Employment Offer Letter between AGY and Dennis Rexroad dated December 8, 2004
This letter is an employment offer from AGY to Dennis Rexroad for the position of Vice President of Operations, starting in January 2005. The agreement outlines a base salary of $180,000 per year, a sign-on bonus, eligibility for an annual incentive bonus, and participation in company benefits such as health insurance, life insurance, 401K, and vacation. It also covers relocation expenses and potential participation in a management stock plan. If terminated without cause, Rexroad is entitled to six months' salary as severance. The offer is accepted by Dennis Rexroad.
Exhibit 10.21
WORLD HEADQUARTERS
2558 Wagener Road
Aiken, SC 29801
803 ###-###-#### tel
803 ###-###-#### fax
www.agy.com
Mr. Dennis Rexroad
504 Shermantown Road
Saunderstown, Rhode Island 02874
Dear Dennis:
On behalf of AGY (the “Company”), we are pleased to offer you the position of Vice President of Operations of the Company, along with what we feel is a very attractive offer. We view this as an excellent opportunity for you to help build a substantial business for AGY and its shareholders, and we are excited by the prospect of the very relevant skills and experience you can bring to bear in this regard.
| POSITION: | Vice President of Operations | |
| START DATE: | January, 2005 (Exact date to be finalized but as soon as practical) | |
| DUTIES AND RESPONSIBILITIES: | ||
| You will serve in an executive capacity and shall perform such duties as are customarily associated with your title of Vice President of Operations, consistent with the bylaws of the Company and as required by the Company’s Board. During the term of your employment with the Company, you will devote your best efforts and substantially all of your business time and attention to the business of the Company | ||
| COMPENSATION AND BENEFITS: | ||
| Base Salary: | While you are employed by the Company, your initial base salary will be $180,000 per year, less applicable taxes and other withholdings. Your first annual salary review will be during January 2006 with subsequent annual reviews each January. In addition we will provide a $20,000 sign-on bonus if your departure from your current employer results in the loss of your bonus (estimated at $40,000).
In the event of termination for “no cause” you will be entitled to six months salary in accordance with the of AGY Senior Leadership Team severance policy. | |
| Annual Incentive | In addition to the “base” salary, you will also be eligible to receive an annual incentive bonus of up to 60% of base salary, based on your own and the Company’s performance. The bonus is variable and the payout is based on progressively meeting and exceeding personal and corporate financial objectives. Within 60 days of your start date, you will be expected to identify a set of mutually agreed to objectives, with achievement dates, that will establish your personal objectives for 2005. | |
WORLD HEADQUARTERS
2558 Wagener Road
Aiken, SC 29801
803 ###-###-#### tel
803 ###-###-#### fax
www.agy.com
| Benefits and Perquisites: | You will be entitled to participate in the Company’s health insurance program that is generally available to members of the executive management team. This includes but is not limited to group health insurance, life insurance (2X salary), 401K program (which includes a variable contribution by the company based on financial performance) and vacation program (4 weeks). These benefits are further defined in the attached Benefits highlights note. | |
| In addition the Company will reimburse you for reasonable and customary relocation expenses for your move to the Aiken area (including reasonable costs for the sale of your current home, the purchase of a new home in the Aiken area and the transportation of your household goods to your new home). We also will offer as required reasonable temporary living accommodations and a rental car for up to eight months until you relocate your family to the Aiken area. | ||
| Stock Opportunity: | As a member of the Senior Leadership team the Company will recommend that you become eligible to participate in the Management Stock Plan. The details of this plan are to be formulated for review and approved by the Board of Directors. | |
We are enthusiastic about the future prospects of AGY with you as a key member of its team. We believe that you possess the leadership and vision to help grow the Company and create the leader in the glass fiber industry. On behalf of the employees and shareholders of AGY, we look forward to the many contributions you will make to the Company in the years to come.
Sincerely,
| /s/ Douglas J. Mattscheck | ||
| Douglas J. Mattscheck | ||
| President and CEO | ||
| Acknowledged and Accepted | ||
| /s/ Dennis Rexroad | ||
| Dennis Rexroad | ||
| Date: | 12/8/2004 | |
