EXHIBIT 10.50
Xx. Xxxx X. Xxxxxxx
0000 Xxxxx Xxxxx Xxxxxxx
Xxxxxxxxx, XX 00000
Dear Xxxx:
This letter will set forth our agreement regarding your employment and
management responsibilities as Senior Vice President, Manufacturing effective
October 3, 1994.
1. Position: The position is that of Senior Vice President, Manufacturing
reporting to the President and Chief Operating Officer of UNC Incorporated.
You will be responsible for the profitability and growth of the units
comprising UNC's Manufacturing operations, including UNC Chemical Dynamics,
UNC Tri Manufacturing, UNC Xxxxxxx Technology, UNC Aerostructures, UNC Tri
Remanufacturing and Artex.
2. Compensation:
(a) Base Salary: Your base annual salary will
be $195,000, payable biweekly and reviewed annually.
(b) Incentive Compensation Plan: You will be
designated a participant in UNC's Incentive Compensation Plan (the "Plan"),
under which you may receive incentive compensation of up to 50% of your base
annual salary depending on UNC's performance in achieving it's annual
business plan goals. You will also be eligible to receive additional
discretionary compensation up to $100,000 for achieving all of the UNC
Manufacturing operations objectives and goals to be determined at a later
date between you and the President and Chief Operating Officer.
3. Other Benefits:
(a) Perquisite:You will receive a $10,000 per
year allowance, paid in January and July in lieu of car expenses and other
perquisites.
(b) Retirement Income Savings Plan: You will
continue to be eligible to participate in the UNC Retirement Income Savings
Plan.
(c) Group Insurance: You will continue to be
eligible to participate in UNC's health, life insurance, disability and other
benefit plans.
(d) Supplemental Executive Retirement Plan:
You will continue as an eligible participant in this plan. Your future
benefit will be calculated using the average of your highest three years of
base salary.
(e) Change In Control: Will remain in effect.
(f) Vacation: You will be entitled to an
annual vacation of three weeks.
4. Termination: In the event of the termination of your employment at the
initiative of UNC Incorporated, for any reason other than for cause or a
change in control, you will be entitled to receive up to twelve (12) months
of salary and group health benefits continuance from the date of termination
of your active employment to the time alternative employment is obtained.
If the foregoing is acceptable to you, please sign and return the enclosed
copy of this letter to me.
Sincerely,
/s/Xxx Xxxxxxx
Accepted:
/s/ Xxxx X. Xxxxxxx
9/29//94
Date
DAC/aa
