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EXHIBIT 10.28
April 13, 2005
Mr. Jean Rochette
1976 De l'Elan Street
Longueuil, Quebec J4N 1N3
Dear Jean:
Following your conversation with Andre
Heroux on March 21, we are confirming
that as a result of restructuring and the
elimination of your position, your
employment with the MAAX Corporation will
end on March 25, 2005.
Your employment termination will be subject
to the modalities and conditions
listed below, in compliance with your
employment contract of August 27, 2004.
The present letter and the document titled
"Transaction and Discharge", after
having been countersigned by you will
become an irrevocable agreement between
yourself and the MAAX Corporation.
EMPLOYMENT TERMINATION COMPENSATION
You will receive employment termination
compensation in the gross amount of FIVE
HUNDRED AND TWENTY-FIVE THOUSAND DOLLARS
($525,000). This amount is equivalent
to your base salary for a period of
fifty-two (52) weeks to which has been added
the annual target performance bonus and
includes all the amounts due to you in
the form of compensation instead of notices
pursuant to the Act respecting
Labour Standards or any other pertinent
federal or provincial law.
It might be possible to transfer all or
part of your employment termination
compensation to your RRSP without any
source deductions and without affecting
your annual RRSP space. We recommend that
you consult with your financial
adviser in order to discover the options
open to you, if any exist. If you are
entitled to do so and wish to transfer
funds into your RRSP, please communicate
the amount below.
I want to transfer the amount of FIFTEEN
THOUSAND SIX HUNDRED AND THIRTY-ONE
DOLLARS ($15,631) into an RRSP.
PERFORMANCE BONUS
In addition to the departure compensation,
you will receive a normal performance
bonus on the same basis as the other
members of the executive committee for the
2005 fiscal year, once the financial
statements have been approved by the MAAX
Corporation Board of Directors. The said
amount will be paid to you on or around
May 9, 2005.
FRINGE BENEFITS
MAAX Corporation will continue to offer you
life insurance as well medical
(except for coverage abroad) and dental
insurance, as well as life insurance for
dependents (if applicable) based on the
choices you made in the MAAX
Corporation's Fringe Benefits Program, as
long as you accept to continue paying
your share of the premium amount. This
coverage will be in effect as of the
employment termination date to September
26, 2005 or until you find other
employment, it being agreed that the first
of these dates will be selected.
I want to keep my benefits and I accept to
pay my share of the premium amount,
if applicable. X
___
I do not want to keep my fringe benefits
after March 25, 2005. ______
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After this six-month (6) period, we can, if
you want, make the arrangement in
order to continue the insurance coverage,
at your expense.
COMPANY CAR
MAAX Corporation will transfer to your name
the company car currently in your
possession. However, you will be
responsible for the taxes and tax consequences
of this transfer.
To make the arrangements to this effect,
please contact Dave Turgeon.
ENTITLEMENT OF PENSION BENEFITS
You will stop acquiring an entitlement of
pension benefits as of March 25, 2005
and the benefits ac
