EXHIBIT 10.54
Xx. Xxxxxx X. Xxxxxxxxx
0000 Xxxxx Xxxxx Xxxxx
Xxxxxxxxxxxx, XX 00000
Dear Xxx:
This letter will set out our agreement regarding your employment and
management responsibilities as General Manager, Manufacturing effective
January 9, 1995.
1. Position: The position is General Manager, Manufacturing reporting to
Xxxxx Xxxxxxxxx, President and Chief Operating Officer of UNC Incorporated.
The position is located in Terre Haute, Indiana.
You will be responsible for managing the profitability and growth of the
units comprising UNC's Manufacturing operations, including UNC Tri
Manufacturing, UNC Xxxxxxx Technology, UNC Chemical Dynamics and UNC All Fab.
2. Compensation:
(a) Base Salary: Your base annual salary will
be $180,000 and reviewed in accordance with UNC's salary plan.
(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 Manufacturing's performance in achieving it's
annual business plan goals. You will also be eligible to receive an
additional incentive award from the CEO's discretionary fund that recognizes
exceptional performance on your part in comparison with the performance of
other key executives of UNC operating units.
3. Relocation: You will be reimbursed for the reasonable costs of
relocation for you and your family in accordance with UNC's employee
relocation policy, a copy of which is enclosed.
4. Other Benefits:
(a) Perquisites: 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
be eligible to participate in the UNC Retirement Income Savings Plan.
(c) Group Insurance: You will be eligible to
participate in the group health, life, disability and other benefit plans
offered to employees of UNC Tri Manufacturing.
(d) Vacation: Your annual vacation
entitlement will be in accordance with UNC Tri Manufacturing's vacation
policy and is to be used in the year earned with no carryover.
4. Termination: In the event of the termination of your employment at the
initiative of UNC Incorporated, for any reason other than for cause, 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/Xxxxxx X. Xxxxxxxxx
President and Chief Operating Officer
Approved:/s/ Xxx Xxxxxxx
GMC/aa
Enclosure
