Exhibit 10.1
January 05 2007
Xxxxxx X. Xxxxxxxxxxxx
000 X. Xxxxxx-Xxxxxxx Xxxx
Xxxxxxxxx,XX 00000
Dear Ed,
This letter agreement confirms your employment as Acting Chief Executive
Officer ("CEO") of Novelis Inc. effective as of January 02 2007. As Acting CEO,
your employment with Novelis will be "at will" and, as such, may be terminated
at any time, by either you or Novelis, with or without advance notice or cause.
While you are Acting CEO, Novelis will continue its search for a permanent
Chief Executive Officer.
Beginning January 02 2007, and so long as you are Acting CEO:
o Novelis will pay you (a) a base salary of $ 65,000 per month,
payable in accordance with the Company's normal payroll cycle,
(b) a short term incentive plan covering the term of the
assignment with a 0 to 200% payout potential based off the
monthly $ 65,000 base. example: 3 month term: 3 x (0 - 200% as
approved by the Board) x $ 65,000, and (c) a discretionary Acting
CEO completion bonus as recommended by the Human Resources
Committee and approved by the Board.
Sections (b) and (c) will be based on the evaluation of quarterly
objectives as approved by the Board, payable at the end of the
assignment, and all three sections will be subject to all
applicable tax and other withholdings.
o You will continue to receive separate compensation to which you
would otherwise be entitled as a member of the Board;
o Novelis will reimburse you for all reasonable business expenses
incurred in accordance with its customary policies;
o You will not be eligible to participate in the Company's employee
benefit plans.
o Due to the temporary status of your employment, you will not be
entitled to any separation or severance-related pay following
your termination of employment as Acting CEO.
Please acknowledge acceptance of the foregoing by executing the letter
below and returning it to my attention. Please retain a copy for your records.
Sincerely,
/s/ Xxxxxxxx X. Xxxxxxxx 1/16/07
--------------------------------------
Xxxxxxxx X. Xxxxxxxx
Chair of the Human Resources Committee
of the Board of Directors
Acceptance: /s/ Xx Xxxxxxxxxxxx 1/5/07
Xx Xxxxxxxxxxxx Date
