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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 22, 2005
Maximo Vargas
Monte Galeras #2603
Chihuahua, Chih., Mexico 31216
Dear Max:
This letter will confirm our
offer of employment as GenTek’s Vice President and General
Manager of the Noma Wire Harness business. In this role, you will
report to Bill Redmond, CEO, and your primary responsibilities will
be as directed. Upon acceptance of our offer, we will mutually
agree upon a start date.
Listed below are the key aspects
of our employment offer, in USD’s and as we discussed, we
will work with you to tailor the elements of this offer to be
compliant with Mexican Statutory requirements and
practices:
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1.
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You will
receive a base salary of $18,750 per month ($225,000
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 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
$131,000. 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,
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