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Robert D. Novo
VP – Human Resources & EH&S
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90 E. Halsey Road
Parsippany, NJ 07054
Tel. (973) 515-1800
Fax (973) 515-3211
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September 21, 2005
Andrew Hines
28 Stoneleigh Park
Westfield, N.J. 07090
Dear Andy:
This letter will confirm our
offer of employment as GenTek’s Vice President & Chief
Financial Officer located in Parsippany, New Jersey. In this role,
you will report to Bill Redmond, CEO, and your primary
responsibilities will be for all finance functions, financial
planning and analysis and IT functions. Upon acceptance of our
offer, we will mutually agree upon a start date.
The key aspects of your
employment with us are as follows:
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1.
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You will
receive a base salary of $30,000 per month ($360,000
annually).
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2.
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You will be
eligible for a performance-based bonus as follows: Your target
bonus will be fifty percent (50%) of your base salary. Bonus
eligibility will be based upon Company and individual performance
considerations and will be subject to the terms of the GenTek
Management Incentive Plan, as may be modified from time to time at
the discretion of the Company’s Board of Directors. Your 2005
bonus will be prorated for this calendar year. Bonus payments to
senior executives are normally made following the close of the
audit, typically in the first quarter following each fiscal
year.
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3.
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You will be
eligible to participate in Gentek’s Long Term Incentive Plan
(“LTIP”). In accordance with the terms and conditions
of the GenTek Management and Directors Incentive Plan, you will be
eligible to receive an award with a target grant date value of
$310,000. You will be eligible for a “full year” award
in 2005. It is the Company’s intent, subject to the
discretion and approval of the Board, to grant you an LTIP award
every year.
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4.
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You will
receive three (3) weeks’ vacation per year starting in
calendar year 2006.
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5.
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In the
unlik
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