Exhibit 10.1
October 6 2006
Xxxxxxx X. Xxxxxxx
0 Xxxxxxxxx Xxxxx
Xxxx Xxxxxxx, Xxxxxxxxxxxx 00000
Dear Xxxx:
This letter agreement confirms your employment as Interim Chief Executive
Officer ("CEO") of Novelis Inc. effective as of August 28, 2006. As Interim 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 Interim CEO, Novelis will continue its search for a permanent
Chief Executive Officer. At the discretion of the Board, you will continue to
serve as Chairman of the Board of Directors.
Beginning September 1, 2006, and so long as you are Interim CEO:
o Novelis will pay you a base salary of $ 65,000 per month, payable
in accordance with the Company's normal payroll cycle and subject
to all applicable tax and other withholdings;
o You will continue to receive separate compensation to which you
would otherwise be entitled as Chairman of the Board;
o You will be eligible for incentive compensation, if any, in the
sole and exclusive discretion 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 Interim 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
--------------------------------------
Xxxxxxxx X. Xxxxxxxx
Chair of the Human Resources Committee
of the Board of Directors
ACCEPTANCE:
/s/ Xxxxxxx X. Xxxxxxx 10/9/2006
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Xxxxxxx X. Xxxxxxx Date
