BOWATER INCORPORATED REPAYMENT AGREEMENT
EXHIBIT
10.23
BOWATER INCORPORATED REPAYMENT AGREEMENT
I, Xxxxx X. Xxxxxxxx, an employee of BOWATER INCORPORATED (the “Company”), have
received an amount equal to $380,970 (the “Bonus”) from Bowater Incorporated (the
Company) in connection with services rendered in anticipation of the merger between
Bowater Incorporated and Abitibi-Consolidated Inc. (the “Merger”).
I hereby agree that if my employment with the Company or an affiliate of the
Company terminates within thirty-six months of the effective date of the Merger as the
result of either my voluntary termination or my involuntary termination for cause, I
will be required to reimburse the Company for a prorated portion of the after-tax value
of my Bonus. In order to determine the after-tax value, the effective tax rate shall
be assumed to be 43%. The proration of the amount of Bonus owed shall be computed as
follows:
(1 — (days from effective date of the Merger to date of termination divided by 1,095)).
The Company shall, to the extent permitted by applicable laws, reduce any
compensation otherwise due to me upon my termination of employment, including but not
limited to regular wages, severance pay and bonuses, by the amount of the Bonus that I
am required to reimburse the Company.
The amount of the Bonus owed by me shall bear interest at the maximum rate of
interest permitted by law from the date of the termination of my employment until the
date of repayment. In addition, I agree to pay all costs of enforcement and collection,
including, without limitation, reasonable attorney’s fees.
This Agreement shall be binding upon me and my heirs, executors, administrators,
successors and assigns, and shall inure to the benefit of and be enforceable by the
Company, its successors and assigns.
No provision of this Agreement may be modified, waived or discharged except in a
writing specifically referring to such provision and signed by the party against which
enforcement of such modification, waiver or discharge is sought. No waiver by either
party hereto of the breach of any condition or provision of this Agreement shall be
deemed a waiver of any other condition or provision at the same or any other time.
The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.
The validity, interpretation, construction and performance of this Agreement shall
be governed by the substantive laws of the State of South Carolina.
/s/ Xxxxx X. Xxxxxxxx
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1/28/08 | |||
