June 27, 2006 Re: Update of Agreement concerning transition from employment Dear Geoff:
Exhibit 10.47
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| June 27, 2006 | ||
| Re: Update of Agreement concerning transition from employment | ||
| Dear Xxxxx: | ||
This letter will update the March 21 2006 agreement that we reached concerning your separation
from employment with Novelis.
You stepped down from the day to day activities as Chief Financial Officer of Novelis effective
the end of the working day on June 16 2006, following which you began using all unused vacation for
2006 and 2007 accrued vacation time. Your active employment ended on June 16 2006, whereupon you
went on the non-active payroll that will terminate on August 11 2006.
Your compensation through the end of your employment will be addressed as follows:
1. From the present date until your employment ends on August 11 2006, your compensation
will continue as at your present rate of pay.
2. The employment period for the purposes of the non-qualified pension established for
you by Novelis will cover the period from your date of hire by Novelis, May 18, 2004, to your last
day on the non-active payroll of August 11 2006.
3. You elected the “Termination for Good Reason” clause of the Change of Control
Agreement signed by you on November 8, 2004.
4. Since you elected the “Termination for Good Reason” clause of the Change of Control
Agreement you will be entitled to the “Special Indemnity Payment” which is “an amount equal to 24
months of Executive’s total cash compensation” (i.e. base salary plus STIP Guideline amount) in
effect on the date of termination.
5. Novelis has provided you with a General Release and Waiver of Claims against
Novelis, in consideration for customary relocation expenses to Florida with some furniture being
shipped to Canada, (including the purchase of your home subject to your best efforts to sell your
home but not including the one month net miscellaneous payment.
If you agree that this letter accurately describes the terms of our agreement, please
sign a copy of it in the space provided below and return that copy to me.
| Sincerely, | ||
| /s/ Xxxxx Xxxxxxx | ||
| Xxxxx Xxxxxxx |
It is so agreed: |
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/s/ Xxxxx Xxxx
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Xxxxx Xxxx
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