Exhibit 10.19
January 29, 2004
Mr. David Fix
118 Rossmore Drive
Malvern, PA 19355
Dear Dave:
Congratulations on your new assignment as Vice President, General Manager,
Motive Power Division for C&D
Technologies, Inc. This transfer becomes effective
February 1, 2004. The scope of this position includes full operating
responsibility for the Motive Power Division of our Company, and further
includes the significant challenge of leading the transfer
of work from various
C&D locations in the United States to
our new plant in Reynosa, Mexico.
Your new base rate will be $8,333.34,
semi-monthly
($200,000.00 per year). This
represents an increase of $25,000 per year
or 14.3 percent.
You will remain in
salary grade 62X, and your bonus target will
continue to be 35% of
your annual
base pay. You and I will meet separately to
discuss enhanced bonus opportunities
for you based on substantial improvement in the operating results of the
Division, and expect to include these provisions in the customary bonus
planning. You will receive a written
performance review in
2004, and will next
be eligible for merit increase consideration in 2005 on a date consistent
with
that of other similarly situated executives. In addition, your Executive
Employment Agreement is hereby modified,
effective February 1,
2004, to inclu
