EX-10
from 10-Q
2 pages
1. You Will Receive a Base Salary of $30,000 Per Month ($360,000 Annually). 2. 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. 3. 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. 4. You Will Receive Three (3) Weeks’ Vacation Per Year Starting in Calendar Year 2006. 5. in the Unlikely Event Your Employment Is Terminated, You Will Be Entitled to Severance Protection as Follows, Subject to Your Executing Our Standard Separation Agreement
12/34/56
