15M for prospect 2.

   In terms of location, both prospect 1 and 2 are in attractive locations
   for
   me.  Prospect 1 is in a VERY attractive location.  To be honest, I'm not
   a
   big buyer of Houston, so I have to factor that into the equation.
   Secondly, both prospects are big, well entrenched players, so I'm pretty
   confident of the above numbers.  While I'm pretty excited about the
   prospects of being on the "ground floor" with Cinergy, I also have to
   recognize Cinergy doesn't have a P&L track record for me to assess the
   probability of the incentive payout.  For that reason, I think, I would
   require a fairly large guaranteed number the first year, while still
   participating in Cinergy's incentive program.  The second year I would
   be
   willing to renegotiate the guaranteed number if we had our feet
   underneath
   us and it looked like we had the room to prove ourselves and generate
   some
   serious money for the company.

   Given what you guys have in mind, I honestly think I can help you
   achieve
   your goals more quickly, and with less risk.  I also think there is
   serious
   money to be made with the right team--I've seen it happen at Enron.

   No matter what happens, I appreciate you taking the time.  Please also
   extend my thanks to everyone I had the opportunity to meet in
   Cincinnati.

       -----Original Message-----
      From:   "Sukaly, Bruce" <bruce.sukaly@cinergy.com>@ENRON


[mailto:IMCEANOTES-+22Sukaly+2C+20Bruce+22+20+3Cbruce+2Esukaly+40cinergy+2Ec
   om+3E+40ENRON@ENRON.com]


      Sent:   Wednesday, May 23, 2001 1:55 PM
      To:     Crandall, Sean
      Subject:  RE:

      Your meeting went really well, everyone like you a lot.  We are
   having a
      pow-wow tomorrow afternoon, and we should have something for you real
      soon
      after that.  Just as a reference point, what is the compensation
   package
      you
      have now and what are you expecting?

      > -----Original Message-----
      > From:      Crandall, Sean [mailto:Sean.Crandall@ENRON.com]
      > Sent:      Wednesday, May 23, 2001 2:59 PM
      > To:   Sukaly, Bruce
      > Subject:
      >
      >
      > Hey Bruce,
      >
      > Thanks for the chance to meet you and the people you work with.  I
   was
      > just wondering where we are at now.  If you get a chance, either
      e-mail me
      > or give me a call.
      >
      > Thanks again,
      >
      > Sean
      >

       - C.DTF << File: C.DTF >>